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Exhibit 10.1

AMENDED AND RESTATED ACCENTURE PLC 2010 SHARE INCENTIVE PLAN
(As amended through January 26, 2022)

1.Purpose of the Plan

The purpose of the Plan is to aid the Company and its Affiliates in recruiting, retaining and rewarding key employees, directors, consultants or other service providers of outstanding ability and to motivate such employees, directors, consultants or service providers for the Company or an Affiliate to exert their best efforts on behalf of the Company and its Affiliates by providing incentives through the granting of Awards. The Company expects that it will benefit from the added interest which such key employees, directors, consultants or other service providers will have in the welfare of the Company as a result of their proprietary interest in the Company.

2.Definitions

The following capitalized terms used in the Plan have the respective meanings set forth in this Section:
(a)    Act:    The Securities Exchange Act of 1934, as amended, or any successor thereto.
(b)    Affiliate:    Any entity directly or indirectly controlling, controlled by, or under common control with, the Company or any other entity designated by the Board in which the Company or an Affiliate has an interest.
(c)    Award:    An Option, Share Appreciation Right or Other Share-Based Award granted pursuant to the Plan.
(d)    Beneficial Owner:    A “beneficial owner”, as such term is defined in Rule 13d-3 under the Act (or any successor rule thereto).
(e)    Board:    The Board of Directors of the Company.
(f)    Board Approval Date:    December 10, 2009, the date the Plan was originally approved by the Board.
(g)    Change in Control:    The occurrence of any of the following events:
(i)    any Person (other than (A) the Company, any trustee or other fiduciary holding securities under an employee benefit plan of the Company, or (B) any company owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of shares of the Company) becomes the Beneficial Owner, directly or indirectly, of securities of the Company, representing 50% or more of the combined voting power of the Company’s then-outstanding securities;
(ii)    during any period of twenty-four consecutive months, individuals who at the beginning of such period constitute the Board, and any new director (other than a director nominated by any Person (other than the Board) who publicly announces an intention to take or to consider taking actions (including, but not limited to, an actual or threatened proxy contest) which if consummated would constitute a Change in 

Control under (i), (iii) or (iv) of this Section 2(g)) whose election by the Board or nomination for election by the Company’s shareholders
has been approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority thereof;
(iii)    the consummation of any transaction or series of transactions resulting in a merger, consolidation or amalgamation, in which the Company is involved, other than a merger, consolidation or amalgamation which would result in the shareholders of the Company immediately prior thereto continuing to own (either by remaining outstanding or by being converted into voting securities of the surviving entity), in the same proportion as immediately prior to the transaction(s), more than 50% of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such merger, consolidation or amalgamation; or
(iv)    the complete liquidation of the Company or the sale or disposition by the Company of all or substantially all of the Company’s assets.
(h)    Code:    The Internal Revenue Code of 1986, as amended, or any successor thereto.
(i)    Committee:    A committee of the Board (including, without limitation, the full Board) that has been designated by the Board to administer the Plan.
(j)    Company:    Accenture plc, a company incorporated under the laws of Ireland with a registered number of 471706.
(k)    Effective Date:    The date the Plan was originally approved by the Company’s shareholders.
(l)    Fair Market Value:    On a given date,
(i)    if there should be a public market for the Shares on such date, the arithmetic mean of the high and low prices of the Shares as reported on such date on the Composite Tape of the principal national securities exchange on which such Shares are listed or admitted to trading, or, if the Shares are not listed or admitted on any national securities exchange, the arithmetic mean of the per Share closing bid price and per Share closing asked price on such date as quoted on the National Association of Securities Dealers Automated Quotation System (or such market in which such prices are regularly quoted) (the “NASDAQ”), or, if no sale of Shares shall have been reported on the Composite Tape of any national securities exchange or quoted on the NASDAQ on such date, then the immediately preceding date on which sales of the Shares have been so reported or quoted shall be used; and

(ii)    if there should not be a public market for the Shares on such date, the Fair Market Value shall be the value established by the Committee in good faith;
provided, however, that in the event the granting of an Award requires a different calculation of “fair market value” in order to comply with local tax regulations, then, for purposes of such Award, the Fair Market Value shall be determined by the Committee in good faith in a manner intended to comply with such local regulations.
(m)    Grant Price:    The purchase price per Share under the terms of an Option, as determined pursuant to Section 6(a) of the Plan.
(n)    ISO:    An Option that is also an incentive stock option, as described in Section 422 of the Code, granted pursuant to Section 6(c) of the Plan.
(o)    Option:    A share option granted pursuant to Section 6 of the Plan.
(p)    Other Share-Based Awards:    Awards granted pursuant to Section 8 of the Plan.
(q)    Participant: An employee, director, or consultant of, or any Person who performs services for, the Company or an Affiliate who is selected by the Committee to participate in the Plan.
(r)    Person:    A “person”, as such term is used for purposes of Section 13(d) or 14(d) of the Act (or any successor section thereto).
(s)    Plan:    This Amended and Restated Accenture plc 2010 Share Incentive Plan, as it may be amended from time to time.
(t)    RSU:    A restricted share unit, granted pursuant to Section 8 of the Plan, that represents the right to receive a Share.
(u)    Shares:    Class A ordinary shares of the Company.
(v)    Share Appreciation Right:    A share appreciation right granted pursuant to Section 7 of the Plan.
(w)    Subsidiary:    A “subsidiary corporation” as defined in Section 424(f) of the Code (or any successor section thereto).

3.Shares Subject to the Plan

The total number of Shares that may be used to satisfy Awards under the Plan is one hundred and twenty-seven million (127,000,000), all of which may be issued as ISOs. The Shares may consist, in whole or in part, of unissued Shares or previously-issued Shares. The issuance of Shares or the payment of cash upon the exercise of an Award or in consideration of the cancellation or termination of an Award shall reduce the total number of Shares available under the Plan, as applicable. If Shares are not issued or are withheld from payment of an Award to satisfy tax obligations with respect to the Award, such Shares will not be added back to the aggregate number of Shares with respect to which Awards may be granted under the Plan, but rather will count against the aggregate number of Shares with respect to which Awards may be granted under the Plan. When an Option or Share Appreciation Right is granted under the Plan, the number of Shares subject to the Option or Share Appreciation Right will be counted against

the aggregate number of Shares with respect to which Awards may be granted under the Plan as one Share for every Share subject to such Option or Share Appreciation Right, regardless of the actual number of Shares (if any) used to settle such Option or Share Appreciation Right upon exercise and regardless of whether the Company utilizes the proceeds received upon Option exercise to repurchase Shares on the open market or otherwise. Shares that are subject to Awards that terminate, lapse or are cancelled may again be used to satisfy Awards under the Plan.

4.Administration

The Plan shall be administered by the Committee, which may delegate its duties and powers in whole or in part to any subcommittee thereof consisting solely of at least two individuals who are intended to qualify as “Non-Employee Directors” within the meaning of Rule 16b-3 under the Act (or any successor rule thereto) and “independent directors” within the meaning of the New York Stock Exchange or other applicable listed company rules.
Additionally, the Committee may delegate the authority to grant Awards under the Plan to any employee or group of employees of the Company or an Affiliate; provided that such delegation and grants are consistent with applicable law and guidelines established by the Board from time to time. The Committee may grant Awards under this Plan only to Participants; provided that Awards may also, in the discretion of the Committee, be made under the Plan in assumption of, or in substitution for, outstanding awards previously granted by the Company, its predecessor, Accenture Ltd, or the Company’s Affiliates or a company that becomes an Affiliate. The number of Shares underlying such substitute Awards shall be counted against the aggregate number of Shares available for Awards under the Plan. The Committee is authorized to interpret the Plan, to establish, amend and rescind any rules and regulations relating to the Plan, and to make any other determinations that it deems necessary or desirable for the administration of the Plan. The Committee may correct any defect or supply any omission or reconcile any inconsistency in the Plan in the manner and to the extent the Committee deems necessary or desirable. Any decision of the Committee in the interpretation and administration of the Plan, as described herein, shall lie within its sole and absolute discretion and shall be final, conclusive and binding on all parties concerned (including, but not limited to, Participants and their beneficiaries or successors). The Committee shall have the full power and authority to establish the terms and conditions of any Award consistent with the provisions of the Plan and to waive any such terms and conditions at any time (including, without limitation, accelerating or waiving any vesting conditions). The Committee shall require payment of any amount it may determine to be necessary to withhold for federal, state, local or other taxes of any relevant jurisdiction as a result of the granting, vesting or exercise of an Award, the delivery of cash or Shares pursuant to an Award, or upon the sale of Shares acquired by the granting, vesting or exercise of an Award.

5.Limitations

(a)    Time Limitation. No Award may be granted under the Plan after December 9, 2029, but Awards theretofore granted may extend beyond that date.

(b)    Aggregate Limits on Awards to Non-Employee Directors. The maximum number of Shares subject to Awards granted during a fiscal year to any non-employee director, taken together with any cash retainer paid to such non-employee director in respect of such fiscal year, shall not exceed $750,000 in total value (calculating

the value of any such Awards based on the grant date fair value of such Awards for financial reporting purposes and excluding, for this purpose, the value of any dividends or dividend equivalents paid on any Shares or Awards).
(c)    Dividends and Dividend Equivalents. As determined by the Committee, dividends and dividend equivalent rights may accrue with respect to Awards granted hereunder, but no dividends or dividend equivalents shall be paid out or settled unless and until, and then only to the extent that, the applicable underlying Award vests.

6.Terms and Conditions of Options

Options granted under the Plan shall be, as determined by the Committee, non-qualified stock options or ISOs for United States federal income tax purposes (or other types of Options in jurisdictions outside the United States), as evidenced by the related Award agreements, and shall be subject to the foregoing and the following terms and conditions and to such other terms and conditions, not inconsistent therewith, as the Committee shall determine:

(a)    Grant Price; Exercisability and Term.    Options granted under the Plan shall have a Grant Price that is not less than the Fair Market Value of a Share on the date of grant (other than in the case of Options granted in substitution of previously granted awards, as described in Section 4, or as provided under Section 9), and shall be exercisable at such time and upon such terms and conditions, as may be determined by the Committee, but in no case shall an Option vest and become exercisable until the lapse of a period of at least one year from the date of grant. No Option shall have a term in excess of ten years.

(b)    Exercise of Options.    Except as otherwise provided in the Plan or in an Award agreement, an Option may be exercised for all, or from time to time any part, of the Shares for which it is then exercisable. For purposes of this Section 6 of the Plan, the exercise date of an Option shall be the later of the date a notice of exercise is received by the Company and, if applicable, the date payment is received by the Company pursuant to clauses (i), (ii) or (iii) in the following sentence. Except as otherwise provided in an Award agreement, the purchase price for the Shares as to which an Option is exercised shall be paid in full no later than the time when Shares are delivered following option exercise, with such payment made to the Company (i) in cash or its equivalent (e.g., by check), (ii) to the extent permitted by the Committee, by net-settlement in Shares or by transferring Shares having a Fair Market Value equal to the aggregate Grant Price for the Shares being purchased to a nominee of the Company and satisfying such other requirements as may be imposed by the Committee; provided, that such Shares have been held by the Participant for no less than six months (or such other period as established from time to time by the Committee or generally accepted accounting principles), (iii) partly in cash and, to the extent permitted by the Committee, partly in such Shares or (iv) through the delivery of irrevocable instructions to a broker to sell Shares obtained upon the exercise of the Option and deliver promptly to the Company an amount out of the proceeds of such sale

equal to the aggregate Grant Price for the Shares being purchased. No Participant shall have any rights to dividends or other rights of a shareholder with respect to Shares subject to an Option until the Participant has given written notice of exercise of the Option, the Participant has paid in full for such Shares, the Shares in question have been registered in the Company’s register of shareholders and, if applicable, the Participant has satisfied any other conditions imposed by the Committee pursuant to the Plan.

(c)    ISOs.    The Committee may grant Options under the Plan that are intended to be ISOs. No ISO shall have a per Share Grant Price of less than the Fair Market Value of a Share on the date granted or have a term in excess of ten years; provided, however, that no ISO may be granted to any Participant who at the time of such grant, owns more than ten percent of the total combined voting power of all classes of shares of the Company or of any Subsidiary, unless (i) the Grant Price for such ISO is at least 110% of the Fair Market Value of a Share on the date the ISO is granted and (ii) the date on which such ISO terminates is a date not later than the day preceding the fifth anniversary of the date on which the ISO is granted. Any Participant who disposes of Shares acquired upon the exercise of an ISO either (A) within two years after the date of grant of such ISO or (B) within one year after the transfer of such Shares to the Participant, shall notify the Company of such disposition and of the amount realized upon such disposition. All Options granted under the Plan are intended to be nonqualified stock options, unless the applicable Award agreement expressly states that the Option is intended to be an ISO. If an Option is intended to be an ISO, and if for any reason such Option (or portion thereof) shall not qualify as an ISO, then, to the extent of such nonqualification, such Option (or portion thereof) shall be regarded as a nonqualified stock option granted under the Plan; provided that such Option (or portion thereof) otherwise complies with the Plan’s requirements relating to nonqualified stock options. In no event shall any member of the Committee, the Company or any of its Affiliates (or their respective employees, officers or directors) have any liability to any Participant (or any other Person) due to the failure of an Option to qualify for any reason as an ISO.

(d)    Attestation.    Wherever in this Plan or any agreement evidencing an Award a Participant is permitted to pay the Grant Price or taxes relating to the exercise of an Option by delivering Shares to a nominee of the Company, the Participant may, subject to procedures satisfactory to the Committee, satisfy such delivery requirement by presenting proof of beneficial ownership of such Shares, in which case the Company shall treat the Option as exercised without further payment and shall withhold such number of Shares from the Shares acquired by the exercise of the Option.

(e)    Repricing of Options.    Notwithstanding any provision herein to the contrary, the repricing of an Option, once granted hereunder, is prohibited without prior approval of the Company’s shareholders. For this purpose, a “repricing” means any of the following (or any other action that has the same effect as any of the following): (i) changing the terms of an Option to lower the Grant Price; (ii) any

other action that is treated as a “repricing” under generally accepted accounting principles; and (iii) repurchasing for cash or canceling an Option in exchange for another Award at a time when the Grant Price is greater than the Fair Market Value of the underlying Shares, unless the cancellation and exchange occurs in connection with a change in capitalization or similar change permitted under Section 9(a) below.

7.Terms and Conditions of Share Appreciation Rights

(a)    Grants.    The Committee also may grant (i) a Share Appreciation Right independent of an Option or (ii) a Share Appreciation Right in connection with an Option, or a portion thereof. A Share Appreciation Right granted pursuant to clause (ii) of the preceding sentence (A) may be granted at the time the related Option is granted or at any time prior to the exercise or cancellation of the related Option, (B) shall cover the same number of Shares covered by an Option (or such lesser number of Shares as the Committee may determine) and (C) shall be subject to the same terms and conditions as such Option except for such additional limitations as are contemplated by this Section 7 (or such additional limitations as may be included in an Award agreement).

(b)    Terms.    The exercise price per Share of a Share Appreciation Right shall be an amount determined by the Committee that is not less than the Fair Market Value of a Share on the date of grant (other than in the case of Share Appreciation Rights granted in substitution of previously granted awards, as described in Section 4). Each Share Appreciation Right granted independent of an Option shall entitle a Participant upon exercise to a payment from the Company of an amount equal to (i) the excess of (A) the Fair Market Value on the exercise date of one Share over (B) the exercise price per Share, times (ii) the number of Shares covered by the Share Appreciation Right. Each Share Appreciation Right granted in conjunction with an Option, or a portion thereof, shall entitle a Participant to surrender to the Company the unexercised Option, or any portion thereof, and to receive from the Company in exchange therefor an amount equal to (I) the excess of (x) the Fair Market Value on the exercise date of one Share over (y) the Grant Price per Share, times (II) the number of Shares covered by the Option, or portion thereof, which is surrendered. The date a notice of exercise is received by the Company shall be the exercise date. Payment shall be made in Shares or in cash, or partly in Shares and partly in cash (any such Shares valued at such Fair Market Value), all as shall be determined by the Committee. If the payment is made, in whole or in part, in newly issued Shares, the Participant shall agree to pay to the Company the aggregate par value of such Shares. Share Appreciation Rights may be exercised from time to time upon actual receipt by the Company of written notice of exercise stating the number of Shares with respect to which the Share Appreciation Right is being exercised. No fractional Shares will be issued in payment for Share Appreciation Rights, but instead cash will be paid for a fraction or, if the Committee should so determine, the number of Shares will be rounded downward to the next whole Share.

(c)    Limitations.    The Committee may impose, in its discretion, such conditions upon the exercisability or transferability of Share Appreciation Rights as it may deem fit but in no case shall a Share Appreciation Right vest and become exercisable until the lapse of a period of at least one year from the date of grant. No Share Appreciation Right shall have a term in excess of ten years.

(d)    Repricing of Share Appreciation Rights.    Notwithstanding any provision herein to the contrary, the repricing of a Share Appreciation Right, once granted hereunder, is prohibited without prior approval of the Company’s shareholders. For this purpose, a “repricing” means any of the following (or any other action that has the same effect as any of the following): (i) changing the terms of a Share Appreciation Right to lower its exercise price; (ii) any other action that is treated as a “repricing” under generally accepted accounting principles; and (iii) repurchasing for cash or canceling a Share Appreciation Right in exchange for another Award at a time when its exercise price is greater than the Fair Market Value of the underlying Shares, unless the cancellation and exchange occurs in connection with a change in capitalization or similar change permitted under Section 9(a) below.

8.Other Share-Based Awards

The Committee, in its sole discretion, may grant Awards of Shares, Awards of restricted Shares, Awards of RSUs and other Awards that are valued in whole or in part by reference to, or are otherwise based on the Fair Market Value of, Shares (“Other Share-Based Awards”). Such Other Share-Based Awards shall be in such form, and dependent on such conditions, as the Committee shall determine, including, without limitation, the right to receive one or more Shares (or the equivalent cash value of such Shares) upon the completion of a specified period of service, the occurrence of an event and/or the attainment of performance objectives. Other Share- Based Awards may be granted alone or in addition to any other Awards granted under the Plan and also may be granted as matching Awards in connection with a Participant’s purchase of Shares under the Plan or under any other plan maintained by the Company, or pursuant to open market purchases. Subject to the provisions of the Plan, the Committee shall determine: (i) to whom and when Other Share-Based Awards will be made; (ii) the number of Shares to be awarded under (or otherwise related to) such Other Share-Based Awards; (iii) whether such Other Share-Based Awards shall be settled in cash, Shares or a combination of cash and Shares; and (iv) all other terms and conditions of such Other Share-Based Awards (including, without limitation, the vesting provisions thereof, any required payments to be received from Participants and other provisions ensuring that all Shares so awarded and issued shall be fully paid and non- assessable).

9.Adjustments Upon Certain Events

Notwithstanding any other provisions in the Plan to the contrary, the following provisions shall apply to all Awards granted under the Plan:

(a)    Generally.    In the event of any change in the outstanding Shares after the Board Approval Date by reason of any Share dividend or split, reorganization,

recapitalization, merger, consolidation, amalgamation, spin-off or combination transaction or repurchase or exchange of Shares or other corporate exchange, or any distribution to shareholders of Shares other than regular cash dividends or any transaction similar to the foregoing, the Committee in its sole discretion and without liability to any person shall make such substitution or adjustment, if any, as it deems to be equitable, as to (i) the number or kind of Shares or other securities or property issued or reserved for issuance pursuant to the Plan or pursuant to outstanding Awards, (ii) the Grant Price or exercise price of any Option or Share Appreciation Right, (iii) any applicable performance measures or performance vesting terms with respect to outstanding Awards and/or (iv) any other affected terms of any Award.

(b)    Change in Control.    In the event of a Change in Control after the Board Approval Date, the Committee may, in its sole discretion (but subject to Section 17), provide for the termination of an Award upon the consummation of the Change in Control and (x) the payment of a cash amount in exchange for the cancellation of an Award which, in the case of Options and Share Appreciation Rights, may equal the excess, if any, of the Fair Market Value of the Shares subject to such Options or Share Appreciation Rights over the aggregate exercise price of such Options or Share Appreciation Rights, and/or (y) the issuance of substitute Awards that will substantially preserve the otherwise applicable terms of any affected Awards previously granted hereunder.

10.No Right to Employment or Awards

The granting of an Award under the Plan shall impose no obligation on the Company or any Affiliate to continue the employment or service or consulting relationship of a Participant and shall not lessen or affect the Company’s or Affiliate’s right to terminate the employment or service or consulting relationship of such Participant. No Participant or other person shall have any claim to be granted any Award, and there is no obligation for uniformity of treatment of Participants, or holders or beneficiaries of Awards. The terms and conditions of Awards and the Committee’s determinations and interpretations with respect thereto need not be the same with respect to each Participant (whether or not such Participants are similarly situated).

11.Successors and Assigns

The Plan shall be binding on all successors and assigns of the Company and a Participant, including without limitation, the estate of such Participant and the executor, administrator or trustee of such estate, or any receiver or trustee in bankruptcy or representative of the Participant’s creditors.

12.Nontransferability of Awards

Unless otherwise determined by the Committee, an Award shall not be transferable or assignable by the Participant other than by will or by the laws of descent and distribution. An Award exercisable after the death of a Participant may be exercised by the legatees, personal representatives or distributees of the Participant.

13.Amendments or Termination

The Board may amend, alter or discontinue the Plan, but no amendment, alteration or discontinuation shall be made which (a) without the approval of the shareholders of the Company, would (except as provided in Section 9 of the Plan) increase the total number of Shares reserved for the purposes of the Plan, or (b) without the consent of a Participant, would materially adversely affect any of the rights of the Participant under any Award theretofore granted to such Participant under the Plan; provided, however, that the Committee may amend the Plan in such manner as it deems necessary to permit Awards to meet the requirements of the Code or other applicable laws.

14.International Participants

With respect to Participants who reside or work outside the United States of America, the Committee may, in its sole discretion, amend the terms of the Plan or Awards with respect to such Participants in order to conform such terms with the provisions of local law, and the Committee may, where appropriate, establish one or more sub-plans to reflect such amended or varied provisions.

15.Choice of Law

The Plan shall be governed by and construed in accordance with the laws of the State of New York without regard to conflicts of laws.

16.Effectiveness of the Plan

The Plan was originally effective as of the Effective Date.

17.Section 409A

Notwithstanding other provisions of the Plan or any Award agreements thereunder, no Award shall be granted, deferred, accelerated, extended, paid out or modified under this Plan in a manner that would result in the imposition of an additional tax under Section 409A of the Code upon a Participant. In the event that it is reasonably determined by the Committee that, as a result of Section 409A of the Code, payments in respect of any Award under the Plan may not be made at the time contemplated by the terms of the Plan or the relevant Award agreement, as the case may be, without causing the Participant holding such Award to be subject to taxation under Section 409A of the Code, the Company will make such payment on the first day that would not result in the Participant incurring any tax liability under Section 409A of the Code. If pursuant to the provisions of Section 409A of the Code any distribution or payment is required to be delayed as a result of a Participant being deemed to be a “specified employee” within the meaning of that term under Section 409A(a)(2)(B) of the Code, then any such distributions or payments under the Plan shall not be made or provided prior to the earlier of (A) the expiration of the six month period measured from the date of the Participant’s separation from service (as defined under Section 409A of the Code) or (B) the date of the Participant’s death. The Company shall use commercially reasonable efforts to implement the provisions of this Section 17 in good faith; provided that neither the Company, the Committee nor any of the Company’s employees, directors or representatives shall have any liability to Participants with respect to this Section 17.

18.Recoupment

Awards granted under the Plan will be subject to recoupment in accordance with any clawback policy that the Company maintains, adopts or is required to adopt pursuant to the listing standards of any national securities exchange or association on which the Company’s securities are listed or other applicable law, including the Company’s Recoupment Policy, as in effect from time to time. In addition, the Committee may impose such other clawback, recovery or recoupment provisions in an Award Agreement as the Committee determines necessary or appropriate, including but not limited to a reacquisition right in respect of previously acquired Shares or other cash or property upon the occurrence of misconduct. No recovery of compensation under such a clawback policy will be an event giving rise to a right to resign for “good reason” or “constructive termination” (or similar term) under any agreement with the Company or any Affiliate.EX-10.1

 Exhibit 10.1 

CLASS A-1 NOTE PURCHASE AGREEMENT 

(SERIES 2022-1 VARIABLE FUNDING SENIOR NOTES, CLASS A-1) 

dated as of January 25, 2022 

among 
 Planet Fitness Master
Issuer LLC, 
 as Master Issuer, 

Planet Fitness SPV Guarantor LLC, 

Planet Fitness Franchising LLC, 

Planet Fitness Assetco LLC, 
 Planet
Fitness Distribution LLC 
 each as a Guarantor, 

Planet Fitness Holdings, LLC, 
 as
Manager, 
 CERTAIN CONDUIT INVESTORS, 

each as a Conduit Investor, 

CERTAIN FINANCIAL INSTITUTIONS, 

each as a Committed Note Purchaser, 

CERTAIN FUNDING AGENTS, 
 ING
Capital LLC, 
 as L/C Provider, 

ING Capital LLC, 
 as Swingline
Lender, 
 and 
 ING Capital
LLC, 
 as Administrative Agent 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	2	 
	 Section 1.01
	 	Definitions	  	 	2	 
	 Section 1.02
	 	Defined terms	  	 	2	 
	 Section 1.03
	 	Rates	  	 	16	 
	 Section 1.04
	 	Divisions	  	 	16	 
		
	 ARTICLE II PURCHASE AND SALE OF SERIES
2022-1 CLASS A-1 NOTES
	  	 	16	 
	 Section 2.01
	 	The Initial Advance Notes	  	 	16	 
	 Section 2.02
	 	Advances	  	 	17	 
	 Section 2.03
	 	Borrowing Procedures	  	 	18	 
	 Section 2.04
	 	The Series 2022-1 Class A-1 Notes	  	 	20	 
	 Section 2.05
	 	Reduction in Commitments	  	 	20	 
	 Section 2.06
	 	Swingline Commitment	  	 	23	 
	 Section 2.07
	 	L/C Commitment	  	 	25	 
	 Section 2.08
	 	L/C Reimbursement Obligations	  	 	28	 
	 Section 2.09
	 	L/C Participations	  	 	30	 
		
	 ARTICLE III INTEREST AND FEES
	  	 	31	 
	 Section 3.01
	 	Interest	  	 	31	 
	 Section 3.02
	 	Fees	  	 	33	 
	 Section 3.03
	 	Illegality	  	 	33	 
	 Section 3.04
	 	Deposits Unavailable	  	 	34	 
	 Section 3.05
	 	Increased Costs, etc.	  	 	34	 
	 Section 3.06
	 	Funding Losses	  	 	35	 
	 Section 3.07
	 	Increased Capital or Liquidity Costs	  	 	35	 
	 Section 3.08
	 	Taxes	  	 	36	 
	 Section 3.09
	 	Change of Lending Office	  	 	38	 
	 Section 3.10
	 	Benchmark Replacement Setting.	  	 	39	 
		
	 ARTICLE IV OTHER PAYMENT TERMS
	  	 	40	 
	 Section 4.01
	 	Time and Method of Payment (Amounts Distributed by the Administrative Agent)	  	 	40	 
	 Section 4.02
	 	Order of Distributions (Amounts Distributed by the Trustee or the Paying Agent)	  	 	41	 
	 Section 4.03
	 	L/C Cash Collateral	  	 	41	 
	 Section 4.04
	 	Alternative Arrangements with Respect to Letters of Credit	  	 	42	 
		
	 ARTICLE V THE ADMINISTRATIVE AGENT AND THE FUNDING AGENTS
	  	 	42	 
	 Section 5.01
	 	Authorization and Action of the Administrative Agent	  	 	42	 
	 Section 5.02
	 	Delegation of Duties	  	 	42	 
	 Section 5.03
	 	Exculpatory Provisions	  	 	43	 
	 Section 5.04
	 	Reliance	  	 	43	 
	 Section 5.05
	 	Non-Reliance on the Administrative Agent and Other Purchasers	  	 	43	 
	 Section 5.06
	 	The Administrative Agent in its Individual Capacity	  	 	43	 
	 Section 5.07
	 	Successor Administrative Agent; Defaulting Administrative Agent	  	 	44	 
	 Section 5.08
	 	Authorization and Action of Funding Agents	  	 	45	 
	 Section 5.09
	 	Delegation of Duties	  	 	45	 
	 Section 5.10
	 	Exculpatory Provisions	  	 	45	 
	 Section 5.11
	 	Reliance	  	 	46	 

  
 i 

							
	 Section 5.12
	 	Non-Reliance on the Funding Agent and Other Purchasers	  	 	46	 
	 Section 5.13
	 	The Funding Agent in its Individual Capacity	  	 	46	 
	 Section 5.14
	 	Successor Funding Agent	  	 	46	 
	 Section 5.15
	 	Erroneous Payments.	  	 	47	 
		
	 ARTICLE VI REPRESENTATIONS AND WARRANTIES
	  	 	49	 
	 Section 6.01
	 	The Master Issuer and Guarantors	  	 	49	 
	 Section 6.02
	 	The Manager	  	 	51	 
	 Section 6.03
	 	Lender Parties	  	 	51	 
		
	 ARTICLE VII CONDITIONS
	  	 	52	 
	 Section 7.01
	 	Conditions to Issuance and Effectiveness	  	 	52	 
	 Section 7.02
	 	Conditions to Initial Extensions of Credit	  	 	52	 
	 Section 7.03
	 	Conditions to Each Extension of Credit	  	 	53	 
		
	 ARTICLE VIII COVENANTS
	  	 	54	 
	 Section 8.01
	 	Covenants	  	 	54	 
		
	 ARTICLE IX MISCELLANEOUS PROVISIONS
	  	 	56	 
	 Section 9.01
	 	Amendments	  	 	56	 
	 Section 9.02
	 	No Waiver; Remedies	  	 	56	 
	 Section 9.03
	 	Binding on Successors and Assigns	  	 	56	 
	 Section 9.04
	 	Survival of Agreement	  	 	57	 
	 Section 9.05
	 	Payment of Costs and Expenses; Indemnification	  	 	58	 
	 Section 9.06
	 	Characterization as Related Document; Entire Agreement	  	 	60	 
	 Section 9.07
	 	Notices	  	 	60	 
	 Section 9.08
	 	Severability of Provisions	  	 	60	 
	 Section 9.09
	 	Tax Characterization	  	 	60	 
	 Section 9.10
	 	No Proceedings; Limited Recourse	  	 	61	 
	 Section 9.11
	 	Confidentiality	  	 	62	 
	 Section 9.12
	 	Governing Law; Conflicts with Indenture	  	 	62	 
	 Section 9.13
	 	Jurisdiction	  	 	62	 
	 Section 9.14
	 	Waiver of Jury Trial	  	 	62	 
	 Section 9.15
	 	Counterparts	  	 	63	 
	 Section 9.16
	 	Third-Party Beneficiary	  	 	63	 
	 Section 9.17
	 	Assignment	  	 	63	 
	 Section 9.18
	 	Defaulting Investors	  	 	65	 
	 Section 9.19
	 	No Fiduciary Duties.	  	 	68	 
	 Section 9.20
	 	Commitment Term; Termination of Agreement.	  	 	68	 
	 Section 9.21
	 	Acknowledgement and Consent to Bail-In of Affected Financial Institutions.	  	 	68	 
	 Section 9.22
	 	USA Patriot Act.	  	 	68	 
	 Section 9.23
	 	Acknowledgement Regarding Any Supported QFCs	  	 	69	 

  
 ii 

 SCHEDULES AND EXHIBITS 
  

			
	 SCHEDULE I
	  	 Investor Groups and Commitments

	 SCHEDULE II
	  	 Notice Addresses for Lender Parties, Agents, Master Issuer and Manager

	 SCHEDULE III
	  	 Additional Closing Conditions

		
	 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

  
 iii 

 CLASS A-1 NOTE PURCHASE AGREEMENT 

THIS CLASS A-1 NOTE PURCHASE AGREEMENT, dated as of January 25, 2022 (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)    Planet Fitness Master Issuer LLC, a Delaware limited liability company (the “Master Issuer”),

 (b)    Planet Fitness SPV Guarantor LLC, a newly-formed, limited-purpose Delaware limited liability company, Planet
Fitness Franchising LLC, a newly-formed, limited-purpose Delaware limited liability company, Planet Fitness Assetco LLC, a newly-formed special purpose Delaware limited liability company and Planet Fitness Distribution LLC, a newly-formed special
purpose Delaware limited liability company (each, a “Guarantor” and, collectively, the “Guarantors”), 

(c)    Planet Fitness Holdings, LLC, a Delaware limited liability company, 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)    ING Capital LLC, as provider of any Letter of Credit under this Agreement (together with
its permitted successors and assigns in such capacity, the “L/C Provider”), 
 (h)    ING Capital LLC,
as maker of Swingline Loans (together with its permitted successors and assigns in such capacity, the “Swingline Lender”), and 

(i)    ING Capital LLC, in its capacity as administrative agent for the Conduit Investors, the Committed Note Purchasers,
the Funding Agents, the L/C Provider and the Swingline Lender (together with its permitted successors and assigns in such capacity, the “Administrative Agent”). 

BACKGROUND 

1.    On February 10, 2022 (the “Expected Closing Date”), the Master Issuer and Citibank, N.A., as
Trustee, are expected to enter into the Series 2022-1 Supplement (as the same may be amended, supplemented, amended and restated or otherwise modified from time to time in accordance with the terms thereof,
the “Series 2022-1 Supplement”), to the Base Indenture, dated as of the August 1, 2018 (as the same has been, and may be further, amended, supplemented, amended and restated or otherwise
modified from time to time in accordance with the terms thereof, including without limitation as shall be amended and restated on the Expected Closing Date, the “Base Indenture” and, together with the Series 2022-1 Supplement and any other supplement to the Base Indenture, the “Indenture”), by and between the Master Issuer and the Trustee, pursuant to which the Master Issuer will issue the Series 2022-1 Class A-1 Notes (as defined in the Series 2022-1 Supplement) in accordance with the Indenture. 

  
 1 

 2.    The Master Issuer wishes to (a) issue the Series 2022-1 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 2022-1 Class A-1 Advance” and, collectively, the
“Advances” or the “Series 2022-1 Class A-1 Advances”) that will constitute the purchase of Series 2022-1 Class A-1 Outstanding Principal Amounts on the terms and conditions set forth in this Agreement; (b) issue the Series
2022-1 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 2022-1 Class A-1 L/C Note to the L/C Provider and obtain the agreement of the L/C Provider to provide Letters
of Credit on the terms and conditions set forth in this Agreement. L/C Obligations in connection with Letters of Credit issued pursuant to the Series 2022-1
Class A-1 L/C Note will constitute purchases of Series 2022-1 Class A-1 Outstanding Principal Amounts upon the
incurrence of such L/C Obligations. The Series 2022-1 Class A-1 Advance Notes, the Series 2022-1 Class A-1 Swingline Note and the Series 2022-1 Class A-1 L/C Note constitute Series
2022-1 Class A-1 Notes. The Manager has joined in this Agreement to confirm certain representations, warranties and covenants made by it in favor of the Trustee and
the Noteholders in the Related Documents for the benefit of each Lender Party. 
 ARTICLE I 

DEFINITIONS 

Section 1.01    Definitions. As used in this Agreement and unless the context requires a different meaning,
capitalized terms used but not defined herein (including the preamble and the recitals hereto) shall have the meanings assigned to such terms in the Series 2022-1 Supplemental Definitions List attached to the
Series 2022-1 Supplement as Annex A thereto or in the Base Indenture Definitions List attached to the Base Indenture as Annex A thereto, as applicable. Unless otherwise specified herein, all Article, Exhibit,
Section or Subsection references herein shall refer to Articles, Exhibits, Sections or Subsections of this Agreement. 

Section 1.02    Defined terms. 

“Acquiring Committed Note Purchaser” has the meaning set forth in Section 9.17(a). 

“Acquiring Investor Group” has the meaning set forth in Section 9.17(c). 

“Adjusted Term SOFR” means, for purposes of any calculation, the rate per annum equal to (a) Term SOFR for such
calculation plus (b) the Term SOFR Adjustment. 
 “Administrative Agent” has the meaning set forth in the
Preamble. 
 “Administrative Agent Fees” has the meaning set forth in Section 3.02(a). 

“Administrative Agent Indemnified Parties” has the meaning set forth in Section 9.05(d). 

“Advance” has the meaning set forth in the Preamble. 

“Advance Request” has the meaning set forth in Section 7.03(d). 

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

“Affected Person” has the meaning set forth in Section 3.05. 

“Agent Indemnified Liabilities” has the meaning set forth in Section 9.05(c). 

“Agent Indemnified Parties” has the meaning set forth in Section 9.05(c). 

  
 2 

 “Aggregate Unpaids” has the meaning set forth in
Section 5.01. 
 “Agreement” has the meaning set forth in the Preamble. 

“Amendment Expenses” has the meaning set forth in Section 9.05(a). 

“Annual Inspection Notice” has the meaning set forth in Section 8.01(d). 

“Applicable Agent Indemnified Liabilities” has the meaning set forth in Section 9.05(d). 

“Applicable Agent Indemnified Parties” has the meaning set forth in Section 9.05(d). 

“Assignment and Assumption Agreement” has the meaning set forth in Section 9.17(a). 

“Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable,
(a) if such Benchmark is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of a Term SOFR Interest Accrual Period pursuant to this Agreement or (b) otherwise, any payment
period for interest calculated with reference to such Benchmark (or component thereof), as applicable, pursuant to this Agreement, in each case, as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is
then-removed from the definition of “Term SOFR Interest Accrual Period” pursuant to Section 3.10(d). 

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

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

“Base Indenture” has the meaning set forth in the Preamble. 

“Base Rate” means, on any day, a rate per annum equal to the sum of (a) the greater of (A) the Prime Rate in effect
on such day, (B) Adjusted Term SOFR for a Term SOFR Interest Accrual Period of one (1) month plus 0.50%, and (C) zero, plus (b) 1.50%; provided that any change in the Base Rate due to a change in the Prime Rate or
Adjusted SOFR shall be effective as of the opening of business on the effective day of such change in the Prime Rate or Adjusted SOFR, respectively; provided, further, that changes in any rate of interest calculated by reference to the
Base Rate shall take effect simultaneously with each change in the Base Rate; provided, further, that the Base Rate will in no event be higher than the maximum rate permitted by applicable law. 

“Base Rate Advance” means an Advance that bears interest at the Base Rate during such time as it bears interest at such rate,
as provided in this Agreement. 
 “Base Rate Term SOFR Determination Day” has the meaning set forth in the definition of
Term SOFR. 
 “Benchmark” means, initially, the Term SOFR Reference Rate; provided that if a Benchmark Transition
Event has occurred with respect to the Term SOFR Reference Rate or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate
pursuant to Section 3.10. 

  
 3 

 “Benchmark Replacement” means, with respect to any Benchmark Transition
Event, the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Master Issuer giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism
for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current Benchmark for Dollar-denominated syndicated credit
facilities at such time and (b) the related Benchmark Replacement Adjustment; provided that, if such Benchmark Replacement as so determined would be less than the Floor, such Benchmark Replacement will be deemed to be the Floor for the purposes
of this Agreement and the other Loan Documents. 
 “Benchmark Replacement Adjustment” means, with respect to any
replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by
the Administrative Agent and the Master Issuer giving due consideration to (a) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with
the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (b) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for
the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated syndicated credit facilities at such time. 

“Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark:

 (a)    in the case of clause (a) or (b) of the definition of “Benchmark Transition
Event,” the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof)
permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); or 

(b)    in the case of clause (c) of the definition of “Benchmark Transition Event,” the
first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be non-representative; provided that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause
(c) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date. 
 For the
avoidance of doubt, the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (a) or (b) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect
to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof). 
 “Benchmark
Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark: 

(a)    a public statement or publication of information by or on behalf of the administrator of such
Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely;
provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); 

  
 4 

 (b)    a public statement or publication of information
by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the F.R.S. Board, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the
administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the
administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or
indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or 

(c)    a public statement or publication of information by the regulatory supervisor for the administrator
of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are not, or as of a specified future date will not be, representative. 

For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public
statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof). 

“Benchmark Transition Start Date” means, in the case of a Benchmark Transition Event, the earlier of (a) the applicable
Benchmark Replacement Date and (b) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication
of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication). 

“Benchmark Unavailability Period” means, the period (if any) (a) beginning at the time that a Benchmark Replacement Date
has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder in accordance with Section 3.10 and (b) ending at the time that a Benchmark Replacement has
replaced the then-current Benchmark for all purposes hereunder in accordance with Section 3.10. 

“Beneficial Ownership Certification” means a certification regarding beneficial ownership as required by the Beneficial
Ownership Regulation. 
 “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230. 

“Borrowing” has the meaning set forth in Section 2.02(c). 

“Breakage Amount” has the meaning set forth in Section 3.06(c). 

“Change in Law” means (a) any law, rule or regulation or any change therein or in the interpretation or application
thereof (whether or not having the force of law), in each case, adopted, issued or occurring after the Closing Date or (b) any request, guideline or directive (whether or not having the force of law) from any government or political subdivision
or agency, authority, bureau, central bank, commission, department or instrumentality thereof, or any court, tribunal, grand jury or arbitrator, or any accounting board or authority (whether or not a Governmental Authority) which is responsible for
the establishment or interpretation of national or international accounting principles, in each case, whether foreign or domestic (each, an “Official Body”) charged with the administration, interpretation or application thereof,
made, issued or occurring after the Closing Date; provided, however, for purposes of this definition, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all regulations, requests, rules, guidelines or directives
thereunder or 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 be a “Change in Law”, regardless of the date enacted, adopted or issued. 

  
 5 

 “Closing Date” means the Expected Closing Date, or in the event that
execution and delivery of the Series 2022-1 Supplement does not occur on the Expected Closing Date, such other date as shall be specified as the “Closing Date” therein. 

“Commercial Paper” means, with respect to any Conduit Investor, the promissory notes issued in the commercial paper market by
or for the benefit of such Conduit Investor. 
 “Committed Note Purchaser” has the meaning set forth in the Preamble. 

“Commitments” means the obligations of each Committed Note Purchaser included in each Investor Group to fund Advances
pursuant to Section 2.02(a) and to participate in Swingline Loans and Letters of Credit pursuant to Sections 2.06 and 2.08, respectively, in an aggregate stated amount up to its Commitment Amount. 

“Commitment Amount” means, as to each Committed Note Purchaser, the amount set forth on Schedule I opposite such
Committed Note Purchaser’s name as its Commitment Amount or, in the case of a Committed Note Purchaser that becomes a party to this Agreement pursuant to an Assignment and Assumption Agreement or Investor Group Supplement, the amount set forth
therein as such Committed Note Purchaser’s Commitment Amount, in each case, as such amount may be (i) reduced pursuant to Section 2.05 or (ii) increased or reduced by any Assignment and Assumption Agreement
or Investor Group Supplement entered into by such Committed Note Purchaser in accordance with the terms of this Agreement. 

“Commitment Percentage” means, on any date of determination, with respect to any Investor Group, the ratio, expressed as a
percentage, which such Investor Group’s Maximum Investor Group Principal Amount bears to the Series 2022-1 Class A-1 Notes Maximum Principal Amount on such
date. 
 “Commitment Term” means the period from and including the Closing Date to but excluding the earlier of
(a) the Commitment Termination Date and (b) the date on which the Commitments are terminated or reduced to zero in accordance with this Agreement. 

“Commitment Termination Date” means the Series 2022-1
Class A-1 Notes Renewal Date (as such date may be extended pursuant to Section 3.6(b) of the Series 2022-1 Supplement). 

“Committed Note Purchaser Percentage” means, on any date of determination, with respect to any Committed Note Purchaser in
any Investor Group, the ratio, expressed as a percentage, which the Commitment Amount of such Committed Note Purchaser bears to such Investor Group’s Maximum Investor Group Principal Amount on such date. 

“Conduit Assignee” means, with respect to any Conduit Investor, any commercial paper conduit whose Commercial Paper is rated
by at least two of the Specified Rating Agencies and is rated at least “A-1” from Standard & Poor’s, “P-1” from Moody’s and/or
“F1” from Fitch, as applicable, that is administered by the Funding Agent with respect to such Conduit Investor or any Affiliate of such Funding Agent, in each case, designated by such Funding Agent to accept an assignment from such
Conduit Investor of the Investor Group Principal Amount or a portion thereof with respect to such Conduit Investor pursuant to Section 9.17(b). 

“Conduit Investor” has the meaning set forth in the Preamble. 

  
 6 

 “Confidential Information” has the meaning set forth in
Section 9.11. 
 “Conforming Changes” means, with respect to either the use or administration of
Adjusted Term SOFR or the use, administration, adoption or implementation of any Benchmark Replacement, any technical, administrative or operational changes, that the Administrative Agent decides may be appropriate to reflect the adoption and
implementation of any such rate or to permit the use and administration thereof by the Administrative Agent in a manner substantially consistent with market practice. 

“CP Advance” means an Advance that bears interest at the CP Rate during such time as it bears interest at such rate, as
provided in this Agreement. 
 “CP Funding Rate” means, with respect to each Conduit Investor, for any day during any
Interest Accrual Period, for any portion of the Advances funded or maintained through the issuance of Commercial Paper by such Conduit Investor, the greater of, (A) the per annum rate equivalent to the weighted average cost (as determined by
the related Funding Agent, and which shall include (without duplication) the fees and commissions of placement agents and dealers, incremental carrying costs incurred with respect to Commercial Paper maturing on dates other than those on which
corresponding funds are received by such Conduit Investor, other borrowings by such Conduit Investor and any other costs associated with the issuance of Commercial Paper) of or related to the issuance of Commercial Paper that are allocated, in whole
or in part, by such Conduit Investor or its related Funding Agent to fund or maintain such Advances for such Interest Accrual Period (and which may also be allocated in part to the funding of other assets of the Conduit Investor) and (B) zero;
provided, however, that if any component of any such rate is a discount rate, in calculating the “CP Funding Rate” for such Advances for such Interest Accrual Period, the related Funding Agent shall for such component
use the rate resulting from converting such discount rate to an interest bearing equivalent rate per annum. 
 “CP Rate”
means, on any day during any Interest Accrual Period, an interest rate per annum equal to the sum of (i) the CP Funding Rate for such Interest Accrual Period plus (ii) 2.00% ; provided that the CP Rate will in no event be higher than the
maximum rate permitted by applicable law. 
 “Defaulting Administrative Agent Event” has the meaning set forth in
Section 5.07(b). 
 “Defaulting Investor” means any Investor that has (a) failed to make a
payment required to be made by it under the terms of this Agreement within two (2) Business Days of the day such payment is required to be made by such Investor thereunder, (b) notified the Administrative Agent in writing that it does not
intend to make any payment required to be made by it under the terms of this Agreement within two (2) Business Days of the day such payment is required to be made by such Investor thereunder or (c) become the subject of an Event of
Bankruptcy or a Bail-In Action. 
 “EEA Financial Institution” means (a) any
credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority; (b) any entity established in an EEA Member Country which is a parent of an institution described in
clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision
with its parent. 
 “EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein and
Norway. 
 “EEA Resolution Authority” means any public administrative authority or any person entrusted with public
administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

  
 7 

 “Eligible Conduit Investor” means, at any time, any Conduit Investor whose
Commercial Paper at such time is rated by at least two of the Specified Rating Agencies and is rated at least “A-1” from Standard & Poor’s,
“P-1” from Moody’s and/or “F1” from Fitch, as applicable. 
 “EU Bail-In Legislation Schedule” means the EU Bail-In Legislative Schedule published by the Loan Market Association (or any successor person), as in effect from time to
time. 
 “Erroneous Payment” has the meaning assigned to it in Section 5.15(a). 

“Erroneous Payment Deficiency Assignment” has the meaning assigned to it in Section 5.15(d)(i).

 “Erroneous Payment Impacted Class” has the meaning assigned to it in Section 5.15(d)(i). 

“Erroneous Payment Return Deficiency” has the meaning assigned to it in Section 5.15(d)(i). 

“Erroneous Payment Subrogation Rights” has the meaning assigned to it in Section 5.15(e). 

“Event of Bankruptcy” will be deemed to have occurred with respect to a Person if: 

(a)    a case or other proceeding is commenced, without the application or consent of such Person, in any
court, seeking the liquidation, reorganization, debt arrangement, dissolution, winding up, or composition or readjustment of debts of such Person, the appointment of a trustee, receiver, custodian, liquidator, assignee, sequestrator or the like for
such Person or all or any substantial part of its assets, or any similar action with respect to such Person under any law relating to bankruptcy, insolvency, reorganization, winding up or composition or adjustment of debts, and such case or
proceeding continues undismissed, or unstayed and in effect, for a period of sixty (60) consecutive days; or an order for relief in respect of such Person is entered in an involuntary case under the federal bankruptcy laws or other similar laws
now or hereafter in effect; or 
 (b)    such Person commences a voluntary case or other proceeding under
any applicable bankruptcy, insolvency, reorganization, debt arrangement, dissolution or other similar law now or hereafter in effect, or consents to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator (or other similar official) for such Person or for any substantial part of its property, or makes any general assignment for the benefit of creditors; or 

(c)    the Board of Directors or board of managers (or similar body) of such Person votes to implement any
of the actions set forth in clause (b) above. 
 “Excluded Taxes” means any of the following Taxes imposed on or with
respect to an Affected Person or required to be withheld or deducted from a payment to a Affected Person, (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case,
(a) imposed as a result of such Affected Person being organized under the laws of, or having its principal office or, in the case of any Lender Party, its applicable lending office located in, the jurisdiction imposing such Tax (or any
political subdivision thereof) or (b) that are Other Connection Taxes, (ii) in the case of a Lender Party, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender Party with respect to an applicable
interest in a Series 2022-1 Class A-1 Note or Commitment pursuant to a law in effect on the date on which (a) such Lender Party acquires such interest in the
Series 2022-1 Class A-1 Note or Commitment (other than pursuant to an assignment request by the Master Issuer under Section 3.09) or
(b) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 3.08, amounts with respect to such Taxes were payable either to such Lender Party’s assignor immediately
before such Lender Party became a party hereto or to such Lender Party immediately before it changed its lending office, (iii) Taxes attributable to such Affected Person’s failure to comply with Section 3.08(d)
and (iv) any withholding Taxes imposed under FATCA. 

  
 8 

 “Expected Closing Date” has the meaning set forth in the Preamble. 

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version
that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or
regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such Sections of the Code. 

“FCPA” has the meaning set forth in Section 6.01(h). 

“Federal Funds Rate” means, for any day, the greater of (a) the rate calculated by the Federal Reserve Bank of New York
based on such day’s Federal funds transactions by depositary institutions (as determined in such manner as the Federal Reserve Bank of New York shall set forth on its public website from time to time) and published on the next succeeding
Business Day by the Federal Reserve Bank of New York as the Federal funds effective rate and (b) 0%. 
 “Floor” means
a rate of interest equal to 0%. 
 “Foreign Affected Person” has the meaning set forth in
Section 3.08(a). 
 “F.R.S. Board” means the Board of Governors of the Federal
Reserve System. 
 “Funding Agent” has the meaning set forth in the Preamble. 

“Funding Agent Indemnified Parties” has the meaning set forth in Section 9.05(d). 

“Guarantor” has the meaning set forth in the Preamble. 

“Holdco” has the meaning set forth in the definition of Parent Companies. 

“Increase” has the meaning set forth in Section 2.1(a) of the Series 2022-1
Supplement. 
 “Increased Capital Costs” has the meaning set forth in Section 3.07. 

“Increased Costs” has the meaning set forth in Section 3.05. 

“Increased Tax Costs” has the meaning set forth in Section 3.08(b). 

“Indemnified Liabilities” has the meaning set forth in Section 9.05(b). 

“Indemnified Parties” has the meaning set forth in Section 9.05(b). 

“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on
account of any obligation of the Issuer under any this Agreement, the Indenture, and the other Related Documents and (b) to the extent not otherwise described in clause (a), Other Taxes. 

“Indenture” has the meaning set forth in the Preamble. 

“Interest Reserve Letter of Credit” means any letter of credit issued hereunder for the benefit of the Trustee and the Senior
Noteholders or the Senior Subordinated Noteholders, as applicable. 
 “Investor” means any one of the Conduit Investors and
the Committed Note Purchasers and “Investors” means the Conduit Investors and the Committed Note Purchasers collectively. 

  
 9 

 “Investor Group” means (i) for each Conduit Investor, collectively,
such Conduit Investor, the related Committed Note Purchaser(s) set forth opposite the name of such Conduit Investor on Schedule I (or, if applicable, set forth for such Conduit Investor in the Assignment and Assumption Agreement or Investor
Group Supplement pursuant to which such Conduit Investor or Committed Note Purchaser becomes a party thereto), any related Program Support Provider(s) and the related Funding Agent (which shall constitute the Series
2022-1 Class A-1 Noteholder for such Investor Group) and (ii) for each other Committed Note Purchaser that is not related to a Conduit Investor, collectively,
such Committed Note Purchaser, any related Program Support Provider(s) and the related Funding Agent (which shall constitute the Series 2022-1 Class A-1 Noteholder
for such Investor Group). 
 “Investor Group Increase Amount” means, with respect to any Investor Group, for any Business
Day, the portion of the Increase, if any, actually funded by such Investor Group on such Business Day. 
 “Investor Group Principal
Amount” means, with respect to any Investor Group, (a) when used with respect to the Closing Date, an amount equal to (i) such Investor Group’s Commitment Percentage of the Series
2022-1 Class A-1 Initial Advance Principal Amount, plus (ii) such Investor Group’s Commitment Percentage of the Series
2022-1 Class A-1 Outstanding Subfacility Amount outstanding on the Closing Date, and (b) when used with respect to any other date, an amount equal to
(i) the Investor Group Principal Amount with respect to such Investor Group on the immediately preceding Business Day (excluding any Series 2022-1 Class A-1
Outstanding Subfacility Amount included therein), plus (ii) the Investor Group Increase Amount with respect to such Investor Group on such date, minus (iii) the amount of principal payments made to such Investor Group on the Series 2022-1 Class A-1 Advance Notes on such date, plus (iv) such Investor Group’s Commitment Percentage of the Series 2022-1 Class A-1 Outstanding Subfacility Amount outstanding on such date. 
 “Investor Group
Supplement” has the meaning set forth in Section 9.17(c). 
 “L/C Commitment” means the
obligation of the L/C Provider to provide Letters of Credit pursuant to Section 2.07, in an aggregate Undrawn L/C Face Amount, together with any Unreimbursed L/C Drawings, at any one time outstanding not to exceed
$75,000,000, as such amount may be reduced or increased pursuant to Section 2.07(g) or reduced pursuant to Section 2.05(b). 

“L/C Issuing Bank” has the meaning set forth in Section 2.07(g). 

“L/C Issuing Bank Rating Test” has the meaning set forth in Section 2.07(g). 

“L/C Obligations” means, at any time, an amount equal to the sum of (i) any Undrawn L/C Face Amounts outstanding at such
time and (ii) any Unreimbursed L/C Drawings outstanding at such time. 
 “L/C Other Reimbursement Costs” has the
meaning set forth in Section 2.08(a). 
 “L/C Quarterly Fees” has the meaning set forth in
Section 2.07(d). 
 “L/C Reimbursement Amount” has the meaning set forth in
Section 2.08(a). 
 “Lender Party” means any Investor, the Swingline Lender or the L/C Provider
and “Lender Parties” means the Investors, the Swingline Lender and the L/C Provider, collectively. 
 “Letter of
Credit” has the meaning set forth in Section 2.07(a). 
 “Manager” has the meaning set
forth in the Preamble. 
 “Margin Stock” means “margin stock” as defined in Regulation U of the
F.R.S. Board, as amended from time to time. 
 “Master Issuer” has the meaning set forth in the Preamble. 

  
 10 

 “Maximum Investor Group Principal Amount” means, as to each Investor Group
existing on the Closing Date, the amount set forth on Schedule I to this Agreement as such Investor Group’s Maximum Investor Group Principal Amount or, in the case of any other Investor Group, the amount set forth as such Investor
Group’s Maximum Investor Group Principal Amount in the Assignment and Assumption Agreement or Investor Group Supplement by which the members of such Investor Group become parties to this Agreement, in each case, as such amount may be
(i) reduced pursuant to Section 2.05 of this Agreement or (ii) increased or reduced by any Assignment and Assumption Agreement or Investor Group Supplement entered into by the members of such Investor Group in
accordance with the terms of this Agreement. 
 “Money Laundering Laws” has the meaning set forth in
Section 6.01(i). 
 “Non-Excluded Taxes” has the meaning
set forth in Section 3.08(a). 
 “Non-Funding Committed Note
Purchaser” has the meaning set forth in Section 2.02(a). 
 “OFAC” has the meaning set
forth in Section 6.01(j). 
 “Official Body” has the meaning set forth in the definition of
“Change in Law.” 
 “Other Connection Taxes” means, with respect to any Affected Person, Taxes imposed as a
result of a present or former connection between such Affected Person and the jurisdiction imposing such Tax (other than connections arising from such Affected Person having executed, delivered, become a party to, performed its obligations under,
received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Related Document, or sold or assigned an interest in any Advance or Related Document). 

“Other Post-Closing Expenses” has the meaning set forth in Section 9.05(a). 

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Related Document, except any such Taxes that
are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 3.09). 

“Out-of-Pocket Expenses” has the meaning set
forth in Section 9.05(a). 
 “Payment Recipient” has the meaning assigned to it in
Section 5.15(a). 
 “Parent Companies” means, collectively, Planet Fitness, Inc., a Delaware corporation
(“Holdco”), Pla-Fit Holdings, LLC, a Delaware limited liability company (“Pla-Fit Holdings”), Planet Intermediate, LLC, a Delaware
limited liability company (“Planet Intermediate”) and the Manager. 
 “Participant Register” has the
meaning set forth in Section 9.03(b). 
 “Periodic Term SOFR Determination Day” has the meaning
set forth in the definition of Term SOFR. 
 “Pla-Fit Holdings” has the meaning set
forth in the definition of Parent Companies. 
 “Planet Intermediate” has the meaning set forth in the definition of Parent
Companies. 
 “Pre-Closing Costs” has the meaning set forth in
Section 9.05(a). 

  
 11 

 “Prime Rate” means, on any day, the annual rate of interest for such day
published by The Wall Street Journal as the “U.S. Prime Rate” and, if not published by The Wall Street Journal, then the rate reasonably established by Administrative Agent as its prime rate, as notified in writing by the Administrative
Agent to the Master Issuer. The Prime Rate is a reference rate and does not necessarily represent the lowest or best rate actually charged to any customer. The Administrative Agent or any Lender Party may make commercial loans or other
loans at rates of interest at, above or below the Prime Rate. Any change in the Prime Rate shall take effect at the opening of business on the day specified in the public announcement of such change. 

“Program Support Agreement” means, with respect to any Investor, any agreement entered into by any Program Support Provider
in respect of any Commercial Paper and/or Series 2022-1 Class A-1 Note of such Investor providing for the issuance of one or more letters of credit for the account
of such Investor, the issuance of one or more insurance policies for which such Investor is obligated to reimburse the applicable Program Support Provider for any drawings thereunder, the sale by such Investor to any Program Support Provider of the
Series 2022-1 Class A-1 Notes (or portions thereof or interests therein) and/or the making of loans and/or other extensions of credit to such Investor in connection
with such Investor’s securitization program, together with any letter of credit, insurance policy or other instrument issued thereunder or guaranty thereof (but excluding any discretionary advance facility provided by a Committed Note
Purchaser). 
 “Program Support Provider” means, with respect to any Investor, any financial institutions and any other or
additional Person now or hereafter extending credit or having a commitment to extend credit to or for the account of, and/or agreeing to make purchases from, such Investor in respect of such Investor’s Commercial Paper and/or Series 2022-1 Class A-1 Note, and/or agreeing to issue a letter of credit or insurance policy or other instrument to support any obligations arising under or in connection with
such Investor’s securitization program as it relates to any Commercial Paper issued by such Investor, and/or holding equity interests in such Investor, in each case pursuant to a Program Support Agreement, and any guarantor of any such Person.

 “Regulation D” means Regulation D of the F.R.S. Board, as in effect from time to time and all official rulings and
interpretations thereunder or thereof. 
 “reference amount” has the meaning set forth in
Section 2.03(b). 
 “Registrar” has the meaning set forth in
Section 9.17(g). 
 “Reimbursement Obligation” means the obligation of the Master Issuer to
reimburse the L/C Provider pursuant to Section 2.08 for amounts drawn under Letters of Credit. 

“Relevant Governmental Body” means the F.R.S. Board or the Federal Reserve Bank of New York, or a committee officially
endorsed or convened by the F.R.S. Board or the Federal Reserve Bank of New York, or any successor thereto. 
 “Required Expiration
Date” has the meaning set forth in Section 2.07(a). 
 “Resolution Authority” means an
EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority. 
 “Sale Notice” has
the meaning set forth in Section 9.18(b). 
 “Sanctioned Person” has the meaning set forth in
Section 8.01(i). 
 “Sanctions” has the meaning set forth in
Section 6.01(j). 
 “Series 2022-1 Class A-1 Advance” has the meaning set forth in the Preamble. 
 “Series 2022-1 Class A-1 Advance Request” has the meaning set forth in Section 7.03(d). 

  
 12 

 “Series 2022-1 Class A-1 Allocated Payment Reduction Amount” has the meaning set forth in Section 2.05(b)(iv). 

“Series 2022-1 Class A-1 Notes
Other Amounts” means, as of any date of determination, the aggregate unpaid Breakage Amount, Indemnified Liabilities, Agent Indemnified Liabilities, Increased Capital Costs, Increased Costs, Increased Tax Costs, Pre-Closing Costs, Other Post-Closing Expenses and Out-of-Pocket Expenses then due and payable. For purposes of the Base Indenture, the
“Series 2022-1 Class A-1 Notes Other Amounts” shall be deemed to be “Class A-1 Notes Other
Amounts.” 
 “Series 2022-1
Class A-1 Breakage Amount” has the meaning set forth in Section 3.06(c). 

“Series 2022-1 Class A-1 Investor
Group Supplement” has the meaning set forth in Section 9.17(c). 
 “Series 2022-1 Class A-1 Notes Register” has the meaning set forth in Section 2.01(b). 

“Series 2022-1 Class A-1 Swingline
Loan” has the meaning set forth in Section 2.06(a). 
 “Series
2022-1 Supplement” has the meaning set forth in the Preamble. 
 “SOFR”
means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator. 
 “SOFR
Administrator” means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate). 

“Solvent” means, with respect to any Person as of any date of determination, that on such date (i) the present fair
market value (or present fair saleable value) of the assets of such Person are not less than the total amount required to pay the liabilities of such Person on its total existing debts and liabilities (including contingent liabilities) as they
become absolute and matured, (ii) the Person is able to realize upon its assets and pay its debts and other liabilities, contingent obligations and commitments as they mature and become due in the normal course of business, (iii) assuming
the completion of the transactions contemplated by the Related Documents, the Person is not incurring debts or liabilities beyond its ability to pay as such debts and liabilities mature, (iv) the Person is not engaged in any business or
transaction, and is not about to engage in any business or transaction, for which its property would constitute unreasonably small capital after giving due consideration to the prevailing practice in the industry in which such entity is engaged, and
(v) the Person is not otherwise insolvent under the standards set forth in any U.S. or non-U.S. federal, state or local statute, law or ordinance, or any judgment, decree, rule, regulation, order or
injunction. In computing the amount of any contingent liabilities at any time, it is intended that such liabilities will be computed at the amount that, in the light of all the facts and circumstances existing at such time, represents the amount
that can reasonably be expected to become an actual or matured liability. 
 “Specified Rating Agencies” means any of
S&P, Moody’s, Fitch, or KBRA, as applicable. 
 “Swingline Commitment” means the obligation of the Swingline
Lender to make Swingline Loans pursuant to Section 2.06 in an aggregate principal amount at any one time outstanding not to exceed $25,000,000, as such amount may be reduced or increased pursuant to
Section 2.06(i) or reduced pursuant to Section 2.05(b). 
 “Swingline
Loan” has the meaning set forth in Section 2.06(a). 
 “Swingline Loan Request” has the
meaning set forth in Section 2.06(b). 
 “Swingline Participation Amount” has the meaning set
forth in Section 2.06(f). 

  
 13 

 “Taxes” means all present or future taxes, levies, imposts, duties,
deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Term SOFR” means, 

(a)    for any calculation with respect to a Term SOFR Advance, the Term SOFR Reference Rate for a tenor comparable to
the applicable Term SOFR Interest Accrual Period on the day (such day, the “Periodic Term SOFR Determination Day”) that is two (2) U.S. Government Securities Business Days prior to the first day of such interest period, as such
rate is published by the Term SOFR Administrator; provided, however, that if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the
Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first
preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three
(3) U.S. Government Securities Business Days prior to such Periodic Term SOFR Determination Day, and 
 (b)    for
any calculation with respect to a Base Rate Advance on any day, the Term SOFR Reference Rate for a tenor of one month on the day (such day, the “Base Rate Term SOFR Determination Day”) that is two (2) U.S. Government Securities
Business Days prior to such day, as such rate is published by the Term SOFR Administrator; provided, however, that if as of 5:00 p.m. (New York City time) on any Base Rate Term SOFR Determination Day the Term SOFR Reference Rate for the
applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by
the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities
Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Base Rate SOFR Determination Day. 

“Term SOFR Adjustment” means a percentage equal to (a) 0.10% per annum for a Term SOFR Interest Accrual Period of one-month’s duration, (b) 0.15% per annum for a Term SOFR Interest Accrual Period of three month’s duration and (c) 0.25 % for a Term SOFR Interest Accrual Period of six month’s duration. 

“Term SOFR Administrator” means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term
SOFR Reference Rate selected by the Administrative Agent in its reasonable discretion). 
 “Term SOFR Advance” means an
Advance that bears interest at a rate of interest determined by reference to the Term SOFR Rate during such time as it bears interest at such rate, as provided in this Agreement. 

  
 14 

 “Term SOFR Interest Accrual Period” means, with respect to any Term SOFR
Advance, the period commencing on and including the U.S. Government Securities Business Day such Advance first becomes a Term SOFR Advance in accordance with Section 3.01(b) and ending on but excluding a date, as
elected by the Master Issuer pursuant to such Section 3.01(b), that is (i) one (1) month subsequent to such date, (ii) three (3) months subsequent to such date or (iii) six (6) months subsequent to such date,
or such other time period subsequent to such date not to exceed six months as agreed upon by the Master Issuer and the Administrative Agent; provided, however, that no Term SOFR Interest Accrual Period may end subsequent to the second
Business Day before the Quarterly Calculation Date occurring immediately prior to the then-current Series 2022-1 Class A-1 Notes Renewal Date and upon the
occurrence and during the continuation of any Rapid Amortization Period or any Event of Default, any Term SOFR Interest Accrual Period with respect to the Term SOFR Advances of all Investor Groups may be terminated at the end of the then-current
Term SOFR Interest Accrual Period (or, if the Class A-1 Notes have been accelerated in accordance with Section 9.2 of the Base Indenture, immediately), at the election of the Administrative Agent or
Investor Groups holding in the aggregate more than 50% of the Term SOFR Tranche, by notice to the Master Issuer, the Manager, the Control Party and the Funding Agents, and upon such election the Term SOFR Advances in respect of which interest was
calculated by reference to such terminated Term SOFR Interest Accrual Period shall be converted to Base Rate Advances. 
 “Term SOFR
Rate” means, on any day during any Term SOFR Interest Accrual Period, an interest rate per annum equal to the sum of (i) the greater of, (A) Adjusted Term SOFR for such Term SOFR Interest Accrual Period, or (B) zero, plus
(ii) 2.00 %; provided that the Term SOFR Rate will in no event be higher than the maximum rate permitted by applicable law. 

“Term SOFR Reference Rate” means the forward-looking term rate based on SOFR. 

“Term SOFR Tranche” means any portion of the Series 2022-1 Class A-1 Outstanding Principal Amount funded or maintained with Term SOFR Advances. 
 “UK
Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of
the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

 “UK Resolution Authority” means the Bank of England or any other public administrative authority having responsibility
for the resolution of any UK Financial Institution. 
 “Unadjusted Benchmark Replacement” means the applicable Benchmark
Replacement excluding the related Benchmark Replacement Adjustment. 
 “Undisclosed Administration” means, in relation to
an Investor or its direct or indirect parent company, the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian, or other similar official by a supervisory authority or regulator under or based on the law
in the country where such Lender or such parent company is subject to home jurisdiction supervision, if applicable law requires that such appointment not be disclosed. 

“Undrawn Commitment Fees” has the meaning set forth in Section 3.02(b). 

“Undrawn L/C Face Amounts” means, at any time, the aggregate then undrawn and unexpired face amount of any Letters of Credit
outstanding at such time. 
 “Unreimbursed L/C Drawings” means, at any time, the aggregate amount of any L/C Reimbursement
Amounts that have not then been reimbursed pursuant to Section 2.08. 

“U.S. Government Securities Business Day” means any day except for (a) a Saturday, (b) a Sunday
or (c) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities. 

“USA PATRIOT Act” has the meaning given to such term in Section 9.22. 

  
 15 

 “Write-Down and Conversion Powers” means, (a) with respect to any EEA
Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and
conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that
liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that
liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers. 

Section 1.03    Rates. The Administrative Agent does not warrant or accept responsibility for, and shall not
have any liability with respect to (a) the continuation of, administration of, submission of, calculation of or any other matter related to the Base Rate, Term SOFR, Adjusted Term SOFR, or the Term SOFR Reference Rate, or any component
definition thereof or rates referred to in the definition thereof, or any alternative, successor or replacement rate thereto (including any Benchmark Replacement), including whether the composition or characteristics of any such alternative,
successor or replacement rate (including any Benchmark Replacement) will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as, the Base Rate, Term SOFR, Adjusted Term SOFR, or the Term SOFR
Reference Rate, or any other Benchmark prior to its discontinuance or unavailability, or (b) the effect, implementation or composition of any Conforming Changes. The Administrative Agent may select information sources or services in its
reasonable discretion to ascertain the Base Rate, Term SOFR, Adjusted Term SOFR, or the Term SOFR Reference Rate, or any other Benchmark, in each case pursuant to the terms of this Agreement, and shall have no liability to the Master Issuer, any
Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity),
for any error or calculation of any such rate (or component thereof) provided by any such information source or service. 

Section 1.04    Divisions. For all purposes under the Related Documents, in connection with any division or
plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws), if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it
shall be deemed to have been transferred from the original Person to the subsequent Person. 
 ARTICLE II 

PURCHASE AND SALE OF SERIES 2022-1 CLASS A-1 NOTES 

Section 2.01    The Initial Advance Notes. 

(a)    On the terms and conditions set forth in the Indenture and this Agreement, and in reliance on the covenants,
representations and agreements set forth herein and therein, the Master Issuer shall issue and shall request the Trustee to authenticate the Series 2022-1 Class A-1
Advance Notes, which the Master Issuer shall deliver to each Funding Agent on behalf of the Investors in the related Investor Group on the Closing Date. Such Series 2022-1
Class A-1 Advance Note for each Investor Group shall be dated the Closing Date, shall be registered in the name of the related Funding Agent or its nominee, as agent for the related Investors, or in such
other name or nominee as such Funding Agent may request, shall have a maximum principal amount equal to the Maximum Investor Group Principal Amount for such Investor Group, shall have an initial outstanding principal amount equal to such Investor
Group’s Commitment Percentage of the Series 2022-1 Class A-1 Initial Advance Principal Amount, and shall be duly authenticated in accordance with the
provisions of the Indenture. 

  
 16 

 (b)    Each Series 2022-1 Class A-1 Noteholder shall, acting solely for this purpose as an agent of the Master Issuer, 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 2022-1 Class A-1 Outstanding Principal Amount (and stated interest) of each Lender Party (and, if
applicable, Program Support Provider) that has an interest in such Series 2022-1 Class A-1 Noteholder’s Series 2022-1 Class A-1 Notes (the “Series 2022-1 Class A-1 Notes Register”), provided that no Series
2022-1 Class A-1 Noteholder shall have any obligation to disclose all or any portion of the Series 2022-1 Class A-1 Notes Register to any Person except to the extent such that such disclosure is necessary to establish that such Series 2022-1
Class A-1 Notes are in registered form under Section 5f.103-1(c) of the U.S. Treasury regulations. The entries made in the records maintained pursuant to
this Section 2.01 shall be prima facie evidence absent manifest error of the existence and amounts of the obligations recorded therein. 

Section 2.02    Advances. 

(a)    Subject to the terms and conditions of this Agreement and the Indenture, each Eligible Conduit Investor, if any,
may and, if such Conduit Investor determines that it will not make (or it does not in fact make) an Advance or any portion of an Advance, its related Committed Note Purchaser(s) shall or, if there is no Eligible Conduit Investor with respect to any
Investor Group, the Committed Note Purchaser(s) with respect to such Investor Group shall, upon the Master Issuer’s request delivered in accordance with the provisions of Section 2.03 and the satisfaction of all
conditions precedent thereto (or under the circumstances set forth in Sections 2.05, 2.06 or 2.08), make Advances from time to time during the Commitment Term; provided that such Advances shall be made ratably by each
Investor Group based on their respective Commitment Percentages and the portion of any such Advance made by any Committed Note Purchaser in such Investor Group shall be its Committed Note Purchaser Percentage of the Advances to be made by such
Investor Group (or the portion thereof not being made by any Conduit Investor in such Investor Group); provided, further, that if, as a result of any Committed Note Purchaser (a
“Non-Funding Committed Note Purchaser”) failing to make any previous Advance that such Non-Funding Committed Note Purchaser was required to make,
outstanding Advances are not held ratably by each Investor Group based on their respective Commitment Percentages and among the Committed Note Purchasers within each Investor Group based on their respective Committed Note Purchaser Percentages at
the time a request for Advances is made, (x) such Non-Funding Committed Note Purchaser shall make all of such Advances until outstanding Advances are held ratably by each Investor Group based on their
respective Commitment Percentages and among the Committed Note Purchasers within each Investor Group based on their respective Committed Note Purchaser Percentages and (y) further Advances shall be made ratably by each Investor Group based on
their respective Commitment Percentages and the portion of any such Advance made by any Committed Note Purchaser in such Investor Group shall be its Committed Note Purchaser Percentage of the Advances to be made by such Investor Group (or the
portion thereof not being made by any Conduit Investor in such Investor Group); provided, further, that the failure of a Non-Funding Committed Note Purchaser to make Advances pursuant to the
immediately preceding proviso shall not, subject to the immediately following proviso, relieve any other Committed Note Purchaser of its obligation hereunder, if any, to make Advances in accordance with Section 2.03(b)(i);
provided, further, that, subject, in the case of clause (i) below, to Section 2.03(b)(ii), no Advance shall be required or permitted to be made by any Investor on any date to the extent that, after giving
effect to such Advance, (i) the related Investor Group Principal Amount would exceed the related Maximum Investor Group Principal Amount or (ii) the Series 2022-1
Class A-1 Outstanding Principal Amount would exceed the Series 2022-1 Class A-1 Notes Maximum Principal Amount. 

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

  
 17 

 (c)    Each of the Advances to be made on any date shall be made as
part of a single borrowing (each such single borrowing being a “Borrowing”). The Advances made as part of the initial Borrowing on the Closing Date, if any, will be evidenced by the Series
2022-1 Class A-1 Advance Notes issued in connection herewith and will constitute purchases of Series 2022-1 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
2022-1 Class A-1 Advance Notes issued in connection herewith and will constitute purchases of Series 2022-1 Class A-1 Outstanding Principal Amounts corresponding to the amount of such Advances. 

(d)    Section 2.2(b) of the Series 2022-1 Supplement specifies the procedures to
be followed in connection with any Voluntary Decrease of the Series 2022-1 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
2022-1 Class A-1 Outstanding Principal Amount to zero. 

(e)    Subject to the terms of this Agreement and the Series 2022-1 Supplement,
the aggregate principal amount of the Advances evidenced by the Series 2022-1 Class A-1 Advance Notes may be increased by Borrowings or decreased by Voluntary
Decreases from time to time. 
 Section 2.03    Borrowing Procedures. 

(a)    Whenever the Master Issuer wishes to make a Borrowing, the Master Issuer shall (or shall cause the Manager on its
behalf to) notify the Administrative Agent (who shall promptly, and in any event by 4:00 p.m. (Eastern 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. (Eastern time) one (1) Business Day (or, in the case of any Term SOFR Advances for purposes of Section 3.01(b), three (3) U.S. Government
Securities Business Days) prior to the date of Borrowing (unless a shorter period is agreed upon by the Administrative Agent and the L/C Provider, the L/C Issuing Bank, the Swingline Lender or the Funding Agents, as applicable), which date of
Borrowing shall be a Business Day during the Commitment Term. Each such notice shall be irrevocable and shall in each case refer to this Agreement and specify (i) the Borrowing date, (ii) the aggregate amount of the requested Borrowing to
be made on such date, (iii) the amount of outstanding Swingline Loans and Unreimbursed L/C Drawings (if applicable) to be repaid with the proceeds of such Borrowing on the Borrowing date, which amount shall constitute all outstanding Swingline
Loans and Unreimbursed L/C Drawings outstanding on the date of such notice that are not prepaid with other funds of the Master Issuer available for such purpose, and (iv) sufficient instructions for application of the balance, if any, of the
proceeds of such Borrowing on the Borrowing date (which proceeds shall be made available to the Master Issuer). Requests for any Borrowing may not be made in an aggregate principal amount of less than $100,000 or in an aggregate principal amount
that is not an integral multiple of $100,000 in excess thereof (except as otherwise provided herein with respect to Borrowings for the purpose of repaying then-outstanding Swingline Loans or Unreimbursed L/C Drawings). The Master Issuer agrees that
Borrowings shall be made automatically (to the extent not deemed made pursuant to Sections 2.05(b)(i), 2.05(b)(ii) or 2.08), without the requirement of providing an Advance Request, but subject to the requirements set forth in
Section 7.03, upon notice of any drawing under a Letter of Credit and one time per month, the timing of which shall be determined by the Administrative Agent in its discretion, if any Swingline Loans are outstanding, in
each case, in an amount at least sufficient to repay in full all Unreimbursed L/C Drawings or Swingline Loans, as the case may be, outstanding on the date of the applicable automatic Borrowing. Subject to the provisos to
Section 2.02(a), each Borrowing shall be ratably allocated among the Investor Groups’ respective Maximum Investor Group Principal Amounts. Each Funding Agent shall promptly advise its related Conduit Investor, if any,
of any notice given pursuant to this Section 2.03(a) and shall promptly thereafter (but in no event later than 10:00 a.m. (Eastern time) on the date of Borrowing) notify the Administrative Agent, the Master Issuer and the
related Committed Note Purchaser(s) whether such Conduit Investor has determined to make all or any portion of the Advances in such Borrowing that are to be made by its Investor Group. On the date of each Borrowing and subject to the other
conditions set forth herein and in the Series 2022-1 Supplement (and, if requested by the Administrative Agent, confirmation from the Swingline Lender and the L/C Provider, as applicable, as to (x) the
amount of outstanding Swingline Loans and Unreimbursed L/C Drawings to be repaid with the proceeds of such Borrowing on the Borrowing date, (y) the Undrawn L/C Face Amount of all Letters of Credit then outstanding and (z) the principal
amount of any other Swingline Loans or Unreimbursed L/C Drawings then outstanding), the applicable Investors in each Investor Group shall make available to the Administrative Agent the amount of the Advances in such Borrowing that are to be made by
such Investor Group by wire transfer in U.S. Dollars of such amount in same day funds no later than 10:00 a.m. (Eastern time) on the date of such Borrowing, and upon receipt thereof the Administrative Agent shall make such proceeds available by
3:00 p.m. (Eastern time), first, to the Swingline Lender and the L/C Provider for application to repayment of the amount of outstanding Swingline Loans and Unreimbursed L/C Drawings as set forth in the applicable Advance Request, if
applicable, ratably in proportion to such respective amounts, and, second, to the Master Issuer (or the Manager, if directed by the Master Issuer), as instructed in the applicable Advance Request. The Master Issuer may make no more than one
(1) Borrowing in each calendar week, unless otherwise permitted by the Administration Agent in its discretion on a case by case basis. 

  
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 (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 11:00 a.m. (Eastern time) on the date of such Borrowing, the Administrative Agent shall notify each of the other Committed Note Purchasers not later than 1:00 p.m. (Eastern time) on such date,
and each of the other Committed Note Purchasers shall make available to the Administrative Agent a supplemental Advance in a principal amount (such amount, the “reference amount”) equal to the lesser of (a) the aggregate
principal Advance that was unfunded multiplied by a fraction, the numerator of which is the Commitment Amount of such Committed Note Purchaser and the denominator of which is the aggregate Commitment Amounts of all Committed Note Purchasers (less
the aggregate Commitment Amount of the Committed Note Purchasers failing to make Advances on such date) and (b) the excess of (i) such Committed Note Purchaser’s Commitment Amount over (ii) the product of such Committed Note
Purchaser’s related Investor Group Principal Amount multiplied by such Committed Note Purchaser’s Committed Note Purchaser Percentage (after giving effect to all prior Advances on such date of Borrowing) (provided that a Committed
Note Purchaser may (but shall not be obligated to), on terms and conditions to be agreed upon by such Committed Note Purchaser and the Master Issuer, make available to the Administrative Agent a supplemental Advance in a principal amount in excess
of the reference amount; provided, however, that no such supplemental Advance shall be permitted to be made to the extent that, after giving effect to such Advance, the Series 2022-1 Class A-1 Outstanding Principal Amount would exceed the Series 2022-1 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. (Eastern time) one (1) Business Day following the date of such Borrowing, and upon receipt thereof the Administrative Agent
shall immediately make such proceeds available, first, to the Swingline Lender and the L/C Provider for application to repayment of the amount of outstanding Swingline Loans and Unreimbursed L/C Drawings as set forth in the applicable Advance
Request, if applicable, ratably in proportion to such respective amounts, and, second, to the Master Issuer, or the Manager, if directed by the Master Issuer, as instructed in the applicable Advance Request. If any Committed Note Purchaser
which shall have so failed to fund its Advance shall subsequently pay such amount, the Administrative Agent shall apply such amount pro rata to repay any supplemental Advances made by the other Committed Note Purchasers pursuant to this
Section 2.03(b). 

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

Section 2.04    The Series 2022-1 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 2022-1 Class A-1 Noteholder shall make appropriate notations in its books and records of the amount, evidenced by the related Series 2022-1 Class A-1 Advance Note, Series 2022-1 Class A-1 Swingline Note or Series 2022-1 Class A-1 L/C Note, of such Advance, Swingline Loan or Letter of Credit, as applicable, and the amount of such reduction, as applicable. The Master Issuer hereby
authorizes each duly authorized officer, employee and agent of such Series 2022-1 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. Subject to Section 9.17(g), in the event of a discrepancy between the
books and records of such Series 2022-1 Class A-1 Noteholder and the Note Register, (x) such discrepancy shall be resolved by such Series 2022-1 Class A-1 Noteholder, the Control Party and the Trustee, in consultation with the Master Issuer (provided that such consultation with the Master Issuer will not in
any way limit or delay such Series 2022-1 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 and the Note Register shall be corrected as appropriate and (y) until any such discrepancy is resolved pursuant to clause (x), the Note Register shall control; provided,
further, that the failure of any such notation to be made, or any finding that a notation is incorrect, in any such records shall not limit or otherwise affect the obligations of the Master Issuer under this Agreement or the Indenture. 

Section 2.05    Reduction in Commitments. 

(a)    The Master Issuer may, upon three (3) Business Days’ notice to the Administrative Agent (who shall
promptly notify the Trustee, the Control Party, each Funding Agent and each Investor), effect a permanent reduction in the Series 2022-1 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 2022-1 Supplement, (ii) any such reduction
must be in a minimum amount of $1,000,000, (iii) after giving effect to such reduction, the Series 2022-1 Class A-1 Notes Maximum Principal Amount equals or exceeds
$5,000,000, unless reduced to zero, and (iv) no such reduction shall be permitted if, after giving effect thereto, (x) the aggregate Commitment Amounts would be less than the Series 2022-1 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. 

  
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 (b)    If any of the following events shall occur, then the Commitment
Amounts shall be automatically reduced on the dates and in the amounts set forth below with respect to the applicable event and the other consequences set forth below with respect to the applicable event shall ensue (and the Master Issuer shall give
the Trustee, the Control Party, each Funding Agent and the Administrative Agent prompt written notice thereof): 

(i)    (A) if the Outstanding Principal Amount of the Series
2022-1 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 Series 2022-1 Class A-1 Notes Renewal Date, on such Series 2022-1 Class A-1 Notes Renewal
Date, (x) the principal amount of all then-outstanding Swingline Loans and Unreimbursed L/C Drawings shall be repaid in full with proceeds of Advances made on such date (and the Master Issuer shall be deemed to have delivered such Advance
Requests under Section 2.03 as may be necessary to cause such Advances to be made), and (y) the Swingline Commitment and the L/C Commitment shall both be automatically and permanently reduced to zero; and (B) upon
a Series 2022-1 Class A-1 Notes Amortization Event, (x) the Commitments with respect to all undrawn Commitment Amounts shall automatically and permanently
terminate and the corresponding portions of the Series 2022-1 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 2022-1 Class A-1 Outstanding Principal Amount occurring following such Series 2022-1 Class A-1 Notes Amortization Event shall result
automatically and permanently in a dollar-for-dollar reduction of the Series 2022-1
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 occurs prior to the Series
2022-1 Class A-1 Notes Renewal Date, then (A) on the date such Rapid Amortization Event occurs, the Commitments with respect to all undrawn Commitment Amounts
shall automatically terminate, which termination shall be deemed to have occurred immediately following the making of Advances pursuant to clause (B) below, and the corresponding portions of the Series
2022-1 Class A-1 Notes Maximum Principal Amount and the Maximum Investor Group Principal Amounts shall be automatically reduced by a corresponding amount (with
respect to the Maximum Investor Group Principal Amounts, on a pro rata basis); (B) no later than the second Business Day after the occurrence of such Rapid Amortization Event, the principal amount of all then-outstanding Swingline Loans and
Unreimbursed L/C Drawings (to the extent not repaid pursuant to Section 2.08(a) or Section 4.03(b)) shall be repaid in full with proceeds of Advances (and the Master Issuer shall be deemed to have
delivered such Advance Requests under Section 2.03 as may be necessary to cause such Advances to be made) and the Swingline Commitment and the L/C Commitment shall be automatically reduced to zero and by such amount of
Unreimbursed L/C Drawings, respectively; and (C) each payment of principal (which, for the avoidance of doubt, shall include cash collateralization of Undrawn L/C Face Amounts pursuant to Sections 4.02(b),
4.03(a), 4.03(b) and 9.18(c)(ii)) on the Series 2022-1 Class A-1 Outstanding Principal Amount occurring on or after the date of such Rapid
Amortization Event (excluding the repayment of any outstanding Swingline Loans and Unreimbursed L/C Drawings with proceeds of Advances pursuant to clause (B) above) shall result automatically in a dollar-for-dollar reduction of the Series 2022-1 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 if such Rapid Amortization Event shall cease to be in effect pursuant to Section 9.1(e) of the Base Indenture, then the Commitments, Swingline
Commitment, L/C Commitment, Series 2022-1 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; 

  
 21 

 (iii)    [Reserved]; 

(iv)    if payments in connection with Indemnification, Asset Disposition and Insurance/Condemnation
Payment Amounts are allocated to and deposited in the Series 2022-1 Class A-1 Distribution Account in accordance with Section 3.6(j) of the Series 2022-1 Supplement at a time when either (i) no Senior Notes other than Series 2022-1 Class A-1 Notes are Outstanding or
(ii) if a Series 2022-1 Class A-1 Notes Amortization Period is continuing, then (x) the aggregate Commitment Amount shall be automatically and permanently
reduced on the date of such deposit by an amount (the “Series 2022-1 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 2022-1 Class A-1
Allocated Payment Reduction Amount based on each Committed Note Purchaser’s Commitment Amount, (y) the corresponding portions of the Series 2022-1
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 Master Issuer delivered prior
to such date; provided that after giving effect thereto the aggregate amount of the Swingline Loans and the L/C Obligations do not exceed the Swingline Commitment and the L/C Commitment, respectively, as so reduced; provided,
further, that in the absence of such instructions, such reduction shall be allocated first to the Swingline Commitment and then to the L/C Commitment) and (z) the Series 2022-1 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(b),
4.03(a), 4.03(b) and 9.18(c)(ii)) in an aggregate amount equal to such Series 2022-1 Class A-1 Allocated Payment Reduction Amount on the date
and in the order required by Section 3.6(j) of the Series 2022-1 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 2022-1 Class A-1 Notes is accelerated pursuant to the terms of the Base Indenture (and such
acceleration shall not have been rescinded in accordance with the Base Indenture), then in addition to the consequences set forth in clause (ii) above in respect of the Rapid Amortization Event resulting from such Event of Default, the Series 2022-1 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 Master Issuer shall (in accordance with the Series 2022-1 Supplement) cause the Series
2022-1 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(b), 4.03(a), 4.03(b) and 9.18(c)(ii)), together with accrued interest, Series 2022-1 Class A-1
Quarterly Commitment Fees, Series 2022-1 Class A-1 Notes Other Amounts and all other amounts then due and payable to the Lender Parties, the Administrative Agent
and the Funding Agents under this Agreement and the other Related Documents and any unreimbursed Advances and Manager Advances (in each case, with interest thereon at the Advance Interest Rate) subject to and in accordance with the Priority of
Payments. 

  
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 Section 2.06    Swingline Commitment. 

(a)    On the terms and conditions set forth in the Indenture and this Agreement, and in reliance on the covenants,
representations and agreements set forth herein and therein, the Master Issuer shall issue and shall cause the Trustee to authenticate the Series 2022-1 Class A-1
Swingline Note, which the Master Issuer shall deliver to the Swingline Lender on the Closing Date. Such Series 2022-1 Class A-1 Swingline Note shall be dated the
Closing Date, shall be registered in the name of the Swingline Lender or its nominee, or in such other name as the Swingline Lender may request, shall have a maximum principal amount equal to the Swingline Commitment, shall have an initial
outstanding principal amount equal to the Series 2022-1 Class A-1 Initial Swingline Principal Amount, and shall be duly authenticated in accordance with the
provisions of the Indenture. Subject to the terms and conditions hereof, the Swingline Lender, in reliance on the agreements of the Committed Note Purchasers set forth in this Section 2.06, agrees to make swingline loans
(each, a “Swingline Loan” or a “Series 2022-1 Class A-1 Swingline Loan” and, collectively, the “Swingline
Loans” or the “Series 2022-1 Class A-1 Swingline Loans”) to the Master Issuer from time to time during the period commencing
on the Closing Date and ending on the date that is two (2) Business Days prior to the Commitment Termination Date; provided that the Swingline Lender shall have no obligation or right to make any Swingline Loan if, after giving effect
thereto, (i) the aggregate principal amount of Swingline Loans outstanding would exceed the Swingline Commitment then in effect (notwithstanding that the Swingline Loans outstanding at any time, when aggregated with the Swingline Lender’s
other outstanding Advances hereunder, may exceed the Swingline Commitment then in effect) or (ii) the Series 2022-1 Class A-1 Outstanding Principal Amount
would exceed the Series 2022-1 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 2022-1 Class A-1 Swingline Note in an amount corresponding to such borrowing. Subject to the terms of this
Agreement and the Series 2022-1 Supplement, the outstanding principal amount evidenced by the Series 2022-1 Class A-1
Swingline Note may be increased by borrowings of Swingline Loans or decreased by payments of principal thereon from time to time. 

(b)    Whenever the Master Issuer desires that the Swingline Lender make Swingline Loans, the Master Issuer shall (or
shall cause the Manager on its behalf to) give the Swingline Lender and the Administrative Agent irrevocable notice in writing not later than 11:00 a.m. (Eastern time) on the proposed borrowing date, specifying (i) the amount to be borrowed,
(ii) the requested borrowing date (which shall be a Business Day during the Commitment Term not later than the date that is two (2) Business Days prior to the Commitment Termination Date) and (iii) the payment instructions for the
proceeds of such borrowing (which shall be consistent with the terms and provisions of this Agreement and the Indenture and which proceeds shall be made available to the Master Issuer). Such notice shall be in the form of a Swingline Advance Request
in the form attached hereto as Exhibit A-2 (a “Swingline Loan Request”), a copy of which shall also be provided by the Master Issuer (or the Manager on its behalf) to the Control Party
and the Trustee by 2:00 p.m. (Eastern time) on the date of delivery thereof to the Swingline Lender and the Administrative Agent. 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. (Eastern time) on the date of such receipt), the Administrative Agent (based, with respect to any portion of the Series 2022-1 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 2022-1 Class A-1 Outstanding Principal Amount would exceed the Series 2022-1 Class A-1 Notes Maximum Principal Amount. If the Administrative Agent confirms that the Series 2022-1 Class A-1 Outstanding Principal Amount would not exceed the Series 2022-1 Class A-1 Notes Maximum Principal Amount after
giving effect to the requested Swingline Loan, then not later than 3:00 p.m. (Eastern time) on the borrowing date specified in the Swingline Loan Request, subject to the other conditions set forth herein and in the Series 2022-1 Supplement, the Swingline Lender shall make available to the Master Issuer in accordance with the payment instructions set forth in such notice an amount in immediately available funds equal to the amount of
the requested Swingline Loan. 

  
 23 

 (c)    The Master Issuer hereby agrees that each Swingline Loan made by
the Swingline Lender to the Master Issuer pursuant to Section 2.06(a) shall constitute the promise and obligation of the Master Issuer to pay to the Swingline Lender the aggregate unpaid principal amount of all Swingline
Loans made by such Swingline Lender pursuant to Section 2.06(a), which amounts shall be due and payable (whether at maturity or by acceleration) as set forth in this Agreement and in the Indenture for the Series 2022-1 Class A-1 Outstanding Principal Amount. 

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

(e)    [Reserved]. 

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

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

  
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 (i)    The Master Issuer may, upon three (3) Business Days’
notice to the Administrative Agent and the Swingline Lender, effect a permanent reduction in the Swingline Commitment; provided that any such reduction will be limited to the undrawn portion of the Swingline Commitment. If requested by the
Master Issuer in writing and with the prior written consent of the Administrative Agent, the Swingline Lender may (but shall not be obligated to) increase the amount of the Swingline Commitment; provided that, after giving effect thereto, the
aggregate amount of the Swingline Commitment and the L/C Commitment does not exceed the aggregate amount of the Commitments. 

(j)    The Master Issuer may, upon notice to the Swingline Lender (who shall promptly notify the Administrative Agent and
the Trustee thereof in writing), at any time and from time to time, voluntarily prepay Swingline Loans in whole or in part without premium or penalty; provided that (x) such notice must be received by the Swingline Lender not later than
11:00 a.m. (Eastern time) on the date of the prepayment, (y) any such prepayment shall be in a minimum principal amount of $100,000 or a whole multiple of $100,000 in excess thereof or, if less, the entire principal amount thereof then
outstanding and (z) if the source of funds for such prepayment is not a Borrowing, there shall be no unreimbursed Advances or Manager Advances (or interest thereon) at such time. Each such notice shall specify the date and amount of such
prepayment. If such notice is given, the Master Issuer shall make such prepayment directly to the Swingline Lender and the payment amount specified in such notice shall be due and payable on the date specified therein. 

Section 2.07    L/C Commitment. 

(a)    Subject to the terms and conditions hereof, the L/C Provider (or its permitted assigns pursuant to
Section 9.17), in reliance on the agreements of the Committed Note Purchasers set forth in Sections 2.08 and 2.09, agrees to provide standby letters of credit, including Interest Reserve Letters of Credit
(each, a “Letter of Credit” and, collectively, the “Letters of Credit”) for the account of the Master Issuer or its designee on any Business Day during the period commencing on the Closing Date and ending on the
date that is ten (10) Business Days prior to the Commitment Termination Date to be issued in accordance with Section 2.07(h) in such form as may be approved from time to time by the L/C Provider; provided that
the L/C Provider shall have no obligation or right to provide any Letter of Credit on a requested issuance date if, after giving effect to such issuance, (i) the L/C Obligations would exceed the L/C Commitment or (ii) the Series 2022-1 Class A-1 Outstanding Principal Amount would exceed the Series 2022-1
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 Master Issuer and the L/C Provider and (z) expire no later than the earlier of
(A) the first anniversary of its date of issuance and (B) the date that is ten (10) Business Days prior to the Commitment Termination Date (the “Required Expiration Date”); provided that any Letter of Credit
may provide for the automatic renewal thereof for additional periods, each individually not to exceed one year (which shall in no event extend beyond the Required Expiration Date) unless the L/C Provider notifies the beneficiary of such Letter of
Credit at least 30 calendar days prior to the then-applicable expiration date (or no later than the applicable notice date, if earlier, as specified in such Letter of Credit) that such Letter of Credit shall not be renewed; provided,
further, that any Letter of Credit may have an expiration date that is later than the Required Expiration Date so long as (x) the Undrawn L/C Face Amount with respect to such Letter of Credit has been fully cash collateralized by the
Master Issuer in accordance with Section 4.02(b) or 4.03 as of the Required Expiration Date and there are no other outstanding L/C Obligations with respect to such Letter of Credit as of the Required Expiration Date
and (y) such arrangement is satisfactory to the L/C Provider in its sole and absolute discretion. 

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

(b)    On the terms and conditions set forth in the Indenture and this Agreement, and in reliance on the covenants,
representations and agreements set forth herein and therein, the Master Issuer shall issue and shall cause the Trustee to authenticate the Series 2022-1 Class A-1
L/C Note, which the Master Issuer shall deliver to the L/C Provider on the Closing Date. Such Series 2022-1 Class A-1 L/C Note shall be dated the Closing Date,
shall be registered in the name of the L/C Provider or in such other name or nominee as the L/C Provider may request, shall have a maximum principal amount equal to the L/C Commitment, shall have an initial outstanding principal amount equal to the
Series 2022-1 Class A-1 Initial Aggregate Undrawn L/C Face Amount, and shall be duly authenticated in accordance with the provisions of the Indenture. Each issuance
of a Letter of Credit after the Closing Date will constitute an Increase in the outstanding principal amount evidenced by the Series 2022-1 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 2022-1 Class A-1 L/C Note and shall be deemed to be Series 2022-1 Class A-1
Outstanding Principal Amounts for all purposes of this Agreement, the Indenture and the other Related Documents other than, in the case of Undrawn L/C Face Amounts, for purposes of accrual of interest. Subject to the terms of this Agreement and the
Series 2022-1 Supplement, the outstanding principal amount evidenced by the Series 2022-1 Class A-1 L/C Note shall be
increased by issuances of Letters of Credit or decreased by expirations thereof or reimbursements of drawings thereunder or other circumstances resulting in the permanent reduction in any Undrawn L/C Face Amounts from time to time. The L/C Provider
and the Master Issuer agree to promptly notify the Administrative Agent and the Trustee of any such decreases for which notice to the Administrative Agent is not otherwise provided hereunder. 

(c)    The Master Issuer may (or shall cause the Manager on its behalf to) from time to time request that the L/C
Provider 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 Master Issuer by the L/C
Provider), completed to the satisfaction of the L/C Provider, and such other certificates, documents and other papers and information as the L/C Provider may reasonably request on behalf of the L/C Issuing Bank. Upon receipt of any completed
Application, the L/C Provider will notify the Administrative Agent and the Trustee in writing of the amount, the beneficiary and the requested expiration of the requested Letter of Credit (which shall comply with Sections 2.07(a) and
(i)) and, subject to the other conditions set forth herein and in the Series 2022-1 Supplement and upon receipt of written confirmation from the Administrative Agent (based, with respect to any portion
of the Series 2022-1 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 2022-1 Class A-1 Outstanding Principal Amount would not
exceed the Series 2022-1 Class A-1 Notes Maximum Principal Amount (provided that the L/C Provider shall be entitled to rely upon any written statement, paper
or document believed by it to be genuine and correct and to have been signed or sent by the proper Person or Persons of the Administrative Agent for purposes of determining whether the L/C Provider received such prior written confirmation from the
Administrative Agent with respect to any Letter of Credit), the L/C Provider will cause such Application and the certificates, documents and other papers and information delivered in connection therewith to be processed in accordance with the L/C
Issuing Bank’s customary procedures and shall promptly provide the Letter of Credit requested thereby (but in no event shall the L/C Provider be required to provide any Letter of Credit earlier than three (3) Business Days after its
receipt of the Application therefor and all such other certificates, documents and other papers and information relating thereto, as provided in Section 2.07(a)) by issuing the original of such Letter of Credit to the
beneficiary thereof or as otherwise may be agreed to by the L/C Provider and the Master Issuer. The L/C Provider shall furnish a copy of such Letter of Credit to the Manager (with a copy to the Administrative Agent) promptly following the issuance
thereof. The L/C Provider shall promptly furnish to the Administrative Agent, which shall in turn promptly furnish to the Funding Agents, the Investors, the Control Party and the Trustee, written notice of the issuance of each Letter of Credit
(including the amount thereof). 

  
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 (d)    The Master Issuer shall pay ratably to the Committed Note
Purchasers the L/C Quarterly Fees (as defined in the Series 2022-1 Class A-1 VFN Fee Letter, the “L/C Quarterly Fees”) in accordance with the terms
of the Series 2022-1 Class A-1 VFN Fee Letter and subject to the Priority of Payments. 

(e)    To the extent that any provision of any Application related to any Letter of Credit is inconsistent with the
provisions of this Article II, the provisions of this Article II shall apply. 
 (f)    The Master Issuer
may, upon three (3) Business Days’ notice to the Administrative Agent and the L/C Provider, effect a permanent reduction in the L/C Commitment; provided that any such reduction will be limited to the undrawn portion of the L/C
Commitment. If requested by the Master Issuer in writing and with the prior written consent of the L/C Provider and the Administrative Agent, the L/C Provider may (but shall not be obligated to) increase the amount of the L/C Commitment;
provided that, after giving effect thereto, the aggregate amount of each of the Outstanding Series 2022-1 Class A-1 Note Advances, the Swingline Commitment
and the L/C Commitment does not exceed the aggregate Commitment Amounts. 
 (g)    The L/C Provider shall satisfy its
obligations under this Section 2.07 with respect to providing any Letter of Credit hereunder by issuing such Letter of Credit itself or through an Affiliate, so long as the L/C Issuing Bank Rating Test is satisfied with
respect to such Affiliate and the issuance of such Letter of Credit. If the L/C Issuing Bank Rating Test is not satisfied with respect to such Affiliate and the issuance of such Letter of Credit, the L/C Provider or a Person selected by (at the
expense of the L/C Provider) the Master Issuer shall issue such Letter of Credit; provided that such Person and issuance of such Letter of Credit satisfies the L/C Issuing Bank Rating Test (the L/C Provider (or such Affiliate of the L/C
Provider) in its capacity as the issuer of such Letter of Credit or such other Person selected by the Master Issuer being referred to as the “L/C Issuing Bank” with respect to such Letter of Credit). The “L/C Issuing Bank
Rating Test” is a test that is satisfied with respect to a Person issuing a Letter of Credit if the Person is a U.S. commercial bank that has, at the time of the issuance of such Letter of Credit, (i) a short-term certificate of
deposit rating of not less than “P-2” from Moody’s and “A-2” from S&P and, if it has a rating by KBRA, KBRA, and (ii) a long-term
unsecured debt rating of not less than “Baa2” from Moody’s or “BBB” from S&P and, if it has a rating by KBRA, KBRA; provided that for purposes of this L/C Issuing Bank Rating Test, an L/C Provider will be deemed
to have the short-term debt credit rating or the long-term debit credit rating, as applicable, of such L/C Provider or any guarantor (or confirming bank) of such L/C Provider. 

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

(i)    Unless otherwise expressly agreed by the L/C Provider or the L/C Issuing Bank, as applicable, and the Master
Issuer when a Letter of Credit is issued, the rules of the “International Standby Practices 1998” published by the Institute of International Banking Law & Practice (or such later version thereof as may be in effect at the time of
issuance) shall apply to each standby Letter of Credit issued hereunder. 
 (j)    For the avoidance of doubt, the L/C
Commitment shall be a sub-facility limit of the Commitment Amounts and aggregate outstanding L/C Obligations as of any date of determination shall be a component of the Series
2022-1 Class A-1 Outstanding Principal Amount on such date of determination, pursuant to the definition thereof. 

(k)    If, on the date that is five (5) Business Days prior to the expiration of any Interest Reserve Letter of
Credit, such Interest Reserve Letter of Credit has not been replaced or renewed and the Master Issuer has not otherwise deposited funds into the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as
applicable, in the amounts that would otherwise be required pursuant to the Indenture had such Interest Reserve Letter of Credit not been issued, the Control Party (on behalf of the Trustee) shall submit a notice of drawing under such Interest
Reserve Letter of Credit and use the proceeds thereof to fund a deposit into the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account (as directed in writing by the Manager), as applicable, in an amount
equal to the Senior Notes Interest Reserve Account Deficiency Amount or the Senior Subordinated Notes Interest Reserve Account Deficiency Amount, as applicable, on such date, in each case calculated as if such Interest Reserve Letter of Credit had
not been issued. 
 (l)    Each of the parties hereto shall execute any amendments to this Agreement reasonably
requested by the Master Issuer in order to have any letter of credit issued by a Person selected by the Master Issuer pursuant to Section 2.07(g) hereto or Section 5.17 of the Base Indenture be a “Letter of
Credit” that has been issued hereunder and such Person selected by the Master Issuer be an “L/C Issuing Bank.” 

Section 2.08    L/C Reimbursement Obligations. 

(a)    For the purpose of reimbursing the payment of any draft presented under any Letter of Credit, the Master Issuer
agrees to pay, as set forth in this Section 2.08, the L/C Provider, for its own account or for the account of the L/C Issuing Bank, as applicable, an amount in Dollars equal to the sum of (i) the amount of such draft
so paid (the “L/C Reimbursement Amount”) and (ii) any Taxes, fees, charges or other costs or expenses (including amounts payable pursuant to Section 3.02(c), and collectively, the “L/C Other
Reimbursement Costs”) incurred by the L/C Issuing Bank in connection with such payment. Each drawing under any Letter of Credit shall (unless an Event of Bankruptcy shall have occurred and be continuing with respect to the Master Issuer or
any Guarantor, in which cases the procedures specified in Section 2.09 for funding by Committed Note Purchasers shall apply) constitute a request by the Master Issuer to the Administrative Agent and each Funding Agent for a
Base Rate Borrowing pursuant to Section 2.03 in the amount equal to the applicable L/C Reimbursement Amount plus the applicable L/C Other Reimbursement Costs minus any such amounts repaid pursuant to
Section 4.03(b), and the Master Issuer shall be deemed to have made such request pursuant to the procedures set forth in Section 2.03. The applicable Investors in each Investor Group hereby agree
to make Advances in an aggregate amount for each Investor Group equal to such Investor Group’s Commitment Percentage of the L/C Reimbursement Amount 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 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. (Eastern 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. 

  
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 (b)    The Master Issuer’s obligations under
Section 2.08(a) shall be absolute and unconditional, and shall be performed strictly in accordance with the terms of this Agreement, under any and all circumstances and irrespective of (i) any setoff, counterclaim or
defense to payment that the Master Issuer may have or has had against the L/C Provider, the L/C Issuing Bank, any beneficiary of a Letter of Credit or any other Person; (ii) any lack of validity or enforceability of any Letter of Credit or this
Agreement, or any term or provision therein; (iii) payment by the L/C Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of Credit; (iv) payment by the
L/C Issuing Bank under a Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors,
liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under the Bankruptcy Code or any other liquidation, conservatorship,
assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization or similar debtor relief laws of any jurisdictions or (v) any other event or circumstance whatsoever, whether or not similar to any of
the foregoing, that might, but for the provisions of this Section 2.08(b), constitute a legal or equitable discharge of, or provide a right of setoff against, the Master Issuer’s obligations hereunder. The Master
Issuer also agrees that the L/C Provider and the L/C Issuing Bank shall not be responsible for, and the Master Issuer’s Reimbursement Obligations under Section 2.08(a) shall not be affected by, among other things, the
validity or genuineness of documents or of any endorsements thereon, even though such documents shall in fact prove to be invalid, fraudulent or forged, or any dispute between or among the Master Issuer and any beneficiary of any Letter of Credit or
any other party to which such Letter of Credit may be transferred or any claims whatsoever of the Master Issuer against any beneficiary of such Letter of Credit or any such transferee. Neither the L/C Provider nor the L/C Issuing Bank shall be
liable for any error, omission, interruption, loss or delay in transmission, dispatch or delivery of any message or advice, however transmitted, in connection with any Letter of Credit, except for direct damages (as opposed to consequential damages,
claims in respect of which are hereby waived by the Master Issuer to the extent permitted by applicable law) caused by errors or omissions found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from the
gross negligence, bad faith or willful misconduct of the L/C Provider or the L/C Issuing Bank, as the case may be. The Master Issuer agrees that any action taken or omitted by the L/C Provider or the L/C Issuing Bank, as the case may be, under or in
connection with any Letter of Credit or the related drafts or documents, if done in the absence of gross negligence, bad faith or willful misconduct and in accordance with the standards of care specified in the UCC of the State of New York, shall be
binding on the Master Issuer and shall not result in any liability of the L/C Provider or the L/C Issuing Bank to the Master Issuer. As between the Master Issuer and the L/C Issuing Bank, the Master Issuer hereby assumes all risks of the acts or
omissions of any beneficiary or transferee with respect to such beneficiary’s or transferee’s use of any Letter of Credit. In furtherance of the foregoing and without limiting the generality thereof, the Master Issuer agrees with the L/C
Issuing Bank that, with respect to documents presented that appear on their face to be in substantial compliance with the terms of a Letter of Credit, the L/C Issuing Bank may, in its sole discretion, either accept and make payment upon such
documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such
Letter of Credit. 

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

Section 2.09    L/C Participations. 

(a)    The L/C Provider irrevocably agrees to grant and hereby grants to each Committed Note Purchaser, and, to induce
the L/C Provider to provide Letters of Credit hereunder (and, if the L/C Provider is not the L/C Issuing Bank for any Letter of Credit, to induce the L/C Provider to agree to reimburse such L/C Issuing Bank for any payment of any drafts presented
thereunder), each Committed Note Purchaser irrevocably and unconditionally agrees to accept and purchase and hereby accepts and purchases from the L/C Provider, on the terms and conditions set forth below, for such Committed Note Purchaser’s
own account and risk an undivided interest equal to its Committed Note Purchaser Percentage of the related Investor Group’s Commitment Percentage of the L/C Provider’s obligations and rights under and in respect of each Letter of Credit
provided hereunder and the L/C Reimbursement Amount with respect to each draft paid or reimbursed by the L/C Provider in connection therewith. Subject to Section 2.07(c), each Committed Note Purchaser unconditionally and
irrevocably agrees with the L/C Provider that, if a draft is paid under any Letter of Credit for which the L/C Provider is not paid in full by the Master Issuer in accordance with the terms of this Agreement, such Committed Note Purchaser shall pay
to the Administrative Agent upon demand of the L/C Provider an amount equal to its Committed Note Purchaser Percentage of the related Investor Group’s Commitment Percentage of the L/C Reimbursement Amount with respect to such draft, or any part
thereof, that is not so paid. 
 (b)    If any amount required to be paid by any Committed Note Purchaser to the
Administrative Agent for forwarding to the L/C Provider pursuant to Section 2.09(a) in respect of any unreimbursed portion of any payment made or reimbursed by the L/C Provider under any Letter of Credit is paid to the
Administrative Agent for forwarding to the L/C Provider within three (3) Business Days after the date such payment is due, such Committed Note Purchaser shall pay to Administrative Agent for forwarding to the L/C Provider on demand an amount
equal to the product of (i) such amount, times (ii) the daily average Federal Funds Rate during the period from and including the date such payment is required to the date on which such payment is immediately available to the
L/C Provider, times (iii) a fraction the numerator of which is the number of days that elapse during such period and the denominator of which is 360. If any such amount required to be paid by any Committed Note Purchaser pursuant to
Section 2.09(a) is not made available to the Administrative Agent for forwarding to the L/C Provider by such Committed Note Purchaser within three (3) Business Days after the date such payment is due, the L/C Provider
shall be entitled to recover from such Committed Note Purchaser, on demand, such amount with interest thereon calculated from such due date at the Base Rate. A certificate of the L/C Provider submitted to any Committed Note Purchaser with respect to
any amounts owing under this Section 2.09(b), in the absence of manifest error, shall be conclusive and binding on such Committed Note Purchaser. Such amounts payable under this Section 2.09(b)
shall be paid without any deduction for any withholding taxes. 

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

INTEREST AND FEES 

Section 3.01    Interest. 

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

  
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 (b)    With respect to any Advance (other than one funded or maintained
by a Conduit Investor through the issuance of Commercial Paper), so long as no Potential Rapid Amortization Event, Rapid Amortization Period or Event of Default has commenced and is continuing, the Master Issuer may elect that such Advance bear
interest at the Term SOFR Rate for any Term SOFR Interest Accrual Period (which shall be a period with a term of, at the election of the Master Issuer subject to the proviso in the definition of Term SOFR Interest Accrual Period, one month, three
months or six months, or such other time period subsequent to such date not to exceed six months as agreed upon by the Master Issuer and the Administrative Agent) while such Advance is outstanding to the extent provided in
Section 3.01(a) by giving notice thereof (including notice of the Master Issuer’s election of the term for the applicable Term SOFR Interest Accrual Period) to the Administrative Agent prior to 2:00 p.m. (Eastern time)
on the date which is three (3) U.S. Government Securities Business Days prior to the commencement of such Term SOFR 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 Term SOFR Advances for a new Term SOFR Interest Accrual Period in accordance with this Section 3.01(b) shall be in an aggregate principal amount of $100,000 or an integral multiple
of $100,000 in excess thereof. 
 (c)    Any outstanding Swingline Loans and Unreimbursed L/C Drawings shall bear
interest at the Base Rate. By (x) 11:00 a.m. (Eastern 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. (Eastern time) on such date, the Administrative Agent shall notify the Servicer, the Trustee, the Master Issuer and
the Manager of the amount of such accrued interest and fees as set forth in such notices. 
 (d)    All accrued
interest pursuant to Sections 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(c) of the Series
2022-1 Supplement, the Master Issuer shall pay quarterly interest in respect of the Series 2022-1 Class A-1 Outstanding
Principal Amount in an amount equal to the Series 2022-1 Class A-1 Quarterly Post-Renewal Date Contingent Interest payable pursuant to such Section 3.4(c),
subject to and in accordance with the Priority of Payments. 
 (f)    All computations of interest at the CP Rate and
the Term SOFR Rate, all computations of Series 2022-1 Class A-1 Quarterly Post-Renewal Date Contingent Interest (other than any accruing on any Base Rate Advances)
and all computations of fees shall be made on the basis of a year of 360 days and the actual number of days elapsed. All computations of interest at the Base Rate and all computations of Series 2022-1 Class A-1 Quarterly Post-Renewal Date Contingent Interest accruing on any Base Rate Advances shall be made on the basis of a 365- (or
366-, as applicable) day year and actual number of days elapsed. Whenever any payment of interest, principal or fees hereunder shall be due on a day other than a Business Day, such payment shall be made on the
next succeeding Business Day, 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. 

  
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 (g)    Adjusted Term SOFR Conforming Changes. In connection with
the use or administration of Adjusted Term SOFR, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Related Document, any amendments
implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Related Document. The Administrative Agent will promptly notify the Master Issuer and the Lender
Parties of the effectiveness of any Conforming Changes in connection with the use or administration of Adjusted Term SOFR. 

Section 3.02    Fees. 

(a)    The Master Issuer shall pay to the Administrative Agent for its own account the Administrative Agent Fees (as
defined in the Series 2022-1 Class A-1 VFN Fee Letter, collectively, the “Administrative Agent Fees”) in accordance with the terms of the Series 2022-1 Class A-1 VFN Fee Letter and subject to the Priority of Payments. 

(b)    On each Quarterly Payment Date on or prior to the Commitment Termination Date, the Master Issuer shall, in
accordance with Section 4.01, pay to each Funding Agent, for the account of the related Committed Note Purchaser(s), the Undrawn Commitment Fees (as defined in the Series 2022-1 Class A-1 VFN Fee Letter, the “Undrawn Commitment Fees”) in accordance with the terms of the Series 2022-1
Class A-1 VFN Fee Letter and subject to the Priority of Payments. 

(c)    The Master Issuer shall pay (i) the fees required pursuant to Section 2.07 in
respect of Letters of Credit and (ii) any other fees set forth in the Series 2022-1 Class A-1 VFN Fee Letter (including the Upfront Commitment Fee and any
Extension Fees (each, as defined in the Series 2022-1 Class A-1 VFN Fee Letter)), subject to the Priority of Payments. 

(d)    All fees payable pursuant to this Section 3.02 shall be calculated in accordance with
Section 3.01(f) and paid on the date due in accordance with the applicable provisions of the Indenture. Once paid, all fees shall be nonrefundable under all circumstances other than manifest error. 

Section 3.03    Illegality. 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 Term SOFR Advance or to determine or charge interest based upon SOFR, the Term SOFR Reference Rate, Adjusted Term SOFR
or Term SOFR, the obligation of such Person to fund or maintain any such Advance as a Term SOFR Advance or to determine or charge interest based upon SOFR, the Term SOFR Reference Rate, Aadjusted Term SOFR or Term SOFR shall, upon such
determination, forthwith be suspended until such Person shall notify the Administrative Agent, the related Funding Agent, the Manager and the Master Issuer that the circumstances causing such suspension no longer exist, and all then-outstanding Term
SOFR Advances of such Person shall be automatically converted into Base Rate Advances (without reference to clause (B) of the definition of “Base Rate”) at the end of the then-current Term SOFR Interest Accrual Period with respect
thereto or sooner, if required by such law or assertion. For purposes of this Agreement, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all regulations, requests, guidelines or directives issued in connection therewith
and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory
authorities, in each case, pursuant to Basel III, are deemed to have gone into effect and been adopted subsequent to the date hereof. 

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

(b)    with respect to any interest rate otherwise applicable hereunder to any Term SOFR Advances the Term SOFR Interest
Accrual Period for which has not then commenced, Investor Groups holding in the aggregate more than 50% of the Term SOFR Advances have determined that such interest rate will not adequately reflect the cost to them of funding, agreeing to fund or
maintaining such Term SOFR Advances for such Term SOFR Interest Accrual Period, then, upon notice from the Administrative Agent (which, in the case of clause (b) above, the Administrative Agent shall give upon obtaining actual knowledge
that such percentage of the Investor Groups have so determined) to the Funding Agents, the Manager and the Master Issuer, the obligations of the Investors to fund or maintain any Advance as a Term SOFR Advance after the end of the then-current Term
SOFR Interest Accrual Period, if any, with respect thereto shall forthwith be suspended and on the date such notice is given such Advances will convert to Base Rate Advances until the Administrative Agent has notified the Funding Agents and the
Master Issuer that the circumstances causing such suspension no longer exist. Notwithstanding the foregoing or any other provision of this Agreement to the contrary, in the event that Term SOFR (or the publication thereof) is discontinued at any
time, the Administrative Agent and the Master Issuer may, and shall negotiate in good faith to, amend this Agreement to provide for a reference rate to replace Term SOFR (taking into account any then-prevailing market conventions for such a
replacement rate); provided that until such amendment is effective, the Advances will bear interest at the Base Rate without giving effect to clause (a)(B) of the definition thereof. 

Section 3.05    Increased Costs, etc. The Master Issuer agrees to reimburse the Administrative Agent, each
Investor and any Program Support Provider (each, an “Affected Person”, which term, for purposes of Sections 3.07 and 3.08 and 3.09, shall also include the Swingline Lender and the L/C Issuing Bank) for any
increase in the cost of, or any reduction in the amount of any sum receivable by any such Affected Person, including reductions in the rate of return on such Affected Person’s capital, in respect of funding or maintaining (or of its obligation
to fund or maintain) any Advances that arise in connection with any Change in Law (except for any Change in Law with respect to increased capital costs and Taxes that shall be governed by Sections 3.07 and 3.08, respectively, whether
or not amounts are payable thereunder in respect thereof), including without limitation any Change in Law that imposes, modifies or deems applicable any reserve (including pursuant to regulations issued from time to time by the F.R.S. Board for
determining the maximum reserve requirement (including any emergency, special, supplemental or other marginal reserve requirement) with respect to eurocurrency funding (currently referred to as “Eurocurrency liabilities” in
Regulation D)), special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender Party. For purposes of this Agreement,
(i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all regulations, requests, guidelines or directives issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for
International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case, pursuant to Basel III, are deemed to have gone into effect and been
adopted subsequent to the date hereof. Each such demand shall be provided to the related Funding Agent and the Master Issuer in writing and shall state, in reasonable detail, the reasons therefor and the additional amount required fully to
compensate such Affected Person for such increased cost or reduced amount of return. Such additional amounts (“Increased Costs”) shall be deposited into the Collection Account by the Master Issuer within seven (7) Business Days
of receipt of such notice to be payable as Class A-1 Notes Other Amounts, subject to and in accordance with the Priority of Payments, to the Administrative Agent and by the Administrative Agent to such
Funding Agent and by such Funding Agent directly to such Affected Person, and such notice shall, in the absence of manifest error, be conclusive and binding on the Master Issuer; provided that with respect to any notice given to the Master Issuer
under this Section 3.05, the Master Issuer shall not be under any obligation to pay any amount with respect to any period prior to the date that is nine (9) months prior to such demand if the relevant Affected Person
knew of the circumstances giving rise to such increased costs or reductions in the rate of return (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall
be extended to include the period of retroactive effect thereof). 

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

 (c)    any failure of the Master Issuer to make a Mandatory Decrease or a Voluntary Decrease, prepayment or
redemption with respect to any Term SOFR Advance after giving notice thereof pursuant to the applicable provisions of the Series 2022-1 Supplement; then, upon the written notice of any Affected Person to the
related Funding Agent and the Master Issuer, the Master Issuer shall deposit into the Collection Account (within seven (7) Business Days of receipt of such notice) to be payable as Class A-1 Notes
Other Amounts, subject to and in accordance with the Priority of Payments, to the Administrative Agent and by the Administrative Agent to such Funding Agent and such Funding Agent shall pay directly to such Affected Person such amount
(“Breakage Amount” or “Series 2022-1 Class A-1 Breakage Amount”) as will (in the reasonable determination of such
Affected Person) reimburse such Affected Person for such loss or expense; provided that with respect to any notice given to the Master Issuer under this Section 3.06, the Master Issuer shall not be under any
obligation to pay any amount with respect to any period prior to the date that is nine (9) months prior to such demand if the relevant Affected Person knew of the circumstances giving rise to such loss or expense. Such written notice (which
shall include calculations in reasonable detail) shall, in the absence of manifest error, be conclusive and binding on the Master Issuer. 

Section 3.07    Increased Capital or Liquidity Costs. If any Change in Law affects or would affect the amount
of capital or liquidity required or reasonably expected to be maintained by any Affected Person or any Person controlling such Affected Person and such Affected Person determines in its sole and absolute discretion that the rate of return on its or
such controlling Person’s capital as a consequence of its commitment hereunder or under a Program Support Agreement or the Advances, Swingline Loans or Letters of Credit made or issued by such Affected Person is reduced to a level below that
which such Affected Person or such controlling Person would have achieved but for the occurrence of any such circumstance, then, in any such case after notice from time to time by such Affected Person (or in the case of an L/C Issuing Bank, by the
L/C Provider) to the related Funding Agent and the Master Issuer (or, in the case of the Swingline Lender or the L/C Provider, to the Master Issuer), the Master Issuer shall deposit into the Collection Account within seven (7) Business Days of
the Master Issuer’s receipt of such notice, to be payable as Class A-1 Notes Other Amounts, subject to and in accordance with the Priority of Payments, to the Administrative Agent and by the
Administrative Agent to such Funding Agent (or, in the case of the Swingline Lender or the L/C Provider, directly to such Person) and such Funding Agent shall pay to such Affected Person, such amounts (“Increased Capital Costs”) as
will be sufficient to compensate such Affected Person or such controlling Person for such reduction in rate of return; provided that with respect to any notice given to the Master Issuer under this Section 3.07, the
Master Issuer shall not be under any obligation to pay any amount with respect to any period prior to the date that is nine (9) months prior to such demand if the relevant Affected Person knew of the Change in Law (except that, if the Change in
Law giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof). A statement of such Affected Person as to any such additional
amount or amounts (including calculations thereof in reasonable detail, provided that no Affected Person shall be required to disclose (a) any confidential or price sensitive information, or (b) any other information to the extent
prohibited by applicable law), in the absence of manifest error, shall be conclusive and binding on the Master Issuer. In determining such additional amount, such Affected Person may use any method of averaging and attribution that it (in its
reasonable discretion) shall deem applicable so long as it applies such method to other similar transactions. For purposes of this Agreement, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all regulations, requests,
guidelines or directives issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar
authority) or the United States or foreign regulatory authorities, in each case, pursuant to Basel III, are deemed to have gone into effect and been adopted subsequent to the date hereof. 

  
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 Section 3.08    Taxes. 

(a)    Except as otherwise required by law, all payments by the Master Issuer of principal of, and interest on, the
Advances, the Swingline Loans and the L/C Obligations and all other amounts payable hereunder (including fees) shall be made free and clear of and without deduction or withholding for or on account of Taxes, other than Excluded Taxes. If any Taxes
are imposed and required by law to be withheld or deducted from any amount payable by the Master Issuer hereunder to an Affected Person, then, if such Taxes are Indemnified Taxes, (x) the amount of the payment shall be increased so that such
payment is made, after withholding or deduction for or on account of such Indemnified Taxes, in an amount that is not less than the amount equal to the sum that would have been received by the Affected Person had no such deduction or withholding
been required and (y) the applicable withholding agent shall withhold the amount of such Taxes from such payment (as increased, if applicable, pursuant to the preceding clause (x)) and shall pay such amount, subject to and in accordance with
the Priority of Payments, to the taxing authority imposing such Taxes in accordance with applicable law. 

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

  
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 (c)    As promptly as practicable after the payment of any Taxes, and
in any event within thirty (30) days of any such payment being due, the Master Issuer shall furnish to each applicable Affected Person or its agents a certified copy of an official receipt (or other documentary evidence satisfactory to such
Affected Person and agents) evidencing the payment of such Taxes. 
 (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 or invalidity of any form or document previously delivered or within a reasonable period of time following a written request by
the Master Issuer or applicable withholding agent), shall, to the extent it is legally entitled to do so, deliver to the Master Issuer and the Administrative Agent a U.S. 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, as will permit the
Master Issuer or the Administrative Agent to establish (i) the extent to which a payment to such Affected Person is exempt from, or eligible for a reduced rate of, United States federal withholding Taxes (including withholding pursuant to
FATCA), (ii) to determine whether or not such Affected Person is subject to information reporting requirements, and (iii) that such Affected Person is exempt from U.S. federal backup withholding tax. If a payment made to an Affected Person
under this Agreement would be subject to U.S. federal withholding Taxes 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 Master Issuer and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Master Issuer or 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 Master Issuer or 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, if any, to deduct and withhold from such payment. Solely for purposes of this
Section 3.08(d), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. Promptly following the receipt of a written request by the Master Issuer or the Administrative Agent, each Affected Person shall, to
the extent it is legally entitled to do so, deliver to the Master Issuer 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 Indemnified Taxes other than United States federal withholding Taxes, including but not limited to, (i) such information necessary to claim the benefits of
the exemption for portfolio interest under section 881(c) of the Code and (ii) in the case of an Affected Person claiming the benefits of any income tax treaty to which the United States is a party, executed copies of a U.S. Internal Revenue
Service Form W-8BEN or U.S. Internal Revenue Service Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal
withholding Tax pursuant to the relevant article of such tax treaty. The Master Issuer and the Administrative Agent (or other withholding agent selected by the Master Issuer) may rely on any form or document provided pursuant to this
Section 3.08(d) until notified otherwise by the Affected Person that delivered such form or document. Notwithstanding anything to the contrary, no Affected Person shall be required to deliver any documentation that it is not legally
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)    The Administrative Agent, Trustee, Paying Agent or any other withholding agent may deduct and withhold any Taxes
required by any laws to be deducted and withheld from any payments pursuant to this Agreement. 

  
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 (f)    If any Governmental Authority asserts that the Master Issuer or
the Administrative Agent or other withholding agent did not properly withhold or backup withhold, as the case may be, any Taxes from payments made to or for the account of any Affected Person, then to the extent such improper withholding or backup
withholding was directly caused by such Affected Person’s actions or inactions, such Affected Person shall indemnify the Master Issuer, Trustee, Paying Agent and the Administrative Agent for any Taxes imposed by any jurisdiction on the amounts
payable to the Master Issuer and the Administrative Agent under this Section 3.08, and costs and expenses (including attorney costs) of the Master Issuer, Trustee, Paying Agent and the Administrative Agent. The obligation
of the Affected Persons, severally, under this Section 3.08 shall survive any assignment of rights by, or the replacement of, an Affected Person or the termination of the aggregate Commitments, repayment of all other
Obligations hereunder and the resignation of the Administrative Agent. The Administrative Agent may, in its discretion, setoff any amount owed to it by an Affected Person pursuant to this Section 3.08(f) from any amount
payable by the Administrative Agent to such Affected Person under this Agreement. 
 (g)    Prior to the Closing Date,
the Administrative Agent will provide the Master Issuer with two duly-signed, properly executed and completed copies of the documentation prescribed in the following clause (i) or (ii) below, as applicable (together with all required attachment
thereto): (i) U.S. Internal Revenue Service Form W-9 or any successor thereto, or U (ii) U.S. Internal Revenue Service Form W-8IMY or any successor thereto, and
(B) with respect to payments received on account of any other Affected Person, a U.S. branch withholding certificate on IRS Form W-8IMY or any successor thereto evidencing its agreement with the Master
Issuer to be treated as a U.S. person for U.S. federal withholding purposes. At any time thereafter, the Administrative Agent shall provide updated documentation previously provided (or a successor form thereto) when any documentation previously
delivered has expired or become obsolete or invalid or otherwise upon the reasonable request of the Master Issuer. 

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

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 Sections 3.05 or 3.07 or the payment of additional amounts under Sections 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 Master Issuer, 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; provided, further, that nothing in this Section 3.09 shall affect or postpone any of the obligations of the
Master Issuer or the rights of any Committed Note Purchaser pursuant to Sections 3.05, 3.07 and 3.08. If a Committed Note Purchaser notifies the Master Issuer in writing that such Committed Note Purchaser will be unable to
designate, or cause the designation of, another lending office, the Master Issuer may replace every member (but not any subset thereof) of such Committed Note Purchaser’s entire Investor Group by giving written notice to each member of such
Investor Group and the Administrative Agent designating one or more Persons that are willing and able to purchase each member of such Investor Group’s rights and obligations under this Agreement for a purchase price that, with respect to each
such member of such Investor Group, will equal the amount owed to each such member of such Investor Group with respect to the Series 2022-1 Class A-1 Advance Notes
(whether arising under the Indenture, this Agreement, the Series 2022-1 Class A-1 Advance Notes or otherwise). Upon receipt of such written notice, each member of
such Investor Group shall assign its rights and obligations under this Agreement pursuant to and in accordance with Sections 9.17(a), (b) and (c), as applicable, in consideration for such purchase price and at the reasonable
expense of the Master Issuer (including, without limitation, the reasonable documented fees and out-of-pocket expenses of counsel to each such member); provided,
however, that no member of such Investor Group shall be obligated to assign any of its rights and obligations under this Agreement if the purchase price to be paid to such member is not at least equal to the amount owed to such member with
respect to the Series 2022-1 Class A-1 Advance Notes (whether arising under the Indenture, this Agreement, the Series 2022-1
Class A-1 Advance Notes or otherwise). 

  
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 Section 3.10    Benchmark Replacement Setting.  

(a)    Benchmark Replacement. Notwithstanding anything to the contrary herein or in any Related Document, upon the
occurrence of a Benchmark Transition Event, the Administrative Agent and the Master Issuer may amend this Agreement to replace the then-current Benchmark with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event
will become effective at 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the Administrative Agent has posted such proposed amendment to all affected Lender Parties and the
Master Issuer so long as the Administrative Agent has not received, by such time, written notice of objection to such amendment from Investor Groups holding more than, (i) 50% of the Commitments if no single Investor Group holds more than 50% of the
Commitments, or (ii) two-thirds of the Commitments if a single Investor Group holds more than 50% of the Commitments. No replacement of a Benchmark with a Benchmark Replacement pursuant to this
Section 3.10 will occur prior to the applicable Benchmark Transition Start Date 
 (b)    Benchmark Replacement
Conforming Changes. In connection with the use, administration, adoption or implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the
contrary herein, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement. 

(c)    Notices; Standards for Decisions and Determinations. The Administrative Agent will promptly notify the
Master Issuer and the Lender Parties of (i) the implementation of any Benchmark Replacement and (ii) the effectiveness of any Conforming Changes in connection with the use, administration, adoption or implementation of a Benchmark
Replacement. The Administrative Agent will notify the Master Issuer and the Lender Parties of (x) the removal or reinstatement of any tenor of a Benchmark pursuant to Section 3.10(d) and (y) the commencement of
any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent pursuant to this Section 3.10, including any determination with respect to a tenor, rate or
adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest
error and may be made in its or their sole discretion and without consent from any other party to this Agreement, except, in each case, as expressly required pursuant to this Section 3.10. 

(d)    Unavailability of Tenor of Benchmark. At any time (including in connection with the implementation of a
Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including the Term SOFR Reference Rate) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate
from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any
tenor for such Benchmark is not or will not be representative, then the Administrative Agent may modify the definition of “Term SOFR Interest Accrual Period” for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a
Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is not or will not be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of
“Term SOFR Interest Accrual Period” for all Benchmark settings at or after such time to reinstate such previously removed tenor. 

  
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 (e)    Benchmark Unavailability Period. Upon the Master
Issuer’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Master Issuer may revoke any pending request for, conversion to or continuation of, any Term SOFR Advance to be made, converted or continued during any
Benchmark Unavailability Period and, failing that, the Master Issuer will be deemed to have converted any such request into a request for a Borrowing of or conversion to Base Rate Advance. During a Benchmark Unavailability Period or at any time that
a tenor for the then-current Benchmark is not an Available Tenor, the component of Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of Base Rate. 

ARTICLE IV 
 OTHER PAYMENT TERMS

 Section 4.01    Time and Method of Payment (Amounts Distributed by the Administrative Agent). Except as
otherwise provided in Section 4.02, all amounts payable to any Funding Agent or Investor hereunder or with respect to the Series 2022-1
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. (Eastern
time) on the date due. The Administrative Agent will promptly, and in any event by 6:00 p.m. (Eastern 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. (Eastern time) on the date due. Any funds received after that time on such date will be deemed to have been received on the next Business Day. 

The Master Issuer’s obligations hereunder in respect of any amounts payable to any Investor shall be discharged to the extent funds are
disbursed by the Master Issuer to the Administrative Agent as provided herein or by the Trustee or Paying Agent in accordance with Section 4.02, whether or not such funds are properly applied by the Administrative Agent or
by the Trustee or Paying Agent. The Administrative Agent’s obligations hereunder in respect of any amounts payable to any Investor shall be discharged to the extent funds are disbursed by the Administrative Agent to the applicable Funding Agent
as provided herein whether or not such funds are properly applied by such Funding Agent. 

  
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 Section 4.02    Order of Distributions (Amounts Distributed by
the Trustee or the Paying Agent). (a) Subject to Section 9.18(c)(ii), any amounts deposited into the Series 2022-1 Class A-1
Distribution Account (including amounts in respect of accrued interest, letter of credit fees or undrawn commitment fees but excluding amounts allocated for the purpose of reducing the Series 2022-1 Class A-1 Outstanding Principal Balance 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, ratably to the
Series 2022-1 Class A-1 Noteholders of record on the applicable Record Date in respect of the amounts due to such payees at each applicable level of the Priority of
Payments, in accordance with the applicable Quarterly Noteholders’ Report or the written report provided to the Trustee pursuant to Section 2.2(b) of the Series 2022-1 Supplement, as applicable. 

(b)    Subject to Section 9.18(c)(ii), any amounts deposited into the Series 2022-1 Class A-1 Distribution Account for the purpose of reducing the Series 2022-1
Class A-1 Outstanding Principal Balance 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 2022-1 Class A-1 Noteholders of record on the applicable Record Date, in the following order of priority (which the Master Issuer shall cause to be set forth
in the applicable Quarterly Noteholders’ Report or the written report provided to the Trustee pursuant to Section 2.2(b) of the Series 2022-1 Supplement, 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 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 2022-1 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). 

(c)    Any amounts distributed to the Administrative Agent pursuant to the Priority of Payments in respect of any other
amounts related to the Class A-1 Notes shall be distributed by the Administrative Agent in accordance with Section 4.01 on the date such amounts are due and payable hereunder to
the applicable Series 2022-1 Class A-1 Noteholders and/or the Administrative Agent for its own account, as applicable, ratably in proportion to the respective
aggregate of such amounts due to such payees. 
 Section 4.03    L/C Cash Collateral. (a) If (i) as of
five (5) Business Days prior to the Commitment Termination Date, any Undrawn L/C Face Amounts remain in effect, the Master Issuer shall either (i) provide cash collateral (in an aggregate amount equal to the amount of Undrawn L/C Face
Amounts at such time, to the extent that such amount of cash collateral has not been provided pursuant to Sections 4.02(b) or 9.18(c)(ii)) to the L/C Provider, to be deposited by the L/C Provider into a cash collateral account in the
name of the L/C Provider in accordance with Section 4.03(b) or (ii) make other arrangements with respect thereto as may be satisfactory to the L/C Provider in its sole and absolute discretion. 

(b)    All amounts to be deposited in a cash collateral account pursuant to Section 4.02(b),
Section 4.03(a) or Section 9.18(c)(ii) shall be held by the L/C Provider as collateral to secure the Master Issuer’s Reimbursement Obligations with respect to any outstanding Letters of
Credit. The L/C Provider shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account. Other than any interest earned on the investment of such deposit in Eligible Investments, which investments shall be
made at the written direction, and at the risk and expense, of the Master Issuer (provided that if an Event of Default has occurred and is continuing, such investments shall be made solely at the option and sole discretion of the L/C
Provider), such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account and all Taxes on such amounts shall be payable by the Master Issuer. Moneys in such account shall automatically be
applied by such L/C Provider to reimburse it for any Unreimbursed L/C Drawings. Upon expiration of all then-outstanding Letters of Credit and payment in full of all Unreimbursed L/C Drawings, any balance remaining in such account shall be paid over
(i) if the Base Indenture and any Series Supplement remain in effect, to the Trustee to be deposited into the Collection Account and distributed in accordance with the terms of the Base Indenture and (ii) otherwise to the Master Issuer;
provided that, upon an Investor ceasing to be a Defaulting Investor in accordance with Section 9.18(d), any amounts of cash collateral provided pursuant to Section 9.18(c)(ii) upon such
Investor becoming a Defaulting Investor shall be released and applied as such amounts would have been applied had such Investor not become a Defaulting Investor. 

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

THE ADMINISTRATIVE AGENT AND THE FUNDING AGENTS 

Section 5.01    Authorization and Action of the Administrative Agent. Each of the Lender Parties and the
Funding Agents hereby designates and appoints ING Capital LLC, as the Administrative Agent hereunder, and hereby authorizes the Administrative Agent to take such actions as agent on their behalf and to exercise such powers as are delegated to the
Administrative Agent by the terms of this Agreement, together with such powers as are reasonably incidental thereto. The Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary
relationship with any Lender Party or any Funding Agent, and no implied covenants, functions, responsibilities, duties, obligations or liabilities on the part of the Administrative Agent shall be read into this Agreement or otherwise exist for the
Administrative Agent. In performing its functions and duties hereunder, the Administrative Agent shall act solely as agent for the Lender Parties and the Funding Agents and does not assume, nor shall it be deemed to have assumed, any obligation or
relationship of trust or agency with or for the Master Issuer or any of its successors or assigns. The provisions of this Article (other than the rights of the Master Issuer set forth in Section 5.07) are solely for the
benefit of the Administrative Agent, the Lender Parties and the Funding Agents, and the Master Issuer shall not have any rights as a third-party beneficiary of any such provisions. The Administrative Agent shall not be required to take any action
that, in its opinion or the opinion of its counsel, exposes the Administrative Agent to personal liability or that is contrary to this Agreement or any Requirement of Law. The appointment and authority of the Administrative Agent hereunder shall
terminate upon the indefeasible payment in full of the Series 2022-1 Class A-1 Notes and all other amounts owed by the Master Issuer hereunder to the Administrative
Agent, all members of the Investor Groups, the Swingline Lender and the L/C Provider (the “Aggregate Unpaids”) and termination in full of all Commitments and the Swingline Commitment and the L/C Commitment. 

Section 5.02    Delegation of Duties. The Administrative Agent may execute any of its duties under this
Agreement by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The exculpatory
provisions of this Article shall apply to any such agents or attorneys-in-fact and shall apply to their respective activities as Administrative Agent. The Administrative
Agent shall not be responsible for the negligence, bad faith or misconduct of any agents or attorneys-in-fact selected by it in good faith. 

  
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 Section 5.03    Exculpatory Provisions. Neither the
Administrative Agent nor any of its directors, officers, agents or employees shall be (a) liable for any action lawfully taken or omitted to be taken by it or them under or in connection with this Agreement (except for its, their or such
Person’s own gross negligence, bad faith or willful misconduct as determined by a court of competent jurisdiction by a final and nonappealable judgment), or (b) responsible in any manner to any Lender Party or any Funding Agent for any
recitals, statements, representations or warranties made by the Master Issuer contained in this Agreement or in any certificate, report, statement or other document referred to or provided for in, or received under or in connection with, this
Agreement for the due execution, legality, value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other document furnished in connection herewith, or for any failure of the Master Issuer to perform its
obligations hereunder, or for the satisfaction of any condition specified in Article VII. The Administrative Agent shall not be under any obligation to any Investor or any Funding Agent to ascertain or to inquire as to the observance or
performance of any of the agreements or covenants contained in, or conditions of, this Agreement, or to inspect the properties, books or records of the Master Issuer. The Administrative Agent shall not be deemed to have knowledge of any Potential
Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default unless the Administrative Agent has received notice in writing of such event from the Master Issuer, any Lender Party or any Funding Agent. 

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

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

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

  
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 Section 5.07    Successor Administrative Agent; Defaulting
Administrative Agent. 
 (a)    The Administrative Agent may, upon 30 days’ notice to the Master Issuer and
each of the Lender Parties and the Funding Agents, and the Administrative Agent will, upon the direction of Investor Groups holding 100% of the Commitments (excluding any Commitments held by Defaulting Investors), resign as Administrative Agent. If
the Administrative Agent shall resign, then the Investor Groups holding more than (i) if no single Investor Group holds more than 50% of the Commitments, 50% of the Commitments or (ii) if a single Investor Group holds more than 50% of the
Commitments, two-thirds of the Commitments (excluding any Commitments held by the resigning Administrative Agent or its Affiliates, and if all Commitments are held by the resigning Administrative Agent or its
Affiliates, then the Master Issuer), during such 30-day period, shall appoint an Affiliate of a member of the Investor Groups as a successor administrative agent, subject to the consent of (i) the Master
Issuer, at all times other than while an Event of Default has occurred and is continuing (which consent of the Master Issuer shall not be unreasonably withheld, conditioned or delayed) and (ii) the Control Party (which consent of the Control
Party shall not be unreasonably withheld, conditioned or delayed); provided that the Commitment of any Defaulting Investor shall be disregarded in the determination of whether any threshold percentage of Commitments has been met under this
Section 5.07(a). If for any reason no successor Administrative Agent is appointed by the Investor Groups during such 30-day period, then, effective upon the expiration of such 30-day period, the Master Issuer shall make all payments in respect of the Aggregate Unpaids or under any fee letter delivered in connection herewith (including, without limitation, the Series 2022-1 Class A-1 VFN Fee Letter) directly to the Funding Agents or the Swingline Lender or the L/C Provider, as applicable, and the Master Issuer for all purposes shall
deal directly with the Funding Agents or the Swingline Lender or the L/C Provider, as applicable, until such time, if any, as a successor administrative agent is appointed as provided above, and the Master Issuer shall instruct the Trustee in
writing accordingly. After any retiring Administrative Agent’s resignation hereunder as Administrative Agent, the provisions of Section 9.05 and this Article V shall inure to its benefit as to any actions taken
or omitted to be taken by it while it was the Administrative Agent under this Agreement. 
 (b)    The Master Issuer
may, upon the occurrence of any of the following events (any such event, a “Defaulting Administrative Agent Event”) and with the consent of Investor Groups holding more than (i) if no single Investor Group holds more than 50%
of the Commitments, 50% of the Commitments or (ii) if a single Investor Group holds more than 50% of the Commitments, two-thirds of the Commitments, remove the Administrative Agent and, upon such removal,
the Investor Groups holding more than 50% of the Commitments in the case of clause (i) above or two-thirds of the Commitments in the case of clause (ii) above (provided that the Commitment of
any Defaulting Investor shall be disregarded in the determination of whether any threshold percentage of Commitments has been met under this Section 5.07(b)) shall appoint an Affiliate of a member of the Investor Groups as
a successor administrative agent, subject to the consent of (x) the Master Issuer, at all times other than while an Event of Default has occurred and is continuing (which consent of the Master Issuer shall not be unreasonably withheld,
conditioned or delayed) and (y) the Control Party (which consent of the Control Party shall not be unreasonably withheld, conditioned or delayed): (i) an Event of Bankruptcy (other than via an Undisclosed Administration) 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 (other than via an Undisclosed Administration);
(iii) the failure by the Administrative Agent to pay or remit any funds required to be remitted when due (in each case, if amounts are available for payment or remittance in accordance with the terms of this Agreement for application to the payment
or remittance thereof) which continues for two (2) Business Days after such funds were required to be paid or remitted; (iv) any representation, warranty, certification or statement made by the Administrative Agent under this Agreement or
in any agreement, certificate, report or other document furnished by the Administrative Agent proves to have been false or misleading in any material respect as of the time made or deemed made, and if such representation, warranty, certification or
statement is susceptible of remedy in all material respects, is not remedied within thirty (30) calendar days after knowledge thereof or notice by the Master Issuer to the Administrative Agent, and if not susceptible of remedy in all material
respects, upon notice by the Master Issuer to the Administrative Agent or (v) any act constituting the gross negligence, bad faith or willful misconduct of the Administrative Agent. If for any reason no successor Administrative Agent is
appointed by the Investor Groups within 30 days of the Administrative Agent’s removal pursuant to the immediately preceding sentence, then, effective upon the expiration of such 30-day period, the Master
Issuer shall make all payments in respect of the Aggregate Unpaids or under any fee letter delivered in connection herewith (including, without limitation, the Series 2022-1
Class A-1 VFN Fee Letter) directly to the Funding Agents or the Swingline Lender or the L/C Provider, as applicable, and the Master Issuer for all purposes shall deal directly with the Funding Agents or
the Swingline Lender or the L/C Provider, as applicable, until such time, if any, as a successor administrative agent is appointed as provided above, and the Master Issuer shall instruct the Trustee in writing accordingly. After any Administrative
Agent’s removal hereunder as Administrative Agent, the provisions of Section 9.05 and this Article V shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the
Administrative Agent under this Agreement. 

  
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 (c)    If a Defaulting Administrative Agent Event has occurred and is
continuing, the Master Issuer may make all payments in respect of the Aggregate Unpaids or under any fee letter delivered in connection herewith (including, without limitation, the Series 2022-1 Class A-1 VFN Fee Letter) directly to the Funding Agents or the Swingline Lender or the L/C Provider, as applicable, and the Master Issuer for all purposes may deal directly with the Funding Agents or the
Swingline Lender or the L/C Provider, as applicable. 
 Section 5.08    Authorization and Action of Funding
Agents. Each Investor is hereby deemed to have designated and appointed its related Funding Agent set forth next to such Investor’s name on Schedule I (or identified as such Investor’s Funding Agent pursuant to any applicable
Assignment and Assumption Agreement or Investor Group Supplement) as the agent of such Person hereunder, and hereby authorizes such Funding Agent to take such actions as agent on its behalf and to exercise such powers as are delegated to such
Funding Agent by the terms of this Agreement together with such powers as are reasonably incidental thereto. Each Funding Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship
with the related Investor Group, and no implied covenants, functions, responsibilities, duties, obligations or liabilities on the part of such Funding Agent shall be read into this Agreement or otherwise exist for such Funding Agent. In performing
its functions and duties hereunder, each Funding Agent shall act solely as agent for the related Investor Group and does not assume, nor shall it be deemed to have assumed, any obligation or relationship of trust or agency with or for the Master
Issuer, any of its successors or assigns or any other Person. Each Funding Agent shall not be required to take any action that exposes such Funding Agent to personal liability or that is contrary to this Agreement or any Requirement of Law. The
appointment and authority of the Funding Agents hereunder shall terminate upon the indefeasible payment in full of the Aggregate Unpaids of the Investor Groups and the termination in full of all the Commitments. 

Section 5.09    Delegation of Duties. Each Funding Agent may execute any of its duties under this Agreement
by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. Each Funding Agent shall not be
responsible for the gross negligence, bad faith 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, bad faith or
willful misconduct), or (b) responsible in any manner to the related Investor Group for any recitals, statements, representations or warranties made by the Master Issuer contained in this Agreement or in any certificate, report, statement or
other document referred to or provided for in, or received under or in connection with, this Agreement, or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other document furnished in
connection herewith, or for any failure of the Master Issuer to perform its obligations hereunder, or for the satisfaction of any condition specified in Article VII. Each Funding Agent shall not be under any obligation to the related Investor
Group to ascertain or to inquire as to the observance or performance of any of the agreements or covenants contained in, or conditions of, this Agreement, or to inspect the properties, books or records of the Master Issuer. Each Funding Agent shall
not be deemed to have knowledge of any Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default unless such Funding Agent has received notice of such event from the Master Issuer or any member of the related Investor
Group. 

  
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 Section 5.11    Reliance. Each Funding Agent shall in all
cases be entitled to rely, and shall be fully protected in relying, upon any document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of
the Administrative Agent and legal counsel (including, without limitation, counsel to the Master Issuer), independent accountants and other experts selected by such Funding Agent. Each Funding Agent shall in all cases be fully justified in failing
or refusing to take any action under this Agreement or any other document furnished in connection herewith unless it shall first receive such advice or concurrence of the related Investor Group as it deems appropriate or it shall first be
indemnified to its satisfaction by the related Investor Group; provided that unless and until such Funding Agent shall have received such advice, such Funding Agent may take or refrain from taking any action, as such Funding Agent shall deem
advisable and in the best interests of the related Investor Group. Each Funding Agent shall in all cases be fully protected in acting, or in refraining from acting, in accordance with a request of the related Investor Group and such request and any
action taken or failure to act pursuant thereto shall be binding upon the related Investor Group. 

Section 5.12    Non-Reliance on the Funding Agent and Other
Purchasers. The related Investor Group expressly acknowledges that its Funding Agent and any of its officers, directors, employees, agents, attorneys-in-fact or
Affiliates has not made any representations or warranties to it and that no act by such Funding Agent hereafter taken, including, without limitation, any review of the affairs of the Master Issuer, shall be deemed to constitute any representation or
warranty by such Funding Agent. The related Investor Group represents and warrants to such Funding Agent that it has and will, independently and without reliance upon such Funding Agent and based on such documents and information as it has deemed
appropriate, made its own appraisal of and investigation into the business, operations, property, prospects, financial and other conditions and creditworthiness of the Master Issuer and made its own decision to enter into this Agreement. 

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

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

  
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 Section 5.15    Erroneous Payments.  

(a)    If the Administrative Agent (x) notifies any Lender Party, or any Person who has received funds on
behalf of any Lender Party (any such Lender Party or other recipient (and each of their respective successors and permitted assigns), a “Payment Recipient”) that the Administrative Agent has determined in its reasonable
discretion (whether or not after receipt of any notice under immediately succeeding clause (b)) that any funds (as set forth in such notice from the Administrative Agent) received by such Payment Recipient from the Administrative Agent or any
of its Affiliates were erroneously or mistakenly transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Lender Party or other Payment Recipient on its behalf) (any such funds, whether
transmitted or received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise, individually and collectively, an “Erroneous Payment”) and (y) demands in writing the return of such
Erroneous Payment (or a portion thereof), such Erroneous Payment shall at all times remain the property of the Administrative Agent pending its return or repayment as contemplated below in this Section 5.15 and held in
trust for the benefit of the Administrative Agent, and such Lender Party shall (or, with respect to any Payment Recipient who received such funds on its behalf, shall cause such Payment Recipient to) promptly, but in no event later than two
(2) Business Days thereafter (or such later date as the Administrative Agent may, in its sole discretion, specify in writing), return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a
demand was made, in same day funds (in the currency so received), together with interest thereon (except to the extent waived in writing by the Administrative Agent) in respect of each day from and including the date such Erroneous Payment (or
portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent in same day funds at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with
banking industry rules on interbank compensation from time to time in effect. A notice of the Administrative Agent to any Payment Recipient under this clause (a) shall be conclusive, absent manifest error. 

(b)    Without limiting immediately preceding clause (a), each Lender Party or any Person who has received funds
on behalf of a Lender Party (and each of their respective successors and permitted assigns), agrees that if it receives a payment, prepayment or repayment (whether received as a payment, prepayment or repayment of principal, interest, fees,
distribution or otherwise) from the Administrative Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in this Agreement or in a notice of payment, prepayment or repayment sent by
the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, (y) that was not preceded or accompanied by a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its
Affiliates), or (z) that such Lender Party, or other such recipient, otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part), then in each such case: 

(i)    it acknowledges and agrees that (A) in the case of immediately preceding clauses
(x) or (y), an error and mistake shall be presumed to have been made (absent written confirmation from the Administrative Agent to the contrary) or (B) an error and mistake has been made (in the case of immediately preceding
clause (z)), in each case, with respect to such payment, prepayment or repayment; and 

(ii)    such Lender Party shall (and shall use commercially reasonable efforts to cause any other
recipient that receives funds on its respective behalf to) promptly (and, in all events, within one (1) Business Day of its knowledge of the occurrence of any of the circumstances described in immediately preceding clauses (x),
(y) and (z)) notify the Administrative Agent of its receipt of such payment, prepayment or repayment, the details thereof (in reasonable detail) and that it is so notifying the Administrative Agent pursuant to this
Section 5.15(b). 
 For the avoidance of doubt, the failure to deliver a notice to the
Administrative Agent pursuant to this Section 5.15(b) shall not have any effect on a Payment Recipient’s obligations pursuant to Section 5.15(a) or on whether or not an Erroneous Payment has
been made. 
 (c)    Each Lender Party hereby authorizes the Administrative Agent to set off, net and apply any and all
amounts at any time owing to such Lender Party under any Related Document, or otherwise payable or distributable by the Administrative Agent to such Lender Party under any Related Document with respect to any payment of principal, interest, fees or
other amounts, against any amount that the Administrative Agent has demanded to be returned under immediately preceding clause (a). 

  
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 (d)    (i) In the event that an Erroneous Payment (or portion thereof)
is not recovered by the Administrative Agent for any reason, after demand therefor in accordance with immediately preceding clause (a), from any Lender Party that has received such Erroneous Payment (or portion thereof) (and/or from any
Payment Recipient who received such Erroneous Payment (or portion thereof) on its respective behalf) (such unrecovered amount, an “Erroneous Payment Return Deficiency”), upon the Administrative Agent’s notice to such Lender
Party at any time, then effective immediately (with the consideration therefor being acknowledged by the parties hereto), (A) such Lender Party shall be deemed to have assigned its Advances (but not its Commitments) with respect to which such
Erroneous Payment was made (the “Erroneous Payment Impacted Class”) in an amount equal to the Erroneous Payment Return Deficiency (or such lesser amount as the Administrative Agent may specify) (such assignment of the Loans (but not
Commitments) of the Erroneous Payment Impacted Class, the “Erroneous Payment Deficiency Assignment”) (on a cashless basis and such amount calculated at par plus any accrued and unpaid interest (with the assignment fee to be waived
by the Administrative Agent in such instance)), and is hereby (together with the Master Issuer) deemed to execute and deliver an Assignment and Assumption Agreement with respect to such Erroneous Payment Deficiency Assignment, and such Lender Party
shall deliver any Notes evidencing such Advances to the Master Issuer or the Administrative Agent (but the failure of such Person to deliver any such Notes shall not affect the effectiveness of the foregoing assignment), (B) the Administrative Agent
as the assignee Lender Party shall be deemed to have acquired the Erroneous Payment Deficiency Assignment, (C) upon such deemed acquisition, the Administrative Agent as the assignee Lender Party shall become a Lender Party, as applicable,
hereunder with respect to such Erroneous Payment Deficiency Assignment and the assigning Lender Party shall cease to be a Lender Party, as applicable, hereunder with respect to such Erroneous Payment Deficiency Assignment, excluding, for the
avoidance of doubt, its obligations under the indemnification provisions of this Agreement and its applicable Commitments which shall survive as to such assigning Lender Party, (D) the Administrative Agent and the Master Issuer shall each be
deemed to have waived any consents required under this Agreement to any such Erroneous Payment Deficiency Assignment, and (E) the Administrative Agent will reflect in the Note Register its ownership interest in the Advances subject to the
Erroneous Payment Deficiency Assignment. For the avoidance of doubt, no Erroneous Payment Deficiency Assignment will reduce the Commitments of any Lender Party and such Commitments shall remain available in accordance with the terms of this
Agreement. 
 (ii) Subject to Section 9.17 (but excluding, in all events, any assignment consent or approval requirements (whether
from the Master Issuer or otherwise)), the Administrative Agent may, in its discretion, sell any Advances acquired pursuant to an Erroneous Payment Deficiency Assignment and upon receipt of the proceeds of such sale, the Erroneous Payment Return
Deficiency owing by the applicable Lender Party shall be reduced by the net proceeds of the sale of such Advance (or portion thereof), and the Administrative Agent shall retain all other rights, remedies and claims against such Lender Party (and/or
against any recipient that receives funds on its respective behalf). In addition, an Erroneous Payment Return Deficiency owing by the applicable Lender Party (x) shall be reduced by the proceeds of prepayments or repayments of principal and
interest, or other distribution in respect of principal and interest, received by the Administrative Agent on or with respect to any such Advances acquired from such Lender Party pursuant to an Erroneous Payment Deficiency Assignment (to the extent
that any such Advances are then owned by the Administrative Agent) and (y) may, in the sole discretion of the Administrative Agent, be reduced by any amount specified by the Administrative Agent in writing to the applicable Lender Party from
time to time. 

  
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 (e)    The parties hereto agree that (x) irrespective of whether
the Administrative Agent may be equitably subrogated, in the event that an Erroneous Payment (or portion thereof) is not recovered from any Payment Recipient that has received such Erroneous Payment (or portion thereof) for any reason, the
Administrative Agent shall be subrogated to all the rights and interests of such Payment Recipient (and, in the case of any Payment Recipient who has received funds on behalf of a Lender Party, to the rights and interests of such Lender Party, as
the case may be) under the Related Documents with respect to such amount (the “Erroneous Payment Subrogation Rights”) (provided that the Obligations under the Related Documents in respect of the Erroneous Payment Subrogation
Rights shall not be duplicative of such Obligations in respect of Advances that have been assigned to the Administrative Agent under an Erroneous Payment Deficiency Assignment) and (y) an Erroneous Payment shall not pay, prepay, repay,
discharge or otherwise satisfy any Obligations owed by the Master Issuer or any other Securitization Entity; provided that this Section 5.15 shall not be interpreted to increase (or accelerate the due date for), or
have the effect of increasing (or accelerating the due date for), the Obligations of the Master Issuer relative to the amount (and/or timing for payment) of the Obligations that would have been payable had such Erroneous Payment not been made by the
Administrative Agent; provided, further, that for the avoidance of doubt, immediately preceding clauses (x) and (y) shall not apply to the extent any such Erroneous Payment is, and solely with respect to the amount
of such Erroneous Payment that is, comprised of funds received by the Administrative Agent from the Master Issuer for the purpose of making such Erroneous Payment. 

(f)    To the extent permitted by applicable law, no Payment Recipient shall assert any right or claim to an Erroneous
Payment, and hereby waives, and is deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the
return of any Erroneous Payment received, including, without limitation, any defense based on “discharge for value” or any similar doctrine. 

(g)    Each party’s obligations, agreements and waivers under this Section 5.15 shall
survive the resignation or replacement of the Administrative Agent, any transfer of rights or obligations by, or the replacement of, a Lender Party, the termination of the Commitments and/or the repayment, satisfaction or discharge of all
Obligations (or any portion thereof) under any Related Document. 
 ARTICLE VI 

REPRESENTATIONS AND WARRANTIES 

Section 6.01    The Master Issuer and Guarantors. The Master Issuer and the Guarantors jointly and severally
represent and warrant to the Administrative Agent and each Lender Party, as of the date of this Agreement (other than, for such date, with respect to any Related Documents that have not yet been executed as of the date of this Agreement), as of the
Closing Date 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 Related Documents (other than a Related Document relating solely to a Series of Notes other than the Series 2022-1
Notes) is true and correct (i) if not qualified as to materiality or Material Adverse Effect, in all material respects and (ii) if qualified as to materiality or Material Adverse Effect, in all respects, as of the date originally made, as
of the date hereof and as of the Closing Date (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date); 

(b)    no Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default has occurred and is
continuing; 
 (c)    neither 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 2022-1 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 neither the
Master Issuer nor any of its Affiliates has entered into any contractual arrangement with respect to the distribution of the Series 2022-1 Class A-1 Notes, except
for this Agreement and the other Related Documents, and the Master Issuer will not enter into any such arrangement; 

  
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 (d)    neither they nor any of their Affiliates have, directly or
through any agent, sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any “security” (as defined in the 1933 Act) that is or will be integrated with the sale of the Series
2022-1 Class A-1 Notes in a manner that would require the registration of the Series 2022-1
Class A-1 Notes under the 1933 Act; 
 (e)    assuming the representations
and warranties of each Lender Party set forth in Section 6.03 are true and correct, the offer and sale of the Series 2022-1 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)    the Master Issuer has furnished to the Administrative Agent and each Funding Agent true, accurate and
complete copies of all other Related Documents (excluding Series Supplements and other Related Documents relating solely to a Series of Notes other than the Series 2022-1 Notes) to which they are a party as of
the Closing Date, all of which Related Documents are in full force and effect as of the Closing Date and no terms of any such agreements or documents have been amended, modified or otherwise waived as of such date, other than such amendments,
modifications or waivers about which the Master Issuer has informed each Funding Agent, the Swingline Lender and the L/C Provider; 

(g)    neither the Master Issuer nor any Guarantor is an “investment company” as defined in
Section 3(a)(1) of the 1940 Act, and therefore has no need (x) to rely solely on the exemption from the definition of “investment company” set forth in Section 3(c)(1) and/or Section 3(c)(7) of the 1940 Act or
(y) to be entitled to the benefit of the exclusion for loan securitizations in the Volcker Rule under 10 C.F.R. 248.10(c)(8); 

(h)    none of the Master Issuer, any Guarantor, any of their respective subsidiaries nor, to the knowledge of the Master
Issuer or any Guarantor, any of their respective directors, officers, employees, agents or affiliates, have (i) made any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made any
direct or indirect unlawful payment to any domestic governmental official or “foreign official” (as defined in the U.S. Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (collectively, the
“FCPA”); (iii) violated any provision of the FCPA, the Bribery Act of 2010 of the United Kingdom or any applicable non-U.S. anti-bribery statute or regulation; or (iv) made any
bribe, rebate, payoff, influence payment, kickback or other unlawful payment; and the Master Issuer and Guarantors conduct their respective businesses in compliance with the FCPA and maintain policies and procedures designed to ensure, and which are
reasonably expected to continue to ensure, continued compliance therewith; 
 (i)    the operations of the Master
Issuer and each Guarantor, as applicable, are and have been conducted at all times in compliance with applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the
money laundering statutes of all applicable jurisdictions and the rules and regulations thereunder (collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency,
authority or body or any arbitrator involving the Master Issuer or any Guarantor, as applicable, with respect to the Money Laundering Laws is pending or, to the knowledge of such relevant entity, threatened; and

  
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 (j)    none of the Master Issuer, any Guarantor, any of their
respective subsidiaries nor, to the knowledge of the Master Issuer or any Guarantor, any of their respective directors, officers, employees, agents or affiliates, is currently the target of any sanctions administered or enforced by the United States
Government, including, without limitation, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), the U.S. Department of State, the United Nations Security Council, the European Union, Her
Majesty’s Treasury or other relevant sanctions authority (collectively, “Sanctions”); nor is such relevant entity located, organized or resident in a country or territory that is the target of Sanctions (including, without
limitation, Crimea, Cuba, Iran, North Korea and Syria). Commercially reasonably efforts (including review of applicable sanctions lists) have been taken by the Master Issuer and/or the Manager to ensure that Franchisees are not the target of
Sanctions and are otherwise in compliance with any applicable Sanctions; 
 (k)    as of the Closing Date, the
information included in the Beneficial Ownership Certification delivered pursuant to Schedule III will be true and correct in all respects. 

Section 6.02    The Manager. The Manager represents and warrants to the Administrative Agent and each Lender
Party as of the date of this Agreement, as of the Closing Date and as of the date of each Advance made hereunder, that (i) no Manager Termination Event has occurred and is continuing and (ii) each representation and warranty made by it in
any Related Document (other than a Related Document relating solely to a Series of Notes other than the Series 2022-1 Notes and other than any representation or warranty in Article V of the Management
Agreement) to which it is a party (including any representations and warranties made by it in its capacity as Manager) is true and correct (a) if not qualified as to materiality or Material Adverse Effect, in all material respects and
(b) if qualified as to materiality or Material Adverse Effect, in all respects as of the date originally made, as of the date hereof and as of the Closing Date (unless stated to relate solely to an earlier date, in which case such
representations and warranties were true and correct in all material respects as of such earlier date). 

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

(a)    it has had an opportunity to discuss the Master Issuer’s and the Manager’s business, management and
financial affairs, and the terms and conditions of the proposed purchase of the Series 2022-1 Class A-1 Notes, with the Master Issuer and the Manager and their
respective representatives; 
 (b)    it is a “qualified institutional buyer” within the meaning of Rule 144A
under the 1933 Act and has sufficient knowledge and experience in financial and business matters to be capable of evaluating the merits and risks of investing in, and is able and prepared to bear the economic risk of investing in, the Series 2022-1 Class A-1 Notes; 
 (c)    it is
purchasing the Series 2022-1 Class A-1 Notes for its own account, or for the account of one or more “qualified institutional buyers” within the meaning of
Rule 144A under the 1933 Act that meet the criteria described in 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 2022-1 Class A-1 Notes; 

  
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 (d)    it understands that (i) the Series 2022-1 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 Master Issuer, (ii) the Master Issuer is not required to register the Series 2022-1 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 2022-1 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 2022-1 Class A-1 Notes; 

(f)    it understands that the Series 2022-1
Class A-1 Notes will bear the legend set out in the form of Series 2022-1 Class A-1 Notes attached to the Series 2022-1 Supplement and be subject to the restrictions on transfer described in such legend; 

(g)    it will obtain for the benefit of the Master Issuer from any purchaser of the Series 2022-1 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 2022-1 Class A-1 Notes hereunder on the Closing Date, and the Commitments, the Swingline Commitment and the L/C Commitment will not become
effective, unless: 
 (a)    the Base Indenture, the Series 2022-1 Supplement,
the Guarantee and Collateral Agreement and the other Related Documents (including all amendments thereto and/or all amendments and restatements thereof being effected as of the Expected Closing Date) shall be in full force and effect; 

(b)    on the Closing Date, the Administrative Agent shall have received a letter, in form and substance reasonably
satisfactory to it, from S&P and KBRA, respectively, stating that a long-term rating of “BBB” (with respect to KBRA) or “BBB-” (with respect to S&P) has been assigned to the Series 2022-1 Class A-1 Notes; 
 (c)    at the
time of such issuance, the additional conditions set forth in Schedule III hereto and all other conditions to the issuance of the Series 2022-1 Class A-1
Notes under the Indenture shall have been satisfied or waived by such Lender Party. 
 Section 7.02 Conditions to Initial Extensions of
Credit. The election of each Conduit Investor to fund, and the obligation of each Committed Note Purchaser to fund, the initial Borrowing hereunder, and the obligations of the Swingline Lender and the L/C Provider to fund the initial Swingline
Loan or provide the initial Letter of Credit hereunder, respectively, shall be subject to the satisfaction of the conditions precedent that (a) each Funding Agent shall have received a duly executed and authenticated Series 2022-1 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 2022-1 Class A-1 Swingline Note or Series 2022-1 Class A-1 L/C Note, as applicable, registered in its name or in such other name as shall have
been directed by it and stating that the principal amount thereof shall not exceed the Swingline Commitment or L/C Commitment, respectively; and (c) the Master Issuer shall have paid all fees required to be paid by it under the Related Documents on
the Closing Date, including all fees required hereunder. 

  
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 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
Sections 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 (other than in the case of Section 9.1(e) of the Base Indenture) has been declared by the Control
Party pursuant to Sections 9.1(a), (b), (c) or (d) of the Base Indenture, consent to such waiver, amendment or other modification from all Investors (provided that it shall not be the obligation of the Control
Party to obtain such consent from the Investors) as well as the Control Party is required for purposes of this Section 7.03: 

(a)    (i) the representations and warranties of the Master Issuer set out in this Agreement and (ii) the
representations and warranties of the Manager set out in this Agreement, in each such case, shall be true and correct (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 or Rapid Amortization Event shall be in existence at the time of, or after giving effect to, such funding or issuance; 

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

 (d)    in the case of any Borrowing, except to the extent an advance request is expressly deemed to have been
delivered hereunder, the Master Issuer shall have delivered or have been deemed to have delivered to the Administrative Agent an executed advance request in the form of Exhibit A-1 hereto with respect
to such Borrowing (each such request, an “Advance Request” or a “Series 2022-1 Class A-1 Advance Request”); 

(e)    the Senior Notes Interest Reserve Amount (including any Senior Notes Interest Reserve Account Deficiency Amount)
will be funded and/or an Interest Reserve Letter of Credit will be maintained for such amount as of the date of such draw in the amounts required pursuant to the Indenture after giving effect to such draw; 

(f)    all Undrawn Commitment Fees, Administrative Agent Fees and L/C Quarterly Fees due and payable on or prior to the
date of such funding or issuance shall have been paid in full; and 
 (g)    all conditions to such extension of credit
or provision specified in Sections 2.02, 2.03, 2.06 or 2.07, as applicable, shall have been satisfied. 

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

ARTICLE VIII 
 COVENANTS 

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

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

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

(c)    reasonably concurrent with the time any report, notice or other document is provided to the Rating Agencies and/or
the Trustee, or caused to be provided, by the Master Issuer or the Manager under the Base Indenture (including, without limitation, under Sections 8.8, 8.9 and/or 8.11 thereof) or under the Series
2022-1 Supplement, provide the Administrative Agent (who shall promptly provide a copy thereof to the Lender Parties) with a copy of such report, notice or other document; provided, however, that
neither the Manager nor the Master Issuer shall have any obligation under this Section 8.01(c) to deliver to the Administrative Agent copies of any Quarterly Noteholders’ Reports that relate solely to a Series of Notes
other than the Series 2022-1 Notes; 
 (d)    once per calendar year, following
reasonable prior notice from the Administrative Agent (the “Annual Inspection Notice”), and during regular business hours, permit any one or more of such Administrative Agent, any Funding Agent, the Swingline Lender or the L/C
Provider, or any of their respective agents, representatives or permitted assigns, at the Master Issuer’s expense, access (as a group, and not individually unless only one such Person desires such access) to the offices of the Manager, the
Master Issuer and the Guarantors, (i) to examine and make copies of and abstracts from all documentation relating to the Collateral on the same terms as are provided to the Trustee under Section 8.6 of the Base Indenture, and (ii) to visit the
offices and properties of the Manager, the Master Issuer and the Guarantors for the purpose of examining such materials described in clause (i) above, and to discuss matters relating to the Collateral, or the administration and performance of
the Base Indenture, the Series 2022-1 Supplement and the other Related Documents with any of the officers or employees of, the Manager, the Master Issuer and/or the Guarantors, as applicable, having knowledge of such matters; provided,
however, that upon the occurrence and continuation of a Potential Rapid Amortization Event, Rapid Amortization Event, Cash Trapping Period, Default or Event of Default, the Administrative Agent, any Funding Agent, the Swingline Lender or the
L/C Provider, or any of their respective agents, representatives or permitted assigns, at the Master Issuer’s expense, may do any of the foregoing at any time during normal business hours and without advance notice; provided,
further, that, in addition to any visits made pursuant to provision of an Annual Inspection Notice or during the continuation of a Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default, the Administrative
Agent, any Funding Agent, the Swingline Lender or the L/C Provider, or any of their respective agents, representatives or permitted assigns, at their own expense, may do any of the foregoing at any time during normal business hours following
reasonable prior notice with respect to the business of the Master Issuer and/or the Guarantors; and provided, further, that the Funding Agents, the Swingline Lender and the L/C Provider will be permitted to provide input to the
Administrative Agent with respect to the timing of delivery, and content, of the Annual Inspection Notice; 

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

 (f)    not permit any amounts owed with respect to the Series 2022-1 Class A-1 Notes to be secured, directly or indirectly, by any Margin Stock in a manner that would violate the regulations of the Board of Governors of the Federal Reserve System, including Regulations T, U and
X thereof; 
 (g)    promptly provide such additional financial and other information with respect to the Related
Documents (other than Series Supplements and Related Documents relating solely to a Series of Notes other than the Series 2022-1 Notes), the Master Issuer, the Manager or the Guarantors as the Administrative
Agent may from time to time reasonably request; 
 (h)    deliver to the Administrative Agent (who shall promptly
provide a copy thereof to the Lender Parties), the financial statements prepared pursuant to Section 4.1 of the Base Indenture reasonably contemporaneously with the delivery of such statements under the Base Indenture; 

(i)    not directly or indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such
proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of or business with any person, or in any country or territory, that currently is the target of any Sanctions (such person, a
“Sanctioned Person”) or in any other manner that would reasonably be expected to result in a violation by any person (including any person participating in the transaction whether as underwriter, advisor, investor or otherwise) of
Sanctions; and no funds that any Securitization Entity knows (or in the case of Franchisees, could reasonably be expect to know, after due inquiry) originated from a Sanctioned Person will be included in the cash flows of the Securitization
Entities; and 
 (j)    notwithstanding Section 2.2 of the Base Indenture, the Master Issuer shall not issue any
additional Series of Class A-1 Notes without the prior written consent of the Lender Parties in their sole discretion, provided, however, that no such consent shall be required for any
issuance of additional Series of Class A-1 Notes that occurs concurrently, and on a proportional basis, with the issuance of any additional Series of Class A-2
Notes. For purposes of this paragraph (j) “proportional basis” means, any issuance of Class A-1 Notes in a maximum principal amount that bears the same proportion to the amount of Class A-2 Notes issued concurrently therewith as the Series 2022-1 Class A-1 Notes Maximum Principal Amount bears to the
aggregate amount of Series 2022 Class A-2 Notes issued on the Closing Date. 

  
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 ARTICLE IX 

MISCELLANEOUS PROVISIONS 

Section 9.01    Amendments. No amendment to or waiver or other modification of any provision of this Agreement,
nor consent to any departure therefrom by the Manager or the Master Issuer, shall in any event be effective unless the same shall be in writing and signed by the Manager, the Master Issuer and the Administrative Agent with the written consent of
Investor Groups holding more than (i) if no single Investor Group holds more than 50% of the Commitments, 50% of the Commitments or (ii) if a single Investor Group holds more than 50% of the Commitments, two-thirds of the Commitments;
provided that the Commitment of any Defaulting Investor shall be disregarded in the determination of whether such threshold percentage of Commitments has been met; provided, however, that, in addition, (i) the prior written
consent of each affected Investor (including any Defaulting Investor) shall be required in connection with any amendment, modification or waiver that (x) increases the amount of the Commitment of such Investor, extends the Commitment Termination
Date or the Series 2022-1 Class A-1 Notes Renewal Date, modifies the conditions to funding such 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 or waives 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 L/C Issuing Bank, 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
2022-1 Class A-1 Noteholders, such vote, consent, direction or the like shall be given by the Holders of the Series 2022-1 Class A-1 Advance Notes only and not by the Holders of any Series 2022-1 Class A-1 Swingline Notes or Series 2022-1 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 2022-1 Class A-1 Swingline Notes or Series 2022-1 Class A-1 L/C Notes would be affected thereby.
The Master Issuer and the Lender Parties shall negotiate any amendments, waivers, consents, supplements or other modifications to this Agreement or the other Related Documents that require the consent of the Lender Parties in good faith. Pursuant to
Section 9.05(a), the Lender Parties shall be entitled to reimbursement by the Master Issuer for the reasonable expenses incurred by the Lender Parties in reviewing and approving any such amendment, waiver, consent, supplement or other
modification to this Agreement or any Related Document. 
 Section 9.02    No Waiver; Remedies. Any waiver,
consent or approval given by any party hereto shall be effective only in the specific instance and for the specific purpose for which given, and no waiver by a party of any breach or default under this Agreement shall be deemed a waiver of any other
breach or default. No failure on the part of any party hereto to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder, or any abandonment or
discontinuation of steps to enforce the right, power or privilege, preclude any other or further exercise thereof or the exercise of any other right. No notice to or demand on any party hereto in any case shall entitle such party to any other or
further notice or demand in the same, similar or other circumstances. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. 

Section 9.03    Binding on Successors and Assigns. 

(a)    This Agreement shall be binding upon, and inure to the benefit of, the Master Issuer, the Manager, the Guarantors,
the Lender Parties, the Funding Agents, the Administrative Agent and their respective successors and assigns; provided, however, that none of the Master Issuer, the Guarantors or the Manager may assign its rights or obligations
hereunder or in connection herewith or any interest herein (voluntarily, by operation of law or otherwise; and including, without limitation, to any Additional Securitization Entity) without the prior written consent of each Lender Party (other than
any Defaulting Investor); provided, further, that nothing herein shall prevent the Master Issuer from assigning its rights (but none of its duties or liabilities) to the Trustee under the Base Indenture and the Series 2022-1 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.

  
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 (b)    Notwithstanding any other provision set forth in this Agreement,
each Investor may at any time grant to one or more Program Support Providers a participating interest in or lien on such Investor’s interests in the Advances made hereunder and such Program Support Provider, with respect to its participating
interest, shall be entitled to the benefits granted to such Investor under this Agreement. Each Investor that grants to one or more Program Support Providers a participating interest in such Investor’s interests in the Advances shall, acting
solely for this purpose as a non-fiduciary agent of the Master Issuer, maintain a register on which it enters the name and address of such Program Support Providers and the principal amounts (and stated
interest) of each Program Support Provider’s interest in the Advances (the “Participant Register”); provided that no Investor shall have any obligation to disclose all or any portion of the Participant Register (including the
identity of any Program Support Provider or any information relating to a Program Support Provider’s interest in the Advances) to any Person except to the extent that such disclosure is necessary to establish that such interest is in registered
form under Section 5f.103-1(c) of the United States Treasury Regulations or proposed United States Treasury Regulation Section 1.163-5(b) (and any such
finalized United States Treasury Regulations). The entries in the Participant Register shall be conclusive absent manifest error, and such Investor shall treat each Person whose name is recorded in the Participant Register as the owner of such
participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant
Register. 
 (c)    In addition to its rights under Section 9.17, each Conduit Investor may
at any time assign its rights in the Series 2022-1 Class A-1 Advance Notes (and its rights hereunder and under the Related Documents) to its related Committed Note
Purchaser or, subject to Section 6.03 and Section 9.17(f), its related Program Support Provider or any Affiliate of any of the foregoing, in each case in accordance with the applicable provisions
of the Indenture. Furthermore, each Conduit Investor may at any time grant a security interest in and lien on, all or any portion of its interests under this Agreement, its Series 2022-1 Class A-1 Advance Note and all Related Documents to (i) its related Committed Note Purchaser, (ii) its Funding Agent, (iii) any Program Support Provider who, at any time now or in the future,
provides program liquidity or credit enhancement, including, without limitation, an insurance policy for such Conduit Investor relating to the Commercial Paper or the Series 2022-1 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 2022-1 Class A-1 Advance Notes or (v) any collateral trustee or collateral agent for any of the foregoing;
provided, however, that any such security interest or lien shall be released upon assignment of its Series 2022-1 Class A-1 Advance Note to its
related Committed Note Purchaser. Any such grant shall be recorded in the Participant Register. Each Committed Note Purchaser may assign its Commitment, or all or any portion of its interest under its Series
2022-1 Class A-1 Advance Note, this Agreement and the Related Documents to any Person to the extent permitted by Section 9.17.
Notwithstanding any other provisions set forth in this Agreement, the Swingline Lender, L/C Provider and each Committed Note Purchaser may at any time create a security interest in all or any portion of its respective rights under this Agreement,
its Series 2022-1 Class A-1 Note and the Related Documents in favor of any Federal Reserve Bank in accordance with Regulation A of the F.R.S. Board or other
central bank. 
 Section 9.04    Survival of Agreement. All covenants, agreements, representations and
warranties made herein and in the Series 2022-1 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 2022-1 Class A-1 Notes and shall continue in full force and effect until all interest on and principal of the Series 2022-1 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 2022-1 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. In addition, the obligations of the Master Issuer and the Lender Parties under Sections 3.05, 3.06, 3.07, 3.08, 9.05, 9.10, 9.11 and 9.21 shall survive the
termination of this Agreement. 

  
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 Section 9.05    Payment of Costs and Expenses;
Indemnification. 
 (a)    Payment of Costs and Expenses. The Master Issuer agrees to pay (by depositing
such amounts into the Collection Account to be distributed subject to and in accordance with the Priority of Payments), on the Closing Date (if invoiced at least one (1) Business Day prior to such date) or on or before seven (7) Business
Days after written demand (in all other cases), all reasonable expenses of the Administrative Agent, each initial Funding Agent and each initial Lender Party (including the reasonable fees and out-of-pocket expenses of counsel to each of the foregoing, if any, as well as the fees and expenses of the Rating Agencies) in connection with (i) the negotiation, preparation, execution and delivery of
this Agreement and of each other Related Document, including schedules and exhibits, whether or not the transactions contemplated hereby or thereby are consummated (“Pre-Closing Costs”), and
(ii) any amendments, waivers, consents, supplements or other modifications to this Agreement or any other Related Document as may from time to time hereafter be proposed (“Amendment Expenses”). The Master Issuer further agrees
to pay, subject to and in accordance with the Priority of Payments, and to hold the Administrative Agent, each Funding Agent and each Lender Party harmless from all liability for (x) any breach by the Master Issuer of its obligations under this
Agreement, (y) all reasonable costs incurred by the Administrative Agent, such Funding Agent or such Lender Party in enforcing this Agreement and (z) any Indemnified 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 2022-1 Class A-1 Notes, (4) any Letter of
Credit hereunder or (5) any other Related Documents (“Other Post-Closing Expenses”). The Master Issuer also agrees to reimburse, subject to and in accordance with the Priority of Payments, the Administrative Agent, such Funding
Agent and such Lender Party upon demand for all reasonable out-of-pocket expenses incurred by the Administrative Agent, such Funding Agent and such Lender Party in
connection with (1) the negotiation of any restructuring or “work-out”, whether or not consummated, of the Related Documents and (2) the enforcement of, or any waiver or amendment requested
under or with respect to, this Agreement or any other Related Documents (“Out-of-Pocket Expenses”). Notwithstanding the foregoing, other than in
connection with a sale or assignment pursuant to Section 9.18(a), the Master Issuer shall have no obligation to reimburse any Lender Party for any of the fees and/or expenses incurred by such Lender Party with respect to
its sale or assignment of all or any part of its respective rights and obligations under this Agreement and the Series 2022-1 Class A-1 Notes pursuant to
Section 9.03 or Section 9.17. 
 (b)    Indemnification of the
Lender Parties. In consideration of the execution and delivery of this Agreement by the Lender Parties, the Master Issuer hereby agrees to indemnify and hold each Lender Party and the L/C Issuing Bank (each in its capacity as such and to the
extent not reimbursed by the Master Issuer and without limiting the obligation of the Master Issuer to do so) and each of their respective officers, directors, employees, agents and Affiliates (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 (including, without limitation, any environmental claims), and reasonable documented costs and expenses incurred in connection therewith (irrespective of whether any such Indemnified Party is a party to the action for which indemnification
hereunder is sought and including, without limitation, any liability in connection with the offering and sale of the Series 2022-1 Class A-1 Notes), including reasonable documented attorneys’ fees and disbursements (collectively, the
“Indemnified Liabilities”), incurred by the Indemnified Parties or any of them (whether in prosecuting or defending against such actions, suits or claims) to the extent resulting from, or arising out of, or relating to: 

(i)    any transaction financed or to be financed in whole or in part, directly or indirectly, with the
proceeds of any Advance, Swingline Loan or Letter of Credit; or 

  
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 (ii)    the entering into and performance of this
Agreement and any other Related Document by any of the Indemnified Parties, including, for the avoidance of doubt, the consent by the Lender Parties set forth in Section 9.19; 

except for any such Indemnified Liabilities arising for the account of a particular Indemnified Party by reason of the relevant Indemnified Party’s gross
negligence, bad faith or willful misconduct or breach of representations set forth herein. If and to the extent that the foregoing undertaking may be unenforceable for any reason, the Master Issuer hereby agrees to make the maximum contribution to
the payment and satisfaction of each of the Indemnified Liabilities that is permissible under applicable law. The indemnity set forth in this Section 9.05(b) shall in no event include indemnification for special, punitive,
consequential or indirect damages of any kind or for any Taxes which shall be covered by (or expressly excluded from) the indemnification provided in Section 3.08 or for any transfer Taxes with respect to its sale or
assignment of all or any part of its respective rights and obligations under this Agreement and the Series 2022-1 Class A-1 Notes pursuant to
Section 9.17. The Master Issuer shall give notice to the Rating Agencies of any claim for Indemnified Liabilities made under this Section 9.05(b). 

(c)    Indemnification of the Administrative Agent and each Funding Agent by the Master Issuer. In consideration
of the execution and delivery of this Agreement by the Administrative Agent and each Funding Agent, the Master Issuer hereby agrees to indemnify and hold the Administrative Agent and each Funding Agent and each of their officers, directors,
employees and agents (collectively, the “Agent Indemnified Parties”) harmless (by depositing such amounts into the Collection Account to be distributed subject to and in accordance with the Priority of Payments) from and against any
and all actions, causes of action, suits, losses, liabilities and damages, and reasonable documented costs and expenses incurred in connection therewith (irrespective of whether any such Agent Indemnified Party is a party to the action for which
indemnification hereunder is sought and including, without limitation, any liability in connection with the offering and sale of the Series 2022-1 Class A-1 Notes), including reasonable documented attorneys’ fees and disbursements
(collectively, the “Agent Indemnified Liabilities”), incurred by the Agent Indemnified Parties or any of them (whether in prosecuting or defending against such actions, suits or claims) to the extent resulting from, or arising out
of, or relating to the entering into and performance of this Agreement and any other Related Document by any of the Agent Indemnified Parties, except for any such Agent Indemnified Liabilities arising for the account of a particular Agent
Indemnified Party by reason of the relevant Agent Indemnified Party’s gross negligence, bad faith or willful misconduct. If and to the extent that the foregoing undertaking may be unenforceable for any reason, the Master Issuer hereby agrees to
make the maximum contribution to the payment and satisfaction of each of the Agent Indemnified Liabilities that is permissible under applicable law. The indemnity set forth in this Section 9.05(c) shall in no event include indemnification for
special, punitive, consequential or indirect damages of any kind or for any Taxes which shall be covered by (or expressly excluded from) the indemnification provided in Section 3.08. The Master Issuer shall give notice to the Rating Agencies of any
claim for Agent Indemnified Liabilities made under this Section 9.05(c). 

  
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 (d)    Indemnification of the Administrative Agent and each Funding
Agent by the Committed Note Purchasers. In consideration of the execution and delivery of this Agreement by the Administrative Agent and the related Funding Agent, each Committed Note Purchaser, ratably according to its respective Commitment,
hereby agrees to indemnify and hold the Administrative Agent and each of its officers, directors, employees and agents (collectively, the “Administrative Agent Indemnified Parties”) and such Funding Agent and each of its officers,
directors, employees and agents (collectively, the “Funding Agent Indemnified Parties,” and together with the Administrative Agent Indemnified Parties, the “Applicable Agent Indemnified Parties”) harmless from and
against any and all actions, causes of action, suits, losses, liabilities and damages, and reasonable documented costs and expenses incurred in connection therewith (solely to the extent not reimbursed by or on behalf of the Master Issuer)
(irrespective of whether any such Applicable Agent Indemnified Party is a party to the action for which indemnification hereunder is sought and including, without limitation, any liability in connection with the offering and sale of the Series 2022-1 Class A-1 Notes), including reasonable documented attorneys’ fees and disbursements (collectively, the “Applicable Agent Indemnified
Liabilities”), incurred by the Applicable Agent Indemnified Parties or any of them (whether in prosecuting or defending against such actions, suits or claims) to the extent resulting from, or arising out of, or relating to the entering into
and performance of this Agreement and any other Related Document by any of the Applicable Agent Indemnified Parties, except for any such Applicable Agent Indemnified Liabilities arising for the account of a particular Applicable Agent Indemnified
Party by reason of the relevant Applicable Agent Indemnified Party’s gross negligence, bad faith or willful misconduct. If and to the extent that the foregoing undertaking may be unenforceable for any reason, each Committed Note Purchaser,
ratably according to its respective Commitment, hereby agrees to make the maximum contribution to the payment and satisfaction of each of the Applicable Agent Indemnified Liabilities that is permissible under applicable law. The indemnity set forth
in this Section 9.05(d) shall in no event include indemnification for consequential or indirect damages of any kind or for any Taxes which shall be covered by (or expressly excluded from) the indemnification provided in
Section 3.08. 
 Section 9.06    Characterization as Related Document; Entire
Agreement. This Agreement shall be deemed to be a Related Document for all purposes of the Base Indenture and the other Related Documents. This Agreement, together with the Base Indenture, the Series
2022-1 Supplement, the documents delivered pursuant to Article VII and the other Related Documents, including the exhibits and schedules thereto, contains a final and complete integration of all prior
expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof, superseding all previous oral statements and other writings
with respect thereto. 
 Section 9.07    Notices. All notices, amendments, waivers, consents and other
communications provided to any party hereto under this Agreement shall be in writing and addressed, delivered or transmitted to such party at its address, e-mail address (if provided), or facsimile number set
forth on Schedule II hereto, or in each case at such other address, e-mail address or facsimile number as may be designated by such party in a notice to the other parties. Any notice, if mailed and
properly addressed with postage prepaid or if properly addressed and sent by pre-paid courier service, shall be deemed given when received; any notice, if transmitted by
e-mail, shall be deemed given when received; any notice, if transmitted by facsimile, shall be deemed given when transmitted (so long as transmitted on a Business Day, otherwise the next succeeding Business
Day) upon receipt of electronic confirmation of transmission. 
 Section 9.08    Severability of
Provisions. Any covenant, provision, agreement or term of this Agreement that is prohibited or is held to be void or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of the prohibition or
unenforceability without invalidating the remaining provisions of this Agreement. 
 Section 9.09    Tax
Characterization. Each party to this Agreement (a) acknowledges that it is the intent of the parties to this Agreement that, for accounting purposes and for all federal, state, local and foreign income and franchise Tax purposes, the Series
2022-1 Class A-1 Notes will be treated as evidence of indebtedness, (b) agrees to treat the Series 2022-1 Class A-1 Notes for all such purposes as indebtedness and (c) agrees that the provisions of the Related Documents shall be construed to further
these intentions. 

  
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 Section 9.10    No Proceedings; Limited Recourse. 

(a)    The Securitization Entities. Each of the parties hereto (other than the Master Issuer) hereby covenants and
agrees that, prior to the date that is one year and one day after the payment in full of the last maturing Note issued by the Master Issuer pursuant to the Base Indenture, it will not institute against, or join with any other Person in instituting
against, any Securitization Entity, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings, under any federal or state bankruptcy or similar law, all as more particularly set forth in
Section 14.13 of the Base Indenture and subject to any retained rights set forth therein; provided, however, that nothing in this Section 9.10(a) shall constitute a waiver of any right to indemnification,
reimbursement or other payment from the Securitization Entities pursuant to this Agreement, the Series 2022-1 Supplement, the Base Indenture or any other Related Document. In the event that a Lender Party
(solely in its capacity as such) takes action in violation of this Section 9.10(a), each affected Securitization Entity shall file or cause to be filed an answer with the bankruptcy court or otherwise properly contest or
cause to be contested the filing of such a petition by any such Person against such Securitization Entity or the commencement of such action and raise or cause to be raised the defense that such Person has agreed in writing not to take such action
and should be estopped and precluded therefrom and such other defenses, if any, as its counsel advises that it may assert. The provisions of this Section 9.10(a) shall survive the termination of this Agreement. Nothing
contained herein shall preclude participation by a Lender Party in the assertion or defense of its claims in any such proceeding involving any Securitization Entity. The obligations of the Master Issuer under this Agreement are solely the limited
liability company obligations of the Master Issuer. 
 (b)    The Conduit Investors. Each of the parties hereto
(other than the Conduit Investors) hereby covenants and agrees that it will not, prior to the date that is one year and one day after the payment in full of the latest maturing Commercial Paper or other debt securities or instruments issued by a
Conduit Investor, institute against, or join with any other Person in instituting against, such Conduit Investor, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any federal or state
bankruptcy or similar law; provided, however, that nothing in this Section 9.10(b) shall constitute a waiver of any right to indemnification, reimbursement or other payment from such Conduit Investor pursuant to this Agreement,
the Series 2022-1 Supplement, the Base Indenture or any other Related Document. In the event that the Master Issuer, the Manager or a Lender Party (solely in its capacity as such) takes action in violation of this Section 9.10(b), such
related Conduit Investor may file an answer with the bankruptcy court or otherwise properly contest or cause to be contested the filing of such a petition by any such Person against such Conduit Investor or the commencement of such action and raise
or cause to be raised the defense that such Person has agreed in writing not to take such action and should be estopped and precluded therefrom and such other defenses, if any, as its counsel advises that it may assert. The provisions of this
Section 9.10(b) shall survive the termination of this Agreement. Nothing contained herein shall preclude participation by the Master Issuer, the Manager or a Lender Party in assertion or defense of its claims in any such proceeding involving
a Conduit Investor. The obligations of the Conduit Investors under this Agreement are solely the corporate obligations of the Conduit Investors. No recourse shall be had for the payment of any amount owing in respect of this Agreement, including any
obligation or claim arising out of or based upon this Agreement, against any stockholder, employee, officer, agent, director, member, affiliate or incorporator (or Person similar to an incorporator under state business organization laws) of any
Conduit Investor; provided, however, nothing in this Section 9.10(b) shall relieve any of the foregoing Persons from any liability that any such Person may otherwise have for its gross negligence, bad faith or willful
misconduct. 

  
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 Section 9.11    Confidentiality. Each Lender Party agrees
that it shall not disclose any Confidential Information to any Person without the prior written consent of the Manager and the Master Issuer, other than (a) to their Affiliates, officers, directors, employees, agents and advisors, including,
without limitation, legal counsel and accountants (it being understood that the Person to whom such disclosure is made will be informed of the confidential nature of such Confidential Information and instructed to keep it confidential), (b) to
actual or prospective assignees and participants, and then only on a confidential basis (after obtaining such actual or prospective assignee’s or participant’s agreement to keep such Confidential Information confidential in a manner
substantially similar to this Section 9.11), (c) as requested by a Governmental Authority or self-regulatory organization or required by any law, rule or regulation or judicial process of which the Master Issuer or the
Manager, as the case may be, has knowledge; provided that each Lender Party may disclose Confidential Information as requested by a Governmental Authority or self-regulatory organization or required by any law, rule or regulation or judicial
process or pursuant to any routine examination or audit of which the Master Issuer or the Manager, as the case may be, does not have knowledge if such Lender Party is prohibited by law, rule, regulation or policy from disclosing such requirement to
the Master Issuer or the Manager, as the case may be, (d) to Program Support Providers (after obtaining such Program Support Providers’ agreement to keep such Confidential Information confidential in a manner substantially similar to this
Section 9.11), (e) to any Rating Agency providing a rating for any Series or Class of Notes or any Conduit Investor’s debt or (f) in the course of litigation with the Master Issuer, the Manager or such Lender
Party, or to any third party administration, settlement or similar service providers. 
 “Confidential Information” means
information that the Master Issuer or the Manager furnishes to a Lender Party, but does not include (i) any such information that is or becomes generally available to the public other than as a result of a disclosure by a Lender Party or other
Person to which a Lender Party delivered such information, (ii) any such information that was in the possession of a Lender Party prior to its being furnished to such Lender Party by the Master Issuer or the Manager or (iii) any such
information that is or becomes available to a Lender Party from a source other than the Master Issuer or the Manager; provided that with respect to clauses (ii) and (iii) herein, such source is not (x) known to a
Lender Party to be bound by a confidentiality agreement with the Master Issuer or the Manager, as the case may be, with respect to the information or (y) known to a Lender Party to be otherwise prohibited from transmitting the information by a
contractual, legal or fiduciary obligation. 
 Section 9.12    Governing Law; Conflicts with Indenture.
THIS AGREEMENT AND ALL MATTERS ARISING UNDER OR IN ANY MANNER RELATING TO THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. IN THE EVENT OF ANY CONFLICTS BETWEEN THIS AGREEMENT AND THE
INDENTURE, THE INDENTURE SHALL GOVERN. 
 Section 9.13    Jurisdiction. ALL JUDICIAL PROCEEDINGS
BROUGHT AGAINST ANY OF THE PARTIES HEREUNDER WITH RESPECT TO THIS AGREEMENT MAY BE BROUGHT IN ANY STATE OR (TO THE EXTENT PERMITTED BY LAW) FEDERAL COURT OF COMPETENT JURISDICTION SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK AND BY
EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY HEREUNDER ACCEPTS FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE NONEXCLUSIVE JURISDICTION OF THE AFORESAID COURTS, AND IRREVOCABLY AGREES TO BE BOUND BY ANY
JUDGMENT RENDERED THEREBY IN CONNECTION WITH THIS AGREEMENT. 
 Section 9.14    Waiver of Jury Trial. ALL
PARTIES HEREUNDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT, OR ANY COURSE OF CONDUCT,
COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE PARTIES IN CONNECTION HEREWITH OR THEREWITH. ALL PARTIES ACKNOWLEDGE AND AGREE THAT THEY HAVE RECEIVED FULL AND SIGNIFICANT CONSIDERATION FOR THIS PROVISION AND THAT THIS
PROVISION IS A MATERIAL INDUCEMENT FOR ALL PARTIES TO ENTER INTO THIS AGREEMENT. 

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

Section 9.17    Assignment. 

(a)    Subject to Section 6.03 and Section 9.17(g), any Committed
Note Purchaser may at any time sell all or any part of its rights and obligations under this Agreement, the Series 2022-1 Class A-1 Advance Notes and, in connection
therewith, any other Related Documents to which it is a party, with the prior written consent (not to be unreasonably withheld, conditioned or delayed) of the Master Issuer, the Swingline Lender and the L/C Provider, to one or more financial
institutions (an “Acquiring Committed Note Purchaser”) pursuant to an assignment and assumption agreement, substantially in the form of Exhibit B (the “Assignment and Assumption Agreement”), executed by such
Acquiring Committed Note Purchaser, such assigning Committed Note Purchaser, the Funding Agent with respect to such Committed Note Purchaser, the Master Issuer, the Swingline Lender and the L/C Provider and delivered to the Administrative Agent;
provided that (x) no consent of the Master Issuer shall be required for (i) an assignment to another Committed Note Purchaser or any Affiliate of a Committed Note Purchaser or if a Rapid Amortization Event or an Event of Default has
occurred and is continuing, (ii) a sale or assignment between Affiliates of a Committed Note Purchaser and (y) consent by the Master Issuer shall be deemed to have been given if no response is received with ten (10) Business Days of
the request therefor; provided, further, that no assignment pursuant to this Section 9.17 shall be made to a Competitor. 

(b)    Without limiting the foregoing, subject to Section 6.03 and Section 9.17(g), 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 2022-1 Class A-1 Advance Notes and, in connection therewith, any other Related
Documents to which it is a party to a Conduit Assignee with respect to such Conduit Investor, without the prior written consent of the Master Issuer. Upon such assignment by a Conduit Investor to a Conduit Assignee, (i) such Conduit Assignee shall
be the owner of the Investor Group Principal Amount or such portion thereof with respect to such Conduit Investor, (ii) the related administrative or managing agent for such Conduit Assignee will act as the Funding Agent for such Conduit Assignee
hereunder, with all corresponding rights and powers, express or implied, granted to the Funding Agent hereunder or under the other Related Documents, (iii) such Conduit Assignee and its liquidity support provider(s) and credit support provider(s)
and other related parties, in each case relating to the Commercial Paper and/or the Series 2022-1 Class A-1 Advance Notes, shall have the benefit of all the rights and protections provided to such Conduit Investor herein and in the other Related
Documents (including, without limitation, any limitation on recourse against such Conduit Assignee as provided in this paragraph), (iv) such Conduit Assignee shall assume all of such Conduit Investor’s obligations, if any, hereunder or under
the Base Indenture or under any other Related Document with respect to such portion of the Investor Group Principal Amount and such Conduit Investor shall be released from such obligations, (v) all distributions in respect of the Investor Group
Principal Amount or such portion thereof with respect to such Conduit Investor shall be made to the applicable Funding Agent on behalf of such Conduit Assignee, (vi) the definition of the term “CP Funding Rate” with respect to the portion
of the Investor Group Principal Amount with respect to such Conduit Investor, as applicable, funded or maintained with commercial paper issued by such Conduit Assignee from time to time shall be determined in the manner set forth in the definition
of “CP Funding Rate” applicable to such Conduit Assignee on the basis of the interest rate or discount applicable to Commercial Paper issued by or for the benefit of such Conduit Assignee (rather than any other Conduit Investor), (vii) the
defined terms and other terms and provisions of this Agreement and the other Related Documents shall be interpreted in accordance with the foregoing, and (viii) if requested by the Funding Agent with respect to such Conduit Assignee, the parties
will execute and deliver such further agreements and documents and take such other actions as the Funding Agent may reasonably request to evidence and give effect to the foregoing. No assignment by any Conduit Investor to a Conduit Assignee of all
or any portion of the Investor Group Principal Amount with respect to such Conduit Investor shall in any way diminish the obligation of the Committed Note Purchasers in the same Investor Group as such Conduit Investor under Section 2.03 to
fund any Increase not funded by such Conduit Investor or such Conduit Assignee. 

  
 63 

 (c)    Subject to Section 6.03 and
Section 9.17(g), 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 2022-1 Class A-1 Advance Notes and, in connection therewith, any other Related Documents to which it is a party, with the prior written consent (not to be unreasonably
withheld, conditioned or delayed) of the Master Issuer, the Swingline Lender and the L/C Provider, to a multi-seller commercial paper conduit, whose commercial paper is rated at least “A-1” from
S&P, “P1” from Moody’s and/or “F1” from Fitch, as applicable, and one or more financial institutions providing support to such multi-seller commercial paper conduit (an “Acquiring Investor Group”)
pursuant to a transfer supplement, substantially in the form of Exhibit C (the “Investor Group Supplement” or the “Series 2022-1 Class A-1 Investor Group Supplement”), executed by such Acquiring Investor Group, the Funding Agent with respect to such Acquiring Investor Group (including the Conduit Investor and the Committed Note
Purchasers with respect to such Investor Group), such assigning Conduit Investor and the Committed Note Purchasers with respect to such Conduit Investor, the Funding Agent with respect to such assigning Conduit Investor and Committed Note
Purchasers, the Master Issuer, the Swingline Lender and the L/C Provider and delivered to the Administrative Agent; provided that (x) no consent of the Master Issuer shall be required for an assignment to another Committed Note Purchaser
or any Affiliate of a Committed Note Purchaser and its related Conduit Investor or if a Rapid Amortization Event or an Event of Default has occurred and is continuing. and (y) consent by the Master Issuer shall be deemed to have been given if
no response is received with ten (10) Business Days of the request therefor. 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 Section 6.03 and Section 9.17(g), the Swingline Lender may at any time
assign all its rights and obligations hereunder and under the Series 2022-1 Class A-1 Swingline Note, in whole but not in part, with the prior written consent of the Master Issuer and the Administrative Agent, which consent shall not be unreasonably
withheld, conditioned or delayed, to a financial institution pursuant to an agreement with, and in form and substance reasonably satisfactory to, the Administrative Agent and the Master Issuer, whereupon the assignor shall be released from its
obligations hereunder; provided that (x) no consent of the Master Issuer shall be required for an assignment to any Affiliate of a Swingline Lender or if a Rapid Amortization Event or an Event of Default has occurred and is continuing, and (y)
consent by the Master Issuer shall be deemed to have been given if no response is received with ten (10) Business Days of the request therefor; 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, conditioned or delayed, shall be required if such financial
institution is not a Committed Note Purchaser. 

  
 64 

 (e)    Subject to Section 6.03 and
Section 9.17(g), the L/C Provider may at any time assign all or any portion of its rights and obligations hereunder and under the Series 2022-1
Class A-1 L/C Note with the prior written consent of the Master Issuer and the Administrative Agent, which consent shall not be unreasonably withheld, conditioned or delayed, to a financial institution
pursuant to an agreement with, and in form and substance reasonably satisfactory to, the Administrative Agent and the Master Issuer, whereupon the assignor shall be released from its obligations hereunder to the extent so assigned; provided
that (x) no consent of the Master Issuer shall be required for an assignment to any Affiliate of a L/C Provider or if a Rapid Amortization Event or an Event of Default has occurred and is continuing, and (y) consent by the Master Issuer
shall be deemed to have been given if no response is received with ten (10) Business Days of the request therefor. 

(f)    Subject to Section 6.03 and Section 9.17(g), the L/C Provider
may at any time assign all or any portion of its rights and obligations hereunder and under the Series 2022-1 Class A-1 L/C Note with the prior written consent of
the Master Issuer and the Administrative Agent, which consent shall not be unreasonably withheld, conditioned or delayed, to a financial institution pursuant to an agreement with, and in form and substance reasonably satisfactory to, the
Administrative Agent and the Master Issuer, whereupon the assignor shall be released from its obligations hereunder to the extent so assigned; provided that (x) no consent of the Master Issuer shall be required for an assignment to any
Affiliate of a L/C Provider or if a Rapid Amortization Event or an Event of Default has occurred and is continuing, and (y) consent by the Master Issuer shall be deemed to have been given if no response is received with ten (10) Business
Days of the request therefor. 
 (g)    Any assignment of the Series 2022-1 Class A-1 Notes shall be made in accordance with the applicable provisions of the Indenture including that the Master Issuer shall (i) maintain an office or agency where the Series 2022-1 Class A-1 Notes may be presented for registration of transfer or for exchange (the “Registrar”) and (ii) appoint a paying agent at whose
office or agency Notes may be presented for payment. The Registrar shall keep a register of the Series 2022-1 Class A-1 Notes (including the name and address of
each such Series 2022-1 Class A-1 Noteholder) and of their transfer and exchange. The Trustee shall indicate in its books and records the commitment of each Series 2022-1 Class A-1 Noteholder, if applicable, and the principal (and stated interest) amount owing to each Series 2022-1 Class A-1 Noteholder from time to time, such that each Series 2022-1 Class A-1 Note is at all times maintained in
“registered form” within the meaning of Sections 163(f), 871(h)(2), and 881(c)(2) of the Code and any related Treasury regulations (or any other relevant or successor provisions of the Code or such regulations). 

Section 9.18    Defaulting Investors. (a) The Master Issuer may, at its sole expense and effort, upon
notice to such Defaulting Investor and the Administrative Agent, require any Defaulting Investor to sell all of its rights, obligations and commitments under this Agreement, the Series 2022-1 Class A-1 Notes and, in connection therewith, any other Related Documents to which it is a party, to an assignee; provided that (x) such assignment is made in compliance with
Section 9.17 and (y) such Defaulting Investor shall have received from such assignee an amount equal to such Defaulting Investor’s Committed Note Purchaser Percentage of the related Investor Group Principal Amount
of such Defaulting Investor and all accrued interest thereon, accrued fees and all other amounts payable to such Defaulting Investor hereunder. 

(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 2022-1 Class A-1 Notes and, in connection therewith, any other Related Documents to which it is a party, to an
unaffiliated third-party assignee for an amount less than 100% (or, if only a portion of such rights, obligations and commitments are proposed to be sold, such portion) of such Defaulting Investor’s Committed Note Purchaser Percentage of the
related Investor Group Principal Amount of such Defaulting Investor and all accrued interest thereon, accrued fees and all other amounts payable to such Defaulting Investor hereunder, such Defaulting Investor shall promptly notify the Master Issuer
of the proposed sale (the “Sale Notice”). Each Sale Notice shall certify that such Defaulting Investor has received a firm offer from the prospective unaffiliated third party and shall contain the material terms of the proposed
sale, including, without limitation, the purchase price of the proposed sale and the portion of such Defaulting Investor’s rights, obligations and commitments proposed to be sold. The Master Issuer and any of its Affiliates shall have an option
for a period of three (3) Business Days from the date the Sale Notice is given to elect to purchase such rights, obligations and commitments at the same price and subject to the same material terms as described in the Sale Notice. The Master
Issuer or any of its Affiliates may exercise such purchase option by notifying such Defaulting Investor before expiration of such three (3) Business Day period that it wishes to purchase all (but not a portion) of the rights, obligations and
commitments of such Defaulting Investor proposed to be sold to such unaffiliated third party. If the Master Issuer or any of its Affiliates gives notice to such Defaulting Investor that it desires to purchase such rights, obligations and
commitments, the Master Issuer or such Affiliate shall promptly pay the purchase price to such Defaulting Investor. If the Master Issuer or any of its Affiliates does not respond to any Sale Notice within such three (3) Business Day period, the
Master Issuer and its Affiliates shall be deemed not to have exercised such purchase option. 

  
 65 

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

(i)    Such Defaulting Investor’s right to approve or disapprove any amendment, waiver or consent
with respect to this Agreement shall be restricted as set forth in Section 9.01. 
 (ii) Any payment of
principal, interest, fees or other amounts payable to the account of such Defaulting Investor (whether voluntary or mandatory, at maturity or otherwise) shall be applied (and the Master Issuer shall instruct the Trustee to apply such amounts) as
follows: first, to the payment of any amounts owing by such Defaulting Investor to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Investor to the L/C Provider or the Swingline
Lender hereunder; third, to provide cash collateral to the L/C Provider in accordance with Section 4.03(b) in an amount equal to the amount of Undrawn L/C Face Amounts at such time multiplied by the Commitment Percentage of such
Defaulting Investor’s Investor Group multiplied by the Committed Note Purchaser Percentage of such Defaulting Investor; fourth, as the Master Issuer may request (so long as no Default or Event of Default exists), to the funding of any
Advance in respect of which such Defaulting Investor has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Master Issuer,
to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Investor’s potential future funding obligations with respect to Advances under this Agreement and (y) to provide cash collateral to the L/C
Provider in accordance with Section 4.03(b) in an amount equal to the amount of any future Undrawn L/C Face Amounts multiplied by the Commitment Percentage of such Defaulting Investor’s Investor Group multiplied by the Committed Note
Purchaser Percentage of such Defaulting Investor; sixth, to the payment of any amounts owing to the Investors, the L/C Provider or the Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained by any Investor,
the L/C Provider or the Swingline Lender against such Defaulting Investor as a result of such Defaulting Investor’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default exists, to the payment
of any amounts owing to the Master Issuer as a result of any judgment of a court of competent jurisdiction obtained by the Master Issuer against such Defaulting Investor as a result of such Defaulting Investor’s breach of its obligations under
this Agreement; and eighth, to such Defaulting Investor or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Advances or any extensions of credit
resulting from a drawing under any Letter of Credit that has not been reimbursed as an Advance pursuant to Section 2.08(a) in respect of which such Defaulting Investor has not fully funded its appropriate share, and (y) such Advances were
made or the related Letters of Credit were issued at a time when the conditions set forth in Section 7.03 were satisfied or waived, such payment shall be applied solely to pay the Advances of, and extensions of credit resulting from a drawing
under any Letter of Credit that has not been reimbursed as an Advance pursuant to Section 2.08(a) owed to, all non-Defaulting Investors on a pro rata basis prior to being applied to the payment of any Advances of, participations required to
be purchased pursuant to Section 2.09(a) owed to, such Defaulting Investor until such time as all Advances and funded and unfunded participations in L/C Obligations and Swingline Loans are held by the Investors pro rata in accordance with the
Commitments without giving effect to Section 9.18(c)(iii). Any payments, prepayments or other amounts paid or payable to a Defaulting Investor that are applied (or held) to pay amounts owed by a Defaulting Investor or to post cash
collateral pursuant to this Section 9.18(c)(ii) shall be deemed paid to and redirected by such Defaulting Investor, and each Investor irrevocably consents hereto. 

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

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

  
 67 

 Section 9.19    No Fiduciary Duties. Each of the Manager,
Master Issuer and the Guarantors 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 made by the Lender Parties: (a) no fiduciary or agency relationship between any of the Manager, the Master Issuer or
the Guarantors 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, the Master Issuer or the Guarantors, and such
relationship between any of the Manager, the Master Issuer or the Guarantors, 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, the Master Issuer and the Guarantors 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, the Master Issuer or any of the Guarantors; and (e) the Manager, the Master Issuer and the Guarantors have consulted their own legal and financial advisors to the extent they deemed appropriate. For the avoidance of doubt,
each of the Manager, the Master Issuer and the Guarantors hereby waive any claims that Manager, the Master Issuer or the Guarantors may have against the Lender Parties with respect to any breach of fiduciary duty in connection with the Series 2022-1 Class A-1 Notes. 

Section 9.20    Commitment Term; Termination of Agreement. This Agreement shall terminate upon the earlier to
occur of (a) the permanent reduction of the Series 2022-1 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 2022-1 Class A-1 Notes, (b) the payment in
full of all monetary Obligations in respect of the Series 2022-1 Class A-1 Notes on or after the Commitment Termination Date and (c) the termination of the
Series Supplement pursuant to Section 5.9 thereof. 
 Section 9.21    Acknowledgement and Consent to Bail-In of Affected Financial Institutions. Notwithstanding anything to the contrary in any Related Document or in any other agreement, arrangement or understanding among any such parties, each party hereto
acknowledges that any liability of any Affected Financial Institution arising under any Related Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and
agrees and consents to, and acknowledges and agrees to be bound by: 
 (a)    the application of any Write-Down and
Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and 

(b)    the effects of any Bail-In Action or any such liability, including, if
applicable: 
 (i)    a reduction in full or in part or cancellation of any such liability; 

(ii)    a conversion of all, or a portion of, such liability into shares or other instruments of ownership
in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with
respect to any such liability under this Agreement or any other Related Document; or 
 (iii)    the
variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority. 

Section 9.22    USA Patriot Act. In accordance with the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into
law October 26, 2001)) (the “USA PATRIOT Act”), any Lender Party that is subject to the USA PATRIOT Act may obtain, verify and record information that identifies individuals or entities that establish a relationship with such Lender
Party, including the name, address, tax identification number and other information in accordance with the USA PATRIOT Act that will allow it to identify the individual or entity who is establishing the relationship or opening the account. 

  
 68 

 Section 9.23    Acknowledgement Regarding Any Supported
QFCs.(a) To the extent that the Related Documents provide support, through a guarantee or otherwise, for swap contracts or any other agreement or instrument that is a QFC (such support, “QFC Credit Support” and each such QFC a
“Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street
Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable
notwithstanding that the Related Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York or of the United States or any other state of the United States): 

(b)    In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes
subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights
in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit
Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding
under a U.S. Special Resolution Regime, Default Rights under the Related Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no
greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Related Documents were governed by the laws of the United States or a state of the United States. 

(c)    As used in this Section 9.23, the following terms have the following meanings: 

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

(ii)    “Covered Entity” means any of the following: 

(A)    a “covered entity” as that term is defined in, and interpreted in accordance with, 12
C.F.R. § 252.82(b) 
 (B)    a “covered bank” as that term is defined in, and interpreted
in accordance with, 12 C.F.R. § 47.3(b); or 
 (C)    a “covered FSI” as that term is
defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b). 
 (iii)    “Default
Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. 

(iv)    “QFC” has the meaning assigned to the term “qualified financial
contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D). 
 [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

  
 69 

 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. 
  

									
	Planet Fitness Master Issuer LLC 
as Master Issuer	 		 	Planet Fitness SPV Franchising LLC 
as Guarantor
					
	By:	 	 /s/ Justin Vartanian
	 		 	By:	 	 /s/ Justin Vartanian

		 	Name: Justin Vartanian	 		 		 	Name: Justin Vartanian
		 	Title:   General Counsel & Secretary	 		 		 	Title:   General Counsel & Secretary
			
	Planet Fitness Holdings, LLC 
as Manager	 		 	Planet Fitness Assetco LLC 
as Guarantor
					
	By:	 	 /s/ Justin Vartanian
	 		 	By:	 	 /s/ Justin Vartanian

		 	Name: Justin Vartanian	 		 		 	Name: Justin Vartanian
		 	Title:   General Counsel & Secretary	 		 		 	Title:   General Counsel & Secretary
			
	Planet Fitness SPV Guarantor LLC 
as Guarantor	 		 	Planet Fitness Distribution LLC 
as Guarantor
					
	By:	 	 /s/ Justin Vartanian
	 		 	By:	 	 /s/ Justin Vartanian

		 	Name: Justin Vartanian	 		 		 	Name: Justin Vartanian
		 	Title:   General Counsel & Secretary	 		 		 	Title:   General Counsel & Secretary

 
			
	ING Capital LLC,
	as Administrative Agent
		
	By	 	 /s/ Yuri Marasanov

		 	Name: Yuri Marasanov
		 	Title:   Vice President
		
	By	 	 /s/ Thomas Ryan

		 	Name: Thomas Ryan
		 	Title:   Managing Director
	
	ING Capital LLC,
	as L/C Provider
		
	By	 	 /s/ Yuri Marasanov

		 	Name: Yuri Marasanov
		 	Title:   Vice President
		
	By	 	 /s/ Thomas Ryan

		 	Name: Thomas Ryan
		 	Title:   Managing Director
	
	ING Capital LLC,
	as Swingline Lender
		
	By	 	 /s/ Yuri Marasanov

		 	Name: Yuri Marasanov
		 	Title:   Vice President
		
	By	 	 /s/ Thomas Ryan

		 	Name: Thomas Ryan
		 	Title:   Managing Director
	
	ING Capital LLC,
	as the Committed Note Purchaser
		
	By	 	 /s/ Yuri Marasanov

		 	Name: Yuri Marasanov
		 	Title:   Vice President
		
	By	 	 /s/ Thomas Ryan

		 	Name: Thomas Ryan
		 	Title:   Managing Director

 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	 
	 ING Capital LLC
	  	$	75,000,000	 	  	N/A	  	ING Capital LLC	  	$	75,000,000	 

  
 i 

 SCHEDULE II TO CLASS A-1 

NOTE PURCHASE AGREEMENT 

NOTICE ADDRESSES FOR LENDER PARTIES, AGENTS, MASTER ISSUER AND MANAGER 

CONDUIT INVESTORS 
 N/A 

COMMITTED PURCHASERS 
 ING Capital LLC 

1133 Avenue of the Americas 
 New York, New York 10036 

Attention: Securitization 
 Email: Thomas.Ryan@ing.com 

Email: Yury.Marasanov@ing.com 
 Email: Alan.Lisiecki@ing.com 

And a copy to: 
 Skadden, Arps, Slate, Meagher & Flom
LLP 
 One Manhattan West 
 New York, New York 10001 

Attention: James S. Stringfellow 
 FUNDING AGENTS

 N/A 
 ADMINISTRATIVE AGENT, SWINGLINE
LENDER & L/C PROVIDER 
 ING Capital LLC 
 1133
Avenue of the Americas 
 New York, New York 10036 
 Attention:
Securitization 
 Email: Thomas.Ryan@ing.com 
 Email:
Yury.Marasanov@ing.com 
 Email: Alan.Lisiecki@ing.com 
 And a
copy to (which shall not constitute notice): 
 Skadden, Arps, Slate, Meagher & Flom LLP 

One Manhattan West 
 New York, New York 10001 

Attention: James S. Stringfellow 

  
 ii 

 MASTER ISSUER 

Planet Fitness Master Issuer LLC 
 4 Liberty Lane West, Floor 2

 Hampton, NH 03842 
 Attention: General Counsel 

Email: legal@pfhq.com 
 And a copy to (which shall not
constitute notice): 
 Ropes & Gray LLP 
 Prudential
Tower, 800 Boylston Street 
 Boston, MA 02199-3600 
 Attention:
Patricia C. Lynch 
 Email : Patricia.Lynch@ropesgray.com 

MANAGER 
 Planet Fitness Holdings, LLC 

4 Liberty Lane West 
 Hampton, NH 03842 

Attention: General Counsel 
 Email: legal@pfhq.com 

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

Ropes & Gray LLP 
 Prudential Tower, 800 Boylston Street

 Boston, MA 02199-3600 
 Attention: Patricia C. Lynch 

Email : Patricia.Lynch@ropesgray.com 

  
 iii 

 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
Related Documents, and all other legal matters relating to the Related Documents and the transactions contemplated thereby, shall be satisfactory in all material respects to the Lender Parties, and the Master Issuer and the Guarantors shall have
furnished to the Lender Parties all documents and information that the Lender Parties or their counsel may reasonably request to enable them to pass upon such matters. 

(b)    The Lender Parties shall have received evidence satisfactory to the Lender Parties and their counsel, that, on or
before the Closing Date, all existing Liens (other than Permitted Liens) on the Collateral shall have been released and UCC-1 financing statements and assignments and other instruments required to be filed on
or prior to the Closing Date pursuant to the Related Documents have been or are being filed. 
 (c)    Each Lender
Party shall have received opinions of counsel, in each case dated as of the Closing Date and addressed to the Lender Parties, from Ropes & Gray LLP, as counsel to the Master Issuer, the Guarantors, the Manager and the Parent Companies, and
such local, franchise, special and foreign counsel as the Administrative Agent shall reasonably request, dated as of the Closing Date and addressed to the Lender Parties, with respect to such matters as the Administrative Agent shall reasonably
request (including, without limitation, company matters, non-consolidation matters, security interest matters relating to the Collateral and no-conflicts matters,
“true contribution” matters and, from appropriate special counsel, franchise law matters). 
 (d)    The
Lender Parties shall have received an opinion of Dentons US LLP, counsel to the Trustee, dated the Closing Date and addressed to the Lender Parties, in form and substance satisfactory to the Lender Parties and their counsel. 

(e)    The Lender Parties shall have received an opinion of Andrascik & Tita LLC, counsel to the Back-Up Manager, dated the Closing Date and addressed to the Lender Parties, in form and substance satisfactory to the Lender Parties and their counsel. 

(f)    The Lender Parties shall have received an opinion of Eversheds Sutherland(US) LLC, counsel to the Servicer, dated
the Closing Date and addressed to the Lender Parties, in form and substance reasonably satisfactory to the Lender Parties and their counsel. 

(g)    There shall exist at and as of the Closing Date no condition that would constitute an “Event of Default”
(or an event that with notice or the lapse of time, or both, would constitute an “Event of Default”) under, and as defined in, the Indenture or a material breach under any of the Related Documents as in effect at the Closing Date (or an
event that, with notice or lapse of time, or both, would constitute such a material breach). On the Closing Date, each of the Related Documents shall be in full force and effect. 

(h)    The Parent Companies, the Master Issuer and each Guarantor shall have furnished to the Administrative Agent a
certificate, dated as of the Closing Date, of the Chief Financial Officer of such entity (or other officers reasonably satisfactory to the Administrative Agent) that such entity will be Solvent immediately after the consummation of the transactions
contemplated by this Agreement; provided, that, in the case of each Securitization Entity, such Securitization Entity’s pro rata share of 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. 

  
 iv 

 (i)    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 threatened
against the Master Issuer, the Parent Companies, the Guarantors or the Lender Parties that would reasonably be expected to adversely impact the issuance of the Series 2022-1 Notes and the Guarantee thereof
under the Guarantee and Collateral Agreement or the Lender Parties’ activities in connection therewith or any other transactions contemplated by the Related Documents. 

(j)    The representations and warranties of each of the Master Issuer, the Parent Companies, the Manager and the
Guarantors (to the extent a party thereto) contained in the Related Documents to which each of the Master Issuer, the Parent Companies, the Manager and the Guarantors is a party will be true and correct (i) if qualified as to materiality or
Material Adverse Effect, in all respects, and (ii) if not so qualified, in all material respects, as of the Closing Date (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and
correct (x) if qualified as to materiality, in all respects, and (y) if not so qualified, in all material respects, as of such earlier date). 

(l)    Upon the reasonable request of any Lender Party made at least ten (10) days prior to the Closing Date, the
Master Issuer, the Parent Companies, the Manager or the Guarantors, as applicable, shall have provided to such Lender Party the documentation and other information so requested in connection with (i) applicable “know your customer”
and anti-money-laundering rules and regulations, including the PATRIOT Act, (ii) any Taxes that may be imposed under FATCA, in each case at least three (3) days prior to the Closing Date, and (iii) a Beneficial Ownership Certification
in relation to the Master Issuer and each subsidiary that qualifies as a “legal entity customer” under the Beneficial Ownership Regulation. 

(m)    The Master Issuer shall have delivered an aggregate amount of $900,000,000 of the Series 2022-1 Class A-2 Notes to the Initial Purchasers on the Closing Date. 

(n)    The Lender Parties shall have received a certificate from each of the Master Issuer, the Manager and each
Guarantor, in each case executed on behalf of such Person by any Authorized Officer of the such Person, dated the Closing Date, to the effect that, to the best of each such Authorized Officer’s knowledge, (i) the representations and
warranties of such Person in this Agreement and in each other Related Document to which such Person is a party are true and correct (A) if qualified as to materiality or Material Adverse Effect, in all respects and (B) if not so qualified,
in all material respects, in each case, on and as of the Closing Date (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct (x) if qualified as to materiality or Material
Adverse Effect, in all respects, and (y) if not so qualified, in all material respects, in each case, as of such earlier date); (ii) such Person has complied with all agreements in all material respects and satisfied all conditions on its part
to be performed or satisfied hereunder or under the Related Documents at or prior to the Closing Date; (iii) subsequent to the date as of which information is given in the Pricing Disclosure Package (as defined in the Series 2022-1 Class A-2 Note Purchase Agreement), there has not been any development in the general affairs, business, properties, capitalization, condition (financial or
otherwise) or results of operation of such Person except as set forth or contemplated in the Pricing Disclosure Package or as described in such certificate or certificates that could reasonably be expected to result in a Material Adverse Effect; and
(iv) nothing has come to such officer’s attention that would lead such Authorized Officer to believe that the Pricing Disclosure Package, as of the Applicable Time (as defined in the Series 2022-1 Class A-2 Note Purchase Agreement), and as of the Closing Date, or the Offering Memorandum as of its date and as of the Closing Date included or includes any untrue statement of a material fact or omitted or
omits to state any material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. 

  
 v 

 (o)    On or prior to the Closing Date, the Master Issuer shall have
paid (i) the Upfront Commitment Fee (under and as defined in the Series 2022-1 Class A-1 VFN Fee Letter) to each Committed Note Purchaser, (ii) the
initial installment of Administrative Agent Fees (under and as defined in the Series 2022-1 Class A-1 VFN Fee Letter) to the Administrative Agent, and
(iii) the fees to the Administrative Agent (under the Additional Fee Letter entered into between the Master Issuer and Administrative Agent as of the date hereof). 

(p)    On or prior to the Closing Date, the Parent Companies, the Manager, the Guarantors and the Master Issuer shall
have furnished to the Lender Parties such further certificates and documents as the Lender Parties may reasonably request. 

(q)    On the Closing Date, each of the Base Indenture and the other Related Documents shall have been executed and
delivered by the parties thereto in substantially the same form as has been submitted, reviewed and approved by the Administrative Agent as of the date of this Agreement (or, with respect to any Related Documents entered into prior to the Closing
Date, such date of execution). 
 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. 

  
 vi 

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

ADVANCE REQUEST 
 PLANET
FITNESS MASTER ISSUER LLC 
 SERIES 2022-1 VARIABLE FUNDING SENIOR NOTES, CLASS A-1 
 TO: 

ING CAPITAL LLC, as Administrative Agent 
 Ladies and
Gentlemen: 
 This Advance Request is delivered to you pursuant to Section 2.03 of that certain Series 2022-1 Class A-1 Note Purchase Agreement, dated as of January 25, 2022 (as amended, supplemented, amended and restated or otherwise modified from time to time, the
“Series 2022-1 Class A-1 Note Purchase Agreement”), by and among Planet Fitness Master Issuer LLC, as Master Issuer, Planet Fitness
Franchising LLC, Planet Fitness Assetco LLC and Planet Fitness Distribution LLC, each as a Guarantor, Planet Fitness Holdings, LLC, as Manager, the Conduit Investors, Committed Note Purchasers and Funding Agents named therein, the L/C Provider and
Swingline Lender named therein, and ING Capital LLC, as Administrative Agent (in such capacity, the “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 2022-1 Class A-1 Note Purchase Agreement. 

The undersigned hereby requests that Advances be made in the aggregate principal amount of
$                 on                , 20___. 

[IF THE MASTER ISSUER IS ELECTING THE TERM SOFR 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 Term SOFR Advances and
the related Term SOFR Interest Accrual Period shall commence on the date of such Term SOFR Advances and end on but excluding the date [one month subsequent to such date] [three months subsequent to such date] [six 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 2022-1 Class A-1 Note Purchase Agreement have been satisfied and all statements set forth in
Section 6.01 of the Series 2022-1 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 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. 

  
 vii 

 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, pursuant to the
following instructions: 
 [insert payment instructions] 

  
 viii 

 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    . 
  

					
	PLANET FITNESS HOLDINGS, LLC,
	as Manager on behalf of the Master Issuer
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 ix 

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

SWINGLINE LOAN REQUEST 

PLANET FITNESS MASTER ISSUER LLC 

SERIES 2022-1 VARIABLE FUNDING SENIOR NOTES, CLASS A-1

 TO: 
 ING CAPITAL LLC, as Swingline
Lender 
 Ladies and Gentlemen: 
 This
Swingline Loan Request is delivered to you pursuant to Section 2.06 of that certain Series 2022-1 Class A-1 Note Purchase Agreement, dated
as of January 25, 2022 (as amended, supplemented, amended and restated or otherwise modified from time to time, the “Series 2022-1
Class A-1 Note Purchase Agreement”), by and among Planet Fitness Master Issuer LLC, as Master Issuer, Planet Fitness Franchising LLC, Planet Fitness Assetco LLC and Planet Fitness
Distribution LLC, each as a Guarantor, Planet Fitness Holdings, LLC, as Manager, the Conduit Investors, Committed Note Purchasers and Funding Agents named therein, the L/C Provider named therein, ING CAPITAL LLC, as Swingline Lender (in such
capacity, the “Swingline Lender”) and ING Capital LLC, as Administrative Agent (in such capacity, the “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 2022-1 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 2022-1 Class A-1 Note Purchase Agreement have been satisfied and all statements set forth in
Section 6.01 of the Series 2022-1 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 pursuant to the following instructions: 

[insert payment instructions] 

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    . 

  
 x 

 
					
	PLANET FITNESS HOLDINGS, LLC,
	as Manager on behalf of the Master Issuer
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 xi 

 EXHIBIT B TO CLASS A-1 

NOTE PURCHASE AGREEMENT 

ASSIGNMENT AND ASSUMPTION AGREEMENT, dated as of
[                    ], by and 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 Master
Issuer, 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 the Series 2022-1 Class A-1 Note Purchase Agreement, dated as of January 25, 2022 (as from time to time
amended, supplemented or otherwise modified in accordance with the terms thereof, the “Series 2022-1 Class A-1 Note Purchase
Agreement”; terms used but not otherwise defined herein having the meanings ascribed to such terms therein), by and among the Master Issuer, the Guarantors, the Manager, the Conduit Investors, Committed Note Purchasers and Funding Agents
named therein, the L/C Provider and Swingline Lender named therein, PLANET FITNESS HOLDINGS, as Manager, and ING CAPITAL LLC, as Administrative Agent (in such capacity, the “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 2022-1 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 2022-1 Class A-1 Note Purchase Agreement, the Series 2022-1
Class A-1 Advance Notes and each other Related 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 2022-1
Class A-1 Note Purchase Agreement, the Master Issuer (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 2022-1 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 2022-1 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 2022-1 Class A-1 Note Purchase Agreement and (y) the Transferor’s Committed Note Purchaser Percentage of the related Investor Group Principal Amount. 

  
 xii 

 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 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 2022-1
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 2022-1 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 2022-1 Supplement or the Series 2022-1 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 2022-1 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 2022-1 Supplement, the Series 2022-1 Class A-1 Note Purchase
Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Indenture, the Series 2022-1 Class A-1 Notes, the Related
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 Master Issuer or the performance or
observance by the Master Issuer of any of the Master Issuer’s obligations under the Indenture, the Series 2022-1 Class A-1 Note Purchase Agreement, the Related
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 2022-1 Class A-1 Note Purchase Agreement and such other Related 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 2022-1 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 2022-1 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 2022-1 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 2022-1 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 2022-1 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 2022-1 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
Master Issuer and the Manager that: (A) it has had an opportunity to discuss the Master Issuer’s and the Manager’s business, management and financial affairs, and the terms and conditions of the proposed purchase, with the Master
Issuer and the Manager and their respective representatives; (B) it is a “qualified institutional buyer” within the meaning of Rule 144A under the 1933 Act and otherwise meets the criteria in Section 6.03(b)
of the Series 2022-1 Class A-1 Note Purchase Agreement 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 2022-1 Class A-1 Notes; (C) it is purchasing
the Series 2022-1 Class A-1 Notes for its own account, or for the account of one or more “qualified institutional buyers” within the meaning of Rule 144A
under the 1933 Act that meet the criteria described in 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 2022-1 Class A-1 Notes; (D) it understands that (I) the Series 2022-1
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 Master Issuer, (II) the Master Issuer is not required to register the Series 2022-1 Class A-1
Notes, (III) any permitted transferee hereunder must be a “qualified institutional buyer” within the meaning of Rule 144A under the 1933 Act and must otherwise 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 2022-1 Supplement and Sections 9.03 or 9.17, as applicable, of the
Series 2022-1 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 2022-1 Class A-1 Notes; (F) it understands that the Series 2022-1
Class A-1 Notes will bear the legend set out in the form of Series 2022-1 Class A-1 Notes attached to the Series 2022-1 Supplement and be subject to the restrictions on transfer described in such legend; (G) it will obtain for the benefit of the Master Issuer from any purchaser of the Series
2022-1 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 2022-1 Class A-1 Note Purchase Agreement. 

  
 xiii 

 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 than 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 2022-1 CLASS A-1 NOTE PURCHASE AGREEMENT, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS ASSIGNMENT AND ASSUMPTION
AGREEMENT OR THE SERIES 2022-1 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. 

  
 xiv 

 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, which shall be the effective date and the date of recordation in the Series 2022-1 Class A-1 Notes Register. 
  

					
	[                    ], as Transferor
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
		
	By:	 	  

		 	Name:
		 	Title:	 	
	
	[                    ], as Acquiring Committed Note Purchaser
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	[                    ], as Funding Agent
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 xv 

 
					
	CONSENTED AND ACKNOWLEDGED BY THE MASTER ISSUER:
	
	PLANET FITNESS MASTER ISSUER LLC, as Master Issuer
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 xvi 

 
					
	CONSENTED BY:
	
	ING CAPITAL LLC, as Swingline Lender
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	ING CAPITAL LLC, as L/C Provider
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 xvii 

 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:
	  			
		
	 Facsimile:
	  			
		
	 Purchased Percentage of Transferor’s Commitment:
	  	 	[    	]% 
		
	 Prior Commitment Amount:
	  	$	[            	] 
		
	 Revised Commitment Amount:
	  	$	[            	] 
		
	 Prior Maximum Investor Group Principal Amount:
	  	$	[            	] 
		
	 Revised Maximum Investor Group Principal Amount:
	  	$	[            	] 
		
	 Related Conduit Investor (if applicable)
	  	 	[            	] 
		
	
[                   
 ], as
	  			
	 related Funding Agent
	  			
		
	 Address:
	  			
		
	 Attention:
	  			
		
	 Telephone:
	  			
		
	 Facsimile:
	  			

  
 xviiii 

 EXHIBIT C TO CLASS A-1 

NOTE PURCHASE AGREEMENT 

INVESTOR GROUP SUPPLEMENT, dated as of
[                    ], by and 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 Master Issuer, 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 the
Series 2022-1 Class A-1 Note Purchase Agreement, dated as of January 25, 2022 (as from time to time amended, supplemented or otherwise modified in accordance
with the terms thereof, the “Series 2022-1 Class A-1 Note Purchase Agreement”; terms used but not otherwise defined herein having the
meanings ascribed to such terms therein), by and among the Master Issuer, the Guarantors, the Manager, the Conduit Investors, Committed Note Purchasers and Funding Agents named therein, the L/C Provider and Swingline Lender named therein, Planet
Fitness Holdings, LLC, as Manager, and ING Capital LLC, as Administrative Agent (in such capacity, the “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 2022-1 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 2022-1 Class A-1 Note Purchase Agreement, the Series 2022-1 Class A-1 Advance Notes and each other Related 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 2022-1
Class A-1 Note Purchase Agreement (the date of such execution and delivery, the “Transfer Issuance Date”), the Master Issuer, the Conduit Investor and the Committed Note Purchaser[s] with
respect to the Acquiring Investor Group shall be parties to the Series 2022-1 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 2022-1
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 2022-1 Class A-1
Note Purchase Agreement and (y) the aggregate related Committed Note Purchaser Percentage[s] of the related Investor Group Principal Amount. 

  
 xix 

 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 2022-1
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
2022-1 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 2022-1 Supplement or the Series
2022-1 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 2022-1 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 2022-1 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 2022-1 Supplement, the Series 2022-1 Class A-1 Note
Purchase Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Indenture, the Series 2022-1 Class A-1 Notes, the
Related 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 Master Issuer or the
performance or observance by the Master Issuer of any of the Master Issuer’s obligations under the Indenture, the Series 2022-1 Class A-1 Note Purchase
Agreement, the Related 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 2022-1 Class A-1 Note Purchase Agreement and such other Related 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 2022-1 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 2022-1 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 2022-1 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 2022-1 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 2022-1 Class A-1 Note Purchase Agreement; (vii) each member of the Acquiring Investor Group agrees that it will perform in accordance with their terms all of the obligations that by the terms of the Series 2022-1 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 Master Issuer and the Manager that: (A) it has had an opportunity to discuss the Master Issuer’s and the Manager’s business, management and financial affairs, and the terms and
conditions of the proposed purchase, with the Master Issuer and the Manager and their respective representatives; (B) it is a “qualified institutional buyer” within the meaning of Rule 144A under the 1933 Act and has sufficient
knowledge and experience in financial and business matters to be capable of evaluating the merits and risks of investing in, and is able and prepared to bear the economic risk of investing in, the Series
2022-1 Class A-1 Notes; (C) it is purchasing the Series 2022-1 Class A-1
Notes for its own account, or for the account of one or more “qualified institutional buyers” within the meaning of Rule 144A under the 1933 Act that meet the criteria described in 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 2022-1 Class A-1
Notes; (D) it understands that (I) the Series 2022-1 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 Master Issuer, (II) the Master Issuer is not required to register the Series
2022-1 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 2022-1 Supplement and Sections 9.03 or 9.17, as applicable, of the Series 2022-1 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 2022-1 Class A-1 Notes; (F) it understands that the Series 2022-1
Class A-1 Notes will bear the legend set out in the form of Series 2022-1 Class A-1 Notes attached to the Series 2022-1 Supplement and be subject to the restrictions on transfer described in such legend; (G) it will obtain for the benefit of the Master Issuer from any purchaser of the Series
2022-1 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 2022-1 Class A-1 Note Purchase Agreement. 

  
 xx 

 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 than 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 2022-1 CLASS A-1 NOTE PURCHASE AGREEMENT, OR ARISING OUT OF, UNDER, OR
IN CONNECTION WITH, THIS INVESTOR GROUP SUPPLEMENT OR THE SERIES 2022-1 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 INVESTOR GROUP SUPPLEMENT. 

  
 xxi 

 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	 	

  
 xxii 

 
					
	CONSENTED AND ACKNOWLEDGED BY THE MASTER ISSUER:
	
	PLANET FITNESS MASTER ISSUER LLC, as Master Issuer
		
	By:	 	  

		 	Name:	 	
		 	Title	 	

  
 xxiii 

 
					
	CONSENTED BY:
	
	ING CAPITAL LLC, as Swingline Lender
		
	By:	 	  

		 	Name:	 	
		 	Title	 	
		
	By:	 	  

		 	Name:	 	
		 	Title	 	
	
	ING CAPITAL LLC, as L/C Provider
		
	By:	 	  

		 	Name:	 	
		 	Title	 	
		
	By:	 	  

		 	Name:	 	
		 	Title	 	

  
 xxiv 

 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:
	  			
		
	 Facsimile:
	  			
		
	 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:
	  			
		
	 Facsimile:
	  			

  
 xxv 

 EXHIBIT D TO CLASS A-1 

NOTE PURCHASE AGREEMENT 

[FORM OF PURCHASER’S LETTER] 
  

			
	[INVESTOR]	  	
	[INVESTOR ADDRESS]	  	
	Attention: [INVESTOR CONTACT]	  	[Date]

 Ladies and Gentlemen: 

Reference is hereby made to the Class A-1 Note Purchase Agreement dated January 25, 2022
(the “NPA”) relating to the offer and sale (the “Offering”) of up to $75,000,000 of Series 2022-1 Variable Funding Senior Notes,
Class A-1 (the “Securities”) of PLANET FITNESS MASTER ISSUER LLC (the “Master Issuer”). The Offering will not be required to be registered with the Securities and
Exchange Commission pursuant to the Securities Act of 1933, as amended (the “Act”) under an exemption from registration granted in Section 4(a)(2) of the Act. ING CAPITAL LLC is acting as administrative agent (the
“Administrative Agent”) in connection with the Offering. 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 a “qualified institutional buyer” within the meaning of Rule 144A under the Act (a
“Qualified Institutional Buyer”) and have sufficient knowledge and experience in financial and business matters to be capable of evaluating the merits and risks of investing in, and are able and prepared to bear the economic risk of
investing in, the Securities. 

  

	 	(b)	 Neither the Administrative Agent nor its Affiliates (i) has provided you with any information with respect
to the Master Issuer, the Securities or the Offering other than the information contained in the NPA, which was prepared by the Master Issuer, or (ii) makes any representation as to the credit quality of the Master Issuer or the merits of an
investment in the Securities. The Administrative Agent has not provided you with any legal, business, tax or other advice in connection with the Offering or your possible purchase of the Securities. 

 

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

  

	 	(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, the Master 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 Securities. 

  

	 	(e)	 You are purchasing the Securities for your own account, or for the account of one or more Persons who are
Qualified Institutional Buyers and who meet the criteria described in paragraph (a) above and for whom you are acting with complete investment discretion, for investment purposes only and not with a view to a distribution in violation of the
Act, 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 Act, or the rules and regulations promulgated thereunder with respect to the Securities. You confirm that, to the extent you are purchasing the Securities 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; 

  
 xxvi 

	 	(f)	 You understand that (i) the Securities have not been and will not be registered or qualified under the 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 Act and may not be resold or otherwise transferred
unless so registered or qualified or unless an exemption from registration or qualification is available and an opinion of counsel on the foregoing shall have been delivered in advance to the Master Issuer, (ii) the Master Issuer is not
required to register the Securities under the Act or any applicable state securities laws or the securities laws of any state of the United States or any other jurisdiction, (iii) any permitted transferee under the NPA must be a Qualified
Institutional Buyer and (iv) any transfer must comply with the provisions of Section 2.8 of the Base Indenture, Section 4.3 of the Series 2022-1 Supplement and Sections 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
Securities; 

  

	 	(h)	 You understand that the Securities will bear the legend set out in the form of Securities attached to the
Series 2022-1 Supplement and be subject to the restrictions on transfer described in such legend; 

  

	 	(i)	 Either (i) you are not acquiring or holding the Securities 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 Code, or provisions under any Similar Law (as defined in
the Series 2022-1 Supplemental Definitions List attached to the Series 2022-1 Supplement as Annex A) or (ii) your purchase and holding of the Securities 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 Master Issuer from any purchaser of the Securities 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 than the State of New York. 

  
 xxvii 

 You understand that the Administrative Agent will rely upon this letter agreement in acting
as an Administrative Agent in connection with the Offering. 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. 

 

					
	[                    ]
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	Agreed and Acknowledged:
	
	[INVESTOR]
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 xxviii

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