Document:

EX-10.1

 Exhibit 10.1 
  

 
  

GUARANTEE AND COLLATERAL AGREEMENT 

made by 
 PLANET FITNESS
FRANCHISING LLC, 
 PLANET FITNESS DISTRIBUTION LLC, 

PLANET FITNESS ASSETCO LLC, and 

PLANET FITNESS SPV GUARANTOR LLC, 

each as a Guarantor, 
 in favor of

 CITIBANK, N.A., 
 as Trustee

 Dated as of August 1, 2018 
  

 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	 SECTION 1 DEFINED TERMS
	  	 	1	 
	 1.1
	 	 Definitions
	  	 	1	 
	 SECTION 2 GUARANTEE
	  	 	2	 
	 2.1
	 	 Guarantee
	  	 	2	 
	 2.2
	 	 No Subrogation
	  	 	3	 
	 2.3
	 	 Amendments, etc. with respect to the Master Issuer Obligations
	  	 	3	 
	 2.4
	 	 Guarantee Absolute and Unconditional
	  	 	3	 
	 2.5
	 	 Reinstatement
	  	 	4	 
	 2.6
	 	 Payments
	  	 	4	 
	 2.7
	 	 Information
	  	 	4	 
	 SECTION 3 SECURITY
	  	 	5	 
	 3.1
	 	 Grant of Security Interest
	  	 	5	 
	 3.2
	 	 Certain Rights and Obligations of the Guarantors Unaffected
	  	 	7	 
	 3.3
	 	 Performance of Collateral Transaction Documents
	  	 	8	 
	 3.4
	 	 Stamp, Other Similar Taxes and Filing Fees
	  	 	9	 
	 3.5
	 	 Authorization to File Financing Statements
	  	 	9	 
	 SECTION 4 REPRESENTATIONS AND WARRANTIES
	  	 	9	 
	 4.1
	 	 Existence and Power
	  	 	9	 
	 4.2
	 	 Company and Governmental Authorization
	  	 	10	 
	 4.3
	 	 No Consent
	  	 	10	 
	 4.4
	 	 Binding Effect
	  	 	10	 
	 4.5
	 	 Ownership of Equity Interests; Subsidiaries
	  	 	10	 
	 4.6
	 	 Security Interests
	  	 	11	 
	 4.7
	 	 Other Representations
	  	 	12	 
	 SECTION 5 COVENANTS
	  	 	12	 
	 5.1
	 	 Maintenance of Office or Agency
	  	 	12	 
	 5.2
	 	 Covenants in Base Indenture and Other Related Documents
	  	 	12	 
	 5.3
	 	 Further Assurances
	  	 	12	 
	 5.4
	 	 Legal Name, Location Under Section 9-301 or 9-307
	  	 	13	 
	 5.5
	 	 Equity Interests
	  	 	14	 
	 5.6
	 	 Management Accounts
	  	 	14	 
	 5.7
	 	 Senior Notes Interest Reserve Account
	  	 	14	 
	 5.8
	 	 Senior Subordinated Notes Interest Reserve Account
	  	 	14	 
	 SECTION 6 REMEDIAL PROVISIONS
	  	 	14	 
	 6.1
	 	 Rights of the Control Party and Trustee upon Event of Default
	  	 	14	 
	 6.2
	 	 Waiver of Appraisal, Valuation, Stay and Right to Marshaling
	  	 	17	 
	 6.3
	 	 Limited Recourse
	  	 	17	 
	 6.4
	 	 Optional Preservation of the Securitized Assets
	  	 	17	 
	 6.5
	 	 Control by the Control Party
	  	 	17	 
	 6.6
	 	 The Trustee May File Proofs of Claim
	  	 	18	 
	 6.7
	 	 Undertaking for Costs
	  	 	18	 
	 6.8
	 	 Restoration of Rights and Remedies
	  	 	19	 
	 6.9
	 	 Rights and Remedies Cumulative
	  	 	19	 
	 6.10
	 	 Delay or Omission Not Waiver
	  	 	19	 
	 6.11
	 	 Waiver of Stay or Extension Laws
	  	 	19	 

  
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	 SECTION 7 THE TRUSTEE’S AUTHORITY
	  	 	20	 
	 SECTION 8 MISCELLANEOUS
	  	 	20	 
	 8.1
	 	 Amendments
	  	 	20	 
	 8.2
	 	 Notices
	  	 	20	 
	 8.3
	 	 Governing Law
	  	 	22	 
	 8.4
	 	 Successors
	  	 	22	 
	 8.5
	 	 Severability
	  	 	22	 
	 8.6
	 	 Counterpart Originals
	  	 	22	 
	 8.7
	 	 Table of Contents, Headings, etc.
	  	 	22	 
	 8.8
	 	 Waiver of Jury Trial
	  	 	22	 
	 8.9
	 	 Submission to Jurisdiction; Waivers
	  	 	22	 
	 8.10
	 	 Additional Guarantors
	  	 	23	 
	 8.11
	 	 Currency Indemnity
	  	 	23	 
	 8.12
	 	 Acknowledgment of Receipt; Waiver
	  	 	23	 
	 8.13
	 	 Termination; Partial Release
	  	 	24	 
	 8.14
	 	 Third Party Beneficiary
	  	 	24	 
	 8.15
	 	 Entire Agreement
	  	 	24	 
	 8.16
	 	 Electronic Communication
	  	 	24	 

 SCHEDULES 
 Schedule
4.5    —    Pledged Equity Interests 
 EXHIBITS 

Exhibit A    —    Form of Assumption Agreement 

  
 ii 

 GUARANTEE AND COLLATERAL AGREEMENT 

GUARANTEE AND COLLATERAL AGREEMENT (as amended, supplemented or otherwise modified from time to time, this “Agreement”),
dated as of August 1, 2018, made by PLANET FITNESS FRANCHISING LLC, a Delaware limited liability company (the “Franchisor”), PLANET FITNESS DISTRIBUTION LLC, a Delaware limited liability company (the “Equipment
Distributor”), PLANET FITNESS ASSETCO LLC, a Delaware limited liability company (the “Planet Fitness Assetco,” and, together with the Franchisor and the Equipment Distributor, the “Subsidiary Guarantors”)
and PLANET FITNESS SPV GUARANTOR LLC, a Delaware limited liability company (the “Holding Company Guarantor,” and, together with the Subsidiary Guarantors, the “Guarantors” and each, a “Guarantor”),
in favor of CITIBANK, N.A., a national banking association, as trustee and securities intermediary under the Indenture referred to below (in such capacity, together with its successors, the “Trustee”) for the benefit of the Secured
Parties. 
 W I T N E S S E T H: 

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

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

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration the receipt and sufficiency of which are hereby
acknowledged, each Guarantor hereby agrees with the Trustee, for the benefit of the Secured Parties, as follows: 
 SECTION 1 

DEFINED TERMS 

1.1    Definitions. 

(a)    Unless otherwise defined herein, terms defined in the Base Indenture Definitions List attached to the Base
Indenture as Annex A thereto or otherwise defined in the Base Indenture and used herein shall have the meanings given to them in such Base Indenture Definitions List or elsewhere in the Base Indenture. All rules of construction set forth in
Section 1.4 of the Base Indenture apply to this Agreement. 
 (b)    The following terms shall have the following
meanings: 
 “Collateral” has the meaning assigned to such term in Section 3.1(a). 

“Master Issuer Obligations” means all Obligations owed by the Master Issuer to the Secured Parties under the Indenture and
the other Related Documents. 

 “Other Currency” has the meaning assigned to such term in
Section 8.11. 
 “Termination Date” has the meaning assigned to such term in
Section 2.1(d). 
 SECTION 2 

GUARANTEE 

2.1    Guarantee. 

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

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

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

(d)    The guarantee contained in this Section 2 shall remain in full force and effect until the
date (the “Termination Date”) on which this Agreement ceases to be of further effect in accordance with Article XII of the Base Indenture, notwithstanding that from time to time prior thereto the Master Issuer may be free
from any Master Issuer Obligations. 
 (e)    No payment made by the Master Issuer, any of the Guarantors, any other
guarantor or any other Person or received or collected by the Trustee or any other Secured Party from the Master Issuer, any of the Guarantors, any other guarantor or any other Person by virtue of any action or proceeding or any set-off or appropriation or application at any time or from time to time in reduction of or in payment of the Master Issuer Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of
any Guarantor which shall, notwithstanding any such payment (other than any payment made by such Guarantor in respect of the Master Issuer Obligations or any payment received or collected from such Guarantor in respect of the Master Issuer
Obligations), remain liable hereunder for the Master Issuer Obligations up to the maximum liability of such Guarantor hereunder until the Termination Date. 

  
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 2.2    No Subrogation. Notwithstanding any payment made by any
Guarantor hereunder or any set-off or application of funds of any Guarantor by the Trustee or any other Secured Party, no Guarantor shall be entitled to be subrogated to any of the rights of the Trustee or any
other Secured Party against the Master Issuer or any other Guarantor or any collateral security or guarantee or right of offset held by the Trustee or any other Secured Party for the payment of the Master Issuer Obligations, nor shall any Guarantor
seek or be entitled to seek any contribution or reimbursement from the Master Issuer or any other Guarantor in respect of payments made by such Guarantor hereunder, until the Termination Date. If any amount shall be paid to any Guarantor on account
of such subrogation, contribution or reimbursement rights at any time when all of the Master Issuer Obligations shall not have been paid in full, such amount shall be held by such Guarantor in trust for the Trustee and the other Secured Parties,
segregated from other funds of such Guarantor, and shall, forthwith upon receipt by such Guarantor, be turned over to the Trustee in the exact form received by such Guarantor (duly endorsed by such Guarantor to the Trustee, if required), to be
applied against the Master Issuer Obligations, whether matured or unmatured, in such order as the Trustee may determine in accordance with the Indenture. 

2.3    Amendments, etc. with respect to the Master Issuer Obligations. Each Guarantor shall remain obligated
hereunder notwithstanding that, without any reservation of rights against any Guarantor and without notice to or further assent by any Guarantor, any demand for payment of any of the Master Issuer Obligations made by the Trustee or any other Secured
Party may be rescinded by the Trustee or such other Secured Party and any of the Master Issuer Obligations continued, and the Master Issuer Obligations, or the liability of any other Person upon or for any part thereof, or any collateral security or
guarantee therefor or right of offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by the Trustee or any other Secured Party,
and the Base Indenture and any other documents executed and delivered in connection therewith may be amended, modified, supplemented or terminated, in whole or in part, from time to time, and any collateral security, guarantee or right of offset at
any time held by the Trustee or any other Secured Party for the payment of the Master Issuer Obligations may be sold, exchanged, waived, surrendered or released (it being understood that this Section 2.3 is not intended to
affect any rights or obligations set forth in any other Related Document). Neither the Trustee nor any other Secured Party shall have any obligation to protect, secure, perfect or insure any Lien at any time held by it as security for the Master
Issuer Obligations or for the guarantee contained in this Section 2 or any property subject thereto. 

2.4    Guarantee Absolute and Unconditional. Each Guarantor waives any and all notice of the creation, renewal,
extension or accrual of any of the Master Issuer Obligations and notice of or proof of reliance by the Trustee or any other Secured Party upon the guarantee contained in this Section 2 or acceptance of the guarantee
contained in this Section 2; all Master Issuer Obligations shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon the guarantee contained in this
Section 2 and the grant of the security interests pursuant to Section 3; and all dealings between the Master Issuer and any of the Guarantors, on the one hand, and the Trustee and the other Secured
Parties, on the other hand, likewise shall be conclusively presumed to have occurred or been consummated in reliance upon the guarantee contained in this Section 2 and the grant of the security interests pursuant to
Section 3. Each Guarantor waives diligence, presentment, protest, demand for payment and notice of default or nonpayment to or upon the Master Issuer or any of the Guarantors with 

  
 3 

 
respect to the Master Issuer Obligations. Each Guarantor understands and agrees that the guarantee contained in this Section 2 and the grant of the security interests
pursuant to Section 3 shall be construed as a continuing, absolute and unconditional guarantee of payment without regard to (a) the validity or enforceability of the Indenture or any other Related Document, any of the
Master Issuer Obligations or any other collateral security therefor or guarantee or right of offset with respect thereto at any time or from time to time held by the Trustee or any other Secured Party, (b) any defense, set-off or counterclaim (other than a defense of full payment or performance) which may at any time be available to or be asserted by the Master Issuer or any other Person against the Trustee or any other Secured
Party, or (c) any other circumstance whatsoever (with or without notice to or knowledge of the Master Issuer or such Guarantor) which constitutes, or might be construed to constitute, an equitable or legal discharge of the Master Issuer for the
Master Issuer Obligations, or of such Guarantor under the guarantee contained in this Section 2 and the grant of the security interests pursuant to Section 3, in bankruptcy or in any other
instance. When making any demand hereunder or otherwise pursuing its rights and remedies hereunder against any Guarantor, the Trustee or any other Secured Party may, but shall be under no obligation to, make a similar demand on or otherwise pursue
such rights and remedies as it may have against the Master Issuer, any other Guarantor or any other Person or against any collateral security or guarantee for the Master Issuer Obligations or any right of offset with respect thereto, and any failure
by the Trustee or any other Secured Party to make any such demand, to pursue such other rights or remedies or to collect any payments from the Master Issuer, any other Guarantor or any other Person or to realize upon any such collateral security or
guarantee or to exercise any such right of offset, or any release of the Master Issuer, any other Guarantor or any other Person or any such collateral security, guarantee or right of offset, shall not relieve any Guarantor of any obligation or
liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of the Trustee or any other Secured Party against any Guarantor. For the purposes hereof “demand” shall
include the commencement and continuance of any legal proceedings. 
 2.5    Reinstatement. The guarantee
contained in this Section 2 shall continue to be effective, or be reinstated, as the case may be, if at any time payment, or any part thereof, of any of the Master Issuer Obligations is rescinded or must otherwise be
restored or returned by the Trustee or any other Secured Party upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Master Issuer or any Guarantor, or upon or as a result of the appointment of a receiver, intervenor or
conservator of, or trustee or similar officer for, the Master Issuer or any Guarantor or any substantial part of its property, or otherwise, all as though such payments had not been made. 

2.6    Payments. Each Guarantor hereby guarantees that payments hereunder shall be paid to the Trustee without set-off or deduction or counterclaim in immediately available funds in U.S. Dollars at the office of the Trustee. 

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

  
 4 

 SECTION 3 

SECURITY 

3.1    Grant of Security Interest. 

(a)    To secure the Obligations, each Guarantor hereby grants to the Trustee, for the benefit of the Secured Parties, a
security interest in such Guarantor’s right, title and interest in, to and under all accounts, chattel paper, commercial tort claims, deposit accounts, documents, equipment, fixtures, general intangibles, health-care-insurance receivables,
instruments, inventory, securities, securities accounts and other investment property and letter-of-credit rights (in each case, as defined in the New York UCC),
including all of the following property to the extent now owned or at any time hereafter acquired by such Guarantor (collectively, the “Collateral”): 

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

(ii)    with respect to the Master Issuer, the limited liability company membership interests and stock
owned by the Master Issuer that represent the 100% ownership interest in the Securitization Entities owned by the Master Issuer; 

(iii)    with respect to the Franchisor, the Securitization IP and the right to bring an action at law or
in equity for any infringement, misappropriation, dilution or other violation thereof occurring prior to, on or after the Closing Date, and to collect all damages, settlements and proceeds relating thereto; 

(iv)    with respect to the Franchisor, the IP License Agreements, all related payments thereon and all
rights thereunder; 
 (v)    with respect to the Franchisor, (A) the Contributed Franchise
Agreements, the Contributed Securitized Authorized Vendor Contracts, the Contributed Area Development Agreements, and all Royalty Payments, Vendor Commissions and Other Franchisee Payments payable thereunder or in respect thereof; (B) the New
Franchise Agreements, New Securitized Authorized Vendor Contracts, the New Area Development Agreements and all Royalty Payments, Vendor Commissions and Other Franchisee Payments payable thereunder or in respect thereof; (C) all rights to enter
into New Franchise Agreements, New Securitized Authorized Vendor Contracts and New Area Development Agreements; (D) all Webjoin Fees and Payment Processor Rebates and (E) any and all other property of every nature, now or hereafter
transferred, mortgaged, pledged, or assigned as security for payment or performance of any obligation of Franchisees or other Persons, as applicable, to the Franchisor under the Franchise Agreements, Securitized Authorized Vendor Contracts or the
Area Development Agreements, as applicable, and all guarantees of such obligations and the rights evidenced by or reflected in the Franchise Agreements, Securitized Authorized Vendor Contracts or the Area Development Agreements, as applicable; 

  
 5 

 (vi)    with respect to Planet Fitness Assetco,
(i) all rights to own and operate the Contributed Securitized Corporate-Owned Stores and the New Securitized Corporate-Owned Stores, including the right to all Securitized Corporate-Owned Collections, (ii) all Securitized Corporate-Owned
Store Assets and (iii) with respect to the Securitized Franchisee Leases, the Franchisee Lease Payments received by Planet Fitness Assetco thereunder; 

(vii)    with respect to the Franchisor, Securitized Corporate-Owned Store IP License Fees, Canadian IP
License Fees, International IP License Fees, Retained Corporate-Owned Store IP License Fees and the Additional IP License Fees and all rights thereunder; 

(viii)    with respect to the Equipment Distributor, the Securitized Equipment Supply Agreements, and all
related payments thereon and all rights thereunder; 
 (ix)    the Accounts and all amounts on deposit
in or otherwise credited to the Accounts; 
 (x)    any Interest Reserve Letter of Credit; 

(xi)    the books and records (whether in physical, electronic or other form) of each of the
Securitization Entities, including those books and records maintained by the Manager on behalf of the Securitization Entities relating to the Franchise Assets, the Securitization IP, the Securitized Corporate-Owned Store Assets and the Securitized
Equipment Supply Agreements; 
 (xii)    the rights, powers, remedies and authorities of the
Securitization Entities under (i) each of the Related Documents (other than the Indenture and the Notes) to which they are a party and (ii) each of the documents relating to the Franchise Assets to which it is a party; 

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

(xiv)    all payments, proceeds, supporting obligations and accrued and future rights to payment with
respect to the foregoing; 
 provided that (A) the Collateral shall exclude the Collateral Exclusions; (B) the Master Issuer and the
Guarantors shall not be required to pledge, and the Collateral shall not include, more than 65% of the Equity Interests (and any rights associated with such Equity Interests) of (1) any foreign 

  
 6 

 
Subsidiary of any of the Master Issuer or the Guarantors that is a Controlled Foreign Corporation or (2) any domestic Subsidiary, substantially all of the assets of which are the equity
interests of Controlled Foreign Corporations (each, a “Foreign Subsidiary Holding Company”), and in no circumstance will any such foreign Subsidiary that is a Controlled Foreign Corporation, any U.S. Subsidiary of a foreign
Subsidiary that is a Controlled Foreign Corporation or any Foreign Subsidiary Holding Company be required to pledge any assets, serve as Guarantor, or otherwise guarantee the Notes; and (C) the security interest in (1) the Senior Notes
Interest Reserve Account and the related property shall only be for the benefit of the Senior Noteholders and the Trustee, in its capacity as trustee for the Senior Noteholders, (2) the Senior Subordinated Notes Interest Reserve Account and the
related property shall only be for the benefit of the Senior Subordinated Noteholders and the Trustee, in its capacity as trustee for the Senior Subordinated Noteholders and (3) each Series Distribution Account and the related property thereto
shall only be for the benefit of the applicable Series Noteholders as set forth in the applicable Series Supplement. 

(b)    The foregoing grant is made in trust to secure the Obligations and to secure compliance with the provisions of this
Agreement. The Trustee, on behalf of the Secured Parties, acknowledges such grant, accepts the trusts under this Agreement in accordance with the provisions of this Agreement, and agrees to perform its duties required in this Agreement. The
Collateral shall secure the Obligations equally and ratably without prejudice, priority or distinction (except, with respect to any Series of Notes, as otherwise stated in the applicable Series Supplement or in the applicable provisions of the Base
Indenture). 
 (c)    The parties hereto agree and acknowledge that each certificated Equity Interest may be held by a
custodian on behalf of the Trustee. 
 3.2    Certain Rights and Obligations of the Guarantors Unaffected. 

(a)    Notwithstanding the grant of the security interest in the Collateral hereunder to the Trustee, on behalf of the
Secured Parties, the Guarantors acknowledge that the Manager, on behalf of the Guarantors shall, subject to the terms and conditions of the Management Agreement, have the right, subject to the Trustee’s right to revoke such right, in whole or
in part, in the event of the occurrence of an Event of Default, (i) to give, in accordance with the Managing Standard, all consents, requests, notices, directions, approvals, extensions or waivers, if any, which are required or permitted to be
given by any Guarantor under the Collateral Transaction Documents, and to enforce all rights, remedies, powers, privileges and claims of each Guarantor under the Collateral Transaction Documents, (ii) to give, in accordance with the Managing
Standard, all consents, requests, notices, directions and approvals, if any, which are required or permitted to be given by any Guarantor under any IP License Agreement to which such Guarantor is a party and (iii) to take any other actions
required or permitted to be taken by a Guarantor under the terms of the Management Agreement. 
 (b)    The grant of the
security interest by the Guarantors in the Collateral to the Trustee on behalf of and for the benefit of the Secured Parties hereunder shall not (i) relieve any Guarantor from the performance of any term, covenant, condition or agreement on
such Guarantor’s part to be performed or observed under or in connection with any of the Collateral Transaction Documents or (ii) impose any obligation on the Trustee or any of the Secured Parties to perform or observe any such term,
covenant, condition or agreement on such Guarantor’s part to be so performed or observed or impose any liability on the Trustee or any of the Secured Parties for any act or omission on the part of such Guarantor or from any breach of any
representation or warranty on the part of such Guarantor. 

  
 7 

 (c)    Each Guarantor hereby jointly and severally agrees to indemnify
and hold harmless the Trustee and each Secured Party (including its directors, officers, employees and agents) from and against any and all losses, liabilities (including liabilities for penalties), claims, demands, actions, suits, judgments,
reasonable and documented out-of-pocket costs and expenses arising out of or resulting from the security interest granted hereby, whether arising by virtue of any act or
omission on the part of such Guarantor or otherwise, including, without limitation, the reasonable out-of-pocket costs, expenses and disbursements (including reasonable
attorneys’ fees and expenses) incurred by the Trustee or any Secured Party in enforcing this Agreement or any other Related Document or preserving any of its rights to, or realizing upon, any of the Collateral or, to the extent permitted by
applicable law, the Securitized Assets; provided, however, that the foregoing indemnification shall not extend to any action by the Trustee or any Secured Party which constitutes gross negligence, bad faith or willful misconduct by the
Trustee or any Secured Party or any other indemnified Person hereunder. The indemnification provided for in this Section 3.2 shall survive the removal of, or a resignation by, any Person as Trustee as well as the
termination of this Agreement. 
 3.3    Performance of Collateral Transaction Documents. Upon the occurrence of
a default or breach (after giving effect to any applicable grace or cure periods) by any Person party to (a) a Collateral Transaction Document or (b) a Collateral Business Document (only if a Manager Termination Event or an Event of
Default has occurred and is continuing), promptly following a request from the Trustee to do so and at the Guarantors’ expense, the Guarantors agree jointly and severally to take all such lawful action as permitted under this Agreement as the
Trustee (acting at the direction of the Control Party (acting at the direction of the Controlling Class Representative)) may reasonably request to compel or secure the performance and observance by such Person of its obligations to any
Guarantor, and to exercise any and all rights, remedies, powers and privileges lawfully available to any Guarantor to the extent and in the manner directed by the Trustee (acting at the direction of the Control Party (acting at the direction of the
Controlling Class Representative)), including, without limitation, the transmission of notices of default and the institution of legal or administrative actions or proceedings to compel or secure performance by such Person of its obligations
thereunder. 
 If (i) any Guarantor shall have failed, within ten (10) Business Days of receiving the direction of the Trustee
(given at the direction of the Control Party (at the direction of the Controlling Class Representative)), to take commercially reasonable action to accomplish such directions of the Trustee, (ii) any Guarantor refuses to take any such
action, as reasonably determined by the Trustee in good faith, or (iii) the Control Party (acting at the direction of the Controlling Class Representative) reasonably determines that such action must be taken immediately, in any such case
the Servicer may, but shall not be obligated to, take, and the Trustee shall take (if so directed by the Control Party (acting at the direction of the Controlling Class Representative)), at the expense of the Guarantors, such previously
directed action and any related action permitted under this Agreement which the Control Party (acting at the direction of the Controlling Class Representative) thereafter determines is appropriate (without the need under this provision or any
other provision under this Agreement to direct the Guarantor to take such action), on behalf of the Guarantor and the Secured Parties. 

  
 8 

 3.4    Stamp, Other Similar Taxes and Filing Fees. The Guarantors
shall jointly and severally indemnify and hold harmless the Trustee and each Secured Party from any present or future claim for liability for any stamp, documentary or other similar tax and any penalties or interest and expenses with respect
thereto, that may be assessed, levied or collected by any jurisdiction in connection with this Agreement, any other Related Document or the Securitized Assets. The Guarantors shall pay, and jointly and severally indemnify and hold harmless each
Secured Party against, any and all amounts in respect of all search, filing, recording and registration fees, excise taxes and other similar imposts that may be payable or determined to be payable in respect of the execution, delivery, performance
and/or enforcement of this Agreement or any other Related Document. 
 3.5    Authorization to File Financing
Statements. 
 (a)    Each Guarantor hereby irrevocably authorizes the Control Party on behalf of the Secured
Parties at any time and from time to time to file or record in any filing office in any applicable jurisdiction financing statements and other filing or recording documents or instruments with respect to the Collateral (other than Excepted
Securitization IP Assets) to perfect the security interests of the Trustee for the benefit of the Secured Parties under this Agreement. Each Guarantor authorizes the filing of any such financing statement, document or instrument naming the Trustee
as secured party and indicating that the Collateral includes “all assets” or words of similar effect or import regardless of whether any particular assets comprised in the Collateral fall within the scope of Article 9 of the UCC,
including, without limitation, any and all Securitization IP. Each Guarantor agrees to furnish any information necessary to accomplish the foregoing promptly upon the Control Party’s request. Each Guarantor also hereby ratifies and authorizes
the filing on behalf of the Secured Parties of any financing statement with respect to the Collateral made prior to the date hereof. 

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

SECTION 4 

REPRESENTATIONS AND WARRANTIES 

Each Guarantor hereby represents and warrants, for the benefit of the Trustee and the Secured Parties, as follows as of the date hereof and as
of each Series Closing Date: 
 4.1    Existence and Power. Each Guarantor (a) is duly organized, validly
existing and in good standing under the laws of its jurisdiction of organization, (b) is duly qualified to do business as a foreign entity and in good standing under the laws of each jurisdiction where the 

  
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character of its property, the nature of its business or the performance of its obligations under the Related Documents make such qualification necessary, and (c) has all limited liability
company, corporate or other powers and all governmental licenses, authorizations, consents and approvals required (i) to carry on its business as now conducted and (ii) for consummation of the transactions contemplated by this Agreement
and the other Related Documents except, in the case of clauses (b) and (c)(i), to the extent the failure to do so would not, individually or in the aggregate, be reasonably likely to result in a Material Adverse Effect. 

4.2    Company and Governmental Authorization. The execution, delivery and performance by each Guarantor of this
Agreement and the other Related Documents to which it is a party (a) is within such Guarantor’s limited liability company, corporate or other powers and has been duly authorized by all necessary limited liability company, corporate or
other action, (b) requires no action by or in respect of, or filing with, any Governmental Authority which has not been obtained (other than any actions or filings that may be undertaken after the Closing Date pursuant to the terms of the Base
Indenture or any other Related Document) and (c) does not contravene, or constitute a default under, any Requirements of Law with respect to such Guarantor or any Contractual Obligation with respect to such Guarantor or result in the creation
or imposition of any Lien on any property of any Guarantor (other than Permitted Liens), except for Liens created by this Agreement or the other Related Documents, except in the case of clauses (b) and (c) above, as applied to the Contribution
Agreements, the violation of which would not reasonably be expected to result in a Material Adverse Effect. This Agreement and each of the other Related Documents to which each Guarantor is a party has been executed and delivered by a duly
Authorized Officer of such Guarantor. 
 4.3    No Consent. No consent, action by or in respect of, approval or
other authorization of, or registration, declaration or filing with, any Governmental Authority or other Person is required for the valid execution and delivery by each Guarantor of this Agreement or any Related Document to which it is a party or
for the performance of any of the Guarantors’ obligations hereunder or thereunder other than such consents, approvals, authorizations, registrations, declarations or filings (a) as shall have been obtained or made by such Guarantor prior
to the Closing Date or as are permitted to be obtained subsequent to the Closing Date in accordance with Section 4.6 hereof or Sections 7.13 or 8.25 of the Base Indenture or (b) relating to the performance of any
Collateral Business Document, the failure of which to obtain would not reasonably be expected to result in a Material Adverse Effect. 

4.4    Binding Effect. This Agreement, and each other Related Document to which a Guarantor is a party, is a legal,
valid and binding obligation of each such Guarantor enforceable against such Guarantor in accordance with its terms (except as may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws
affecting creditors’ rights generally or by general equitable principles, whether considered in a proceeding at law or in equity and by an implied covenant of good faith and fair dealing). 

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

  
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 4.6    Security Interests. 

(a)    Each Guarantor owns and has good title to its Securitized Assets, free and clear of all Liens other than Permitted
Liens. Other than the Accounts, the Securitized Franchisee Leases and Intellectual Property, the Collateral consists of securities, loans, investments, accounts, commercial tort claims, inventory, equipment, fixtures, health care insurance
receivables, chattel paper, money, deposit accounts, instruments, financial assets, documents, investment property, general intangibles, letter of credit rights, or other supporting obligations (in each case, as defined in the UCC). Except in the
case of the Intellectual Property, which is subject to Section 8.25(c) and Section 8.25(d) of the Base Indenture or as described on Schedule 7.13(a) of the Base Indenture, this Agreement constitutes a valid and continuing Lien on the
Collateral in favor of the Trustee on behalf of and for the benefit of the Secured Parties, which Lien on the Collateral has been perfected (except with regard to Excepted Securitization IP Assets), and is prior to all other Liens (other than
Permitted Liens), and is enforceable as such against creditors of and purchasers from each Guarantor in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium and other similar laws affecting creditors’ rights generally or by general equitable principles, whether considered in a proceeding at law or in equity, and by an implied covenant of good faith and fair dealing. Except as set forth
in Schedule 7.13(a) of the Base Indenture, the Guarantors have received all consents and approvals required by the terms of the Collateral to the pledge of the Collateral to the Trustee hereunder. Each Guarantor has caused, or shall have caused, the
filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the first-priority security interest (subject to Permitted Liens) in the Collateral (other than the
Accounts and Intellectual Property) granted to the Trustee hereunder within ten (10) days of the date of this Agreement. Notwithstanding the foregoing, any representation contained in this Section 4.6(a) regarding
perfection shall not be violated to the extent that a Guarantor is in compliance with the requirements of Section 5.1 of the Base Indenture. 

(b)    Other than the security interest granted to the Trustee in the Collateral hereunder or pursuant to the other
Related Documents or any other Permitted Lien, none of the Guarantors has pledged, assigned, sold or granted a security interest in the Securitized Assets. All action necessary (including the filing of UCC-1
financing statements) to protect and evidence the Trustee’s security interest in the Collateral (other than the Intellectual Property) in the United States has been duly and effectively taken. No security agreement, financing statement,
equivalent security or lien instrument or continuation statement authorized by any Guarantor and listing such Guarantor as debtor covering all or any part of the Securitized Assets is on file or of record in any jurisdiction, except in respect of
Permitted Liens or such as may have been filed, recorded or made by such Guarantor in favor of the Trustee on behalf of the Secured Parties in connection with this Agreement, and no Guarantor has authorized any such filing. 

(c)    All authorizations in this Agreement for the Trustee to endorse checks, instruments and securities and to execute
financing statements, continuation statements, security agreements and other instruments with respect to the Collateral and to take such other actions with respect to the Collateral authorized by this Agreement are powers coupled with an interest
and are irrevocable. 

  
 11 

 4.7    Other Representations. All representations and warranties
of or about each Guarantor made in the Base Indenture and in each other Related Document to which it is a party are true and correct (i) as of the date hereof or (ii) if made on a future date (A) if qualified as to materiality, in all
respects, and (B) if not qualified as to materiality, in all material respects (unless stated to relate solely to an earlier date, in which case such representations and warranties were true and correct in all respects or in all material
respects, as applicable, as of such earlier date), and in each case are repeated herein as though fully set forth herein. 
 SECTION 5

 COVENANTS 

5.1    Maintenance of Office or Agency. Each Guarantor shall maintain an office or agency (which, with respect to
the surrender for registration of, or transfer or exchange or the payment of principal and premium, may be the Corporate Trust Office of the Trustee or the Registrar or co-registrar or Paying Agent) where
notices and demands to or upon the Guarantors in respect of this Agreement may be served. The Guarantors shall give prompt written notice to the Trustee and the Servicer of the location, and any change in the location, of such office or agency. If
at any time the Guarantors shall fail to maintain any such required office or agency or shall fail to furnish the Trustee and the Servicer with the address thereof, such notices and demands may be made at the address of such Guarantor set forth in
Section 8.2 hereof. 
 5.2    Covenants in Base Indenture and Other Related Documents.
Each Guarantor shall take, or shall refrain from taking, as the case may be, each action that is necessary to be taken or not taken, as the case may be, by such Guarantor so that no Default or Event of Default is caused by the failure to take such
action or to refrain from taking such action by such Guarantor or any of its Subsidiaries; provided that, for the avoidance of doubt, such taking or refraining from taking action shall result in an Event of Default under the Indenture subject
to the applicable cure periods set forth thereunder. All covenants of each Guarantor made in the Base Indenture and in each other Related Document are repeated herein as though fully set forth herein and each Guarantor agrees to comply with such
covenants, as applicable. 
 5.3    Further Assurances. 

(a)    Each Guarantor shall do such further acts and things, and execute and deliver to the Trustee and the Control Party
such additional assignments, agreements, powers of attorney and instruments, as are necessary or desirable to obtain or maintain the security interest of the Trustee in the Collateral or the Securitized Assets required to be part of the Collateral
on behalf of the Secured Parties as a perfected security interest subject to no prior Liens (other than Permitted Liens), to carry into effect the purposes of this Agreement or the other Related Documents or to better assure and confirm unto the
Trustee, the Control Party, the Noteholders or the other Secured Parties their rights, powers and remedies hereunder including, without limitation, the filing of any financing or continuation statements or amendments under the UCC in effect in any
jurisdiction with respect to the liens and security interests granted hereby, in each case except 

  
 12 

 
as set forth on Schedule 7.13(a) of the Base Indenture and in accordance with Section 8.25(c) or Section 8.25(d) of the Base Indenture. If any Guarantor fails to perform any of its
agreements or obligations under this Section 5.3(a), then the Control Party may perform such agreement or obligation, and the expenses of the Control Party incurred in connection therewith shall be payable by the Guarantors
upon the Control Party‘s demand therefor. The Control Party is hereby authorized to execute and file any financing statements, continuation statements, amendments or other instruments necessary or appropriate to perfect or maintain the
perfection of the Trustee’s security interest in the Collateral or the Securitized Assets required to be part of the Collateral. 

(b)    If any amount payable under or in connection with any of the Collateral shall be or become evidenced by any
promissory note, chattel paper or other instrument, such note, chattel paper or instrument shall be deemed to be held in trust and immediately pledged and within two (2) Business Days physically delivered to the Trustee hereunder, and shall,
subject to the rights of any Person in whose favor a prior Lien has been perfected, be duly endorsed in a manner satisfactory to the Trustee and delivered to the Trustee promptly; provided that no Guarantor shall be required to deliver any
Franchisee Note. 
 (c)    Notwithstanding the provisions set forth in clauses (a) and (b) above, each Guarantor
shall not be required to perfect any security interest in any fixtures (other than through a central filing of a UCC financing statement), any Franchisee Note or any Excepted Securitization IP Assets. 

(d)    Each Guarantor, upon obtaining an interest in any commercial tort claim or claims (as such term is defined in the
New York UCC), shall comply with Section 8.11(d) of the Base Indenture. 
 (e)    Each Guarantor shall warrant and
defend the Trustee’s right, title and interest in and to the Securitization Assets, including the right to cause the Securitized Assets to become Collateral, and the income, distributions and Proceeds thereof, for the benefit of the Trustee on
behalf of the Secured Parties, against the claims and demands of all Persons whomsoever. 
 5.4    Legal Name,
Location Under Section 9-301 or 9-307. No Guarantor shall change its location (within the meaning of
Section 9-301 or 9-307 of the applicable UCC) or its legal name without at least thirty (30) days’ prior written notice to the Trustee, the Servicer, the
Manager, the Back-Up Manager and each Rating Agency with respect to each Series of Notes Outstanding. In the event that any Guarantor desires to so change its location or change its legal name, such Guarantor
shall make any required filings and prior to actually changing its location or its legal name such Guarantor shall deliver to the Trustee and the Servicer (i) an Officer’s Certificate and an Opinion of Counsel confirming that all required
filings have been made, subject to Section 5.3(c), to continue the perfected interest of the Trustee on behalf of the Secured Parties in the Collateral under Article 9 of the applicable UCC in respect of the new location or
new legal name of such Guarantor and (ii) copies of all such required filings with the filing information duly noted thereon by the office in which such filings were made. 

  
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 5.5    Equity Interests. No Guarantor shall sell, transfer,
assign, pledge, hypothecate or otherwise dispose of any Equity Interest in any other Securitization Entity, except as provided in the Related Documents. 

5.6    Management Accounts. To the extent that it owns any Management Account (including any lock-box related thereto), each Guarantor shall comply with Section 5.2 of the Base Indenture with respect to each such Management Account (including any lock-box related
thereto). 
 5.7    Senior Notes Interest Reserve Account. To the extent a Guarantor shall own a Senior Notes
Interest Reserve Account, such Guarantor shall comply (and shall cause the Manager to comply) with Section 5.3 of the Base Indenture, to the extent applicable, with respect to each the Senior Notes Interest Reserve Account (including any lock-box
related thereto), and shall not make any deposits or withdrawals except as provided therein. 
 5.8    Senior
Subordinated Notes Interest Reserve Account. To the extent a Guarantor shall own a Senior Subordinated Notes Interest Reserve Account, such Guarantor shall comply (and shall cause the Manager to comply) with Section 5.4 of the Base Indenture, to
the extent applicable, with respect to each the Senior Subordinated Notes Interest Reserve Account (including any lock-box related thereto), and shall not make any deposits or withdrawals except as provided therein. 

SECTION 6 
 REMEDIAL
PROVISIONS 
 6.1    Rights of the Control Party and Trustee upon Event of Default. 

(a)    Proceedings To Collect Money. In case any Guarantor shall fail forthwith to pay any amounts due on this
Agreement upon demand, the Trustee at the direction of the Control Party (subject to Section 11.4(e) of the Base Indenture, at the direction of the Controlling Class Representative), in its own name and as trustee of an express trust, may
institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may enforce the same against any Guarantor and collect in the manner provided by law out of the property of
any Guarantor, wherever situated, the moneys adjudged or decreed to be payable. 
 (b)    Other Proceedings. If
and when an Event of Default shall have occurred and is continuing, the Trustee, at the direction of the Control Party (subject to Section 11.4(e) of the Base Indenture at the direction of the Controlling Class Representative) pursuant to
a Control Party request shall take one or more of the following actions: 
 (i)    proceed to protect
and enforce its rights and the rights of the other Secured Parties, by such appropriate Proceedings as the Control Party (at the direction of the Controlling Class Representative) shall deem most effective to protect and enforce any such
rights, whether for the specific enforcement of any covenant or agreement in this Agreement or any other Related Document or in aid of the exercise of any power granted therein, or to enforce any other proper remedy or legal or equitable right
vested in the Trustee by this Agreement or any other Related Document or by law, including any remedies of a secured party under applicable law; 

(ii)    (A) direct any Guarantor to exercise (and each Guarantor agrees to exercise) all rights, remedies,
powers, privileges and claims of any Guarantor against any party to any Collateral Transaction Document arising as a result of the occurrence of such Event of Default or otherwise, including the right or power to take any action to compel
performance or observance by any such party of its obligations to any 

  
 14 

 
Guarantor, and any right of any Guarantor to take such action independent of such direction shall be suspended, and (B) if (x) any Guarantor shall have failed, within ten (10) Business
Days of receiving the direction of the Trustee (given at the direction of the Control Party (at the direction of the Controlling Class Representative)), to take commercially reasonable action to accomplish such directions of the Trustee,
(y) any Guarantor refuses to take such action or (z) the Control Party (at the direction of the Controlling Class Representative) reasonably determines that such action must be taken immediately, take (or the Control Party on behalf
of the Trustee shall take) such previously directed action (and any related action as permitted under this Agreement thereafter determined by the Trustee or the Control Party to be appropriate without the need under this provision or any other
provision under this Agreement to direct the Guarantors to take such action); 
 (iii)    institute
Proceedings from time to time for the complete or partial foreclosure of this Agreement or, to the extent applicable, any other Related Document, with respect to the Collateral and, to the extent permitted by applicable law, any other Securitized
Assets; provided that the Trustee shall not be required to take title to any real property in connection with any foreclosure or other exercise of remedies hereunder or under such Related Documents and title to such property shall instead be
acquired in an entity designated and (unless owned by a third party) controlled by the Control Party; and/or 

(iv)    sell all or a portion of the Collateral and, to the extent permitted by applicable law, any other
Securitized Assets at one or more public or private sales called and conducted in any manner permitted by law; provided, however, that the Trustee shall not proceed with any such sale without the prior written consent of the Control
Party (at the direction of the Controlling Class Representative) and the Trustee shall provide notice to the Guarantors and each Holder of Senior Subordinated Notes and Subordinated Notes of a proposed sale of Collateral or Securitized Assets,
to the extent permitted by applicable law. 
 (c)    Sale of Securitized Assets. In connection with any sale of
the Collateral hereunder (which may proceed separately and independently from the exercise of remedies under the Indenture) or under any judgment, order or decree in any judicial proceeding for the foreclosure or involving the enforcement of this
Agreement or any other Related Document, or any sale of Securitized Assets, to the extent permitted by applicable law: 

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

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

  
 15 

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

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

(d)    Application of Proceeds. Any amounts obtained by the Trustee or the Control Party on account of or as a
result of the exercise by the Trustee or the Control Party of any right hereunder or under the Base Indenture shall be held by the Trustee as additional collateral for the repayment of the Obligations, (a) shall be deposited into the Collection
Account and, other than with respect to amounts owed to a depository bank under the related Account Control Agreement, shall be held by the Trustee or the Collateral Party as additional collateral for the repayment of the Obligations and
(b) shall be applied first to pay a depositary bank in respect of amounts owed to it under the related Account Control Agreement and then as provided in the priority set forth in Article V of the Base Indenture; provided, however,
that unless otherwise provided in this Section 6 or Article IX to the Base Indenture, with respect to any distribution to any Class of Notes, notwithstanding the provisions of Article V of the Base Indenture, such
amounts shall be distributed sequentially in order of alphabetical (as opposed to alphanumerical) designation and pro rata among each Class of Notes of the same alphabetical designation based upon the Outstanding Principal Amount of the Notes
of each such Class. 
 (e)    Additional Remedies. In addition to any rights and remedies now or hereafter
granted hereunder or under applicable law (x) with respect to the Collateral, the Trustee shall have all of the rights and remedies of a secured party under the UCC as enacted in any applicable jurisdiction and (y) with respect to the
other Securitized Assets, the Trustee shall have all of the rights and remedies of an unsecured creditor in any applicable jurisdiction. 

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

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

  
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 6.2    Waiver of Appraisal, Valuation, Stay and Right to
Marshaling. To the extent it may lawfully do so, each Guarantor for itself and for any Person who may claim through or under it hereby: 

(a)    agrees that neither it nor any such Person shall step up, plead, claim or in any manner whatsoever take advantage
of any appraisal, valuation, stay, extension or redemption laws, now or hereafter in force in any jurisdiction, which may delay, prevent or otherwise hinder (i) the performance, enforcement or foreclosure of this Agreement, (ii) the sale
of any of the Collateral or Securitized Assets, to the extent permitted by applicable law or (iii) the putting of the purchaser or purchasers thereof into possession of such property immediately after the sale thereof; 

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

(c)    waives and releases all rights to have the Collateral and/or the Securitized Assets marshaled upon any foreclosure,
sale or other enforcement of this Agreement; and 
 (d)    consents and agrees that, subject to the terms of this
Agreement, all the Collateral and all of the Securitized Assets (to the extent permitted by applicable law) may at any such sale be sold by the Trustee as an entirety or in such portions as the Trustee may (upon direction by the Control Party (at
the direction of the Controlling Class Representative)) determine. 
 6.3    Limited Recourse.
Notwithstanding any other provision of this Agreement or any other Related Document or otherwise, the liability of the Guarantors to the Secured Parties under or in relation to this Agreement or any other Related Document or otherwise, is limited in
recourse to the assets of the Securitization Entities. Following the proceeds of such assets having been applied in accordance with the terms hereof, none of the Secured Parties shall be entitled to take any further steps against any Guarantor to
recover any sums due but still unpaid hereunder or under any of the other agreements or documents described in this Section 6.3, all claims in respect of which shall be extinguished. 

6.4    Optional Preservation of the Securitized Assets. If the maturity of the Outstanding Notes of each Series has
been accelerated pursuant to Section 9.2 of the Base Indenture following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Trustee, at the direction of the Control Party (acting at the
direction of the Controlling Class Representative), shall elect to maintain possession of such portion, if any, of the Collateral and/or Securitized Assets (to the extent permitted by applicable law) as the Control Party (acting at the
direction of the Controlling Class Representative) shall in its discretion determine. 
 6.5    Control by the
Control Party. Notwithstanding any other provision hereof, the Control Party (subject to Section 11.4(e) of the Base Indenture, at the direction of the Controlling Class Representative) may cause the institution of and direct the time,
method and place of conducting any proceeding in respect of any enforcement of the Collateral (or, to the extent permitted by applicable law, other Securitized Assets) or conducting any proceeding in respect of any enforcement of Liens on the
Collateral and other rights and remedies against other Securitized Assets (to the extent permitted by applicable law) or conducting any proceeding for any contractual or legal remedy available to the Trustee or exercise any trust or power conferred
on the Trustee; provided that: 

  
 17 

 (a)    such direction of time, method and place shall not be in conflict
with any rule of law, the Servicing Standard, the Indenture or this Agreement; 
 (b)    the Control Party (at the
direction of the Controlling Class Representative) may take any other action deemed proper by the Control Party (at the direction of the Controlling Class Representative) that is not inconsistent with such direction (as the same may be
modified by the Control Party (with the consent of the Controlling Class Representative)); and 
 (c)    such
direction shall be in writing; 
 provided further that, subject to Section 10.1 of the Base Indenture, the Trustee need not take any
action that it determines might involve it in liability unless it has received an indemnity for such liability as provided in the Base Indenture. The Trustee shall take no action referred to in this Section 6.5 unless
instructed to do so by the Control Party (at the direction of the Controlling Class Representative). 

6.6    The Trustee May File Proofs of Claim. The Trustee is authorized to file such proofs of claim and other
papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and any other Secured
Party (as applicable) allowed in any judicial proceedings relative to any Guarantor, its creditors or its property, and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such
claim and any custodian in any such judicial proceeding is hereby authorized by each Secured Party to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to any other Secured
Party, to pay the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 10.5 of the Base Indenture. To the
extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 10.5 of the Base Indenture out of the estate in any such
proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money and other properties which any other Secured Party may be entitled to receive in
such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any other Secured
Party any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any other Secured Party, or to authorize the Trustee to vote in respect of the claim of any Secured Parties in any such proceeding.

 6.7    Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Agreement or
in any suit against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of any undertaking to pay the costs of the suit, and the court in its discretion
may assess reasonable costs, 

  
 18 

 
including reasonable attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This
Section 6.7 does not apply to a suit by the Trustee (or by the Control Party for any contractual or legal remedy available to the Trustee), a suit by a Noteholder pursuant to Section 9.9 of the Base Indenture or a suit
by Noteholders of more than 10% of the Aggregate Outstanding Principal Amount of all Series of Notes. 

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

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

  
 19 

 SECTION 7 

THE TRUSTEE’S AUTHORITY 

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

MISCELLANEOUS 

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

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

 Planet Fitness SPV Guarantor LLC 

4 Liberty Lane West, Floor 2 

Hampton, NH 03842 
 Attention:
General Counsel 
 Facsimile: 603-590-2594 

  
 20 

 If to the Franchisor: 

Planet Fitness Franchising LLC 
 4
Liberty Lane West, Floor 2 
 Hampton, NH 03842 

Attention: General Counsel 

Facsimile: 603-590-2594 

If to the Equipment Distributor: 

Planet Fitness Distribution LLC 

4 Liberty Lane West, Floor 2 

Hampton, NH 03842 
 Attention:
General Counsel 
 Facsimile: 603-590-2594 

If to Planet Fitness Assetco: 

Planet Fitness Assetco LLC 
 4
Liberty Lane West, Floor 2 
 Hampton, NH 03842 

Attention: General Counsel 

Facsimile: 603-590-2594 

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

Ropes & Gray LLP 

Prudential Tower, 800 Boylston Street 

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

If to the Trustee: 

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

Attention: Citibank Agency & Trust – Planet Fitness Master Issuer LLC 

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

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

(c)    Any notice (i) given in person shall be deemed delivered on the date of delivery of such notice,
(ii) given by first class mail shall be deemed given five (5) days after the date that such notice is mailed, (iii) delivered by facsimile shall be deemed given on the date of delivery of such notice, (iv) delivered by overnight
air courier shall be deemed delivered one (1) Business Day after the date that such notice is delivered to such overnight courier, (v) when posted on a password-protected website shall be deemed delivered after notice of such posting has
been provided to the recipient and (vi) delivered by email shall be deemed delivered on the date of delivery of such notice. 

  
 21 

 (d)    Notwithstanding any provisions of this Agreement to the contrary,
the Trustee shall have no liability based upon or arising from the failure to receive any notice required by or relating to this Agreement or any other Related Document. 

8.3    Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK. 
 8.4    Successors. All agreements of each of the Guarantors in this
Agreement and each other Related Document to which it is a party shall bind its successors and assigns; provided, however, no Guarantor may assign its obligations or rights under this Agreement or any other Related Document, except
with the written consent of the Servicer. All agreements of the Trustee in this Agreement shall bind its successors. 

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

8.6    Counterpart Originals. This Agreement may be executed in counterparts (and by different parties hereto on
different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single agreement. 

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

8.8    Waiver of Jury Trial. EACH OF THE GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER RELATED DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY. 

8.9    Submission to Jurisdiction; Waivers. Each of the Guarantors and the Trustee hereby irrevocably and
unconditionally: 
 (a)    submits for itself and its property in any legal action or proceeding relating to this
Agreement and the other Related Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the courts of the State of
New York sitting in New York County, the courts of the United States for the Southern District of New York, and appellate courts from any thereof; 

  
 22 

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

 (c)    agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by
registered or certified mail (or any substantially similar form of mail), postage prepaid, to the Guarantors or the Trustee, as the case may be, at its address set forth in Section 8.2 or at such other address of which the
Trustee shall have been notified pursuant thereto; 
 (d)    agrees that nothing herein shall affect the right to effect
service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and 

(e)    waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action
or proceeding referred to in this Section 8.9 any special, exemplary, punitive or consequential damages. 

8.10    Additional Guarantors. Each Additional Securitization Entity that is to become a “Guarantor” for
all purposes of this Agreement shall execute and deliver an Assumption Agreement in substantially the form of Exhibit A hereto. Upon the execution and delivery by any Additional Securitization Entity of such an Assumption Agreement, the supplemental
schedules attached to such Assumption Agreement shall be incorporated into and become a part of and supplement the Schedules to this Agreement and each reference to such Schedules shall mean and be a reference to such Schedules as supplemented
pursuant to each Assumption Agreement. 
 8.11    Currency Indemnity. Each Guarantor shall make all payments of
amounts owing by it hereunder in U.S. Dollars. If a Guarantor makes any such payment to the Trustee or any other Secured Party in a currency (the “Other Currency”) other than U.S. Dollars (whether voluntarily or pursuant to an order
or judgment of a court or tribunal of any jurisdiction), such payment shall constitute a discharge of the liability of such party hereunder in respect of such amount owing only to the extent of the amount of U.S. Dollars which the Trustee or such
Secured Party is able to purchase with the amount it receives on the date of receipt (if it can timely exchange such Other Currency on such date) or otherwise on the next following Business Day on which foreign currency exchange transactions may be
effected for such Other Currency. If the amount of U.S. Dollars which the Trustee or such Secured Party is able to purchase is less than the amount of such currency originally so due in respect of such amount, such Guarantor shall indemnify and save
the Trustee or such Secured Party, as applicable, harmless from and against any loss or damage arising as a result of such deficiency. This indemnity shall constitute an obligation separate and independent from the other obligations contained in
this Agreement, shall give rise to a separate and independent cause of action, shall survive termination hereof, shall apply irrespective of any indulgence granted by the Trustee or such Secured Party and shall continue in full force and effect
notwithstanding any judgment or order in respect of any amount due hereunder or under any judgment or order. 

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

  
 23 

 8.13    Termination; Partial Release. 

(a)    This Agreement and any grants, pledges and assignments hereunder shall become effective on the date hereof and
shall terminate on the Termination Date. 
 (b)    On the Termination Date, the Collateral shall be automatically
released from the Liens created hereby, and this Agreement and all obligations (other than those expressly stated to survive such termination) of the Trustee and each Guarantor shall automatically terminate, all without delivery of any instrument or
performance of any act by any party, and all rights to the Securitized Assets shall revert to the Guarantors. At the request and sole expense of any Guarantor following any such termination, the Trustee shall deliver to such Guarantor any
Securitized Assets held by the Trustee hereunder, and execute and deliver to such Guarantor such documents as such Guarantor shall reasonably request to evidence such termination. 

(c)    Any partial release of Collateral hereunder requested by the Master Issuer or any Guarantor in connection with any
Permitted Asset Disposition shall be governed by Section 8.16 and Section 14.17 of the Base Indenture. 

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

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

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

[Signature pages to follow] 

  
 24 

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

					
	PLANET FITNESS SPV GUARANTOR LLC
		
	By: 	 	/s/ Justin Vartanian
		 	Name:	 	Justin Vartanian
		 	Title:	 	General Counsel and Secretary
	
	PLANET FITNESS FRANCHISING LLC
		
	By:	 	/s/ Justin Vartanian
		 	Name:	 	Justin Vartanian
		 	Title:	 	General Counsel and Secretary
	
	PLANET FITNESS ASSETCO LLC
		
	By:	 	/s/ Justin Vartanian
		 	Name:	 	Justin Vartanian
		 	Title:	 	General Counsel and Secretary
	
	PLANET FITNESS DISTRIBUTION LLC
		
	By:	 	/s/ Justin Vartanian
		 	Name:	 	Justin Vartanian
		 	Title:	 	General Counsel and Secretary

 Signature Page to Guarantee and Collateral Agreement 

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

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

 Signature Page to Guarantee and Collateral Agreement 

 Schedule 4.5 

PLEDGED EQUITY INTERESTS 
  

					
	
PLEDGED ENTITY
  
	 	 OWNED BY

 
	 	
PERCENTAGE OWNERSHIP
  

	Planet Fitness Master Issuer LLC	 	Planet Fitness SPV Guarantor LLC	 	100%
	Planet Fitness Franchising LLC	 	Planet Fitness Master Issuer LLC	 	100%
	Planet Fitness Distribution LLC	 	Planet Fitness Master Issuer LLC	 	100%
	Planet Fitness Assetco LLC	 	Planet Fitness Master Issuer LLC	 	100%

 Exhibit A to 

Guarantee and Collateral Agreement 

ASSUMPTION AGREEMENT, dated as of
                    , 20     (this “Assumption Agreement”), made by
                     a
                     (the “Additional Guarantor”), in favor of CITIBANK, N.A., as Trustee and Securities
Intermediary under the Indenture referred to below (in such capacity, together with its successors, the “Trustee”). All capitalized terms not defined herein shall have the meaning ascribed to them in the Base Indenture Definitions
List attached to the Base Indenture (as defined below) as Annex A thereto. 
 W I T N E S S
E T H: 
 WHEREAS, Planet Fitness Master Issuer LLC (the “Master Issuer”), the Trustee and Citibank,
N.A., as securities intermediary, have entered into a Base Indenture dated as of August 1, 2018 (as amended, restated, supplemented or otherwise modified from time to time, exclusive of any Series Supplements, the “Base
Indenture” and, together with all Series Supplements, the “Indenture”), providing for the issuance from time to time of one or more Series of Notes thereunder; and 

WHEREAS, in connection with the Base Indenture, the Guarantors and the Trustee have entered into the Guarantee and Collateral Agreement, dated
as of August 1, 2018 (as amended, restated, supplemented or otherwise modified from time to time, the “Guarantee and Collateral Agreement”) in favor of the Trustee for the benefit of the Secured Parties; 

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

WHEREAS, the Additional Guarantor has agreed to execute and deliver this Assumption Agreement in order to become a party to the Guarantee and
Collateral Agreement; 
 NOW, THEREFORE, IT IS AGREED: 

1.    Guarantee and Collateral Agreement. By executing and delivering this Assumption Agreement, the Additional
Guarantor, as provided in Section 8.10 of the Guarantee and Collateral Agreement, hereby becomes a party to the Guarantee and Collateral Agreement as a Guarantor thereunder with the same force and effect as if originally
named therein as a Guarantor and, without limiting the generality of the foregoing, hereby expressly assumes all obligations and liabilities of a Guarantor thereunder. In furtherance of the foregoing, the Additional Guarantor, as security for the
payment and performance in full of the Master Issuer Obligations, does (x) hereby create and grant to the Trustee for the benefit of the Secured Parties a security interest in all of the Additional Guarantor’s right, title and interest in
and to the Collateral of the Additional Guarantor in accordance with the terms of the Guarantee and Collateral Agreement and subject to the exceptions set forth therein and (y) jointly and severally, unconditionally and irrevocably hereby
guarantees to the Trustee, for the benefit of the Secured Parties, the prompt and complete payment and performance by the Master Issuer when due (whether at the stated maturity, by acceleration or otherwise, but after giving effect to all applicable
grace periods) of the Master Issuer Obligations. Each reference to a “Guarantor” in the Guarantee and Collateral Agreement shall be deemed to include the Additional Guarantor. The Guarantee and Collateral Agreement is hereby incorporated

  
 A-1 

 
herein by reference. The information set forth in Annex 1-A hereto (A) is true and correct as of the date hereof in all material respects and
(B) is hereby added to the information set forth in Schedule 4.5 to the Guarantee and Collateral Agreement and such Schedule shall be deemed so amended. The Additional Guarantor hereby represents and warrants that each of the
representations and warranties contained in Section 4 of the Guarantee and Collateral Agreement applicable to it is true and correct on and as the date hereof (after giving effect to this Assumption Agreement) as if made on
and as of such date. 
 2.    Representations of Additional Guarantor. The Additional Guarantor represents and
warrants to the Trustee for the benefit of the Secured Parties that this Assumption Agreement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with
its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or
at law. 
 3.    Counterparts; Binding Effect. This Assumption Agreement may be executed in counterparts (and by
different parties hereto on different counterparts), each of which shall constitute an original, but all of which taken together shall constitute a single contract. This Assumption Agreement shall become effective when (a) the Trustee shall
have received a counterpart of this Assumption Agreement that bears the signature of the Additional Guarantor and (b) the Trustee has executed a counterpart hereof. Delivery of an executed counterpart of a signature page of this Assumption
Agreement by telecopy or .pdf file shall be effective as delivery of a manually executed counterpart of this Assumption Agreement. 

4.    Full Force and Effect. Except as expressly supplemented hereby, the Guarantee and Collateral Agreement shall
remain in full force and effect. 
 5.    Severability. In case any provision in this Agreement or any other
Related Document shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

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

7.    Fees and Expenses. The Additional Guarantor agrees to reimburse the Trustee for its reasonable and documented
out-of-pocket expenses in connection with the execution and delivery of this Assumption Agreement, including the reasonable fees and disbursements of outside counsel for
the Trustee. 
 8.    Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES. 

  
 A-2 

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

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

  

			
	 AGREED TO AND ACCEPTED
  

	CITIBANK, N.A., in its capacity as Trustee
		
	By:	 	 
	Name:	 	
	Title:	 	

  
 A-1 

 Annex 1-A 

GUARANTOR OWNERSHIP RELATIONSHIPS 
  

					
	
ENTITY
  
	 	 OWNED BY

 
	 	
SUBSIDIARIES
  

	 	 	 
	 	 	 	 	 

  
 A-2EX-10.2

 Exhibit 10.2 

MANAGEMENT AGREEMENT 
 Dated as of
August 1, 2018 
 among 

Planet Fitness Master Issuer LLC, 

Planet Fitness SPV Guarantor LLC, 

certain Subsidiaries of Planet Fitness Master Issuer LLC 

party hereto, 
 Planet Fitness
Holdings, LLC, 
 as Manager, 

and 
 Citibank, N.A., 

as Trustee 

 TABLE OF CONTENTS 
  

					
		
		  	 	Page	 
	 ARTICLE 1 DEFINITIONS
	  	 	2	 
		
	 SECTION 1.1 Certain Definitions
	  	 	2	 
		
	 SECTION 1.2 Other Defined Terms
	  	 	15	 
		
	 SECTION 1.3 Other Terms
	  	 	15	 
		
	 SECTION 1.4 Computation of Time Periods
	  	 	15	 
		
	 ARTICLE 2 ADMINISTRATION AND SERVICING OF SECURITIZED ASSETS
	  	 	15	 
		
	 SECTION 2.1 Planet Fitness Holdings, LLC to Act as the Manager
	  	 	15	 
		
	 SECTION 2.2 Advances
	  	 	18	 
		
	 SECTION 2.3 Deposit Accounts
	  	 	18	 
		
	 SECTION 2.4 Records
	  	 	18	 
		
	 SECTION 2.5 Administrative Duties of Manager
	  	 	19	 
		
	 SECTION 2.6 No Offset
	  	 	20	 
		
	 SECTION 2.7 Compensation
	  	 	20	 
		
	 SECTION 2.8 Indemnification
	  	 	20	 
		
	 SECTION 2.9 Nonpetition Covenant
	  	 	22	 
		
	 SECTION 2.10 Advertising Funds
	  	 	22	 
		
	 SECTION 2.11 Franchisor Consent
	  	 	23	 
		
	 SECTION 2.12 Appointment of Sub-Managers
	  	 	23	 
		
	 SECTION 2.13 Letter of Credit Reimbursement Agreement
	  	 	24	 
		
	 ARTICLE 3 STATEMENTS AND REPORTS
	  	 	24	 
		
	 SECTION 3.1 Reporting by the Manager
	  	 	24	 
		
	 SECTION 3.2 Appointment of Independent Auditors
	  	 	25	 
		
	 SECTION 3.3 Annual Accountants’ Reports
	  	 	25	 
		
	 SECTION 3.4 Available Information
	  	 	26	 
		
	 ARTICLE 4 THE MANAGER
	  	 	26	 
		
	 SECTION 4.1 Representations and Warranties Concerning the Manager
	  	 	26	 
		
	 SECTION 4.2 Existence; Status as Manager
	  	 	29	 
		
	 SECTION 4.3 Performance of Obligations
	  	 	29	 
		
	 SECTION 4.4 Merger; Resignation and Assignment
	  	 	32	 
		
	 SECTION 4.5 Taxes
	  	 	33	 
		
	 SECTION 4.6 Notice of Certain Events
	  	 	33	 
		
	 SECTION 4.7 Capitalization
	  	 	34	 

  
 i 

					
	 SECTION 4.8 Franchise Law Determination
	 	 	34	 
		
	 SECTION 4.9 Maintenance of Separateness
	 	 	34	 
		
	 SECTION 4.10 Non-Securitization Debt Cap
	 	 	35	 
		
	 SECTION 4.11 Special Provisions as to Securitization IP
	 	 	35	 
		
	 SECTION 4.12 Restrictions on Dispositions and Liens
	 	 	36	 
		
	 SECTION 4.13 No Competition
	 	 	36	 
		
	 ARTICLE 5 REPRESENTATIONS, WARRANTIES AND COVENANTS AS TO NEW ASSETS
	 	 	37	 
		
	 SECTION 5.1 Representations and Warranties Made in Respect of New Assets
	 	 	37	 
		
	 SECTION 5.2 Covenants in Respect of New Collateral
	 	 	43	 
		
	 SECTION 5.3 Securitization IP
	 	 	44	 
		
	 ARTICLE 6 [RESERVED]
	 	 	44	 
		
	 ARTICLE 7 DEFAULT
	 	 	44	 
		
	 SECTION 7.1 Manager Termination Events
	 	 	44	 
		
	 SECTION 7.2 Disentanglement
	 	 	47	 
		
	 SECTION 7.3 Intellectual Property
	 	 	48	 
		
	 SECTION 7.4 No Effect on Other Parties
	 	 	48	 
		
	 SECTION 7.5 Rights Cumulative
	 	 	49	 
		
	 ARTICLE 8 CONFIDENTIALITY
	 	 	49	 
		
	 SECTION 8.1 Confidentiality
	 	 	49	 
		
	 ARTICLE 9 MISCELLANEOUS PROVISIONS
	 	 	50	 
		
	 SECTION 9.1 Termination of Agreement
	 	 	50	 
		
	 SECTION 9.2 Amendment
	 	 	50	 
		
	 SECTION 9.3 Amendments to Other Agreements
	 	 	51	 
		
	 SECTION 9.4 Acknowledgement
	 	 	51	 
		
	 SECTION 9.5 Governing Law; Waiver of Jury Trial; Jurisdiction
	 	 	52	 
		
	 SECTION 9.6 Notices
	 	 	52	 
		
	 SECTION 9.7 Severability of Provisions
	 	 	53	 
		
	 SECTION 9.8 Delivery Dates
	 	 	53	 
		
	 SECTION 9.9 Limited Recourse
	 	 	53	 
		
	 SECTION 9.10 Binding Effect; Limited Rights of Others
	 	 	53	 
		
	 SECTION 9.11 Article and Section Headings
	 	 	53	 
		
	 SECTION 9.12 Counterparts
	 	 	53	 
		
	 SECTION 9.13 Entire Agreement
	 	 	54	 
		
	 SECTION 9.14 Concerning the Trustee
	 	 	54	 
		
	 SECTION 9.15 Joinder of Additional Securitization Entities
	 	 	54	 

  
 ii 

	
	 EXHIBIT A – JOINDER AGREEMENT

	
	 EXHIBIT B-1 – POWER OF ATTORNEY
(FRANCHISOR)

	
	 EXHIBIT B-2 – POWER OF ATTORNEY (SECURITIZATION
ENTITY)

  
 iii 

 MANAGEMENT AGREEMENT 

This MANAGEMENT AGREEMENT, dated as of August 1, 2018 (this “Agreement”), is entered into by and among Planet Fitness
Master Issuer LLC, a Delaware limited liability company (the “Master Issuer”), Planet Fitness Franchising LLC, a Delaware limited liability company (the “Franchisor”), Planet Fitness Distribution LLC, a Delaware
limited liability company (the “Equipment Distributor”), Planet Fitness Assetco LLC, a Delaware limited liability company (“Planet Fitness Assetco”), Planet Fitness SPV Guarantor LLC, a Delaware limited liability
company (the “Master Issuer Parent”), Planet Fitness Holdings, LLC, a New Hampshire limited liability company (“Planet Fitness Holdings”), as Manager (in such capacity, together with its successors and assigns, the
“Manager”), and Citibank, N.A., not in its individual capacity but solely as trustee (the “Trustee”), together with any other Securitization Entity that becomes party to this Agreement by execution of a joinder
substantially in the form attached hereto as Exhibit A. For all purposes of this Agreement, capitalized terms used herein but not otherwise defined herein shall have the meanings ascribed thereto in Annex A to the Base Indenture (as
defined below). 
 RECITALS 

WHEREAS, the Master Issuer has entered into a Base Indenture (as amended, restated, supplemented or otherwise modified from time to time,
exclusive of any Series Supplements, the “Base Indenture” and, together with all Series Supplements, the “Indenture”), dated as of the date of this Agreement, with the Trustee, pursuant to which the Master Issuer
shall issue Series of Notes from time to time, on the terms described therein; 
 WHEREAS, pursuant to the Guarantee and Collateral
Agreement, the Securitization Entities other than the Master Issuer will be guaranteeing the obligations of the Master Issuer under the Notes; 

WHEREAS, pursuant to the Base Indenture and the Guarantee and Collateral Agreement, as security for the indebtedness represented by the Notes,
the Master Issuer and the other Securitization Entities are and will be granting to the Trustee, on behalf of the Secured Parties, a security interest in the Collateral; 

WHEREAS, pursuant to the NAF Servicing Agreement dated as of the date hereof, by and between the Manager and NAF (the “NAF Servicing
Agreement”), the Manager has agreed to manage the Advertising Fees received by NAF in accordance with the advertising provisions of the Franchise Agreements or otherwise; 

WHEREAS, each of the Master Issuer and the other Securitization Entities desires to have the Manager enforce its rights and powers and perform
its duties and obligations under the Managed Documents to which it is party in accordance with the Managing Standard; 
 WHEREAS, each of
the Securitization Entities desires to have the Manager enter into certain agreements and acquire certain assets from time to time on its behalf, in each case in accordance with the Managing Standard; 

 WHEREAS, the Franchisor desires to appoint the Manager as its agent for providing
intellectual property development, enforcement, management, licensing, contract administration Services, and any other duties or Services in connection with the maintenance of the Securitization IP in accordance with the Managing Standard; 

WHEREAS, the Franchisor desires to appoint the Manager as its agent to enforce its rights and powers and perform its duties and obligations
under (i) the Franchise Agreements and the Area Development Agreements to which the Franchisor is a party and (ii) the Securitized Authorized Vendor Contracts; 

WHEREAS, the Equipment Distributor desires to appoint the Manager as its agent to perform the Equipment Distribution Services; 

WHEREAS, Planet Fitness Assetco desires to appoint the Manager as its agent to perform (i) the Securitized Lease Services and
(ii) the Securitized Corporate-Owned Store Services; 
 WHEREAS, the Manager desires to enforce such rights and powers and perform such
obligations and duties, all in accordance with the Managing Standard; and 
 WHEREAS, each of the Master Issuer and the other Securitization
Entities desires to enter into this Agreement to provide for, among other things, the managing of the respective rights, powers, duties and obligations of the Master Issuer and the other Securitization Entities, as applicable, under or in connection
with the Securitized Assets by the Manager, all in accordance with the Managing Standard. 
 NOW THEREFORE, in consideration of the premises
and the mutual agreements hereinafter set forth, the parties hereto agree as follows: 
 ARTICLE 1 

DEFINITIONS 
 SECTION 1.1
Certain Definitions. Capitalized terms used herein but not otherwise defined herein or in Annex A to the Base Indenture shall have the following meanings: 

“Ad Fund Manager Advances” has the meaning set forth in SECTION 2.10 hereof. 

“Advertising Fees” has the meaning set forth in SECTION 2.10 hereof. 

“Advertising Fund Account” has the meaning set forth in SECTION 2.10 hereof. 

“Agreement” has the meaning set forth in the preamble hereto. 

“Base Indenture” has the meaning set forth in the recitals hereto. 

“Change in Management” means more than 50% of the Leadership Team is terminated and/or resigns within twelve (12) months
after the date of the occurrence of a Change of Control; 

  
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provided, in each case, that termination and/or resignation of such officer will not include (i) a change in such officer’s status in the ordinary course of succession so long as
such officer remains affiliated with Planet Fitness Inc., a Delaware corporation (“Holdco”) or its Subsidiaries as an officer or director, or in a similar capacity, (ii) retirement of any officer or (iii) death or
incapacitation of any officer. 
 “Change of Control” means an event or series of events by which: 

(a)    individuals who on the Closing Date constituted the Board of Directors of Holdco, together with any new directors
whose election by the Board of Directors or whose nomination for election by the equity holders of Holdco was approved by a majority of the directors then still in office who were either directors or whose election or nomination for election was
previously so approved, cease for any reason to constitute a majority of the Board of Directors of Holdco then in office; or 

(b)    any “person” or “group” (as such terms are used for purposes of Sections 13(d) and 14(d) of the
1934 Act) is or becomes the “beneficial owner” (as such term is used in Rule 13d-3 under the 1934 Act), directly or indirectly, of more than 50% of the total voting power of the Voting Stock of
Holdco. 
 For purposes of this definition, a Person will not be deemed to have beneficial ownership of voting power of Voting Stock subject to a stock
purchase agreement, merger agreement or similar agreement until the consummation of the transactions contemplated by such agreement. 

“Current Practice” means, in respect of any action or inaction, the practices, standards and procedures of the Non-Securitization Entities as performed on or that would have been performed immediately prior to the Closing Date. 

“Confidential Information” means information (including Know-How) that is
confidential and proprietary to its owner, or that is personal information, and that is disclosed to any party to this Agreement whether in writing or disclosed orally, and whether or not designated as confidential. 

“Discloser” has the meaning set forth in Section 8.1(a) hereof. 

“Disentanglement” has the meaning set forth in Section 7.2(a) hereof. 

“Disentanglement Services” has the meaning set forth in Section 7.2(a) hereof. 

“Disentanglement Period” has the meaning set forth in Section 7.2(c) hereof. 

“Equipment Distribution Services” means performing all of the duties and obligations of the Equipment Distributor in
connection with the Securitized Equipment Supply Agreements and the placement, resale and distribution of fitness equipment to Franchisees, Planet Fitness Assetco and Non-Securitization Entities for use in the
Retained Corporate-Owned Stores, including, among other things: 
 (a)    collecting the Equipment Revenue Payments;

  
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 (b)    negotiating supply agreements with third-party equipment
manufacturers to purchase fitness equipment; 
 (c)     sub-licensing the
applicable Securitization IP to third-party equipment manufacturers; 
 (d)    setting operational standards for fitness
equipment and any other activities necessary or desirable to cause the acquisition of fitness equipment; 

(e)    causing all Equipment Revenue Payments to be deposited into the applicable Equipment Distributor Operating Account
in accordance with the terms of the Indenture; and 
 (f)    withdrawing available amounts on deposit in the applicable
Equipment Distributor Operating Account to pay the Equipment Distribution Operating Expenses that are incurred or committed to be paid by the Equipment Distributor relating to the performance of the Equipment Distributor’s obligations under the
Securitized Equipment Supply Agreements and the placement, resale and distribution of fitness equipment to Franchisees, Planet Fitness Assetco and Non-Securitization Entities for use in the Retained
Corporate-Owned Stores, such as cost of goods sold (including all payments for the purchase and delivery of equipment under Equipment Supply Agreements or otherwise), placement, repairs and maintenance expenses to the extent not capitalized,
insurance (including self-insurance), any advertising expenses, equipment placement expenses, rebates payable in connection with purchases of fitness equipment, litigation and settlement costs relating to the Securitized Assets and other operating
costs included in cost of sales.  
 “ERISA Event” means (a) a
“reportable event” within the meaning of Section 4043 of ERISA and the regulations issued thereunder with respect to any Plan (other than those events as to which the thirty day notice period is waived); (b) the failure to meet the
minimum funding standard of Section 412 of the Code or Section 302 of ERISA with respect to any Single-Employer Plan (whether or not waived in accordance with Section 412(c) of the Code) or the failure to make by its due date a
required installment under Section 430 of the Code and Section 302(e) of ERISA with respect to any Single-Employer Plan; (c) the provision by the administrator of any Single-Employer Plan pursuant to Section 4041(a)(2) of ERISA
of a written notice of intent to terminate such Single-Employer Plan in a standard termination described in Section 4041(b) of ERISA or a distress termination described in Section 4041(c) of ERISA; (d) the complete or partial
withdrawal by the Manager, or any company in the Controlled Group of the Manager, from any Plan with two or more contributing sponsors or the termination of any such Plan, in each case, which results in liability pursuant to Section 4063 or
4064 of ERISA; (e) formal written notice from the PBGC of its intent to commence proceedings to terminate any Plan; (f) the imposition of liability on the Manager, or any company in the Controlled Group of the Manager, pursuant to
Section 4062(e) or 4069 of ERISA or by reason of the application of Section 4212(c) of ERISA; (g) the filing of a material claim (other than routine claims for benefits) against any Plan or the assets thereof, or against the Manager
or any company in the Controlled Group of the Manager, in connection with any Plan; (h) receipt from the Internal Revenue Service of notice of the failure of any Plan to qualify under Section 401(a) of the Code or the failure of any trust
forming part of any Plan to qualify for exemption from taxation under Section 501(a) of the Code; (i) the imposition of a lien in favor of the PBGC or a Plan pursuant 

  
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to Section 430(k) of the Code or pursuant to Section 302(f) of ERISA with respect to any Plan or (j) the complete or partial withdrawal by the Manager or any member of its
Controlled Group from any Multiemployer Plan that has resulted or could reasonably be expected to result in a material liability to the Manager under ERISA. 

“Franchisee Insurance Policy” means any insurance policy or policies maintained by a Franchisee in accordance with the
requirements of a Franchise Agreement held by the Franchisor. 
 “Indemnification Amounts Threshold Amount” means, for any
date of determination, (i) if the Threshold DSCR is greater than or equal to 2.75x, $1,000,000 and (ii) otherwise, $500,000. 

“Indemnitee” has the meaning set forth in Section 2.8 hereof. 

“Independent Auditors” has the meaning set forth in Section 3.2 hereof. 

“IP Services” means performing the Franchisor’s obligations and exercising the Franchisor’s rights under the IP
License Agreements (and under any other agreements pursuant to which the Franchisor licenses the use of any Securitization IP, such as Franchise Agreements) and acquiring, developing, managing, maintaining, protecting, enforcing, defending,
licensing, sublicensing and undertaking such other duties and services as may be necessary in connection with the Securitization IP, on behalf of the Franchisor, in each case in accordance with and subject to the standards imposed by the IP License
Agreements, this Agreement (including the Managing Standard, unless the Franchisor determines, in its sole discretion, that additional action is necessary or desirable in furtherance of the protection of the Securitization IP, in which case the
Manager will perform such IP Services and additional related services as are reasonably requested by the Franchisor), the Indenture, the other Related Documents and the Managed Documents. The IP Services may include among other things: 

(a)    conceiving, developing, creating and/or acquiring After-Acquired Securitization IP on behalf of Franchisor and
ensuring all future After-Acquired Securitization IP otherwise created, developed or acquired is assigned to and inures to the benefit of the Franchisor; 

(b)    maintaining, enforcing and defending the Franchisor’s rights in and to the Securitization IP, including
filing, prosecuting and maintaining applications therefor; 
 (c)    monitoring third party use and registration of
Securitization IP (or other Intellectual Property which may infringe, misappropriate or dilute the Securitization IP); 

(d)    confirming and enforcing the Franchisor’s legal title in and to the Securitization IP, and exercising the
Franchisor’s rights and performing its obligations under each IP License Agreement; 
 (e)    applying for the
registration of Copyrights; 

  
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 (f)    prosecuting applications for, and maintaining registrations and
issuances of, any Intellectual Property included in the Securitization IP, or abandoning such application or registrations; 

(g)    taking actions necessary to protect, police and enforce the Securitization IP from potential imitation,
infringement, dilution, misappropriation and/or unauthorized use of the Securitization IP; 
 (h)    performing such
functions and duties, and preparing and filing such documents, as are required under the Indenture or the Guarantee and Collateral Agreement to be performed, prepared and/or filed by the Franchisor (including with respect to the Franchisor’s
rights and obligations under the IP License Agreements and any Related Documents, monitoring the licensee’s use of each licensed Trademark and the goods and services offered in connection with such Trademarks, rendering any approvals (or
disapprovals) that are required under the applicable license agreement(s), and employing reasonable means to ensure that any use of any such Trademarks by any such licensee satisfies the standards and usage provisions of the applicable license
agreement); 
 (i)    taking such actions on behalf of the Franchisor as the Franchisor may reasonably request, or a
licensee under an IP License Agreement may request, that are expressly required by the IP License Agreements; 

(j)    paying or arranging for payment or discharge of taxes and Liens levied on or threatened against the Securitization
IP; 
 (k)    entering, or causing the Franchisor to enter, into license or sublicense agreements with any
Securitization Entity or Non-Securitization Entity, and granting such Securitization Entity the right to use or sublicense the Securitization IP, which agreements will also include that all After-Acquired
Securitization IP created thereby will be assigned and inure to the benefit of the Franchisor, and, where applicable, the Franchisor will be listed as a third-party beneficiary (without any duties, obligations or liabilities) under such license or
sublicense agreements; 
 (l)    obtaining licenses of third-party Intellectual Property for use and sublicense in
connection with the Franchise business, or the Corporate-Owned Store business and the other assets of the Securitization Entities; 

(m)    sublicensing the Securitization IP to suppliers, manufacturers, advertisers and other service providers in
connection with the provision of products and services for use in the Franchise business and the Corporate-Owned Store business; 

(n)    with respect to Trade Secrets and other confidential information of the Franchisor, taking reasonable measures to
maintain confidentiality and to prevent non-confidential or unauthorized disclosures; and 

(o)    preparing for execution by the Franchisor or any other appropriate Person all documents, certificates and other
filings as the Franchisor is required to prepare and/or file under the terms of the IP License Agreements or the Indenture (including (i) confirming the 

  
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Franchisor’s legal title in and to any or all of the Securitization IP, including obtaining written assignments of Securitization IP to the Franchisor and recording transfers of title in the
appropriate intellectual property registry in the Perfected Countries and any Additional Perfected Country, following such time that it becomes an Additional Perfected Country, and, in the Manager’s discretion, elsewhere in accordance with the
Managing Standard and (ii) preparing, executing and delivering grants of security interests or any similar instruments as the Securitization Entities or the Control Party may, from time to time, reasonably request (consistent with the
obligations of the Franchisor to perfect the Trustee’s Lien on the Securitization IP in the United States and only to those issuances and registrations of Trademarks, Patents, and Copyrights included in the Securitization IP in Canada and, to
the extent that the Franchisor owns any Securitization IP registered under the laws of any country other than the United States and Canada, any Additional Perfected Country, following such time that it becomes an Additional Perfected Country) that
are intended to evidence such security interests in the Securitization IP and recording such grants or other instruments with the relevant Governmental Authority). 

“Leadership Team” means the “executive officers” (as defined in Rule 3b-7
of the 1934 Act) of Holdco immediately prior to the date of the occurrence of a Change of Control. 
 “Management Fee”
means with respect to each Interim Allocation Date, the amount determined by dividing (i) an amount equal to the sum of (A) a $15,000,000 base fee, plus (B) (1) $20,000 for each Franchise Store and Retained Corporate-Owned Store, in each
case, located in the United States, (2) $20,000 for each International Franchise Store with respect to which the Franchise Agreement is held by the Franchisor or another Securitization Entity and (3) $40,000 for each Corporate-Owned Store held by
Planet Fitness Assetco or another Securitization Entity; by 24; provided that the Management Fee will be adjusted on each Interim Allocation Date to reflect any change to the number of Franchise Stores, and Corporate-Owned Stores held by
Planet Fitness Assetco, as set forth in the related Interim Manager’s Certificate (which change will be effective with respect to the Management Fee payable on the Interim Allocation Date immediately succeeding the delivery of such Interim
Manager’s Certificate, it being agreed that the Manager will update the number of Franchise Stores, and Corporate-Owned Stores as often as reasonably practicable but at least once in each fiscal quarter); provided, further, that
(X) each of the amounts set forth in clauses (i)(A) and (i)(B) will be subject to successive 2.0% annual increases on the first day of the Quarterly Collection Period that commences immediately following each anniversary of the Closing Date and
that the incremental increased portion of such fees will be payable only to the extent that the sum of the amounts set forth in clauses (i)(A) and (i)(B) as so increased will not exceed 35% of the aggregate Retained Collections over the preceding
four (4) Quarterly Collection Periods or (Y) a new formula may be designated by the Master Issuer in writing to the Trustee, so long as (a) the Master Issuer certifies in writing to the Trustee that (i) the formula was determined
in consultation with the Back-Up Manager, and (ii) the Master Issuer discloses the formula in each Quarterly Noteholders’ Report and (b) the Trustee has received written confirmation from the
Master Issuer that the Rating Agency Condition with respect to each Series of Notes Outstanding has been satisfied with respect to such new formula. 

“Manager” has the meaning set forth in the preamble hereto. 

  
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 “Manager Advances” means any advance of funds made by the Manager to, or on
behalf of, a Securitization Entity in connection with the operation of the Franchise Store Business, Securitized Corporate-Owned Store Business and other Securitized Assets. 

“Manager Advance Reimbursement Amount” means, as of any date, the amount of any unreimbursed Manager Advances and any accrued
interest thereon. 
 “Managing Standard” means standards that (a) are consistent with Current Practice or, to the
extent of changed circumstances, practices, technologies, strategies or implementation methods, consistent with the standards as the Manager would implement or observe if the Securitized Assets were owned by the Manager at such time; (b) are
consistent with Ongoing Practice; (c) will enable the Manager to comply in all material respects with all of the duties and obligations of the Securitization Entities under the Related Documents, the Managed Documents; (d) are in material
compliance with all applicable Requirements of Law; and (e) with respect to the use and maintenance of the Securitization Entities’ rights in and to the Securitization IP, are consistent with the standards imposed by the IP License
Agreements for the Franchisor. 
 “Master Issuer” has the meaning set forth in the preamble hereto. 

“Master Issuer Parent” has the meaning set forth in the preamble hereto. 

“NAF Servicing Agreement” has the meaning set forth in the recitals hereto. 

“New Asset Addition Date” means, with respect to any New Asset, the earliest of (i) the date on which such New Asset is
acquired by the applicable Securitization Entity, (ii) the later of (a) the date upon which the closing occurs under the applicable contract giving rise to such New Asset and (b) the date upon which all of the diligence contingencies,
if any, in the contract for purchase of the applicable New Asset expire and the Securitization Entity acquiring such New Asset no longer has the right to cancel such contract and (iii) if such New Asset is a New Franchise Agreement, New Area
Development Agreement or Franchisee Note, the date on which the related Securitization Entity begins receiving payments from the applicable Franchisee in respect of such New Asset. 

“Notes” has the meaning set forth in the recitals hereto. 

“Offering Memorandum” means the final private placement memorandum, dated as of July 19, 2018, relating to the Notes.

 “Ongoing Practice” means, in respect of any action or inaction, practices, standards and procedures that are at least as
favorable or beneficial to the Securitization Entities as the practices, standards and procedures of any Non-Securitization Entities as performed with respect to any new or changed circumstances arising after
the Closing Date, such as any additional store concept or any other new asset, including Intellectual Property assets, similar to those owned by a Securitization Entity that is owned or operated by such
Non-Securitization Entity. 
 “Other Assets” has the meaning set forth in
Section 5.1(a)(i) hereof. 

  
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 “Post-Opening Services” means the services required to be performed under
the applicable Franchise Documents by the applicable Securitization Entities after the opening of a Franchise Store, in each case in accordance with and subject to the terms of this Agreement (including, for the avoidance of doubt, the Managing
Standard), the Indenture, the other Related Documents and the Managed Documents, including, as may be required under the applicable Franchise Document, (a) providing the applicable Franchisee with the standards established or approved by the
Franchisor for use by Franchisees; (b) maintaining a system-wide advertising program and administering the development of all national advertising and promotional programs for the Planet Fitness Brand and the Stores; (c) inspecting such
Franchise Store; (d) providing such Franchisee with the Manager’s ongoing operating standards and materials designed for use in the Franchise Stores; and (e) such other post-opening services as are required to be or may be performed
under applicable Franchise Documents. 
 “Power of Attorney” means the authority granted by the Franchisor or
Securitization Entity (other than the Franchisor), respectively, to the Manager pursuant to a Power of Attorney in substantially the forms set forth hereto as Exhibit B-1 and Exhibit B-2, respectively. 
 “Pre-Opening Services”
means the services required to be performed under the applicable Franchise Documents by the applicable Securitization Entities prior to the opening of a Franchise Store, in each case in accordance with and subject to the terms of this Agreement
(including, for the avoidance of doubt, the Managing Standard), the Indenture, the other Related Documents and the Managed Documents, including, as required under the applicable Franchise Document, (a) providing the applicable Franchisee with
standards for the dimensions, design, image, interior layout, decor, fixtures, equipment, signs, furnishings and color scheme and other requirements or suggestions for such Franchise Store and the approval of locations meeting such standards;
(b) providing such Franchisee with the Manager’s lists of the start-up inventory, furniture, fixtures, software, equipment and supplies for use in the Franchise Stores; and (c) providing such
Franchisee with such other assistance in the pre-opening, opening and initial operation of such Franchise Store, as is required to be provided under applicable Franchise Documents. 

“Recipient” has the meaning set forth in Section 8.1(a) hereof. 

“Securitized Corporate-Owned Store Services” means performing all of the duties and obligations of Planet Fitness Assetco
necessary or desirable in connection with the operations and ownership of the Contributed Securitized Corporate-Owned Stores and New Securitized Corporate-Owned Stores, including, among other things: 

(a)    collecting revenues generated by the Contributed Securitized Corporate-Owned Stores and New Securitized
Corporate-Owned Stores; 
 (b)     maintaining appropriate levels of property and casualty insurance and performing any
other activities necessary or desirable for the operation of the Contributed Securitized Corporate-Owned Stores and New Securitized Corporate-Owned Stores; 

(c)    developing, acquiring and disposing of New Securitized Corporate-Owned Stores and Contributed Securitized
Corporate-Owned Stores, in each case as permitted or required under the Related Documents; 

  
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 (d)    causing all revenue generated from the operation of the
Contributed Securitized Corporate-Owned Stores and New Securitized Corporate-Owned Stores to be deposited into the applicable Securitized Corporate-Owned Store Account in accordance with the terms of the Indenture; 

(e)    withdrawing available amounts on deposit in the applicable Securitized Corporate-Owned Store Account to pay the
Store Operating Expenses that are incurred or committed to be paid by Planet Fitness Assetco relating to the operation of the Contributed Securitized Corporate-Owned Stores and New Securitized Corporate-Owned Stores, such as the cost of merchandise
sold, food, supplies, utilities, point of sale fees, payments in respect of labor costs (including wages, incentive compensation, workers’ compensation-related expenses and other labor-related expenses for employees of Securitized
Corporate-Owned Stores), repair and maintenance expenses to the extent not capitalized, insurance (including self-insurance), local advertising expenses, amounts in respect of sale Taxes and personal property Taxes, litigation and settlement costs
relating to the Securitized Assets, other store operating costs, Securitized Corporate-Owned Store IP License Fees, payments pursuant to Securitized Franchisee Leases and Pass-Through Amounts; 

(f)    hiring, training and managing employees (or supervising the hiring, training and managing of employees); 

(g)    negotiating with vendors, suppliers, distributors and other third parties on behalf of Planet Fitness Assetco in
connection with the operation of Contributed Securitized Corporate-Owned Stores and New Securitized Corporate-Owned Stores; 

(h)    selecting and acquiring certain Contributed Corporate-Owned Store Assets such as furnishings and fitness equipment
in accordance with the terms of this Agreement and the other Related Documents; 
 (i)    disposing of certain
Contributed Corporate-Owned Store Assets in accordance with the terms of this Agreement and the other Related Documents; 

(j)    implementing Renovation projects at Contributed Securitized Corporate-Owned Stores and New Securitized
Corporate-Owned Stores on behalf of Planet Fitness Assetco; and 
 (k)    performing the duties and obligations and
enforcing the rights of Planet Fitness Assetco pursuant to the terms of the Managed Documents to which it is a party. 

“Securitized Lease Services” means acquiring, developing, managing, maintaining, protecting, enforcing, defending, leasing
and undertaking, or causing to be undertaken, such duties and services as may be necessary in connection with the Securitized Leases, on behalf of Planet Fitness Assetco, in each case in accordance with and subject to the terms of this Agreement
(including, for the avoidance of doubt, the Managing Standard), the Indenture, the other Related Documents and the Managed Documents, as agent for Planet Fitness Assetco, including, without limitation, the following activities: 

(a)    the negotiation, execution and recording (as appropriate) of leases, subleases, deeds and other contracts and
agreements relating to the Securitized Leases; 

  
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 (b)     the management of the Securitized Leases on behalf of
Planet Fitness Assetco, including (i) the enforcement and exercise of Planet Fitness Assetco’s rights under each lease included in the Securitized Leases, (ii) the payment, extension, renewal, modification, adjustment, prosecution,
defense, compromise or submission to arbitration or mediation of any obligation, suit, liability, cause of action or claim, including taxes, relating to any Securitized Leases and (iii) the collection of any amounts payable to Planet Fitness
Assetco and the payment of amounts payable by Planet Fitness Assetco under the Securitized Leases, including rent; 

(c)    causing Planet Fitness Assetco to (i) acquire and enter into agreements to acquire Securitized Leases and
(ii) sell, assign, transfer, encumber or otherwise dispose of all or any portion of the Securitized Leases in accordance with the Management Agreement and the Indenture; 

(d)    the performance of environmental evaluation and remediation activities on any Securitized Lease owned or leased by
Planet Fitness Assetco as deemed appropriate by the Manager or as otherwise required under applicable Requirements of Law; 

(e)    making or causing to be made all repairs and replacements to the existing improvements and the construction of new
improvements on the Securitized Leases; 
 (f)    the employment of agents, managers, brokers or other Persons necessary
or appropriate to acquire, dispose of, maintain, own, lease, manage and operate the Securitized Leases; 
 (g)    paying
or causing to be paid any and all taxes, charges and assessments that may be levied, assessed or imposed upon any of the Securitized Leases or contesting the same in good faith to the extent required by the Securitized Leases; 

(h)    administering tenant improvement allowances and similar amounts (if any) received from landlords with respect to
the Contributed Corporate-Owned Store Leases; and 
 (i)    all other actions or decisions relating to the acquisition,
disposition, amendment, termination, maintenance, ownership, leasing, sub-leasing, management and operation of the Securitized Leases. 

“Services” means the servicing and administration by the Manager of the Securitized Assets, in each case in accordance with
and subject to the terms of this Agreement (including the Management Standard), the Indenture, the other Related Documents and the Managed Documents, for the applicable Securitization Entity, including, without limitation: 

(a)    calculating and compiling information required in connection with any report or certificate to be delivered
pursuant to the Related Documents; 
 (b)    preparing and filing all tax returns and tax reports required to be
prepared by any Securitization Entity; 

  
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 (c)    paying or causing to be paid or discharged, in each case from
funds of the Securitization Entities, any and all taxes, charges and assessments attributable to and required to be paid under applicable Requirements of Law by any Securitization Entity; 

(d)    performing the duties and obligations of, and exercising and enforcing the rights of, the Securitization Entities
under the Related Documents, including performing the duties and obligations of each applicable Securitization Entity under the IP License Agreements; 

(e)    taking those actions that are required under the Related Documents and Requirements of Law to maintain continuous
perfection (where applicable) and priority (subject to Permitted Liens and the exclusions from perfection requirements under the Indenture, the Guarantee and Collateral Agreement and the Related Documents) of any Securitization Entity’s and the
Trustee’s respective interests in the Collateral; 
 (f)    making or causing the collection of amounts owing under
the terms and provisions of each Managed Document and the Related Documents, including managing (i) the applicable Securitization Entities’ rights and obligations under the Franchise Agreements, the Contributed Area Development Agreements,
any Franchisee Notes, the Contributed Securitized Equipment Supply Agreements and the Contributed Securitized Authorized Vendor Contracts (including performing Pre-Opening Services and Post-Opening Services)
and (ii) the right to approve amendments, waivers, modifications and terminations of (including extensions, modifications, write-downs and write-offs of obligations owing under) Franchise Documents and other Managed Documents (which amendments
to any Contributed Franchise Agreements may be effected by replacing such Contributed Franchise Agreement with a New Franchise Agreement on the then-current form of the applicable Contributed Franchise Agreement (which New Franchise Agreement may be
executed by a different Securitization Entity than is party to such existing Contributed Franchise Agreement)) and to exercise all rights of the applicable Securitization Entities under such Franchise Documents and other Managed Documents; 

(g)    performing due diligence with respect to, selecting and approving new Franchisees, performing due diligence with
respect to and approving extensions of credit to Franchisees pursuant to Franchisee Notes and providing personnel to manage the due diligence, selection and approval process; 

(h)    preparing New Franchise Agreements, New Area Development Agreements, Franchisee Notes, New Securitized Equipment
Supply Agreements and New Securitized Authorized Vendor Contracts, including, among other things, adopting variations to the forms of agreements used in documenting such agreements and preparing and executing documentation of assignments, transfers,
terminations, renewals, site relocations and ownership changes, in all cases, subject to and in accordance with the terms of the Related Documents; 

(i)    evaluating and approving assignments of Franchise Agreements, Contributed Area Development Agreements and any
Franchisee Notes (and related documents) to third-party franchisee candidates or existing Franchisees and, in accordance with the Managing Standard, arranging for the assignment of Reacquired Stores to a
Non-Securitization Entity until such time as the applicable store is re-franchised to a third-party Franchisee; 

  
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 (j)    preparing and filing franchise disclosure documents with respect
to New Area Development Agreements and New Franchise Agreements to comply, in all material respects, with applicable Requirements of Law; 

(k)    complying with franchise industry-specific government regulation and applicable Requirements of Law; 

(l)    making Manager Advances in its sole discretion; 

(m)     administering the Advertising Fund Account and the Management Accounts; 

(n)    performing the duties and obligations and enforcing the rights of the Securitization Entities under the Managed
Documents, including entering into new Managed Documents from time to time; 
 (o)    arranging for legal services with
respect to the Securitized Assets, including with respect to the enforcement of the Managed Documents; 

(p)    arranging for or providing accounting and financial reporting services; 

(q)    ensuring that suppliers and vendors to the Planet Fitness System meet Franchisor’s standards; 

(r)    performing the Equipment Distribution Services, including acquiring fitness equipment for resale to Franchisees and
Non-Securitization Entities in respect of the Retained Corporate-Owned Stores, and for delivery to Planet Fitness Assetco in respect of the Securitized Corporate-Owned Stores, enforcing and performing the
rights and obligations of the Securitization Entities under the Contributed Securitized Equipment Supply Agreements; 

(s)    opening and/or and acquiring New Securitized Corporate-Owned Stores, including evaluating new opportunities to open
and/or acquire New Securitized Corporate-Owned Stores; 
 (t)    establishing and/or providing standards for equipment,
suppliers and distributors in connection with the Securitized Corporate-Owned Store Business and the Franchise Store Business and monitoring compliance with such standards; 

(u)    developing new products and services (or modifying any existing products and services) to be offered in connection
with the Securitized Corporate-Owned Store Business and the Franchise Store Business and the other assets of the Securitization Entities; 

(v)    in connection with the Securitized Corporate-Owned Store Business and the Franchise Store Business, developing,
modifying, amending and disseminating specifications and design for store operations; 
 (w)    performing the
Securitized Corporate-Owned Store Services; 
 (x)    performing the Securitized Lease Services; 

  
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 (y)    performing the IP Services; 

(z)    monitoring industry conditions and adapting accordingly to meet changing consumer needs; 

(aa)    formulating and implementing growth and business strategies and causing any applicable Securitization Entity to
enter into New Franchise Agreements, New Securitized Equipment Supply Agreements, New Securitized Authorized Vendor Contracts and/or new joint venture, strategic partnership and licensing arrangements; 

(bb)    developing and administering advertising, marketing and promotional programs relating to the Planet Fitness Brand
and Stores; and 
 (cc)    performing such other services as may be necessary or appropriate from time to time and
consistent with the Managing Standard and the Related Documents in connection with the Securitized Assets. 
 “Specified Non-Securitization Debt” has the meaning set forth in SECTION 4.10 hereof. 

“Specified Non-Securitization Debt Cap” has the meaning set forth in SECTION
4.10 hereof. 
 “Sub-Management Arrangement” means an arrangement whereby the
Manager engages any other Person to perform certain of its duties under this Agreement; provided that any agreement between the Manager and third-party vendors pursuant to which the Manager purchases a specific product or service shall not be
considered to be a Sub-Management Arrangement. 

“Sub-Manager” means any person engaged to act as a
sub-manager pursuant to a Sub-Management Arrangement. 

“Successor Manager” means any successor to the Manager selected by the Control Party upon the resignation or removal of the
Manager pursuant to the terms of this Agreement. 
 “Termination Notice” has the meaning set forth in Section 7.1(b)
hereof. 
 “Threshold DSCR” means, with respect to any Indemnification Amount, the DSCR as of the Quarterly Payment Date
occurring in the month of December immediately preceding the date that the Manager would be required to pay such Indemnification Amount to the applicable Securitization Entity but for the potential application of the materiality thresholds set forth
in the definition of “Indemnification Amounts Threshold Amount;” provided that for the period commencing on the Closing Date and ending on the first Quarterly Payment Date occurring in the month of December thereafter, the Threshold
DSCR shall be deemed to be greater than 2.75x. 
 “Trustee” has the meaning set forth in the preamble hereto. 

“Trustee Indemnitee” has the meaning set forth in Section 2.8 hereof. 

  
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 SECTION 1.2 Other Defined Terms. 

(a)    Each term defined in the singular form in Section 1.1 or elsewhere in this Agreement shall mean the plural
thereof when the plural form of such term is used in this Agreement and each term defined in the plural form in Section 1.1 or elsewhere in this Agreement shall mean the singular thereof when the singular form of such term is used herein.

 (b)    The words “hereof”, “herein”, “hereunder” and similar terms
when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and article, section, subsection, schedule and exhibit references herein are references to articles, sections, subsections,
schedules and exhibits to this Agreement unless otherwise specified. 
 (c)    Unless as otherwise provided herein, the
word “including” as used in this Agreement shall mean “including without limitation”. 
 SECTION 1.3
Other Terms. All accounting terms not specifically defined herein shall be construed in accordance with GAAP. All terms used in Article 9 of the UCC in the State of New York, and not specifically defined herein, are used herein as defined in
such Article 9. 
 SECTION 1.4 Computation of Time Periods. Unless otherwise stated in this Agreement, in the computation of a period
of time from a specified date to a later specified date, the word “from” means “from and including” and the words “to” and “until” each means “to but excluding”.

 ARTICLE 2 
 ADMINISTRATION
AND SERVICING OF SECURITIZED ASSETS 
 SECTION 2.1 Planet Fitness Holdings, LLC to Act as the Manager. 

(a)    Engagement of the Manager. The Securitization Entities hereby engage and authorize the Manager and the
Manager hereby accepts such engagement to perform the Services in accordance with the terms of this Agreement and, except as otherwise provided herein, the Managing Standard. With respect to the IP Services, the Manager shall perform such IP
Services in accordance with the Managing Standard and the IP License Agreements, unless the Franchisor determines, in its sole discretion, that additional action is necessary or desirable in furtherance of the protection of the Securitization IP, in
which case the Manager shall perform such IP Services and additional related services as are reasonably requested by the Franchisor. The Manager, on behalf of the Securitization Entities, shall have full power and authority, acting alone and subject
only to the specific requirements and prohibitions of this Agreement (and in accordance with the Managing Standard), the Indenture and the other Related Documents, to do and take any and all actions, or to refrain from taking any such actions, and
to do any and all things in connection with performing the Services which the Manager may deem necessary or desirable. Without limiting the generality of the foregoing, but subject to the provisions of this Agreement, the Indenture and the other
Related Documents, including, without limitation, Section 2.9, the Manager, in connection with performing the Services, is hereby authorized and empowered to execute and deliver, in the Manager’s own name (in its capacity as Manager) or
in the name of 

  
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any Securitization Entity (pursuant to the applicable Power of Attorney), on behalf of any Securitization Entity, any and all instruments of satisfaction or cancellation, or of partial or full
release or discharge, and all other comparable instruments, with respect to the Securitized Assets, including, without limitation, consents to sales, transfers or encumbrances of a franchise by any Franchisee or consents to assignments and
assumptions of the Franchise Agreements by any Franchisee in accordance with the terms thereof. For the avoidance of doubt, the parties hereto acknowledge and agree that (i) the Manager is providing Services directly to each Securitization
Entity party hereto and (ii) the Master Issuer is not providing, and is under no obligation to provide, any Services to its Subsidiaries party hereto. Nothing in this Agreement shall preclude the Securitization Entities from performing the
Services or any other act on their own behalf at any time and from time to time. 
 (b)    Actions to Perfect
Security Interests. Subject to the terms of the Base Indenture, any applicable Series Supplement and the Related Documents, the Manager shall take those actions that are required to be performed by the Manager under the Related Documents and
Requirements of Law with respect to the perfection and maintenance of security interests. Without limiting the foregoing, the Manager shall file or cause to be filed the financing statements on Form UCC-1 and
assignments and/or amendments of financing statements on Form UCC-3 and other filings required to be filed in connection with the Base Indenture, the other Related Documents and the transactions contemplated
thereby. 
 (c)    Ownership of After-Acquired Securitization IP. All After-Acquired Securitization IP shall be
owned exclusively by the Franchisor. The Manager agrees to assign and transfer, and hereby does irrevocably assign and transfer, to the Franchisor all right, title and interest to any After-Acquired Securitization IP that the Manager may acquire and
will take all measures necessary or appropriate to record any such assignments at the Manager’s sole cost and expense. The Franchisor and Manager expressly agree that, to the fullest extent allowed by law, any copyrightable material contained
in the After-Acquired Securitization IP shall be considered a “work made for hire,” as that term is defined in Section 101 of the United States Copyright Act, as amended. All use of the Securitization IP hereunder, and any goodwill
related thereto or that otherwise may arise from the provision of the Services by the Manager, shall inure solely to the benefit of the Franchisor. 

(d)    Grant of Power of Attorney. In order to provide the Manager with the authority to perform and execute its
duties and obligations as set forth herein, each Securitization Entity hereby agrees to execute, upon request of the Manager, a Power of Attorney in substantially the form set forth as Exhibit B-1 (with
respect to the Franchisor) and Exhibit B-2 (with respect to each Securitization Entity other than the Franchisor) hereto, which Powers of Attorney shall terminate in the event that the Manager’s
rights under this Agreement are terminated as provided herein. 
 (e)    Franchisee Insurance. Subject to
Section 5.11(j) of the Base Indenture, the Manager acknowledges that, to the extent that it is named as a “loss payee” or “additional insured” under any Franchisee Insurance Policies, except for business interruption
Franchisee Insurance Policies, it will use commercially reasonable efforts to cause it to be so named in its capacity as the Manager, and the Manager shall promptly remit to the Trustee for deposit in the Insurance Proceeds Account any
Insurance/Condemnation Proceeds received by it or by the 

  
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Master Issuer or the Franchisor under the Franchisee Insurance Policies, to the extent such Insurance/Condemnation Proceeds relate to any Franchise Agreements held by the Franchisor. The Manager
shall take or cause to be taken all actions in respect of the Franchisee insurance required by the Base Indenture, the other Related Documents and the transactions contemplated thereby. 

(f)    Manager Insurance. The Manager agrees to maintain adequate insurance in accordance with industry standards
and consistent with the type and amount maintained by the Manager on the Closing Date. Such insurance will cover each of the Securitization Entities, as an additional insured, to the extent that such Securitization Entity has an insurable interest
therein. Within a reasonable period of time following the Closing Date, the Manager shall deliver to the Trustee a schedule listing the policy numbers of its existing insurance policies. 

(g)    Maintenance of Accounts; Investment of Funds. The Manager shall maintain and manage the Management Accounts
(and certain other accounts from time to time) in the name of, and for the benefit of, the Securitization Entities. The Manager shall have the right to invest and reinvest funds deposited in any Management Account in Eligible Investments in
accordance with SECTION 5.2(b) of the Base Indenture. 
 (h)    Collection of Payments; Remittances. The
Manager shall (i) cause the collection of all amounts owing under the terms and provisions of each Managed Document in accordance with the Managing Standard and (ii) make all deposits to and withdrawals from the Management Accounts in
accordance with this Agreement (including the Managing Standard), the Indenture and the applicable Managed Documents. 

(i)    Collections. The Manager shall use commercially reasonable efforts to cause all Collections due and to
become due to any Securitization Entity to be deposited into the applicable Management Account(s) in accordance with Section 5.11 of the Base Indenture. 

(j)    [Reserved]. 

(k)    Deposit of Misdirected Funds; No Commingling; Misdirected Payments. The Manager shall promptly deposit into
an applicable Management Account or an Advertising Fund Account, as applicable, as determined by the Manager, within three (3) Business Days (unless such deposit requires an international funds transfer, in which case such funds must be
deposited to the applicable account within five (5) Business Days of receipt) following Actual Knowledge of the receipt thereof by the Manager or any of its Affiliates and in the form received or in cash, all payments received by the Manager or
any of its Affiliates in respect of the Securitized Assets incorrectly sent to the Manager or any of its Affiliates. In the event that any funds not constituting Collections are incorrectly deposited in any Management Account or any Advertising Fund
Account, the Manager shall promptly withdraw such amounts after obtaining Actual Knowledge thereof and shall pay such amounts to the Person legally entitled to such funds. The Manager shall not commingle with its own assets and shall keep separate,
segregated and appropriately marked and identified all Securitized Assets and any other property comprising any part of the Collateral, and for such time, if any, as such Securitized Assets or such other property are in the possession or control of
the Manager to the extent such Securitized Assets or such other property is Collateral, the Manager shall hold the same in trust for the benefit of the 

  
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Trustee and the Secured Parties (or, following termination of the Indenture, the applicable Securitization Entity). Additionally, the Manager shall notify the Trustee in the Interim
Manager’s Certificate of any amounts incorrectly deposited into the any Indenture Trust Account and arrange for the prompt remittance by the Trustee of such funds from the applicable Indenture Trust Account to the Manager. The Trustee shall
have no obligation to verify any information provided to it by the Manager hereunder or contained in any Interim Manager’s Certificate and shall remit such funds to the Manager based solely on such Interim Manager’s Certificate. 

(l)    Other Amounts Received from Franchisees. The Manager shall cause all amounts received, other than
Collections, to be deposited directly into an account maintained by the Manager or its Affiliates (other than the Securitization Entities) and not subject to the Lien of the Trustee pursuant to the Related Documents. 

SECTION 2.2 Advances. 

(a)    Manager Advances. The Manager may, if in its sole discretion it deems such advance recoverable, but shall not
be obligated to, make Manager Advances to, or on behalf of, any Securitization Entity in connection with the operation of the Securitized Assets. Manager Advances will accrue interest at the Advance Interest Rate and shall be reimbursable on each
Interim Allocation Date in accordance with the Priority of Payments. 
 (b)    Repayment of Manager Advances. The
Master Issuer shall pay Manager Advance Reimbursement Amounts to the Manager in accordance with Section 5.12 of the Base Indenture. 

SECTION 2.3 Deposit Accounts. The Manager shall maintain the Management Accounts in accordance with the Indenture. 

SECTION 2.4 Records. The Manager shall retain all material data (including, without limitation, computerized records) relating directly
to, or maintained in connection with, the servicing of the Securitized Assets at its address indicated in SECTION 9.6 (or at an off-site storage facility reasonably acceptable to the Master Issuer and
the Control Party) or, upon thirty (30) days’ notice to the Master Issuer, the Franchisor, the Servicer, the Back-Up Manager, the Rating Agencies and the Trustee, at such other place where the
servicing office of the Manager is located, and it shall give the Trustee, the Back-Up Manager and the Servicer access to all such data in accordance with the terms and conditions set forth in Section 8.6
of the Base Indenture; provided, however, that the Trustee shall not be obligated to verify, recalculate or review any such data. If the rights of the Manager shall have been terminated in accordance with Section 7.1 or if this
Agreement shall have been terminated pursuant to Section 9.1, the Manager shall, upon demand of the Trustee (based upon the written direction of the Control Party), in the case of a termination pursuant to Section 7.1, or upon
the demand of the Master Issuer, in the case of a termination pursuant to Section 9.1, deliver to the demanding party or its designee, or destroy at the request of the demanding party or its designee, all data in its possession or
under its control (including, without limitation, computerized records) necessary for the servicing of the Securitized Assets; provided, however, that the Manager may retain a single set of copies of any books and records that the
Manager reasonably believes will be required by it for the purpose of performing any of the Manager’s accounting, public reporting or other administrative functions 

  
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that are performed in the ordinary course of the Manager’s business; and provided, further, that the Manager shall have access, during normal business hours and upon reasonable
notice, to all books and records that the Manager reasonably believes would be necessary or desirable for the Manager in connection with the preparation of any tax or other governmental reports and filings and other uses; and provided,
further, that if the Master Issuer shall desire to dispose of any of such books and records at any time within five (5) years of the Manager’s termination, the Master Issuer shall, prior to such disposition, give the Manager a
reasonable opportunity, at the Manager’s expense, to segregate and remove such books and records as the Manager may select. The provisions of this Section 2.4 shall not require the Manager to transfer any proprietary material or computer
programs unrelated to the servicing of the Securitized Assets. 
 SECTION 2.5 Administrative Duties of Manager. 

(a)    Duties with Respect to the Related Documents. The Manager, in accordance with the Managing Standard, shall
perform the duties of the applicable Securitization Entity under the Related Documents except for those duties that are required to be performed by the equity holders or the managers of a limited liability company or the stockholders or directors of
a corporation pursuant to applicable law. In furtherance of the foregoing, the Manager shall consult the managers or the directors, as the case may be, of the Securitization Entities as the Manager deems appropriate regarding the duties of the
Securitization Entities under the Related Documents. The Manager shall monitor the performance of the Securitization Entities and, promptly upon obtaining Actual Knowledge thereof, shall advise the applicable Securitization Entity when action is
necessary to comply with such Securitization Entity’s duties under the Related Documents. The Manager shall prepare for execution by the Securitization Entities or shall cause the preparation by other appropriate Persons of all such documents,
reports, filings, instruments, certificates, notices and opinions as it shall be the duty of the Securitization Entities to prepare, file or deliver pursuant to the Related Documents. 

(b)    Duties with Respect to the Securitization Entities. In addition to the duties of the Manager set forth in
this Agreement or any of the Related Documents, the Manager, in accordance with the Managing Standard, shall perform such calculations and shall prepare for execution by the Securitization Entities or shall cause the preparation by other appropriate
Persons of all such documents, reports, filings, instruments, certificates, notices and opinions as it shall be the duty of the Securitization Entities to prepare, file or deliver pursuant to securities laws and franchise laws. Pursuant to the
directions of the Securitization Entities and in accordance with the Managing Standard, the Manager shall administer, perform or supervise the performance of such other activities in connection with the Securitization Entities as are not covered by
any of the foregoing provisions and as are expressly requested by any Securitization Entity and are reasonably within the capability of the Manager. 

(c)    Records. The Manager shall maintain appropriate books of account and records relating to the Services
performed under this Agreement, which books of account and records shall be accessible for inspection by the Master Issuer, the Trustee, the Back-Up Manager, the Servicer and the Controlling
Class Representative during normal business hours and upon reasonable notice. 

  
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 (d)    Election of the Controlling
Class Representative. Pursuant to Section 11.1(d) of the Base Indenture, if two CCR Candidates both receive votes from Controlling Class Members holding beneficial interests in exactly 50% of the Aggregate
Outstanding Principal Amount of Notes of the Controlling Class with respect to which votes were submitted, the Manager (on behalf of the Master Issuer) shall have the right to direct the Trustee to appoint one of such CCR Candidates as the
Controlling Class Representative. 
 SECTION 2.6 No Offset. The payment obligations of the Manager under this Agreement shall
not be subject to, and the Manager hereby waives, any defense, counterclaim or right of offset which the Manager has or may have against the Trustee or the Securitization Entities, whether in respect of this Agreement, any Related Document, any
document governing any Securitized Asset or otherwise. 
 SECTION 2.7 Compensation. As compensation for the performance of its
obligations under this Agreement, the Manager shall be entitled to receive (i) the Management Fee, which shall be an arm’s length fee, and (ii) if applicable, the Supplemental Management Fee, in each case, on each Interim Allocation
Date out of amounts available therefor under the Indenture on such Interim Allocation Date in accordance with the Priority of Payments. The Manager is required to pay from its own funds all expenses it may incur in performing its obligations
hereunder. 
 SECTION 2.8 Indemnification. 

(a)    The Manager agrees to indemnify and hold each of the Master Issuer, each other Securitization Entity, the Trustee,
the Back-Up Manager and the Servicer (both in its capacity as Servicer and as Control Party) and their respective members, officers, directors, managers, employees and agents (each an
“Indemnitee”) harmless against all claims, losses, penalties, fines, forfeitures, liabilities, obligations, damages, actions, suits, legal fees and related costs and judgments and other costs, fees and reasonable expenses, including
reasonable and documented fees, out-of-pocket charges and disbursements of counsel (other than the allocated costs of in-house
counsel), that any of them may incur as a result of (i) the failure of the Manager to perform or observe its obligations under this Agreement or any other Related Document to which it is a party in its capacity as Manager, (ii) the breach
by the Manager of any representation, warranty or covenant under this Agreement or any other Related Document to which it is a party in its capacity as Manager, or (iii) the Manager’s bad faith, negligence or willful misconduct in the
performance of its duties under this Agreement and under the other Related Documents; provided, however, that there shall be no indemnification under this Section 2.8(a) in respect of losses in the value of any
Securitized Assets for a breach of any representation, warranty or covenant relating to any New Asset provided in Article 5 hereof; and provided, further, that the Manager will have no obligation of indemnity to an Indemnitee to
the extent any such claims, losses, penalties, fines, forfeitures, liabilities, obligations, damages, actions, suits and related costs and judgments and other costs, fees and reasonable expenses are caused by the bad faith, gross negligence, willful
misconduct, or breach of this Agreement by the related Indemnitee (unless caused by the Manager with respect to a Securitization Entity). In the event the Manager is required to make an indemnification payment pursuant to this Section 2.8(a),
the Manager shall promptly pay such indemnification payment directly to the applicable Indemnitee (or, if due to a Securitization Entity, shall deposit such indemnification payment directly to the Collection Account). 

  
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 (b)    In the event of a breach of any representation, warranty or
covenant provided in Article 5 hereof relating to any New Franchise Agreement, New Area Development Agreement, New Securitized Equipment Supply Agreement, New Securitized Authorized Vendor Contract, New Contributed Corporate-Owned Store
Asset, Franchisee Note or New Contributed Corporate-Owned Store Lease or Securitized Franchise Lease or After-Acquired Securitization IP, the Manager shall (x) either (i) repurchase such New Franchise Agreement, New Area Development Agreement,
New Securitized Equipment Supply Agreement, New Securitized Authorized Vendor Contract, New Contributed Corporate-Owned Store Asset, Franchisee Note or New Contributed Corporate-Owned Store Lease or Securitized Franchise Lease for an amount equal to
the related Indemnification Amount or (ii) pay the Indemnification Amount to the applicable Securitization Entity and (y) reimburse the applicable Securitization Entity for the expenses related to defending or enforcing its rights in such
After-Acquired Securitization IP; provided, that if the applicable breach affects only a portion of such New Franchise Agreement, New Area Development Agreement, New Securitized Equipment Supply Agreement, New Securitized Authorized Vendor
Contract, New Contributed Corporate-Owned Store Asset, Franchisee Note or New Contributed Corporate-Owned Store Lease or Securitized Franchise Lease or After-Acquired Securitization IP without a Material Adverse Effect on the cash flow generated by
the unaffected portion, the Manager will only be required to repurchase or pay the Indemnification Amount with respect to the affected portion of such New Franchise Agreement, New Area Development Agreement, New Securitized Equipment Supply
Agreement, New Securitized Authorized Vendor Contract, New Contributed Corporate-Owned Store Asset, Franchisee Note or New Contributed Corporate-Owned Store Lease or Securitized Franchise Lease or After-Acquired Securitization IP; provided,
further, that the Manager shall not be obligated to pay the Indemnification Amount (I) with respect to any assets that were contributed to any Securitization Entity at the option of the Manager or (II) if the aggregate of all
Indemnification Amounts (excluding any Indemnification Amounts that would be required to be paid by the Manager but for the application of clause (I) above) during the fiscal year in which such Indemnification Amounts would be payable is less
than the Indemnification Amounts Threshold Amount. Following the payment by the Manager of the related Indemnification Amount and all other applicable amounts under this Agreement, the applicable Securitization Entity will assign the applicable
repurchased assets to, or at the direction of the Manager. Any assignment by a Securitization Entity in such manner will be made without recourse to, or representation or warranty by, the applicable Securitization Entity, except that the ownership
of the reacquired asset must be conveyed free and clear of any Liens created under the Related Documents. Any assignment by a Securitization Entity of a reacquired asset shall include a master franchise or license agreement permitting the Manager
and its Affiliates the right to sub-franchise such reacquired Asset. The Manager will be required to pay all costs and expenses associated with the assignment of the reacquired asset in such manner. The
Manager, acting in its sole discretion, may subsequently contribute the reacquired asset to the Securitization Entities, if such reacquired asset subsequently satisfies the eligibility criteria applicable to such reacquired asset under this
Agreement. 
 (c)    In addition to the rights provided in Section 2.8(b) above, the Manager agrees to indemnify
and hold each Indemnitee harmless if any action or proceeding (including any 

  
 21 

 
governmental investigation and/or the assessment of any fines or similar items) shall be brought or asserted against such Indemnitee in respect of a material breach of any representation,
warranty or covenant relating to any New Asset provided in ARTICLE 5 hereof to the extent provided in Section 2.8(a). 

(d)    Any Indemnitee that proposes to assert the right to be indemnified under Section 2.8 will promptly, after
receipt of notice of the commencement of any action, suit or proceeding against such party in respect of which a claim is to be made against the Manager under such sections, notify the Manager of the commencement of such action, suit or proceeding,
enclosing a copy of all papers served. In the event that any action, suit or proceeding shall be brought against any Indemnitee (other than the Trustee and its officers, directors, employees and agents), such Indemnitee shall notify the Manager of
the commencement thereof and the Manager shall be entitled to participate in, and to the extent that it shall wish, to assume the defense thereof, with counsel reasonably satisfactory to such Indemnitee (which, in the case of a Securitization
Entity, shall be reasonably satisfactory to the Control Party, as well), and after notice from the Manager to such Indemnitee of its election to assume the defense thereof, the Manager shall not be liable to such Indemnitee for any legal expenses
subsequently incurred by such Indemnitee in connection with the defense thereof; provided that the Manager shall not enter into any settlement with respect to any claim or proceeding unless such settlement includes an unconditional release of
such Indemnitee from all liability on claims that are the subject matter of such settlement; and provided, further, that the Indemnitee shall have the right to employ its own counsel in any such action the defense of which is assumed
by the Manager in accordance with this Section 2.8, but the fees and expenses of such counsel shall be at the expense of such Indemnitee unless the employment of counsel by such Indemnitee has been specifically authorized by the
Manager, or unless the Manager is advised in writing by counsel that joint representation would give rise to a conflict between the Indemnitee’s position and the position of the Manager and its Affiliates in respect of the defense of the claim.
In the event that any action, suit or proceeding shall be brought against any Trustee or any of its officers, directors, employees or agents (each, a “Trustee Indemnitee”), it shall notify the Manager of the commencement thereof and
the Trustee Indemnitee shall have the right to employ its own counsel in any such action at the expense of the Manager. No Indemnitee shall settle or compromise any claim covered pursuant to this Section 2.8 without the prior written consent
of the Manager, which shall not be unreasonably withheld or delayed. The provisions of this Section 2.8 shall survive the termination of this Agreement or the earlier resignation or removal of any party hereto. 

SECTION 2.9 Nonpetition Covenant. The Manager shall not, prior to the date that is (a) one year, or if longer, (b) the
applicable preference period then in effect, and in either case of (a) or (b) plus one day, after the payment in full of the Outstanding Principal Amount of the Notes of each Series, petition or otherwise invoke the process of any court or
governmental authority for the purpose of commencing or sustaining a case against any Securitization Entity under any insolvency law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of such
Securitization Entity or any substantial part of its property, or ordering the winding up or liquidation of the affairs of such Securitization Entity. 

SECTION 2.10 Advertising Funds. The Manager will maintain one or more accounts designated as an “Advertising Fund
Account” in the name of NAF (or a Subsidiary thereof) for 

  
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fees payable in respect of Franchise Stores, Securitized Corporate-Owned Stores and Retained Corporate-Owned Stores to fund the national marketing and advertising activities with respect to the
Planet Fitness Brand (the “Advertising Fees”). To the extent not paid directly to NAF by a third-party payment processor, Advertising Fees will be transferred by the Manager from the Securitized Corporate-Owned Store Accounts to an
Advertising Fund Account. The Manager shall not make or permit or cause any other Person to make or permit any borrowings to be made or Liens to be levied against the Advertising Fund Account or the funds therein. The Manager shall apply the amount
on deposit in each Advertising Fund Account solely to cover (a) the costs and expenses (including costs and expenses incurred prior to the Closing Date) associated with the administration of such account, (b) costs and expenses related to
the national marketing and advertising programs with respect to the Planet Fitness Brand and (c) reimbursements to the Manager for Ad Fund Manager Advances. The Manager may make advances to fund deficits in the Advertising Fund Account
(“Ad Fund Manager Advances”) from time to time to the extent that it reasonably expects to be reimbursed for such advances from the proceeds of future Advertising Fees, it being agreed that any such advances will not constitute
Manager Advances. The Manager, acting on behalf of the Securitization Entities, may pursuant to the terms of this Agreement, increase or reduce the Advertising Fees required to be paid by the Franchisees, Securitized Corporate-Owned Stores and
Retained Corporate-Owned Stores pursuant to the terms of this Agreement and in accordance with the Managing Standard. The Manager may appoint any Sub-Manager to maintain and administer an Advertising Fund
Account. 
 SECTION 2.11 Franchisor Consent. Subject to the Managing Standard and the terms of the Indenture, the Manager shall have
the authority, on behalf of the Franchisor, to grant or withhold consents of the “franchisor” required under the Franchise Agreements and Area Development Agreements held by the Franchisor. 

SECTION 2.12 Appointment of Sub-Managers. The Manager may enter into Sub-Management Arrangements; provided that the Manager will be required to remain primarily and directly liable for the performance of its obligations under this Agreement notwithstanding any such Sub-Management Arrangement; provided, further, that other than with respect to a Sub-Management Arrangement with an Affiliate of the Manager, no Sub-Management Arrangement shall be effective unless and until: (i) the Manager receives the consent of the Control Party; (ii) such Sub-Manager executes and
delivers an agreement in form and substance reasonably satisfactory to the Control Party to perform and observe, or in the case of an assignment, an assumption by such successor entity of the due and punctual performance and observance of, the
applicable covenants and conditions to be performed or observed by the Manager under this Agreement; provided that such Sub-Management Arrangement shall be terminable by the Control Party upon a Manager
Termination Event and shall contain disentanglement provisions substantially similar to those provided in Section 7.2 herein; (iii) written notice has been provided to the Trustee, the Back-Up
Manager and the Control Party; and (iv) the Rating Agencies have confirmed that such Sub-Management Arrangement, or assignment and assumption by such Sub-Manager,
meets the Rating Agency Condition. Subject to the right of the Control Party to elect to continue the Sub-Management Arrangement, all Sub-Management Arrangements with an
Affiliate of the Manager shall automatically terminate upon the termination of the Manager pursuant to Section 7.1(b). 

  
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 SECTION 2.13 Letter of Credit Reimbursement Agreement. In the event that Holdco has
deposited cash collateral as security for its obligations under the Letter of Credit Reimbursement Agreement into a bank account maintained in the name of the Master Issuer, (i) if Holdco fails to make any payment to the Master Issuer when due
under the Letter of Credit Reimbursement Agreement, the Manager shall withdraw the amount of such delinquent payment from such bank account within one Business Day of the due date of such payment under the Letter of Credit Reimbursement Agreement
and deposit such amount into the Collection Account, and (ii) if the amount on deposit in such account exceeds an amount equal to 105% of the sum of (x) the aggregate exposure under all outstanding letters of credit under the Letter of
Credit Reimbursement Agreement plus (y) the aggregate amount then due to the Issuer under Section 4 or Section 5 of the Letter of Credit Reimbursement Agreement, the Manager shall withdraw the amount of such excess from such account
and pay such excess to Holdco. 
 ARTICLE 3 

STATEMENTS AND REPORTS 

SECTION 3.1 Reporting by the Manager. 

(a)    Reports Required Pursuant to the Indenture. The Manager, on behalf of the Master Issuer, will furnish, or
cause to be furnished, to the Trustee and the Control Party all reports, instructions and notices required to be delivered by any Securitization Entity pursuant to SECTION 4.1 of the Indenture. 

(b)    Reports Required Pursuant to the NAF Servicing Agreement. The Manager, on behalf of NAF, will furnish, or
cause to be furnished, to the Master Issuer, with a copy to the Control Party, all reports required to be delivered pursuant to Section 2.3 of the NAF Servicing Agreement. 

(c)    Instructions as to Withdrawals and Payments. The Manager, on behalf of the Master Issuer, will furnish, or
cause to be furnished, to the Trustee or the Paying Agent, as applicable, written instructions to make withdrawals and payments from the Collection Account and any other Base Indenture Accounts or any Series Account, as contemplated herein, in the
Base Indenture and in any Series Supplement. The Trustee and the Paying Agent shall follow any such written instructions in accordance with the terms and conditions of the Base Indenture and any applicable Series Supplement. 

(d)    Additional Information; Access to Books and Records. The Manager shall furnish from time to time such
additional information regarding the Managed Assets or compliance with the covenants and other agreements of the Manager and any Securitization Entity under the Transaction Documents as the Trustee, the
Back-Up Manager or the Servicer may reasonably request, subject at all times to compliance with the 1934 Act, the 1933 Act and any other applicable law. The Manager shall, and shall cause each Securitization
Entity to, permit, at reasonable times upon reasonable notice, the Servicer, the Controlling Class Representative, the Back-Up Manager and the Trustee or any Person appointed by any of them

  
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as its agent to visit and inspect any of its properties, examine its books and records and discuss its affairs with its officers, directors, managers, employees and independent certified public
accountants, and up to one such visit and inspection by each of the Servicer, the Controlling Class Representative and the Trustee, or any Person appointed by them shall be reimbursable as a Securitization Operating Expense per calendar year,
with any additional visit or inspection by any such Person being at such Person’s sole cost and expense; provided, however that during the continuance of a Warm Back-Up Management Trigger Event, a Rapid
Amortization Event, an A-1 Notes Amortization Event, a Default, or an Event of Default, or to the extent expressly required without the instruction of any other party under the terms of any Transaction
Documents, any such Person may visit and conduct such activities at any time and all such visits and activities will constitute a Securitization Operating Expense. Notwithstanding the foregoing, the Manager shall not be required to disclose or make
available communications protected by the attorney- client privilege. 
 (e)    Leadership Team Changes. The
Manager shall promptly notify the Trustee, the Back-Up Manager, the Servicer and each Rating Agency of any termination or resignation of any persons included in the Leadership Team that occurs within 12 months
following a Change of Control. 
 SECTION 3.2 Appointment of Independent Auditors. On or before the Closing Date, the Master Issuer
shall appoint a firm of independent public accountants of recognized national reputation that is reasonably acceptable to the Control Party to serve as the independent auditors (the “Independent Auditors”) for purposes of preparing
and delivering the reports required by Section 3.3. It is hereby acknowledged that the accounting firm of KPMG LLP is acceptable for purposes of serving as the Independent Auditors. The Master Issuer may not remove the Independent Auditors
without first giving thirty (30) days’ prior written notice to the Independent Auditors, with a copy of such notice given concurrently to the Trustee, the Rating Agencies, the Control Party, the
Back-Up Manager and the Manager. Upon any resignation by such firm or removal of such firm, the Master Issuer shall promptly appoint a successor thereto that shall also be a firm of independent public
accountants of recognized national reputation to serve as the Independent Auditors hereunder. If the Master Issuer shall fail to appoint a successor firm of Independent Auditors within thirty (30) days after the effective date of such
resignation or removal, the Control Party shall promptly appoint a successor firm of independent public accountants of recognized national reputation that is reasonably satisfactory to the Manager to serve as the Independent Auditors hereunder. The
fees of any Independent Auditors shall be payable by the Master Issuer. 
 SECTION 3.3 Annual Accountants’
Reports. On or before 120 days after the end of each fiscal year of the Manager, the Manager shall deliver to the Master Issuer, the Trustee, the Servicer, the Back-Up Manager and the Rating Agencies
(i) a report of the Independent Auditors (who may also render other services to the Manager) or the Back-Up Manager summarizing the findings of a set of agreed-upon procedures performed by the Independent
Auditors or the Back-Up Manager with respect to compliance with the Quarterly Noteholders’ Reports for such fiscal year (or, in the case of the fiscal year ending on or around December 31, 2018,
other period) with the standards set forth in this Agreement and (ii) a report of the Independent Auditors or the Back-Up Manager to the effect that: (A) such firm has examined the assertion of the
Manager’s management as to its compliance with its management requirements for such fiscal year (or other 

  
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period); (B) in the case of the Independent Auditors, such examination was made in accordance with the standards established by the American Institute of Certified Public Accountants; and
(C) except as described in the report, management’s assertion is fairly stated in all material respects. If such report is prepared by the Independent Auditors, the report will also indicate that the firm is independent of the Manager
within the meaning of the Code of Professional Ethics of the American Institute of Certified Public Accountants. In the event such Independent Auditors require the Trustee to agree to the procedures to be performed by such firm in any of the reports
required to be prepared pursuant to this Section 3.3, the Manager shall direct the Trustee in writing to so agree as to the procedures described therein; it being understood and agreed that the Trustee shall deliver such letter of agreement
(which shall be in a form satisfactory to the Trustee) in conclusive reliance upon the direction of the Manager, and the Trustee has not made any independent inquiry or investigation as to, and shall have no obligation or liability in respect of,
the sufficiency, validity or correctness of such procedures. 
 SECTION 3.4 Available Information. The Manager, on behalf of the
Master Issuer, shall make available to Noteholders, Note Owners or prospective purchasers, on a confidential basis, the information provided to the Control Party pursuant to Section 4.3 of the Base Indenture. Notwithstanding the foregoing, the
Manager shall not make available any information referred to in this SECTION 3.4 to Persons who are Competitors. 
 ARTICLE 4 

THE MANAGER 
 SECTION 4.1
Representations and Warranties Concerning the Manager. The Manager represents and warrants to the Master Issuer, the other Securitization Entities party hereto and the Trustee, as of the Closing Date, as follows: 

(a)    Organization and Good Standing. The Manager (i) is a limited liability company, duly formed and
organized, validly existing and in good standing under the laws of the State of New Hampshire, (ii) is duly qualified to do business as a foreign corporation and in good standing under the laws of each jurisdiction where the character of its
property, the nature of its business or the performance of its obligations under the Related Documents make such qualification necessary and (iii) has the power and authority to own its properties and to conduct its business as such properties
are currently owned and such business is currently conducted and to perform its obligations under this Agreement, except in each case referred to in clause (ii) or (iii) to the extent that the failure to do so is not reasonably likely to result
in a Material Adverse Effect on the Manager. 
 (b)    Power and Authority; No Conflicts. The execution and
delivery by the Manager of this Agreement and its performance of, and compliance with, the terms hereof are within the power of the Manager and have been duly authorized by all necessary limited liability company action on the part of the Manager.
Neither the execution and delivery of this Agreement, nor the consummation of the transactions herein contemplated to be consummated by the Manager, nor compliance with the provisions hereof, will conflict with or result in a breach of, or
constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under, any of the provisions of any law, governmental rule, regulation, 

  
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judgment, decree or order binding on the Manager or its properties, except to the extent that such conflict, breach or default would not have a Material Adverse Effect, or any of the provisions
of any material indenture, mortgage, lease, contract or other instrument to which the Manager is a party or by which it or its property is bound or result in the creation or imposition of any lien, charge or encumbrance upon any of its property
pursuant to the terms of any such indenture, mortgage, leases, contract or other instrument except to the extent such creation or imposition would not have a Material Adverse Effect. 

(c)    Consents. Except for registrations as a franchise broker or franchise sales agent as may be required under
state franchise statutes and regulations, the Manager is not required to obtain the consent of any other party or the consent, license, approval or authorization of, or registration or declaration with, any Governmental Authority in connection with
the execution, delivery or performance by the Manager of this Agreement, or the validity or enforceability of this Agreement against the Manager, except to the extent that a state or foreign franchise law requires filing and other compliance actions
by virtue of considering the Manager as a “subfranchisor”. 
 (d)    Due Execution and Delivery. This
Agreement has been duly executed and delivered by the Manager and constitutes a legal, valid and binding instrument enforceable against the Manager in accordance with its terms (except as may be limited by bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium and other similar laws affecting creditors’ rights generally or by general equitable principles, whether considered in a proceeding at law or in equity and by an implied covenant of good faith and fair
dealing). 
 (e)    No Litigation. There are no actions, suits, investigations or proceedings pending or, to the
Actual Knowledge of the Manager, threatened in writing against or affecting the Manager, before or by any Governmental Authority having jurisdiction over the Manager or any of its properties or with respect to any of the transactions contemplated by
this Agreement (i) asserting the illegality, invalidity or unenforceability, or seeking any determination or ruling that would affect the legality, binding effect, validity or enforceability of this Agreement, or (ii) which would
reasonably be expected to have a Material Adverse Effect. The Manager is in compliance with all Requirements of Law except to the extent that the failure to comply therewith would not, in the aggregate, reasonably be expected to have a Material
Adverse Effect. 
 (f)    Due Qualification. Except for registrations as a franchise broker or franchise sales
agent as may be required under state or foreign franchise statutes and regulations and except to the extent that a state or foreign franchise law requires filing and other compliance actions by virtue of considering the Manager as an
“subfranchisor”, the Manager has obtained or made all material licenses, registrations, consents, approvals, waivers and notifications of creditors, lessors and other Persons, in each case, in connection with the execution and delivery of
this Agreement by the Manager, and the consummation by the Manager of all the transactions herein contemplated to be consummated by the Manager and the performance of its obligations hereunder except to the extent that the failure to do so would not
reasonably be expected to have a Material Adverse Effect. 
 (g)    No Default. The Manager is not in default
under any agreement, contract, instrument or indenture to which the Manager is a party or by which it or its properties is or are 

  
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bound, or with respect to any order of any Governmental Authority, which would have a Material Adverse Effect; and no event has occurred which with notice or lapse of time or both would
constitute such a default with respect to any such agreement, contract, instrument or indenture, or with respect to any such order of any Governmental Authority, which would have a Material Adverse Effect. 

(h)    Taxes. The Manager has filed or caused to be filed all federal tax returns and all material state and other
tax returns which, to the Actual Knowledge of the Manager, are required to be filed by it, except where the failure to do so would not reasonably be expected to result in a Material Adverse Effect. The Manager has paid or made adequate provisions
for the payment of all taxes shown as due on such returns, and all assessments made against it or any of its property (other than any amount of tax the validity of which is currently being contested in good faith by appropriate proceedings and with
respect to which reserves in accordance with GAAP have been provided on the books of the Manager). 
 (i)    Accuracy
of Information. As of the date thereof, the information contained in the Offering Memorandum regarding (i) the Manager, (ii) the servicing of the Securitized Assets by the Manager and (iii) the description of this Agreement
therein does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein not materially misleading in each case when taken as a whole and in the light of the circumstances
under which they were made; and with respect to its projected financial information, the Manager represents only that such information was prepared in good faith based on assumptions believed to be reasonable at the time. 

(j)    Financial Statements. As of the Closing Date, the audited consolidated balance sheets of Holdco as of
December 31, 2017 and the related consolidated statements of operations, changes in equity, comprehensive income, and cash flows for the years ended December 31, 2017, December 31, 2016 and December 31, 2015 incorporated by
reference in the Offering Memorandum, reported on and accompanied by an unqualified report from KPMG LLP, present fairly the financial condition of Holdco as at such date, and the results of operations, changes in equity, comprehensive income, and
cash flows for the respective periods then ended. The unaudited consolidated balance sheets of Holdco as of March 31, 2018, the related unaudited consolidated statements of operations, changes in equity, comprehensive income and cash flows for
the three months ended March 31, 2018 incorporated by reference in the Offering Memorandum, present fairly, in all material respects, the financial condition of Holdco as of such date, and the results of operations, changes in equity,
comprehensive income and cash flows for the period then ended (subject to normal year-end audit adjustments). All such financial statements, including the related schedules and notes thereto, have been
prepared in accordance with GAAP (except as otherwise stated therein) applied consistently through the periods involved, subject, in the case of such quarterly financial statements, to the absence of all required footnotes and to normal year-end audit adjustments. 
 (k)    No Material Adverse Effect. Since
December 31, 2017, there has been no development or event that has had or would reasonably be expected to have a Material Adverse Effect. 

  
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 (l)    Pension and Welfare Plans. During the five-year period
prior to the date on which this representation is made or deemed made with respect to any Plan, no ERISA Event has occurred which would reasonably be expected to have a Material Adverse Effect. Except as would not reasonably be expected to have a
Material Adverse Effect, neither the Manager nor any of its Subsidiaries has any contingent liability with respect to any post-retirement medical benefits under a Welfare Plan, other than liability for continuation coverage described in Part 6 of
Subtitle B of Title I of ERISA or other applicable similar continuation of coverage laws. Except as would not reasonably be expected to have a Material Adverse Effect, (i) no Multiemployer Plan is in reorganization (as defined in
Section 4241 of ERISA) or is insolvent (as defined in Section 4245 of ERISA) and (ii) no non-exempt prohibited transaction (as defined in Section 406 of ERISA or Section 4975 of the
Code) has occurred involving any Plan. 
 (m)     Environmental Matters. There are no material costs or
liabilities associated with any and all applicable foreign, federal, state and local laws and regulations, and directives of any Governmental Authority relating to the protection of human health and safety, natural resources, the environment or
hazardous or toxic substances or wastes, pollutants or contaminants (“Environmental Laws”) (including, without limitation, any capital operating expenditures required for clean-up, closure of
properties or compliance with Environmental Laws or any permit, license or approval, any related constraints on operating activities and any potential liabilities to third parties), except for costs or liabilities which would not, individually or in
the aggregate, be reasonably expected to have a Material Adverse Effect. 
 (n)    No Manager Termination Event.
No Manager Termination Event has occurred or is continuing, and, to the Actual Knowledge of the Manager, there is no event which, with notice or lapse of time, or both, would constitute a Manager Termination Event. 

(o)    Location of Records. The offices at which the Manager keeps its records concerning the Securitized Assets
are located at the Manager’s address set forth in the Indenture. 
 SECTION 4.2 Existence; Status as Manager. The Manager shall
keep in full effect its existence under the laws of the state of its incorporation, and maintain its rights and privileges necessary or desirable in the normal conduct of its business and the performance of its obligations hereunder, and will obtain
and preserve its qualification to do business in each jurisdiction in which the failure to so qualify either individually or in the aggregate would be reasonably likely to have a Material Adverse Effect. 

SECTION 4.3 Performance of Obligations. 

(a)    Punctual Performance. The Manager shall punctually perform and observe all of its obligations and agreements
contained in this Agreement in accordance with the terms hereof and as contemplated by the Managing Standard. 

(b)    Limitations of Responsibility of the Manager. The Manager will have no responsibility under this Agreement
other than to render the Services called for hereunder in good faith and consistent with the Managing Standard. 

(c)    Right to Receive Instructions. In the event that the Manager is unable to decide between alternative courses
of action, or is unsure as to the application of any provision 

  
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of this Agreement or any Related Document, or any such provision is, in the good faith judgment of the Manager, ambiguous as to its application, or is, or appears to be, in conflict with any
other applicable provision, or in the event that this Agreement or any Related Document permits any determination by the Manager or is silent or is incomplete as to the course of action which the Manager is required to take with respect to a
particular set of facts, the Manager may give notice (in such form as shall be appropriate under the circumstances) to the Control Party requesting instructions in accordance with the Base Indenture and, to the extent that the Manager shall have
acted or refrained from acting in good faith in accordance with any such instructions received from the Control Party, the Manager shall not be liable on account of such action or inaction to any Person. Subject to the Managing Standard, if the
Manager shall not have received appropriate instructions from the Control Party within ten (10) days of such notice (or within such shorter period of time as may be specified in such notice) the Manager may, but shall be under no duty to, take
or refrain from taking such action, not inconsistent with this Agreement or the Related Documents, as the Manager shall deem to be in the best interests of the Noteholders and the Securitization Entities. The Manager shall have no liability to any
Person for such action or inaction taken in reliance on the preceding sentence except for the Manager’s own bad faith, negligence or willful misconduct. 

(d)    No Duties Except as Specified in this Agreement or in Instructions. The Manager shall not have any duty or
obligation to manage, make any payment in respect of, register, record, sell, reinvest, dispose of, create, perfect or maintain title to, or any security interest in, or otherwise deal with the Collateral, to prepare or file any report or other
document or to otherwise take or refrain from taking any action under, or in connection with, any document contemplated hereby to which the Manager is a party, except as expressly provided by the terms of this Agreement or the other Related
Documents and consistent with the Managing Standard, and no implied duties or obligations shall be read into this Agreement against the Manager. The Manager nevertheless agrees that it will, at its own cost and expense, promptly take all action as
may be necessary to discharge any Liens (other than Permitted Liens) on any part of the Securitized Assets which result from valid claims against the Manager personally whether or not related to the ownership or administration of the Securitized
Assets or the transactions contemplated by the Related Documents. 
 (e)    No Action Except Under Specified
Documents or Instructions. The Manager shall not manage, control, use, sell, reinvest, dispose of or otherwise deal with any part of the Collateral except in accordance with the powers granted to, and the authority conferred upon, the Manager
pursuant to this Agreement or the Related Documents. 
 (f)    Limitations on the Manager’s
Liability. Subject to SECTION 2.8, and except for any loss, liability, expense, damage, action, suit or injury arising out of, or resulting from: (i) any breach or default by the Manager in the observance or performance of any of its
agreements contained in this Agreement or the other Related Document to which it is a party in its capacity as Manager; (ii) the breach by the Manager of any representation, warranty or covenant made by it in this Agreement or any other Related
Document to which it is a party in its capacity as Manager or (iii) acts or omissions constituting the Manager’s own bad faith, negligence or willful misconduct in the performance of its duties hereunder or under any other Related Document
to which it is a party in its capacity as Manager, neither the Manager nor any of its Affiliates (other than any Securitization Entity), managers, officers, members or employees 

  
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will be liable to any Securitization Entity, the Holders or any other Person under any circumstances, including, without limitation: 

(i)    for any action taken or omitted to be taken by the Manager in good faith in accordance with the instructions of
the Trustee or the Control Party; 
 (ii)    for any representation, warranty, covenant, agreement or Indebtedness of
any Securitization Entity under the Notes, any other Related Document or the Managed Documents, or for any other liability or obligation of any Securitization Entity; 

(iii)    for or in respect of the validity or sufficiency of this Agreement or for the due execution hereof by any party
hereto other than the Manager, or for the form, character, genuineness, sufficiency, value or validity of any part of the Securitized Assets including, without limitation, the creditworthiness of any Franchisee, lessee or other obligor thereunder,
or for or in respect of the validity or sufficiency of the Related Documents; 
 (iv)    for any action or inaction of
the Trustee, the Back-Up Manager or the Servicer, or for the performance of, or the supervision of the performance of, any obligation under this Agreement or any other Related Document that is required to be
performed by the Trustee, the Back-Up Manager or the Servicer; and 

(v)    for any error of judgment made in good faith that does not violate the Managing Standard. 

(g)    No Financial Liability. No provision of this Agreement (other than (i) the last sentence of paragraph
(d) above and (ii) SECTION 2.8) shall require the Manager to expend or risk its funds or otherwise incur any financial liability in the performance of any of its rights or powers hereunder, if the Manager has reasonable grounds for
believing that repayment of such funds or adequate indemnity against such risk or liability is not compensated by the payment of the Management Fees and is otherwise not reasonably assured or provided to the Manager. Further, the Manager will not be
obligated to perform any services not enumerated or otherwise contemplated hereunder, unless the Manager determines that it is more likely than not that it will be reimbursed for all of its expenses incurred in connection with such performance. The
Manager shall not be liable under the Notes and shall not be responsible for any amounts required to be paid by the Securitization Entities under or pursuant to the Indenture. 

(h)    Reliance. The Manager may, reasonably and in good faith, conclusively rely on, and shall be protected in
acting or refraining from acting when doing so, in each case in accordance with any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper reasonably believed by it to be
genuine and believed by it to be signed by the proper party or parties. The Manager may accept a certified copy of a resolution of the board of directors or other governing body of any entity as conclusive evidence that such resolution has been duly
adopted by such body and that the same is in full force and effect. As to any fact or matter the manner or ascertainment of which is not specifically prescribed herein, the Manager may in good faith for all purposes hereof reasonably rely on a
certificate, signed by any Authorized Officer of the relevant party, as to such fact or matter, and such certificate reasonably relied upon in good faith shall constitute full protection to the Manager for any action taken or omitted to be taken by
it in good faith in reliance thereon. 

  
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 (i)    Consultations with Third Parties; Advice of Counsel. In
the exercise and performance of its duties and obligations hereunder or under any of the Related Documents, the Manager (i) may act directly or through agents (in compliance with Section 8.1(a)) or attorneys pursuant to agreements
entered into with any of them; provided that the Manager shall remain primarily liable hereunder for the acts or omissions of such agents or attorneys and (ii) may, at the expense of the Manager, consult with counsel, accountants and
other professionals or experts selected and monitored by the Manager in good faith and in the absence of negligence, and the Manager shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the advice or
opinion of any such counsel, accountants or other professionals or experts. 
 (j)    Independent Contractor. In
performing its obligations as manager hereunder the Manager acts solely as an independent contractor of each Securitization Entity, except to the extent the Manager is deemed to be an agent of a Securitization Entity by virtue of engaging in
franchise sales activities, as a broker, or receiving payments on behalf of the Securitization Entities, as applicable. Nothing in this Agreement shall, or shall be deemed to, create or constitute any joint venture, partnership, employment, or any
other relationship between any Securitization Entity and the Manager other than the independent contractor contractual relationship established hereby. Nothing herein shall be deemed to vest in the Manager title or any other right or interest in or
to the Securitization IP. The Manager shall not be, nor shall be deemed to be, liable for any acts or obligations of the Securitization Entities, the Control Party, the Back-Up Manager, the Servicer or the
Trustee (except as set forth in Section 4.3(f) hereof) and, without limiting the foregoing, the Manager shall not be liable under or in connection with the Notes. The Manager shall not be responsible for any amounts required to be paid by the
Master Issuer under or pursuant to the Indenture. 
 SECTION 4.4 Merger; Resignation and Assignment. 

(a)    Preservation of Existence. The Manager shall not merge into any other Person or convey, transfer or lease
substantially all of its assets; provided, however, that nothing contained in this Agreement shall be deemed to prevent (i) the merger into the Manager of another Person, (ii) the consolidation of the Manager and another
Person, (iii) the merger of the Manager into another Person or (iv) the sale of substantially all the property or assets of the Manager to another Person, so long as (A) the surviving Person of the merger or the purchaser of the
assets of the Manager shall continue to be engaged in the same line of business as the Manager and shall have the capacity to perform its obligations hereunder with at least the same degree of care, skill and diligence as measured by customary
practices with which the Manager is required to perform such obligations hereunder, (B) in the case of a merger or sale, the surviving Person of the merger or the purchaser of the assets of the Manager shall expressly assume the obligations of
the Manager under this Agreement and expressly agree to be bound by all other provisions applicable to the Manager under this Agreement in a supplement to this Agreement in form and substance reasonably satisfactory to the Control Party and the
Trustee and (C) with respect to such event, in and of itself, the Rating Agency Condition has been met. Notwithstanding anything to the contrary contained in this Section 4.4(a), the Manager shall be permitted to reorganize into a
New Hampshire corporation without having to satisfy any of the requirements of the preceding sentence. 

  
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 (b)    Resignation. The Manager shall not resign from the rights,
powers, obligations and duties hereby imposed on it except (i) upon determination that (A) the performance of its duties hereunder is no longer permissible under applicable law and (B) there is no reasonable action which the Manager
could take to make the performance of its duties hereunder permissible under applicable law or (ii) if the Manager is terminated as the Manager pursuant to Section 7.1(b). As to clause (i)(A) above, any such determination permitting the
resignation of the Manager shall be evidenced by an Opinion of Counsel to such effect delivered to the Trustee, the Back-Up Manager and the Control Party. No such resignation shall become effective until a
successor shall have assumed the responsibilities and obligations of the Manager in accordance with Section 7.1(b). The Trustee, the Securitization Entities, the Back-Up Manager, the Servicer and the
Rating Agencies shall be notified of such resignation in writing by the Manager. From and after such effectiveness, the Successor Manager shall be, to the extent of the assignment, the “Manager” hereunder. Except as provided above in this
Section 4.4(b), the Manager may not assign this Agreement or any of its rights, powers, duties or obligations hereunder. 

(c)    Term of Agreement. Except as provided in Section 4.4(a) and Section 4.4(b), the duties and
obligations of the Manager under this Agreement shall continue until this Agreement shall have been terminated as provided in Section 9.1, and shall survive the exercise by the Master Issuer, the Trustee or the Control Party of any right or
remedy under this Agreement, or the enforcement by the Master Issuer, the Trustee or any Noteholder of any provision of the Indenture, the other Related Documents, the Notes or this Agreement. 

SECTION 4.5 Taxes. The Manager shall file or cause to be filed all federal tax returns and all material state and other tax returns
which, to the Actual Knowledge of the Manager, are required to be filed by the Manager, except where the failure to do so would not reasonably be expected to result in a Material Adverse Effect. The Manager shall pay or make adequate provisions for
the payment of all taxes shown as due on such returns, and all assessments made against it or any of its property (other than any amount of tax the validity of which is being contested in good faith by appropriate proceedings and with respect to
which reserves in accordance with GAAP have been provided on the books of the Manager). 
 SECTION 4.6 Notice of Certain Events. Upon
the occurrence of any of the following events: (a) an ERISA Event, (b) notice of the institution of proceedings or the taking of any other action by the PBGC or the Manager or any member of its Controlled Group that is intended to result
in the withdrawal from, or the termination or insolvency of, any Single-Employer Plan or Multiemployer Plan, (c) any action, suit, investigation or proceeding pending or, to the Actual Knowledge of the Manager, threatened in writing against or
affecting the Manager, before or by any court, administrative agency, arbitrator or governmental body having jurisdiction over the Manager or any of its properties either asserting the illegality, invalidity or unenforceability of any of the Related
Documents, seeking any determination or ruling that would affect the legality, binding effect, validity or enforceability of any of the Related Documents or which could reasonably be expected to have a Material Adverse Effect or (d) any
material breach of violation of the provisions of Section 4.9 hereof, the Manager shall provide written notice to the Trustee, the Servicer, the Back-Up Manager and the Rating Agencies of the same
promptly and in any event within five (5) Business Days of obtaining Actual Knowledge of the same. 

  
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 SECTION 4.7 Capitalization. The Manager shall have sufficient capital to perform all
of its obligations under this Agreement at all times from the Closing Date and until the Indenture has been terminated in accordance with the terms thereof. 

SECTION 4.8 Franchise Law Determination. Upon final determination by any state franchising authority that the Manager is required under
state franchise statutes or regulations to register as a franchise broker or franchise sales agent in such state, the Manager within sixty (60) days of such determination shall arrange for the filing of such documents on behalf of the
Franchisor as are necessary to register the Manager as a franchise broker or franchise sales agent as required by such state franchising authority. Upon final determination by any state franchising authority that the Manager is considered by such
state franchising authority to be a “subfranchisor”, the Manager within one-hundred twenty (120) days of such determination shall file such documents and take such other compliance actions as
are required by such state franchising authority or under such state’s franchise laws. 
 SECTION 4.9 Maintenance of
Separateness. The Manager covenants that, except as contemplated by the Related Documents: 
 (a)    the books and
records of each Securitization Entity will be maintained separately from those of the Manager and each of its Affiliates that is not a Securitization Entity; 

(b)    all financial statements of the Manager that are consolidated to include any Securitization Entity and that are
distributed to any party will contain detailed notes clearly stating that (i) all of such Securitization Entity’s assets are owned by such Securitization Entity, and (ii) such Securitization Entity is a separate entity and, as may be
applicable, has creditors who have received interests in the Securitization Entity’s assets; 
 (c)    the Manager
will observe (and will cause each of its Affiliates that is not a Securitization Entity to observe) corporate or limited liability company formalities in its dealing with any Securitization Entity; 

(d)    except as contemplated under this Agreement, the Manager shall not (and shall not permit any of its Affiliates that
is not a Securitization Entity to) commingle its funds with any funds of any Securitization Entity; provided that the foregoing shall not prohibit the Manager or any successor to or assignee of the Manager from holding funds of the
Securitization Entity in its capacity as manager for such entity in a segregated account identified for such purpose; 

(e)    the Manager will (and shall cause each of its Affiliates that is not a Securitization Entity to) maintain
arm’s length relationships with each Securitization Entity and each of the Manager and its Affiliates that are not Securitization Entities will be compensated at market rates for any Services it renders or otherwise furnishes to such
Securitization Entity, it being understood that the Management Fee, the Supplemental Management Fee and the amounts paid pursuant the Collateral Transaction Documents (other than any Charter Document) are representative of such arm’s length
relationship between any Securitization Entity, on the one hand, and any Non-Securitization Entity, on the other hand; 

  
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 (f)    the Manager will not be, and will not hold itself out to be,
responsible for the debts of any Securitization Entity or the decisions or actions in respect of the daily business and affairs of any Securitization Entity and the Manager will not knowingly permit any Securitization Entity to hold the Manager out
to be responsible for the debts of such Securitization Entity or the decisions or actions in respect of the daily business and affairs of such Securitization Entity; and 

(g)    upon an officer of the Manager obtaining Actual Knowledge that any of the foregoing provisions in this Section
4.9 hereof has been breached or violated in any material respect, the Manager will take such actions as may be reasonable and appropriate under the circumstances to correct and remedy such breach or violation as soon as reasonably practicable
under such circumstances. 
 SECTION 4.10 Non-Securitization Debt Cap. Following the Closing
Date, the Manager shall not and shall not permit the other Non-Securitization Entities to incur any additional Indebtedness for borrowed money (“Specified
Non-Securitization Debt”) if, after giving effect to such incurrence (and any repayment of Specified Non-Securitization Debt on such date), such incurrence
would cause the aggregate outstanding principal amount of the Specified Non-Securitization Debt of the Non-Securitization Entities as of such date to exceed $50,000,000
(the “Specified Non-Securitization Debt Cap”); provided that the Specified Non-Securitization Debt Cap shall not be applicable to Specified Non-Securitization Debt that is (i) issued or incurred to refinance the Notes in whole, (ii) in excess of the Specified Non-Securitization Debt Cap if (a) the
creditors (excluding (x) any creditor with respect to an aggregate amount of outstanding Indebtedness less than $100,000 and (y) any Indebtedness incurred by any Person prior to such Person becoming an Affiliate of a Non-Securitization Entity) under and with respect to such Indebtedness execute a non-disturbance agreement with the Trustee, as directed by the Manager and in a form
reasonably satisfactory to the Servicer and the Trustee, that acknowledges the terms of the securitization transaction including the bankruptcy remote status of the Securitization Entities and their assets and (b) after giving pro forma effect
to the incurrence of such Indebtedness (and any repayment of existing Indebtedness and any related acquisition or other transaction occurring prior to or substantially concurrently with the incurrence of such Indebtedness), the Holdco Leverage Ratio
(as calculated without regard to any Indebtedness that is subject to the Specified Non-Securitization Debt Cap) is less than or equal to 7.0x, (iii) considered Indebtedness due solely to a change in
accounting rules that takes effect subsequent to the Closing Date but that was not (or, if such obligations were not outstanding at the time of such change in accounting rules, would not have been) considered Indebtedness prior to such date,
(iv) in respect of any obligation of any Non-Securitization Entity to reimburse the Master Issuer for any draws under any one or more letters of credit or (v) with respect to any Cash Collateralized
Letters of Credit. 
 SECTION 4.11 Special Provisions as to Securitization IP. 

(a)     The Manager acknowledges and agrees that the Franchisor has the right and duty to control the goods and services
offered under such Franchisor’s Trademarks included in 

  
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the Securitization IP and the manner in which such Trademarks are used in order to maintain the validity and enforceability of and its ownership of the Trademarks included in the Securitization
IP. The Manager shall not take any action contrary to the express written instruction of the Franchisor with respect to: (A) the promulgation of standards with respect to the operation of the Stores, including with respect to fitness equipment
and facilities, cleanliness, atmosphere, level of service, and appearance (or the making of material changes to the existing standards), (B) the promulgation of standards with respect to new businesses, products and services which the
Franchisor approves for inclusion in the license granted under any IP License Agreement (or other license agreement or sublicense agreement for which the Manager is performing IP Services), (C) the nature and implementation of means of
monitoring and controlling adherence to the standards, (D) the terms of any Franchise Agreements and Area Development Agreements to which the Franchisor is a party or of other sublicense agreements relating to the standards which licensees must
follow with respect to businesses, products, and services offered under the Trademarks included in the Securitization IP and the usage of such Trademarks, (E) the commencement and prosecution of enforcement actions with respect to the
Trademarks included in the Securitization IP and the terms of any settlements thereof, (F) the adoption of any variations on the Planet Fitness Brand which are not in use on the date hereof, or other new Trademarks to be included in the
Securitization IP, (G) the abandonment of any Securitization IP and (H) any uses of the Securitization IP that are not consistent with the Managing Standard. The Franchisor shall have the right to monitor the Manager’s compliance with
the foregoing and its performance of the IP Services and, in furtherance thereof, Manager shall provide the Franchisor, at the Franchisor’s written request from time to time, with copies of Franchise Documents, Third-Party License Agreements
and other sublicenses, samples of products and materials bearing the Trademarks included in the Securitization IP used by Franchisees, any manufacturer or distributor of proprietary products and other licensees and sublicensees. Nothing in this
Agreement shall limit the Franchisor’s rights or the licensees’ obligations under the IP License Agreements or any other agreement with respect to which the Manager is performing IP Services. 

SECTION 4.12 Restrictions on Dispositions and Liens. The Manager shall not sell, transfer, assign, pledge, hypothecate or otherwise
dispose, in whole or in part, of any Equity Interest in the Master Issuer Parent. In addition, the Manager shall not, and shall not permit any of its Subsidiaries to, create, incur, assume, permit or suffer to exist any Lien (other than Liens in
favor of the Trustee for the benefit of the Secured Parties and any Permitted Lien set forth in clauses (a), (h), (k) or (n) of the definition thereof) upon the Equity Interests of any Securitization Entity. 

SECTION 4.13 No Competition. The Manager shall not, and shall not permit the other
Non-Securitization Entities to, purchase Stores or other assets similar to the Contributed Assets with the intention of competing with the Securitization Entities; provided that the foregoing shall not
limit the Manager or any other Non-Securitization Entities from operating (i) the Retained Corporate-Owned Stores, (ii) Reacquired Stores, (iii) any other asset that is intended at the time of
acquisition of such asset to be contributed the Securitization Entities or (iv) any asset that the Manager is not required to contribute to the Securitization Entities pursuant to SECTION 5.2(a)(i); provided, further, that
the foregoing shall not limit the Manager or any other Non-Securitization Entity from operating any brand prior to such brand becoming a Future Brand. 

  
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 ARTICLE 5 

REPRESENTATIONS, WARRANTIES AND COVENANTS AS TO NEW ASSETS 

SECTION 5.1 Representations and Warranties Made in Respect of New Assets. The Manager represents and warrants to the Master Issuer, the
other Securitization Entities, the Trustee and the Servicer, as of the dates set forth below (except if otherwise expressly noted) as follows: 

(a)    New U.S. Franchise Agreements. As of the applicable New Asset Addition Date with respect to any New U.S.
Franchise Agreement acquired or entered into on such New Asset Addition Date: 
 (i)    Such New U.S. Franchise
Agreement does not contain terms and conditions that are reasonably expected to result in (A) a material decrease in the amount of Collections or Retained Collections, taken as a whole, (B) a material adverse change in nature, quality or
timing of Collections, taken as a whole, (C) a material adverse change in the types of underlying assets generating Collections, taken as a whole, in each case when compared to the amount, nature or quality of, or types of assets generating
Collections that would have been reasonably expected to result had such New U.S. Franchise Agreement been entered into in accordance with the then-current Franchise Documents or (D) any requirement to license Intellectual Property unless one of
the Securitization Entities possesses the full rights to license such Intellectual Property; 
 (ii)    Such New U.S.
Franchise Agreement is genuine, and is the legal, valid and binding obligation of the parties thereto and is enforceable against the parties thereto in accordance with its terms (except as such enforceability may be limited by bankruptcy or
insolvency laws and by general principles of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or at law); 

(iii)    Such New U.S. Franchise Agreement complies in all material respects with all applicable Requirements of Law;

 (iv)    The Franchisee related to such New U.S. Franchise Agreement is not, to the Actual Knowledge of the Manager,
the subject of a bankruptcy proceeding; 
 (v)    Royalty Payments payable pursuant to such New U.S. Franchise
Agreement are payable by the related Franchisee at least monthly; 
 (vi)    Except as required by applicable
Requirements of Law, such New U.S. Franchise Agreement contains no contractual rights of set-off; and 

(vii)     Except as required by applicable Requirements of Law, such New Franchise Agreement is freely assignable by the
applicable Securitization Entities. 

  
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 (b)    New U.S. Area Development Agreements. As of the applicable
New Asset Addition Date with respect to any New U.S. Area Development Agreement acquired on such New Asset Addition Date: 

(i)    Such New U.S. Area Development Agreement does not contain terms and conditions that are reasonably expected to
result in (A) a material decrease in the amount of Collections or Retained Collections, taken as a whole, (B) a material adverse change in the nature, quality or timing of Collections, taken as a whole, or (C) a material adverse
change in the types of underlying assets generating Collections, taken as a whole, in each case when compared to the amount, nature or quality of, or types of assets generating Collections that would have been reasonably expected to result had such
New U.S. Area Development Agreement been entered into in accordance with the then-current Franchise Documents; 

(ii)    Such New U.S. Area Development Agreement is genuine, and is the legal, valid and binding obligation of the
parties thereto and is enforceable against the parties thereto in accordance with its terms (except as such enforceability may be limited by bankruptcy or insolvency laws and by general principles of equity, regardless of whether such enforceability
shall be considered in a proceeding in equity or at law); 
 (iii)    Such New U.S. Area Development Agreement complies
in all material respects with all applicable Requirements of Law; 
 (iv)    The Franchisee related to such New U.S.
Area Development Agreement is not, to the Actual Knowledge of the Manager, the subject of a bankruptcy proceeding; 

(v)    Except as required by applicable Requirements of Law, such New U.S. Area Development Agreement contains no
contractual rights of set-off; and 
 (vi)    Except as required by applicable
Requirements of Law, such New U.S. Area Development agreement is freely assignable by the applicable Securitization Entities. 

(c)    New Securitized Equipment Supply Agreements. As of the applicable New Asset Addition Date with respect to
any New Securitized Equipment Supply Agreements, acquired or entered into on such New Asset Addition Date: 

(i)    Such New Securitized Equipment Supply Agreement is the legal, valid and binding obligation of the parties thereto,
has been fully and properly executed by the Securitization Entities party thereto and is enforceable in accordance with its terms (except as such enforceability may be limited by bankruptcy or insolvency laws and by general principles of equity,
regardless of whether such enforceability shall be considered in a proceeding in equity or at law); 
 (ii)    The
execution of such New Securitized Equipment Supply Agreement could not be reasonably expected to have a Material Adverse Effect; 

(iii)    No party to such New Securitized Equipment Supply Agreement is, to the Actual Knowledge of the Manager, the
subject of a bankruptcy proceeding; 
 (iv)    Such New Securitized Equipment Supply Agreement complies in all material
respects with all applicable Requirements of Law; and 

  
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 (v)    Except as required by applicable Requirements of Law, such
agreement is freely assignable by the applicable Securitization Entities. 
 (d)    New Securitized Authorized Vendor
Contracts. As of the applicable New Asset Addition Date with respect to any New Securitized Authorized Vendor Contracts, acquired or entered into on such New Asset Addition Date: 

(i)    Such New Securitized Authorized Vendor Contract is the legal, valid and binding obligation of the parties thereto,
has been fully and properly executed by the Securitization Entities party thereto and is enforceable in accordance with its terms (except as such enforceability may be limited by bankruptcy or insolvency laws and by general principles of equity,
regardless of whether such enforceability shall be considered in a proceeding in equity or at law); 
 (ii)    The
execution of such New Securitized Authorized Vendor Contract could not be reasonably expected to have a Material Adverse Effect; 

(iii)    No party to such New Securitized Authorized Vendor Contract is, to the Actual Knowledge of the Manager, the
subject of a bankruptcy proceeding; 
 (iv)    Such New Securitized Authorized Vendor Contract complies in all material
respects with all applicable Requirements of Law; and 
 (v)    Except as required by applicable Requirements of Law,
such agreement is freely assignable by the applicable Securitization Entities. 
 (e)    New Contributed
Corporate-Owned Store Assets. As of the applicable New Asset Addition Date with respect to any New Contributed Corporate-Owned Store Asset, acquired or entered into on such New Asset Addition Date: 

(i)    The applicable Securitization Entity owns full legal and equitable title to each such New Contributed
Corporate-Owned Store Asset, free and clear of any Lien (other than Permitted Liens); and 
 (ii)    The addition of
such New Contributed Corporate-Owned Store Asset could not be reasonably expected to have a Material Adverse Effect. 

(f)    Franchisee Notes. As of the applicable New Asset Addition Date with respect to a Franchisee Note, acquired
or entered into on such New Asset Addition Date: 
 (i)    Such agreement is genuine, and is the legal, valid and
binding obligation of the parties thereto and is enforceable against the parties thereto in accordance with its terms (except as such enforceability may be limited by bankruptcy or insolvency laws and by general principles of equity, regardless of
whether such enforceability shall be considered in a proceeding in equity or at law); 
 (ii)    Such agreement
complies in all material respects with all applicable Requirements of Law; 

  
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 (iii)    The Franchisee related to such agreement is not the subject of
a bankruptcy proceeding; and 
 (iv)    Except as required by applicable Requirements of Law, such agreement is freely
assignable by the applicable Securitization Entities. 
 (g)    New Contributed Corporate-Owned Store Leases and
Securitized Franchisee Leases. As of the applicable New Asset Addition Date with respect to any New Contributed Corporate-Owned Store Leases or Securitized Franchisee Leases, as applicable, acquired or entered into on such New Asset Addition
Date: 
 (i)    No material default by Planet Fitness Assetco, or to the Actual Knowledge of the Manager, by any other
party, exists under any provision of such lease, and no condition or event exists, that, after notice or lapse of time or both, would constitute a material default thereunder by Planet Fitness Assetco or, to the Actual Knowledge of the Manager, by
any other party, except where such default would not be reasonably expected to have a Material Adverse Effect; 

(ii)    To Manager’s Actual Knowledge, such New Contributed Corporate-Owned Store Leases or Securitized Franchisee
Leases, as the case may be, and the use thereof, comply in all material respects with all applicable legal requirements, including local building and zoning ordinances and codes and the certificate of occupancy issued for such property, except where
such failure to comply would not be reasonably expected to have a Material Adverse Effect; 
 (iii)    Neither Planet
Fitness Assetco, nor, to the Actual Knowledge of the Manager, the related sub-lessee (if any) has committed any act or omission affording any Governmental Authority the right of forfeiture against such
property; 
 (iv)    No condemnation or similar proceeding has been commenced nor, to the Actual Knowledge of the
Manager, is threatened in writing with respect to all or any material portion of such New Contributed Corporate-Owned Store Leases or Securitized Franchisee Leases, as the case may be, that was not considered in the leasing of such New Contributed
Corporate-Owned Store Leases or Securitized Franchisee Leases; 
 (v)    All policies of insurance (a) required to
be maintained by Planet Fitness Assetco under such lease and (b) with respect to any Securitized Franchise Leases, to the Actual Knowledge of the Manager, required to be maintained by the Franchisee under the related sublease, are valid and in
full force and effect, except where a failure to maintain such insurance would not be reasonably expected to have a Material Adverse Effect. Notwithstanding anything to the contrary herein, the representation set forth in this Section
5.1(b)(vi)(v) with respect to the policies to be maintained by Planet Fitness Assetco pursuant to such Securitized Franchisee Lease shall be deemed accurate if Planet Fitness Assetco has contractually obligated the Franchisee party to such
related Securitized Franchisee Leases to maintain insurance with respect to such Securitized Franchisee Lease in a manner that is customary for business operations of this type; and 

  
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 (vi)    All material certifications, permits, licenses and approvals,
including certificates of completion and occupancy permits required for the legal use, occupancy and operation of the Store on any applicable New Contributed Corporate-Owned Store Leases or Securitized Franchisee Lease, if such property is open for
business, have been obtained and are in full force and effect. 
 The Manager shall not enter into any lease included in the New Contributed
Corporate-Owned Store Leases or the Securitized Franchisee Leases after the Closing Date which (i) requires Holdco or its Affiliates (other than the Securitization Entities) to provide a guaranty of any obligation of any Securitization Entity
or (ii) includes any event of default under such lease on the part of any Securitization Entity due to a bankruptcy of Holdco or its Affiliates (other than the Securitization Entities). 

(h)    New Foreign Area Development Agreements. As of the applicable New Asset Addition Date with respect to any
New Foreign Area Development Agreement acquired or entered into on such New Asset Addition Date: 
 (i)    Such New
Foreign Area Development Agreement does not contain terms and conditions that are reasonably expected to result in (A) a material decrease in the amount of Collections or Retained Collections, taken as a whole, (B) a material adverse
change in the nature, quality or timing of Collections, taken as a whole, or (C) a material adverse change in the types of underlying assets generating Collections, taken as a whole, in each case when compared to the amount, nature or quality
of, or types of assets generating Collections that would have been reasonably expected to result had such New Foreign Area Development Agreement been entered into in accordance with the then-current Franchise Documents; 

(ii)    Such New Foreign Area Development Agreement is the legal, valid and binding obligation of the parties thereto,
has been fully and properly executed by the Securitization Entities party thereto and is enforceable in accordance with its terms (except as such enforceability may be limited by bankruptcy or insolvency laws and by general principles of equity,
regardless of whether such enforceability shall be considered in a proceeding in equity or at law), 
 (iii)    Such
New Foreign Area Development Agreement complies in all material respects with all applicable Requirements of Law and, in the case of a New Foreign Area Development Agreement governing (A) the operation of the first Franchise Store opened in a
New Foreign Country or (B) the operation of a Franchise Store under a different business relationship than previously existed between a Securitization Entity and any Franchisee in such Foreign Country, the Manager has obtained a legal opinion
or other evidence reasonably acceptable to the Control Party to the effect that such New Foreign Area Development Agreement complies in all material respects with all applicable Requirements of Law in such Foreign Country; 

(iv)    Except as required by applicable Requirements of Law, such New Foreign Area Development agreement contains no
contractual rights of set-off; and 

  
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 (v)    No Franchisee party to such New Foreign Area Development
Agreement is, to the Actual Knowledge of the Manager, the subject of a bankruptcy proceeding. 

(i)    After-Acquired Securitization IP. With respect to any After-Acquired Securitization IP contributed by the
Manager (indirectly, through the Holding Company Guarantor and the Master Issuer) to the Franchisor on the applicable New Asset Addition Date, as of such New Asset Addition Date the Manager has all necessary rights, title and interest in such
After-Acquired Securitization IP to make such contribution. 
 (j)    New Foreign Franchise Agreements. As of the
applicable New Asset Addition Date with respect to any New Foreign Franchise Agreement acquired or entered into on such New Asset Addition Date: 

(i)    Such New Foreign Franchise Agreement does not contain terms and conditions that are reasonably expected to result
in (A) a material decrease in the amount of Collections or Retained Collections, taken as a whole, (B) a material adverse change in the nature, quality or timing of Collections, taken as a whole, or (C) a material adverse change in
the types of underlying assets generating Collections constituting, taken as a whole, in each case when compared to the amount, nature or quality of, or types of assets generating Collections that would have been reasonably expected to result had
such New Foreign Franchise Agreement been entered into in accordance with the then-current Franchise Documents; or (D) any requirement to license Intellectual Property unless one of the Securitization Entities possesses the full rights to
license such Intellectual Property; 
 (ii)    Such New Foreign Franchise Agreement is the legal, valid and binding
obligation of the parties thereto, has been fully and properly executed by the Securitization Entities party thereto and is enforceable in accordance with its terms (except as such enforceability may be limited by bankruptcy or insolvency laws and
by general principles of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or at law); 

(iii)    Such New Foreign Franchise Agreement complies in all material respects with all applicable Requirements of Law
and, in the case of a New Foreign Franchise Agreement governing (A) the operation of the first Franchise Store opened in a New Foreign Country or (B) the operation of a Franchise Store under a different business relationship than
previously existed between a Securitization Entity and any Franchisee in such Foreign Country, the Manager has obtained a legal opinion or other evidence reasonably acceptable to the Control Party to the effect that such New Foreign Franchise
Agreement complies in all material respects with all applicable Requirements of Law in such Foreign Country; 

(iv)    Except as required by applicable Requirements of Law, such New Foreign Franchise Agreement contains no
contractual rights of set-off; and 
 (v)    No Franchisee party to such New
Foreign Franchise Agreement is, to the Actual Knowledge of the Manager, the subject of a bankruptcy proceeding. 

  
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 SECTION 5.2 Covenants in Respect of New Collateral. 

(a)    New Assets. 

(i)    The Manager shall cause the applicable Securitization Entity to enter into or acquire each of the following, to the
extent entered into or acquired after the Closing Date: (a) all New Franchise Agreements, New Area Development Agreements and Franchisee Notes, (b) all After-Acquired Securitization IP, (c) all New Securitized Corporate-Owned Stores
and the related New Contributed Corporate-Owned Store Assets and New Contributed Corporate-Owned Store Leases, (d) all New Securitized Equipment Supply Agreements and (e) all Securitized Franchisee Leases; provided, that the Manager
shall not be required to cause any Securitization Entity to enter into any agreements or acquire any other assets relating to the Franchise Store Business, the Securitized Corporate-Owned Store Business or the equipment distribution business in any
country other than the United States and, solely with respect to the acquisition of After-Acquired Securitization IP, Canada. The Manager may, but will not be obligated to, contribute to the Master Issuer or its applicable Subsidiary, or otherwise
cause the Master Issuer or its applicable Subsidiary to enter into, develop or acquire other assets and liabilities of a type and nature similar to the Securitized Assets held by the Securitization Entities on the Closing Date (“Other
Assets”). 
 (ii)     (A) Unless otherwise agreed to in writing by the Control Party, any contribution to, or
development or acquisition by, the Master Issuer or any other Securitization Entity of any New Franchise Agreements, New Area Development Agreements, Franchisee Notes, New Securitized Equipment Supply Agreements, New Securitized Authorized Vendor
Contracts, New Securitized Corporate-Owned Stores, New Contributed Corporate-Owned Store Assets, New Contributed Corporate-Owned Store Leases and new Securitized Franchisee Leases shall be subject to all applicable provisions of the Indenture, this
Agreement (including the applicable representations and covenants in Article 2 and Article 5 of this Agreement), the IP License Agreements and any other relevant Related Documents. 

(B)    Unless otherwise agreed to in writing by the Control Party, any contribution to, or development or acquisition by,
the Master Issuer of Other Assets shall be subject to applicable provisions of the Indenture, this Agreement and the IP License Agreements. The Control Party shall have the right to approve the Securitization Entity that shall hold any such Other
Assets (including the right to direct that such Other Assets be held by one or more newly formed Additional Securitization Entities if the Control Party reasonably believes such Other Assets could impair the Collateral). 

(iii)    The Manager shall have the right to form an Additional Securitization Entity for the purpose of holding Other
Assets until such time as the Control Party shall direct the Manager as to which Securitization Entity should hold such Other Asset. 

(iv)    Without the consent of the Control Party, the Manager or its Affiliates shall not have the right to contribute
any assets (other than cash or Notes) or assign any liabilities to the Master Issuer, or cause the Master Issuer or its Subsidiaries to enter into any arrangements, except as provided in this Section 5.2(a) or as otherwise permitted under the
Related Documents. 

  
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 SECTION 5.3 Securitization IP. All Securitization IP shall be owned solely by the
Franchisor and shall not be assigned, transferred or licensed out by the Franchisor to any other entity other than as permitted or provided under the Related Documents. 

ARTICLE 6 
 [RESERVED] 

ARTICLE 7 
 DEFAULT 

SECTION 7.1 Manager Termination Events. 

(a)    Manager Termination Events. Any of the following acts or occurrences shall constitute a Manager Termination
Event under this Agreement, the assertion as to the occurrence of which may be made, and notice of which may be given, by the Master Issuer, the Control Party, the Back-Up Manager or the Trustee (acting at the
direction of the Control Party): 
 (i)    any failure by the Manager to remit a payment required to be deposited from
a Concentration Account to the Collection Account or any other Indenture Trust Account, within three (3) Business Days (unless such payment requires an international funds transfer, in which case such funds must be deposited to the applicable
account within five (5) Business Days of receipt) of the later of (a) its Actual Knowledge of its receipt thereof and (b) the date such deposit is required to be made pursuant to the Related Documents; provided that any
inadvertent failure to remit such a payment shall not be a breach of this clause (i) if in an amount less than $5,000,000 and cured within three (3) Business Days of a Manager Termination Event under this clause (i) (unless such payment
requires an international funds transfer, in which case such breach may be cured within five (5) Business Days of a Manager Termination Event under this clause (i)) after the Manager obtains Actual Knowledge thereof (it being understood that
the Manager shall not be responsible for the failure of the Trustee to remit funds that were received by the Trustee from or on behalf of the Manager in accordance with the applicable Related Documents); 

(ii)    the Interest-Only DSCR as calculated as of any Quarterly Calculation Date is less than 1.20x; 

(iii)    any failure by the Manager to provide any required certificate or report set forth in
SECTIONS 4.1(a), (b), (c), (d), (e), (f) or (g) of the Base Indenture within three (3) Business Days of its due date; 

(iv)    a material default by the Manager in the due performance and observance of any provisions of this Agreement or
any other Related Document to which it is a party (other than as described above) and the continuation of such default for a period of thirty (30) days after the Manager has been notified thereof in writing by any Securitization Entity or the
Control Party; provided, that if any such default is capable of being remedied within thirty (30) days after the Manager has obtained Actual Knowledge of such breach or the Manager’s receipt of written notice thereof, then a Manager
Termination Event shall only occur under this clause (iv) as a 

  
 44 

 
result of such breach if it is not cured in all material respects by the end of such 30-day period; provided, further, that no Manager
Termination Event shall occur pursuant to this clause (iv) due to the breach of any covenant relating to any New Asset set forth in Article 5 so long as the Manager has complied with Section 2.8(b) and Section 2.8(c)
if such damages are required to be paid with respect to such breach; 
 (v)    any material breach by the Manager of
any representation, warranty or statement of the Manager made in this Agreement or any other Related Document or in any certificate, report or other writing delivered pursuant thereto that is not qualified by materiality or the definition of
“Material Adverse Effect” as of the time when the same was made or deemed to have been made or as of any other date specified in such document or agreement; provided that if any such breach is capable of being remedied within thirty
(30) days after the Manager has obtained Actual Knowledge of such breach or the Manager’s receipt of written notice thereof, then a Manager Termination Event shall only occur under this clause (v) as a result of
such breach if it is not cured in all material respects by the end of such 30-day period; provided, further, that no Manager Termination Event shall occur pursuant to this clause
(v) due to the breach of any representation, warranty or statement relating to any New Asset set forth in Article 5 so long as the Manager has complied with Section 2.8(b) and Section 2.8(c) if such damages are required
to be paid with respect to such breach; 
 (vi)    any breach by the Manager of any representation, warranty or
statement of the Manager made in this Agreement or any other Related Document or in any certificate, report or other writing delivered pursuant thereto that is qualified by materiality or the definition of “Material Adverse Effect” as of
the time when the same was made or deemed to have been made or as of any other date specified in such document or agreement; provided that if any such breach is capable of being remedied within thirty (30) days after the Manager has
obtained Actual Knowledge of such breach or the Manager’s receipt of written notice thereof, then a Manager Termination Event shall only occur under this clause (vi) as a result of such breach if it is not cured in all
material respects by the end of such 30-day period; provided, further, that no Manager Termination Event shall occur under this clause (vi) due to the breach of a representation or
warranty relating to any New Asset set forth in Article 5 so long as the Manager has complied with Section 2.8(b) and Section 2.8(c) with respect to such breach by taking any action required to be taken; 

(vii)    an Event of Bankruptcy with respect to the Manager shall have occurred; 

(viii)    any final, non-appealable order, judgment or decree is entered in any
proceedings against the Manager by a court of competent jurisdiction decreeing the dissolution of the Manager and such order, judgment or decree remains unstayed and in effect for more than ten (10) days; 

(ix)    a final non-appealable judgment for an amount in excess of $50,000,000
(exclusive of any portion thereof which is insured) is rendered against the Manager by a court of competent jurisdiction and is not paid, discharged or stayed within sixty (60) days of the date when due; 

  
 45 

 (x)    an acceleration of more than $50,000,000 of the Indebtedness of
the Manager which Indebtedness has not been discharged or which acceleration has not been rescinded and annulled; 

(xi)    this Agreement or a material portion thereof ceases to be in full force and effect or enforceable in accordance
with its terms (other than in accordance with the express termination provisions hereof) or the Manager asserts as much in writing; 

(xii)     a failure by any Non-Securitization Entity to comply with the Specified
Non-Securitization Debt Cap, and such failure has continued for a period of forty-five (45) days after the Manager has been notified in writing by any Securitization Entity, the Control Party, the Back-Up Manager or the Trustee, or otherwise has obtained Actual Knowledge of such non-compliance; and 

(xiii)    the occurrence of a Change in Management with respect to the Manager following the occurrence of a Change of
Control. 
 (b)    Remedies. If a Manager Termination Event has occurred and is continuing, the Control Party
(acting at the direction of the Controlling Class Representative) may (i) waive such Manager Termination Event (except for a Manager Termination Event described in clauses (vii) or (viii) of Section 7.1(a)) or
(ii) direct the Trustee in writing to terminate the Manager in its capacity as such by the delivery of a termination notice (the “Termination Notice”) to the Manager (with a copy to each of the Securitization Entities, the
Trustee, the Back-Up Manager and the Rating Agencies); provided that the delivery of a Termination Notice shall not be required in respect of any Manager Termination Event described in clauses
(vii) or (viii) of Section 7.1(a). If the Trustee, acting at the direction of the Control Party (acting at the direction of the Controlling Class Representative), delivers a Termination Notice to the Manager pursuant to
this Agreement (or automatically upon the occurrence of any Manager Termination Event relating to any Manager Termination Event described in clauses (vii) or (viii) of Section 7.1(a)) all rights, powers, duties, obligations
and responsibilities of the Manager under this Agreement and the other Related Documents (other than with respect to the payment of Indemnification Amounts or its obligations with respect to Disentanglement), including with respect to the Accounts
or otherwise, will vest in and be assumed by the Successor Manager appointed by the Control Party (acting at the direction of the Controlling Class Representative). If no Successor Manager has been appointed by the Control Party (acting at the
direction of the Controlling Class Representative), the Back-Up Manager will serve as the Successor Manager and will work with the Servicer to implement the Transition Plan (as defined in the Back-Up Management Agreement) until a Successor Manager (other than the Back-Up Manager) has been appointed by the Control Party (acting at the direction of the Controlling
Class Representative). 
 (c)    From and during the continuation of a Manager Termination Event where the rights
and powers of the Manager have been terminated, each Securitization Entity and the Trustee (acting at the direction of the Control Party) are hereby irrevocably authorized and empowered to execute and deliver, on behalf of the Manager, as attorney
in fact or otherwise, all documents and other instruments (including any notices to Franchisees deemed necessary or advisable by the applicable Securitization Entity or the Control Party), and to do or accomplish all other acts or things necessary
or appropriate, to effect such vesting and assumption. 

  
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 (d)    Notice of Manager Termination Event. Promptly after the
occurrence of any Manager Termination Event pursuant to Section 7.1(a), the Manager shall transmit notice of such Manager Termination Event to the Control Party and the Trustee, with a copy to each Rating Agency and the Back-Up Manager. 
 SECTION 7.2 Disentanglement. 

(a)    Obligations. Upon termination of the Manager pursuant to a Termination Notice following a Manager Termination
Event, the Manager will cooperate fully with the Back-Up Manager and the Control Party in connection with the implementation of the Transition Plan (as defined in the
Back-Up Management Agreement) and the complete transition to a Successor Manager, without interruption or adverse impact on the provision of Services (the “Disentanglement”). The Manager will
cooperate fully with the Successor Manager and otherwise promptly take all actions required to assist in effecting a complete Disentanglement and shall follow any directions that may be provided by the Control Party or the Back-Up Manager. The Manager will provide all information and assistance regarding the terminated Services required for Disentanglement, including data conversion and migration, interface specifications, and related
professional services. The Manager will provide for the prompt and orderly conclusion of all work, as the Control Party may direct, including completion or partial completion of projects, documentation of all work in progress, and other measures to
assure an orderly transition to the Successor Manager. All services relating to Disentanglement (“Disentanglement Services”), including all reasonable training for personnel of the Back-Up
Manager, the Successor Manager or the Successor Manager’s designated alternate service provider in the performance of the Services, will be deemed a part of the Services to be performed by the Manager. The Manager will use commercially
reasonable efforts to utilize existing resources to perform the Disentanglement Services. 
 (b)    Charges for
Disentanglement Services. So long as the Manager continues to provide the Services (whether or not the Manager has been terminated as Manager) during the Disentanglement Period, the Manager shall continue to be paid the Management Fee. Upon the
Successor Manager’s assumption of the obligation to perform the Services, the Manager shall be entitled to reimbursement of its actual costs for the provision of any Disentanglement Services. 

(c)    Duration of Disentanglement Obligations. The Manager’s obligation to provide Disentanglement Services
will not cease until the earlier of (a) the date a Disentanglement reasonably satisfactory to the Control Party has been completed and (b) the date the Disentanglement Period expires. The “Disentanglement Period” means the
period of time designated by the Control Party, continuing for up to eighteen (18) months after the date of the Manager’s termination due to a Manager Termination Event. The Disentanglement Period will commence on the date that the Manager
is terminated. 

  
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 (d)    Sub-Management
Arrangements; Authorizations. 
 (i)    With respect to any Sub-Management
Arrangement, unless the Control Party elects to terminate such Sub-Management Arrangement in accordance with Section 2.12 hereof, the Manager will: 

(A)    assign to the Successor Manager or its designated alternate service provider all of the Manager’s rights
under such Sub-Management Arrangement to which it is party used by the Manager in performance of the transitioned Services; and 

(B)    procure any third party authorizations necessary to grant the Successor Manager or its designated alternate
service provider the use and benefit of such Sub-Management Arrangement to which it is party used by the Manager in performing the transitioned Services, pending their assignment to the Successor Manager under this Agreement. 

(ii)    If the Control Party elects to terminate such Sub-Management Arrangement
in accordance with Section 2.12 hereof, the Manager will take all reasonable actions necessary or reasonably requested by the Control Party to accomplish a complete transition of the Services performed by such
Sub-Manager to the Successor Manager, or to any alternate service provider designated by the Control Party, without interruption or adverse impact on the provision of Services. 

(e)    Confidential Information. The Manager will comply with the terms of Article 8 relating to the return
and destruction of Confidential Information. 
 (f)    Third Party Intellectual Property. The Manager will assist
the Successor Manager or its designated alternate service provider in obtaining any necessary licenses or consents to any third-party Intellectual Property then being used by the Manager or any Sub-Manager.
The Manager will assign any such license or sublicense directly to the Successor Manager or its designated alternate service provider to the extent the Manager has the necessary rights to assign such agreements to the Successor Manager without
incurring any additional cost. 
 SECTION 7.3 Intellectual Property. Within ninety (90) days of termination of this Agreement
for any reason, the Manager shall deliver and surrender up to the Securitization Entities (with a copy to the Successor Manager and the Servicer) any and all products, materials, or other physical objects bearing, containing, or embodying any
Securitization IP or Confidential Information of the Securitization Entities, including any materials bearing Trademarks included in the Securitization IP and any copies of copyrighted works included in the Securitization IP in the Manager’s
possession or control, and shall terminate all use of all Securitization IP, including Trade Secrets; provided that (for the avoidance of doubt) any rights granted to Planet Fitness Holdings and the other
Non-Securitization Entities as licensees pursuant to the IP License Agreements shall continue pursuant to the terms thereof notwithstanding the termination of this Agreement and/or Planet Fitness
Holdings’ role as Manager; and provided further that (for the avoidance of doubt), Manager shall continue to maintain the confidentiality and secrecy of all Trade Secrets and other Confidential Information included in the Securitization IP in
perpetuity. 
 SECTION 7.4 No Effect on Other Parties. Upon any termination of the rights and powers of the Manager from time to time
pursuant to Section 7.1 or upon any appointment of a Successor Manager, all the rights, powers, duties, obligations and responsibilities of the Securitization Entities or the Trustee under this Agreement, the Indenture and the other Related
Documents shall remain unaffected by such termination or appointment and shall remain in full force and effect thereafter, except as otherwise expressly provided in this Agreement or in the Indenture. 

  
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 SECTION 7.5 Rights Cumulative. All rights and remedies from time to time conferred
upon or reserved to the Securitization Entities, the Trustee, the Servicer, the Control Party, the Back-Up Manager or the Noteholders or to any or all of the foregoing are cumulative, and none is intended to
be exclusive of another or any other right or remedy which they may have at law or in equity. Except as otherwise expressly provided herein, no delay or omission in insisting upon the strict observance or performance of any provision of this
Agreement, or in exercising any right or remedy, shall be construed as a course of dealing, waiver or relinquishment of such provision, nor shall it impair such right or remedy. Every right and remedy may be exercised from time to time and as often
as deemed expedient. 
 ARTICLE 8 

CONFIDENTIALITY 
 SECTION
8.1 Confidentiality. 
 (a)    Each of the parties hereto acknowledges that during the term of this Agreement each
party (the “Recipient”) may receive Confidential Information from the other party (the “Discloser”). Each party agrees to maintain the Confidential Information in the strictest of confidence and will not, at any
time, use, disseminate or disclose any Confidential Information to any person or entity other than those of (i) its officers, directors, managers, employees, agents, advisors or representatives (including legal counsel or accountants) or
(ii) in the case of the Manager and the Securitization Entities, Franchisees and prospective Franchisees, suppliers or other service providers under written confidentiality agreements that contain provisions at least as protective as those set
forth in this Agreement. Recipient shall be liable for any breach of this Article 8 by any of its officers, directors, managers, employees, agents, advisors, representatives, Franchisees and prospective Franchisees, suppliers or other service
providers and shall immediately notify Discloser in the event of any loss or disclosure of any Confidential Information of Discloser and shall reasonably assist and cooperate, at the expense of the Master Issuer, with Discloser with respect to any
investigation, disclosures to affected parties, and other remedial measures as requested by Discloser. Each party agrees to protect the confidentiality, integrity and availability of Confidential Information it receives, and shall not use any less
than the same degree of care that it uses to protect its own Confidential Information.. Upon termination of this Agreement, Recipient will return to Discloser, or at Discloser’s request, destroy all documents and records in its possession
containing the Confidential Information of Discloser. Confidential Information shall not include information that: (i) is already known to Recipient without restriction on use or disclosure prior to receipt of such information from Discloser;
(ii) is or becomes part of the public domain other than by breach of this Agreement by, or other wrongful act of, Recipient; (iii) is developed by Recipient independently of and without reference to any Confidential Information;
(iv) is received by Recipient from a third party who is not under any obligation to Discloser to maintain the confidentiality of such information; or (v) is required to be disclosed by the Indenture, the Related Documents, applicable law,
statute, rule, regulation, subpoena, court order or legal process; provided that the Recipient shall promptly inform the Discloser of any such requirement and cooperate with any attempt by the Discloser to obtain a protective order or other
similar treatment. It shall be the obligation of Recipient to prove that such an exception to the definition of Confidential Information exists. 

  
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 (b)    Notwithstanding anything to the contrary contained in Section
8.1(a), the Securitization Entities, the Trustee, the Servicer, the Back-Up Manager or the Noteholders may use, disseminate or disclose any Confidential Information to any person or entity in connection
with the enforcement of rights of the Securitization Entities, the Trustee, the Servicer, the Back-Up Manager or the Noteholders under the Indenture or the Related Documents; provided, however,
that prior to disclosing any such Confidential Information: 
 (i)    to any such person or entity other than in
connection with any judicial or regulatory proceeding, such person or entity shall agree in writing to maintain such Confidential Information in a manner at least as protective of the Confidential Information as the terms of Section 8.1(a);
or 
 (ii)    to any such person or entity in connection with any judicial or regulatory proceeding, the Recipient will
(x) promptly notify Discloser of each such requirement and identify the documents so required thereby, so that Discloser may seek an appropriate protective order or similar treatment and/or waive compliance with the provisions of this
Agreement; (y) use reasonable efforts to assist Discloser in obtaining such protective order or other similar treatment protecting such Confidential Information prior to any such disclosure; and (z) consult with Discloser on the
advisability of taking legally available steps to resist or narrow the scope of such requirement. If, in the absence of such a protective order or similar treatment, the Recipient is nonetheless required by Requirements of Law to disclose any part
of Discloser’s Confidential Information which is disclosed to it under this Agreement, the Recipient may disclose such Confidential Information without liability under this Agreement, except that the Recipient will furnish only that portion of
the Confidential Information which is legally required. 
 ARTICLE 9 

MISCELLANEOUS PROVISIONS 

SECTION 9.1 Termination of Agreement. The respective duties and obligations of the Manager and the Securitization Entities created by
this Agreement shall terminate upon the earlier to occur of (x) the final payment or other liquidation of the last Securitized Asset and (y) the satisfaction and discharge of the Indenture pursuant to ARTICLE Twelve of the Base Indenture.
Upon termination of this Agreement pursuant to this Section 9.1, the Manager shall pay over to the applicable Securitization Entity or any other Person entitled thereto all proceeds of the Securitized Assets held by the Manager. The
provisions of Sections 2.1(c), 2.8 and 2.9 shall survive termination of this Agreement. 
 SECTION 9.2
Amendment. 
 (a)    This Agreement may only be amended, from time to time, in writing, upon the written consent
of the Trustee (acting at the direction of the Control Party) the Securitization Entities, and the Manager; provided that any amendment that would materially adversely affect the interests of the Noteholders shall require the consent of the
Control Party, which consent shall not be unreasonably withheld or delayed; provided, further that no consent of the Trustee or the Control Party shall be required in connection with any amendment to accomplish any of the following: 

(i)    to correct or amplify the description of any required activities of the Manager; 

  
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 (ii)    to add to the duties or covenants of the Manager for the
benefit of any Noteholders or any other Secured Parties, or to add provisions to this Agreement so long as such action does not modify the Managing Standard, materially adversely affect the enforceability of the Securitization IP or materially
adversely affect the interests of the Noteholders; 
 (iii)    to correct any manifest error or to cure any ambiguity,
defect or provision that may be inconsistent with the terms of the Base Indenture or any other Related Document, or to correct or supplement any provision herein that may be inconsistent with the terms of the Base Indenture or each offering
memorandum for the Notes; 
 (iv)    to evidence the succession of another Person to any party to this Agreement; 

(v)    to comply with Requirements of Law; 

(vi)    to take any action necessary and appropriate to facilitate the origination of Managed Documents, the acquisition
and management of Securitized Franchisee Leases, or the management and preservation of the Managed Documents, in each case, in accordance with the Managing Standard; or 

(vii)    to provide for additional Services to be provided by the Manager. 

(b)    Promptly after the execution of any amendment, the Manager shall send to the Trustee, the Servicer, the Back-Up Manager and each Rating Agency a copy of such amendment, but the failure to do so will not impair or affect its validity. 

(c)    Any amendment or modification effected contrary to the provisions of this Section 9.2 shall be null and
void. 
 SECTION 9.3 Amendments to Other Agreements. The Master Issuer and the Trustee each agree not to amend the Indenture or the
Related Documents to which it is a party without the Manager’s consent if such amendment would materially increase the Manager’s obligations or liabilities, or materially decrease the Manager’s rights or remedies under this Agreement,
the Indenture or any other Related Document. 
 SECTION 9.4 Acknowledgement. Without limiting the foregoing, the Manager hereby
acknowledges that, on the date hereof, certain of the Securitization Entities will pledge to the Trustee under the Indenture and the Guarantee and Collateral Agreement, all of such Securitization Entities’ right and title to, and interest in,
this Agreement and the Collateral; and such pledge includes all of such Securitization Entities’ rights, remedies, powers and privileges, and all claims of such Securitization Entities’ against the Manager, under or with respect to this
Agreement (whether arising pursuant to the terms of this Agreement or otherwise available at law or in equity), including (i) the rights of such Securitization Entities and the obligations of the Manager hereunder and (ii) the right, at
any time, to give or withhold consents, requests, notices, directions, approvals, demands, extensions or waivers under or with respect to this Agreement or 

  
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the obligations in respect of the Manager hereunder to the same extent as such Securitization Entities may do. The Manager hereby consents to such pledges described above, acknowledges and agrees
that the Control Party shall be third-party beneficiaries of the rights of such Securitization Entities arising hereunder and agrees that the Trustee or the Control Party may, to the extent provided in the Indenture and the Guarantee and Collateral
Agreement, enforce the provisions of this Agreement, exercise the rights of such Securitization Entities and enforce the obligations of the Manager hereunder without the consent of the such Securitization Entities. 

SECTION 9.5 Governing Law; Waiver of Jury Trial; Jurisdiction. 

(a)    THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

(b)    THE PARTIES HERETO EACH HEREBY IRREVOCABLY WAIVE TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL
RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

(c)    The parties hereto each hereby irrevocably and unconditionally 

(i)    submits for itself and its property in any legal action or proceeding relating to this Agreement and the Related
Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the courts of the State of New York sitting in New York
County, the courts of the United States for the Southern District of New York, and appellate courts from any thereof; 

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

(iii)    agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by
registered or certified mail (or any substantially similar form of mail), postage prepaid, to the applicable party at its address set forth in Section 14.1 of the Base Indenture or at such other address of which the other parties hereto shall
have been notified pursuant to SECTION 9.6; 
 (iv)    agrees that nothing herein shall affect the right to
effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and 

(v)    waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action
or proceeding referred to in this SECTION 9.4 any special, exemplary, punitive or consequential damages. 
 SECTION 9.6
Notices. All notices, requests or other communications desired or required to be given under this Agreement shall be in writing and shall be sent by (a) certified or registered mail, return receipt requested, postage prepaid,
(b) national prepaid overnight delivery service, (c) telecopy or other facsimile or electronic mail transmission of a .pdf or similar file, (d) 

  
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personal delivery with receipt acknowledged in writing, to the address set forth in the Indenture or (e) email (which email may contain a link to a password-protected website containing such
notice for which the recipient has been granted access). If the Indenture or this Agreement permits reports to be posted to a password-protected website, such reports shall be deemed delivered when posted on such website. Any party hereto may change
its address for notices hereunder by giving notice of such change to the other parties hereto, with a copy to the Control Party. The Manager shall notify the other parties hereto of any change of the identity or address of the Controlling
Class Representative. All notices and demands to any Person hereunder shall be deemed to have been given either at the time of the delivery thereof at the address of such Person for notices hereunder, or on the third day after the mailing
thereof to such address, as the case may be. 
 SECTION 9.7 Severability of Provisions. If one or more of the provisions of this
Agreement shall be for any reason whatever held invalid or unenforceable, such provisions shall be deemed severable from the remaining covenants, agreements and provisions of this Agreement and such invalidity or unenforceability shall in no way
affect the validity or enforceability of such remaining provisions, or the rights of any parties hereto. To the extent permitted by law, the parties hereto waive any provision of law which renders any provision of this Agreement invalid or
unenforceable in any respect. 
 SECTION 9.8 Delivery Dates. If the due date of any notice, certificate or report required to be
delivered by the Manager hereunder falls on a day that is not a Business Day, the due date for such notice, certificate or report shall be automatically extended to the next succeeding day that is a Business Day. 

SECTION 9.9 Limited Recourse. The obligations of the Securitization Entities under this Agreement are solely the limited liability
company obligations of the Securitization Entities. The Manager agrees that the Securitization Entities shall be liable for any claims that it may have against the Securitization Entities only to the extent that funds or assets are available to pay
such claims pursuant to the Indenture and that, to the extent that any such claims remain unpaid after the application of such funds and assets in accordance with the Indenture, such claims shall be extinguished. 

SECTION 9.10 Binding Effect; Limited Rights of Others. The provisions of this Agreement shall be binding upon and inure to the benefit
of the respective successors and assigns of the parties hereto. Except as provided in the preceding sentence, nothing in this Agreement expressed or implied, shall be construed to give any Person other than the parties hereto any legal or equitable
right, remedy or claim under or in respect of this Agreement or any covenants, agreements, representations or provisions contained herein. 

SECTION 9.11 Article and Section Headings. The Article and Section headings herein are for convenience of reference only, and shall not
limit or otherwise affect the meaning hereof. 
 SECTION 9.12 Counterparts. This Agreement may be executed in several counterparts,
each of which shall be an original and all of which shall constitute but one and the same instrument. 

  
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 SECTION 9.13 Entire Agreement. This Agreement, together with the Indenture and the
other Related Documents and the Managed Documents constitute the entire agreement and understanding among the parties with respect to the subject matter hereof. Any previous agreement among the parties with respect to the subject matter hereof is
superseded by this Agreement, the Indenture, the other Related Documents and the Managed Documents. 
 SECTION 9.14 Concerning the
Trustee. In acting under this Agreement, the Trustee shall be afforded the rights, privileges, protections, immunities and indemnities set forth in the Indenture as if fully set forth herein. 

SECTION 9.15 Joinder of Additional Securitization Entities. In the event the Master Issuer shall form an Additional Securitization
Entity pursuant to Section 8.34 of the Indenture, such Additional Securitization Entity shall execute and deliver to the Manager and the Trustee (i) a Joinder Agreement substantially in the form of Exhibit A and (ii) a Power of
Attorney in the form of Exhibit B-2, and such Additional Securitization Entity shall thereafter for all purposes be a party hereto and have the same rights, benefits and obligations as a Securitization
Entity party hereto on the Closing Date. 
 [The remainder of this page is intentionally left blank.] 

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

					
	PLANET FITNESS HOLDINGS, LLC, as Manager

 
					
		
	By:	 	 /s/ Justin Vartanian

		 	Name:	 	Justin Vartanian
		 	Title:	 	General Counsel and Secretary

 
					
	
	PLANET FITNESS SPV GUARANTOR LLC
		
	By:	 	 /s/ Justin Vartanian

		 	Name:	 	Justin Vartanian
		 	Title:	 	General Counsel and Secretary

 
					
	
	PLANET FITNESS MASTER ISSUER LLC
		
	By:	 	 /s/ Justin Vartanian

		 	Name:	 	Justin Vartanian
		 	Title:	 	General Counsel and Secretary

 
					
	
	PLANET FITNESS FRANCHISING LLC
		
	By:	 	 /s/ Justin Vartanian

		 	Name:	 	Justin Vartanian
		 	Title:	 	General Counsel and Secretary

 
					
	
	PLANET FITNESS DISTRIBUTION LLC
		
	By:	 	 /s/ Justin Vartanian

		 	Name:	 	Justin Vartanian
		 	Title:	 	General Counsel and Secretary

  
 [Management Agreement]

 
					
	PLANET FITNESS ASSETCO LLC
		
	By:	 	 /s/ Justin Vartanian

		 	Name:	 	Justin Vartanian
		 	Title:	 	General Counsel and Secretary

  
 [Management Agreement]
 

 
					
	CITIBANK, N.A. as Trustee
		
	By:	 	 /s/ Anthony Bausa

		 	Name:	 	Anthony Bausa
		 	Title:	 	Senior Trust Officer

  
 [Management Agreement]
 

 EXHIBIT A 

JOINDER AGREEMENT 
 This
Joinder Agreement (this “Agreement”), dated as of [insert date], is between [insert name] (the “Additional Securitization Entity”), Planet Fitness Holdings, LLC, a New Hampshire limited liability
company (the “Manager”), and Citibank, N.A., as trustee (the “Trustee”). 
 Section 1. Reference
to Management Agreement; Definitions. Reference is made to the Management Agreement dated as of [●], as now in effect (as amended, modified or supplemented from time to time, the “Management Agreement”), among Planet
Fitness Master Issuer LLC, a Delaware limited liability company (the “Master Issuer”), certain of its subsidiaries party thereto, the Manager and the Trustee. For all purposes of this Agreement, capitalized terms used herein but not
otherwise defined herein shall have the meanings ascribed thereto in Annex A to the Base Indenture dated as of August 1, 2018, as now in effect (the “Base Indenture”), between the Master Issuer and the Trustee. 

Section 2. Joinder. Effective as of the date on which all the conditions in Section 3 below are
satisfied (the “Joinder Date”), the Additional Securitization Entity joins in and becomes party (as fully as if the Additional Securitization Entity had been an original signatory thereto) to the Management Agreement as a party
thereunder for all purposes thereof. 
 Section 3. Conditions. The effectiveness of the joinder in
Section 2 above shall be subject to the satisfaction of the following conditions on or prior to the Joinder Date: 

(a)    Proper Proceedings. This Agreement shall have been authorized by all necessary corporate or other
proceedings. All necessary consents, approvals and authorizations of any governmental or administrative agency or any other Person of any of the transactions contemplated hereby shall have been obtained and shall be in full force and effect. 

(b)    General. All legal and corporate proceedings in connection with the transactions contemplated by this
Agreement shall be reasonably satisfactory in form and substance to the Control Party and the Control Party shall have received copies of all documents, including certified copies of the formation documents of the Additional Securitization Entity,
records of limited liability company proceedings, certificates as to signatures and incumbency of officers and opinions of counsel, which the Control Party may have reasonably requested in connection therewith, such documents where appropriate to be
certified by proper corporate or governmental authorities. 
 Section 4. Further Assurances. The Additional Securitization
Entity will, upon the request of the Control Party from time to time, execute, acknowledge and deliver, and file and record, all such instruments, and take all such action, as the Control Party may reasonably request to carry out the intent and
purpose of this Agreement and any other Related Document. 
 Section 5. Notices. Any notice or other communication to the
Additional Securitization Entity in connection with this Agreement or any other Related Document may be given as 

 
provided in Section 9.6 of the Management Agreement and shall be deemed to be delivered if in writing and addressed to: 

[Insert Address] 

Section 6. General. This Agreement, the Management Agreement and the other Related Documents constitute the entire understanding
of the parties with respect to the subject matter hereof and thereof and supersede all prior and current understandings and agreements, whether written or oral. Except to the extent specifically supplemented hereby, the provisions of the Related
Documents shall remain unmodified. The Management Agreement and the Related Documents, each as supplemented hereby, are each confirmed as being in full force and effect. This Agreement shall constitute a Related Document. This Agreement may be
executed in any number of counterparts, which together shall constitute one instrument, and shall bind and inure to the benefit of the parties hereto and their respective successors and assigns, including as such successors and assigns all holders
of any obligations evidenced by the Notes. This Agreement shall be governed by and construed in accordance with the laws of the State of New York. 

[The remainder of this page is intentionally left blank.] 

  
 2 

 Each of the parties has executed this Agreement under seal by a duly authorized officer as
of the date first written above. 
  

			
	[NAME OF ADDITIONAL SECURITIZATION ENTITY]

 
			
		
	By:	 	
                     
                                

	Name:	 	
	Title:	 	
	
	PLANET FITNESS HOLDINGS, LLC, as Manager
		
	By:	 	
                     
                    

	Name:	 	
	Title:	 	
	
	CITIBANK, N.A. as Trustee

 
			
		
	By:	 	
                     
                                        

	Name:	 	
	Title:	 	

  
 3 

 EXHIBIT B-1 

POWER OF ATTORNEY 
 KNOWN ALL
PERSONS BY THESE PRESENTS, that Planet Fitness Franchising LLC, a Delaware limited liability company (the “Franchisor”), hereby appoints Planet Fitness Holdings, LLC, a New Hampshire limited liability company, and any and all
officers thereof as its true and lawful attorney-in-fact, with full power of substitution, in connection with the Services ascribed below with respect to the
Securitization IP (as such term is defined in the Management Agreement, dated as of the date hereof, among the Franchisor, certain of its affiliates and Citibank, N.A. (as amended, modified or supplemented from time to time, the “Management
Agreement”)), with full irrevocable power and authority in the place of the Franchisor and in the name of the Franchisor or in its own name as nominee for the Franchisor, to take any and all appropriate action and to execute any and all
documents and instruments which may be necessary or desirable to accomplish the foregoing, subject to the Management Agreement, including, without limitation, the full power to: 

(i)    sign its name upon all filings and to do all things necessary to maintain, register and renew Trademarks included
in the Securitization IP with the PTO, any state trademark registry, any applicable foreign intellectual property office and/or any applicable domain registry; 

(ii)    sign its name upon all filings and to do all things necessary to maintain and prosecute Patents included in the
Securitization IP with the PTO and with any applicable foreign intellectual property office; 
 (iii)    sign its name
upon all filings and to do all things necessary to maintain, register and renew Copyrights among the Securitization IP with the United States Copyright Office and with any applicable foreign intellectual property office; 

(iv)    perform such functions and duties, and prepare and file such documents, as are required under the Base Indenture
(as defined in the Management Agreement) to be performed, prepared and/or filed by the Franchisor, including: (i) executing and recording such financing statements (including continuation statements) or amendments thereof or supplements thereto
or other instruments as the Trustee and the Master Issuer may from time to time reasonably request in order to perfect and maintain the security interests in the Securitization IP granted by the Franchisor to the Trustee (as defined in the
Management Agreement) under the Related Documents (as defined in the Management Agreement) in accordance with the UCC (as defined in the Management Agreement); and (ii) executing grants of security interests or any similar instruments required
under the Related Documents to evidence such security interests in the Securitization IP and recording such grants or other instruments with the relevant authority including the PTO, the United States Copyright Office or any applicable foreign
intellectual property office; 
 (v)    take such actions on behalf of the Franchisor as the Master Issuer or the
Manager may reasonably request that are expressly required by the terms, provisions and purposes of the IP License Agreements; or cause the preparation by other appropriate persons, of all documents, certificates and other filings as the Franchisor
shall be required to prepare and/or file under the terms of the IP License Agreements; and 

 (vi)    pay or arrange for payment or discharge taxes and liens levied
or placed on or threatened against the Securitization IP. 
 This Power of Attorney is coupled with an interest. Capitalized terms used
herein, and not defined herein shall have the meanings applicable to such terms in the Management Agreement. 
 This Power of Attorney is
governed by the laws of the State of New York applicable to powers of attorney made and to be exercised wholly within such State. 
 Dated:
This [            ], 20[    ] 
  

			
	PLANET FITNESS FRANCHISING LLC

 
			
		
	By:	 	
                     

	Name:	 	
	Title:	 	

					
	STATE OF NEW YORK	 	)	  	
		 	:	  	ss.
	COUNTY OF NEW YORK	 	)	  	

 On the [    ] day of [        ],
20[    ], before me the undersigned, personally appeared                     , personally known to me or proved to me on the
basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon
behalf of which the individual acted, executed the instrument. 
  

	
	  

	Notary Public

 EXHIBIT B-2 

POWER OF ATTORNEY 
 KNOWN ALL
PERSONS BY THESE PRESENTS, that [                    ], a Delaware limited liability company (the “Securitization Entity”), hereby
appoints Planet Fitness Holdings, LLC, a New Hampshire limited liability company, and any and all officers thereof as its true and lawful attorney-in-fact, with full
power of substitution, in connection with the Services (as such term is defined in the Management Agreement, dated as of the date hereof, among the Securitization Entity, certain of its affiliates and Citibank, N.A. (as amended, modified or
supplemented from time to time, the “Management Agreement”)), with full irrevocable power and authority in the place of the Securitization Entity and in the name of the Securitization Entity or in its own name as nominee for the
Securitization Entity, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary or desirable to accomplish the foregoing, subject to the Management Agreement, including, without limitation,
the full power to: 
 (i)    perform such functions and duties, and prepare and file such documents, as are required
under the Base Indenture (as defined in the Management Agreement) to be performed, prepared and/or filed by the Securitization Entity, including: (i) executing and recording such financing statements (including continuation statements) or
amendments thereof or supplements thereto or other instruments as the Trustee and the Master Issuer may from time to time reasonably request in order to perfect and maintain the Lien in the Collateral granted by the Securitization Entity to the
Trustee (as defined in the Management Agreement) under the Related Documents (as defined in the Management Agreement) in accordance with the UCC (as defined in the Management Agreement); and (ii) executing grants of security interests or any
similar instruments required under the Related Documents to evidence such Lien in the Collateral; and 
 (ii)    take
such actions on behalf of the Securitization Entity as the Master Issuer or the Manager may reasonably request that are expressly required by the terms, provisions and purposes of the Management Agreement; or cause the preparation by other
appropriate persons, of all documents, certificates and other filings as the Securitization Entity shall be required to prepare and/or file under the terms of the Management Agreement. 

This Power of Attorney is coupled with an interest. Capitalized terms used herein, and not defined herein shall have the meanings applicable
to such terms in the Management Agreement. 
 This Power of Attorney is governed by the laws of the State of New York applicable to powers
of attorney made and to be exercised wholly within such State. 
 Dated:
This [            ], 20[    ] 
  

			
	[                    ]
		
	By:	 	
                     
                    

	Name:	 	
	Title:	 	

					
	STATE OF NEW YORK	 	)	  	
		 	:	  	ss.
	COUNTY OF NEW YORK	 	)	  	

 On the [    ] day of [        ],
20[    ], before me the undersigned, personally appeared                     , personally known to me or proved to me on the
basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon
behalf of which the individual acted, executed the instrument. 
  

	
	  

	Notary Public

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