Document:

EX-4.1

 Exhibit 4.1 

Execution Version 
  

 
 DB MASTER FINANCE LLC, 

as Master Issuer, 
 and 

CITIBANK, N.A., 
 as Trustee and
Securities Intermediary 
  
  

BASE INDENTURE 
 Dated as
of January 26, 2015 
  
  

Asset Backed Notes 
 (Issuable in
Series) 
  
  

 TABLE OF CONTENTS 

 

									
	 	 	 	 	 	  	Page	 
		
	 ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	  
				
		 	 Section 1.1
	 	Definitions	  	 	1	  
		 	 Section 1.2
	 	Cross-References	  	 	1	  
		 	 Section 1.3
	 	Accounting Terms; Accounting and Financial Determinations; No Duplication	  	 	1	  
		 	 Section 1.4
	 	Rules of Construction	  	 	2	  
		
	 ARTICLE II THE NOTES
	  	 	2	  
				
		 	 Section 2.1
	 	Designation and Terms of Notes	  	 	2	  
		 	 Section 2.2
	 	Notes Issuable in Series	  	 	3	  
		 	 Section 2.3
	 	Series Supplement for Each Series	  	 	9	  
		 	 Section 2.4
	 	Execution and Authentication	  	 	10	  
		 	 Section 2.5
	 	Registrar and Paying Agent	  	 	11	  
		 	 Section 2.6
	 	Paying Agent to Hold Money in Trust	  	 	11	  
		 	 Section 2.7
	 	Noteholder List	  	 	12	  
		 	 Section 2.8
	 	Transfer and Exchange	  	 	13	  
		 	 Section 2.9
	 	Persons Deemed Owners	  	 	14	  
		 	 Section 2.10
	 	Replacement Notes	  	 	15	  
		 	 Section 2.11
	 	Treasury Notes	  	 	15	  
		 	 Section 2.12
	 	Book-Entry Notes	  	 	16	  
		 	 Section 2.13
	 	Definitive Notes	  	 	17	  
		 	 Section 2.14
	 	Cancellation	  	 	18	  
		 	 Section 2.15
	 	Principal and Interest	  	 	19	  
		 	 Section 2.16
	 	Tax Treatment	  	 	19	  
		
	 ARTICLE III SECURITY
	  	 	19	  
				
		 	 Section 3.1
	 	Grant of Security Interest	  	 	19	  
		 	 Section 3.2
	 	Certain Rights and Obligations of the Master Issuer Unaffected	  	 	22	  
		 	 Section 3.3
	 	Performance of Collateral Transaction Documents	  	 	23	  
		 	 Section 3.4
	 	Stamp, Other Similar Taxes and Filing Fees	  	 	23	  
		 	 Section 3.5
	 	Authorization to File Financing Statements	  	 	24	  
		
	 ARTICLE IV REPORTS
	  	 	24	  
				
		 	 Section 4.1
	 	Reports and Instructions to Trustee	  	 	24	  
		 	 Section 4.2
	 	[Reserved]	  	 	27	  
		 	 Section 4.3
	 	Rule 144A Information	  	 	27	  
		 	 Section 4.4
	 	Reports, Financial Statements and Other Information to Noteholders	  	 	27	  
		 	 Section 4.5
	 	Manager	  	 	28	  
		 	 Section 4.6
	 	No Constructive Notice	  	 	28	  

  
 i 

									
	 ARTICLE V ALLOCATION AND APPLICATION OF COLLECTIONS
		 	29	  
				
			Section 5.1		Management Accounts and Additional Accounts		 	29	  
			Section 5.2		Senior Notes Interest Reserve Account		 	30	  
			Section 5.3		Senior Subordinated Notes Interest Reserve Account		 	31	  
			Section 5.4		Cash Trap Reserve Account		 	32	  
			Section 5.5		Collection Account		 	33	  
			Section 5.6		Collection Account Administrative Accounts		 	33	  
			Section 5.7		Hedge Payment Account		 	35	  
			Section 5.8		Trustee as Securities Intermediary		 	36	  
			Section 5.9		Establishment of Series Accounts; Legacy Accounts		 	37	  
			Section 5.10		Collections and Investment Income		 	38	  
			Section 5.11		Application of Weekly Collections on Weekly Allocation Dates		 	44	  
			Section 5.12		Quarterly Payment Date Applications		 	49	  
			Section 5.13		Determination of Quarterly Interest		 	63	  
			Section 5.14		Determination of Quarterly Principal		 	64	  
			Section 5.15		Prepayment of Principal		 	64	  
			Section 5.16		Retained Collections Contributions		 	64	  
			Section 5.17		Interest Reserve Letters of Credit		 	64	  
			Section 5.18		Replacement of Ineligible Accounts		 	66	  
		
	 ARTICLE VI DISTRIBUTIONS
		 	66	  
				
			Section 6.1		Distributions in General		 	66	  
		
	 ARTICLE VII REPRESENTATIONS AND WARRANTIES
		 	67	  
				
			Section 7.1		Existence and Power		 	67	  
			Section 7.2		Company and Governmental Authorization		 	67	  
			Section 7.3		No Consent		 	68	  
			Section 7.4		Binding Effect		 	68	  
			Section 7.5		Litigation		 	68	  
			Section 7.6		Employee Benefit Plans		 	69	  
			Section 7.7		Tax Filings and Expenses		 	69	  
			Section 7.8		Disclosure		 	70	  
			Section 7.9		Investment Company Act		 	70	  
			Section 7.10		Regulations T, U and X.		 	70	  
			Section 7.11		Solvency		 	70	  
			Section 7.12		Ownership of Equity Interests; Subsidiaries		 	70	  
			Section 7.13		Security Interests		 	71	  
			Section 7.14		Related Documents		 	73	  
			Section 7.15		Other Liabilities.		 	73	  
			Section 7.16		Compliance with Contractual Obligations and Laws		 	73	  
			Section 7.17		Other Representations		 	73	  
			Section 7.18		No Employees		 	73	  
			Section 7.19		Insurance		 	73	  
			Section 7.20		Environmental Matters		 	74	  
			Section 7.21		Intellectual Property		 	75	  

  
 ii 

									
	 ARTICLE VIII COVENANTS
		 	75	  
				
			Section 8.1		Payment of Notes		 	75	  
			Section 8.2		Maintenance of Office or Agency		 	76	  
			Section 8.3		Payment and Performance of Obligations		 	76	  
			Section 8.4		Maintenance of Existence		 	77	  
			Section 8.5		Compliance with Laws		 	77	  
			Section 8.6		Inspection of Property; Books and Records		 	77	  
			Section 8.7		Actions under the Collateral Transaction Documents and Related Documents		 	78	  
			Section 8.8		Notice of Defaults and Other Events		 	79	  
			Section 8.9		Notice of Material Proceedings		 	79	  
			Section 8.10		Further Requests		 	80	  
			Section 8.11		Further Assurances		 	80	  
			Section 8.12		Liens		 	82	  
			Section 8.13		Other Indebtedness		 	82	  
			Section 8.14		Employee Benefit Plans		 	82	  
			Section 8.15		Mergers		 	82	  
			Section 8.16		Asset Dispositions		 	83	  
			Section 8.17		Acquisition of Assets		 	85	  
			Section 8.18		Dividends, Officers’ Compensation, etc.		 	85	  
			Section 8.19		Legal Name, Location Under Section 9-301 or 9-307		 	86	  
			Section 8.20		Charter Documents		 	86	  
			Section 8.21		Investments		 	86	  
			Section 8.22		No Other Agreements		 	87	  
			Section 8.23		Other Business		 	87	  
			Section 8.24		Maintenance of Separate Existence		 	87	  
			Section 8.25		Covenants Regarding the Securitization IP		 	89	  
			Section 8.26		Investment Company Act		 	91	  
			Section 8.27		Real Property		 	91	  
			Section 8.28		No Employees		 	91	  
			Section 8.29		Insurance		 	91	  
			Section 8.30		Litigation		 	91	  
			Section 8.31		Environmental		 	91	  
			Section 8.32		Enhancements		 	92	  
			Section 8.33		Series Hedge Agreements; Derivatives Generally		 	92	  
			Section 8.34		Additional Securitization Entity		 	92	  
			Section 8.35		Subordinated Debt Repayments		 	93	  
			Section 8.36		Tax Lien Reserve Amount		 	93	  
			Section 8.37		Mortgages		 	94	  
		
	 ARTICLE IX REMEDIES
		 	95	  
				
			Section 9.1		Rapid Amortization Events		 	95	  
			Section 9.2		Events of Default		 	95	  
			Section 9.3		Rights of the Control Party and Trustee upon Event of Default		 	100	  
			Section 9.4		Waiver of Appraisal, Valuation, Stay and Right to Marshaling		 	102	  
			Section 9.5		Limited Recourse		 	103	  

  
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			Section 9.6		Optional Preservation of the Collateral		 	103	  
			Section 9.7		Waiver of Past Events		 	103	  
			Section 9.8		Control by the Control Party		 	104	  
			Section 9.9		Limitation on Suits		 	104	  
			Section 9.10		Unconditional Rights of Noteholders to Receive Payment		 	105	  
			Section 9.11		The Trustee May File Proofs of Claim		 	105	  
			Section 9.12		Undertaking for Costs		 	106	  
			Section 9.13		Restoration of Rights and Remedies		 	106	  
			Section 9.14		Rights and Remedies Cumulative		 	106	  
			Section 9.15		Delay or Omission Not Waiver		 	106	  
			Section 9.16		Waiver of Stay or Extension Laws		 	107	  
		
	 ARTICLE X THE TRUSTEE
		 	107	  
				
			Section 10.1		Duties of the Trustee		 	107	  
			Section 10.2		Rights of the Trustee		 	110	  
			Section 10.3		Individual Rights of the Trustee		 	114	  
			Section 10.4		Notice of Events of Default and Defaults		 	114	  
			Section 10.5		Compensation and Indemnity		 	114	  
			Section 10.6		Replacement of the Trustee		 	115	  
			Section 10.7		Successor Trustee by Merger, etc.		 	116	  
			Section 10.8		Eligibility Disqualification		 	116	  
			Section 10.9		Appointment of Co-Trustee or Separate Trustee		 	117	  
			Section 10.10		Representations and Warranties of Trustee		 	118	  
		
	 ARTICLE XI CONTROLLING CLASS REPRESENTATIVE AND CONTROL PARTY
		 	118	  
				
			Section 11.1		Controlling Class Representative		 	118	  
			Section 11.2		Resignation or Removal of the Controlling Class Representative		 	121	  
			Section 11.3		Expenses and Liabilities of the Controlling Class Representative		 	122	  
			Section 11.4		Control Party		 	123	  
			Section 11.5		Note Owner List		 	124	  
		
	 ARTICLE XII DISCHARGE OF INDENTURE
		 	125	  
				
			Section 12.1		Termination of the Master Issuer’s and Guarantors’ Obligations		 	125	  
			Section 12.2		Application of Trust Money		 	129	  
			Section 12.3		Repayment to the Master Issuer		 	129	  
			Section 12.4		Reinstatement		 	129	  
		
	 ARTICLE XIII AMENDMENTS
		 	129	  
				
			Section 13.1		Without Consent of the Controlling Class Representative or the Noteholders		 	129	  
			Section 13.2		With Consent of the Controlling Class Representative or the Noteholders		 	131	  
			Section 13.3		Supplements		 	133	  
			Section 13.4		Revocation and Effect of Consents		 	133	  
			Section 13.5		Notation on or Exchange of Notes		 	133	  
			Section 13.6		The Trustee to Sign Amendments, etc.		 	133	  

  
 iv 

									
			 Section 13.7
		Amendments and Fees		 	134	  
		
	 ARTICLE XIV MISCELLANEOUS
		 	134	  
				
			 Section 14.1
		Notices		 	134	  
			 Section 14.2
		Communication by Noteholders With Other Noteholders		 	137	  
			 Section 14.3
		Officer’s Certificate as to Conditions Precedent		 	137	  
			 Section 14.4
		Statements Required in Certificate		 	138	  
			 Section 14.5
		Rules by the Trustee		 	138	  
			 Section 14.6
		Benefits of Indenture		 	138	  
			 Section 14.7
		Payment on Business Day		 	138	  
			 Section 14.8
		Governing Law		 	138	  
			 Section 14.9
		Successors		 	139	  
			 Section 14.10
		Severability		 	139	  
			 Section 14.11
		Counterpart Originals		 	139	  
			 Section 14.12
		Table of Contents, Headings, etc.		 	139	  
			 Section 14.13
		No Bankruptcy Petition Against the Securitization Entities		 	139	  
			 Section 14.14
		Recording of Indenture		 	140	  
			 Section 14.15
		Waiver of Jury Trial		 	140	  
			 Section 14.16
		Submission to Jurisdiction; Waivers		 	140	  
			 Section 14.17
		Permitted Asset Dispositions; Release of Collateral		 	141	  
			 Section 14.18
		Calculation of DBI Leverage Ratio and Senior ABS Leverage Ratio		 	141	  

  

			
	 ANNEXES
		
		
	 Annex A
		Base Indenture Definitions List
		
	 EXHIBITS
		
		
	 Exhibit A
		Weekly Manager’s Certificate
	 Exhibit B
		[Reserved]
	 Exhibit C
		[Reserved]
	 Exhibit D
		Form of Grant of Security Interest in Trademarks
	 Exhibit E
		[Reserved]
	 Exhibit F
		Form of Investor Request Certification
	 Exhibit G
		Notice Requesting Contact Information of Initial Note Owners
	 Exhibit H
		CCR Election Notice
	 Exhibit I
		CCR Nomination
	 Exhibit J
		CCR Ballot
	 Exhibit K
		CCR Acceptance Letter
	 Exhibit L
		Form of Mortgage
	 Exhibit M
		[Reserved]
	 Exhibit N
		[Reserved]
	 Exhibit O
		Form of Note Owner Certificate

  
 v 

					
	 SCHEDULES
	 		  	
			
	 Schedule 7.3
	 	-	  	Consents
	 Schedule 7.7
	 	-	  	Proposed Tax Assessments
	 Schedule 7.19
	 	-	  	Insurance
	 Schedule 7.21
	 	-	  	Pending Actions or Proceedings Relating to the Securitization IP
	 Schedule 8.11
	 	-	  	Liens

  
 vi 

 BASE INDENTURE, dated as of January 26, 2015, by and among DB MASTER FINANCE LLC, a Delaware
limited liability company, and CITIBANK, N.A., a national banking association, as trustee and as securities intermediary. 
 W I T N E S S E
T H: 
 WHEREAS, the Master Issuer has duly authorized the execution and delivery of this Base Indenture to provide for the issuance from
time to time of one or more series of asset backed notes (the “Notes”), as provided in this Base Indenture and in supplements to this Base Indenture; and 

WHEREAS, all things necessary to make this Base Indenture a legal, valid and binding agreement of the Master Issuer, in accordance with its
terms, have been done, and the Master Issuer proposes to do all the things necessary to make the Notes, when executed by the Master Issuer and authenticated and delivered by the Trustee hereunder and duly issued by the Master Issuer, the legal,
valid and binding obligations of the Master Issuer as hereinafter provided; 
 NOW, THEREFORE, for and in consideration of the premises and
the receipt of the Notes by the Noteholders, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Noteholders (in accordance with the priorities set forth herein and in any Series Supplement), as follows: 

ARTICLE I 
 DEFINITIONS
AND INCORPORATION BY REFERENCE 
 Section 1.1 Definitions. 

Capitalized terms used herein (including the preamble and the recitals hereto) shall have the meanings assigned to such terms in the Base
Indenture Definitions List attached hereto as Annex A (the “Base Indenture Definitions List”), as such Base Indenture Definitions List may be amended, supplemented or otherwise modified from time to time in accordance with the
provisions hereof. 
 Section 1.2 Cross-References. 

Unless otherwise specified, references in the Indenture and in each other Related Document to any Article or Section are references to such
Article or Section of the Indenture or such other Related Document, as the case may be, and, unless otherwise specified, references in any Article, Section or definition to any clause are references to such clause of such Article, Section or
definition. 
 Section 1.3 Accounting Terms; Accounting and Financial Determinations; No Duplication. 

(a) All accounting terms not specifically or completely defined in the Indenture or the Related Documents shall be construed in conformity
with GAAP. 

 (b) Where the character or amount of any asset or liability or item of income or expense is
required to be determined, or any accounting computation is required to be made, for the purpose of the Indenture or any other Related Document, such determination or calculation shall be made, to the extent applicable and except as otherwise
specified in the Indenture or such other Related Document, in accordance with GAAP. When used herein, the term “financial statement” shall include the notes and schedules thereto. All accounting determinations and computations hereunder or
under any other Related Documents shall be made without duplication. 
 Section 1.4 Rules of Construction. 

In the Indenture and the other Related Documents, unless the context otherwise requires: 

(a) the singular includes the plural and vice versa; 

(b) reference to any Person includes such Person’s successors and assigns but, if applicable, only if such successors and assigns are
permitted by the Indenture and the other applicable Related Documents, as the case may be, and reference to any Person in a particular capacity only refers to such Person in such capacity; 

(c) reference to any gender includes the other gender; 

(d) reference to any Requirement of Law means such Requirement of Law as amended, modified, codified or reenacted, in whole or in part, and in
effect from time to time; 
 (e) “including” (and with correlative meaning “include”) means including without limiting
the generality of any description preceding such term; 
 (f) the word “or” is always used inclusively herein (for example, the
phrase “A or B” means “A or B or both,” not “either A or B but not both”), unless used in an “either . . . or” construction; and 

(g) with respect to the determination of any period of time, except as otherwise specified, “from” means “from and
including” and “to” means “to but excluding”. 
 ARTICLE II 

THE NOTES 

Section 2.1 Designation and Terms of Notes. 

(a) Each Series of Notes shall be substantially in the form specified in the applicable Series Supplement and shall bear, upon its face, the
designation for such Series to which it belongs as selected by the Master Issuer, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted hereby or by the applicable Series Supplement and may
have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined to be appropriate by the Authorized Officers of the Master Issuer executing such Notes, as
evidenced 

  
 2 

 
by execution of such Notes by such Authorized Officers. All Notes of any Series shall, except as specified in the applicable Series Supplement and in the Base Indenture, be equally and ratably
entitled as provided herein to the benefits hereof without preference, priority or distinction on account of the actual time or times of authentication and delivery, all in accordance with the terms and provisions of this Base Indenture and any
applicable Series Supplement. The aggregate principal amount of Notes which may be authenticated and delivered under this Base Indenture is unlimited. The Notes of each Series shall be issued in the denominations set forth in the applicable Series
Supplement. 
 (b) With respect to any Variable Funding Note Purchase Agreement entered into by the Master Issuer in connection with the
issuance of any Class A-1 Notes, whether or not any of the following shall have been specifically provided for in the applicable provision of the Indenture Documents, the following shall apply (except to the extent that the Series Supplement or
Variable Funding Note Purchase Agreement with respect to such Class of Notes provides otherwise): 
 (i) for purposes of any
provision of any Indenture Document relating to any vote, consent, direction, waiver or the like to be given by such Class on any date, with respect to each Series of Class A-1 Notes Outstanding, the relevant principal amount of each such
Series of Notes to be used in tabulating the percentage of such Series voting, directing, consenting or waiving or the like (the “Class A-1 Notes Voting Amount”) will be deemed to be the greater of (1) the Class A-1 Notes
Maximum Principal Amount for such Series (after giving effect to any cancelled commitments) and (2) the Outstanding Principal Amount of Class A-1 Notes for such Series; 

(ii) for purposes of any provisions of any Indenture Document relating to termination, discharge or the like, such Class shall
continue to be deemed Outstanding unless and until all commitments to extend credit under such Variable Funding Note Purchase Agreement have been terminated thereunder and the Outstanding Principal Amount of such Class shall have been reduced to
zero; and 
 (iii) notwithstanding the foregoing, and for the avoidance of doubt, a Series Supplement or a Variable Funding
Note Purchase Agreement may provide for different treatment of commitments of a Noteholder of a Class A-1 Note subject to such Series Supplement or Variable Funding Note Purchase Agreement that has failed to make a payment required to be made
by it under the terms of the Variable Funding Note Purchase Agreement, that has provided written notification that it does not intend to make a payment required to be made by it thereunder when due or that has become the subject of an Event of
Bankruptcy. 
 Section 2.2 Notes Issuable in Series. 

(a) The Notes may be issued in one or more Series. Each Series of Notes shall be created by a Series Supplement. 

(b) So long as each of the certifications described in clause (vi) below are true and correct as of the applicable Series Closing
Date, Notes of a new Series may from time to 

  
 3 

 
time be executed by the Master Issuer and delivered to the Trustee for authentication and thereupon the same shall be authenticated and delivered by the Trustee upon the receipt by the Trustee of
a Company Order at least five (5) Business Days (except in the case of the issuance of the Series of Notes on the Closing Date) in advance of the related Series Closing Date (which Company Order will be revocable by the Master Issuer upon
notice to the Trustee no later than 5:00 p.m. (New York City time) two (2) Business Days prior to the related Series Closing Date) and upon performance or delivery by the Master Issuer to the Trustee and the Control Party, and receipt by
the Trustee and the Control Party, of the following: 
 (i) a Company Order authorizing and directing the authentication and
delivery of the Notes of such new Series by the Trustee and specifying the designation of such new Series, the Initial Principal Amount (or the method for calculating the Initial Principal Amount) of such new Series to be authenticated and
the Note Rate with respect to such new Series; 
 (ii) a Series Supplement satisfying the criteria set forth in
Section 2.3 executed by the Master Issuer and the Trustee and specifying the Principal Terms of such new Series; 

(iii) if there is one or more Series of Notes Outstanding (other than a Series of Notes Outstanding that will be repaid in full
from the proceeds of issuance of the new Series of Notes or otherwise on the applicable Series Closing Date or defeased in accordance with Section 12.1(c)), written confirmation from either the Manager or the Master Issuer that the
Rating Agency Condition with respect to the issuance of such Additional Notes has been satisfied; 
 (iv) any related
Enhancement Agreement entered into in connection with such issuance and executed by each of the parties thereto in compliance with Section 8.32; 

(v) any related Series Hedge Agreement entered into in connection with such issuance and executed by each of the parties
thereto in compliance with Section 8.33; 
 (vi) one or more Officer’s Certificates, each executed by an
Authorized Officer of the Master Issuer, dated as of the applicable Series Closing Date to the effect that: 
 (A) the Senior
ABS Leverage Ratio as of the applicable Series Closing Date is less than or equal to 6.5x after giving pro forma effect to the issuance of such Additional Notes and any repayment of existing Indebtedness from such Additional Notes; 

(B) the DBI Leverage Ratio is less than or equal to 7.0x after giving pro forma effect to the issuance of such Additional Notes
and any repayment of existing Indebtedness from such Additional Notes; 

  
 4 

 (C) no Potential Rapid Amortization Event, Rapid Amortization Event, Default or
Event of Default has occurred and is continuing or will occur as a result of the issuance of the new Series of Notes; 
 (D)
all representations and warranties of the Master Issuer in this Base Indenture and the other Related Documents are true and correct, and will continue to be true and correct after giving effect to such issuance on the Series Closing Date, in all
material respects (other than any representation or warranty that, by its terms, is made only as of an earlier date); 
 (E)
no Cash Trapping Period is in effect or will commence as a result of the issuance of the new Series of Notes; 
 (F) the New
Series Pro Forma DSCR is greater than or equal to 2.0x; 
 (G) no Manager Termination Event or Potential Manager
Termination Event has occurred and is continuing or will occur as a result of such issuance; 
 (H) the proposed issuance
does not alter or change the terms of any Series of Notes Outstanding or the Series Supplement relating thereto without such consents as are required under this Base Indenture or the applicable Series Supplement; 

(I) all costs, fees and expenses with respect to the issuance of the new Series of Notes or relating to the actions taken in
connection with such issuance that are required to be paid on the applicable Series Closing Date have been paid or will be paid from the proceeds of the issuance of the new Series of Notes; 

(J) all conditions precedent with respect to the authentication and delivery of such new Series of Notes provided in this Base
Indenture, the related Series Supplement and, if applicable, the related Variable Funding Note Purchase Agreement and any other related note purchase agreement executed in connection with the issuance of such new Series of Notes have been satisfied
or waived; 
 (K) the Guarantee and Collateral Agreement is in full force and effect as to such new Series of Notes; 

(L) if such new Series of Notes includes Subordinated Debt, the terms of any such new Series of Notes include the Subordinated
Debt Provisions to the extent applicable; 
 (M) the legal final maturity date for any new Class of Senior Notes will not be
prior to the legal final maturity of any Class of Senior Notes then Outstanding; 

  
 5 

 (N) the legal final maturity date for any new Class of Senior Subordinated Notes
will not be prior to the legal final maturity of any Class of Senior Notes or any Class of Senior Subordinated Notes then Outstanding; 

(O) the legal final maturity date for any new Class of Subordinated Notes will not be prior to the legal final maturity of any
Class of Senior Notes, any Class of Senior Subordinated Notes or any Class of Subordinated Notes then Outstanding; 
 (P)
each of the parties to the Related Documents with respect to such new Series of Notes has covenanted and agreed in the Related Documents that, prior to the date which is (a) one (1) year, or (b) if longer, the applicable preference
period in effect, and in either case of (a) or (b), plus one (1) day, following the payment in full of the latest maturing Note, it will not institute against, or join with any other Person in instituting against, any Securitization
Entity, any involuntary bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings, under any federal or state bankruptcy or similar law; 

(Q) there is no action, proceeding, or investigation pending or threatened against any Non-Securitization Entity before any
court or administrative agency that would reasonably be expected to result in a Material Adverse Effect with respect to the Securitization Entities, except as set forth in Schedule 7.21; and 

(R) if such issuance is of a Series of Senior Subordinated Notes or Subordinated Notes, the Master Issuer has established the
applicable Collection Account Administrative Accounts set forth in Section 5.6(a) and such accounts are subject to an Account Control Agreement in accordance with the terms herein. 

provided, that none of the foregoing conditions shall apply and no Officer’s Certificates shall be required under this clause (vi) if
there are no Series of Notes Outstanding (apart from the new Series of Notes) on the applicable Series Closing Date, or if all Series of Notes Outstanding (apart from the new Series of Notes) will be repaid in full from the proceeds of issuance of
the new Series of Notes or otherwise on the applicable Series Closing Date or defeased in accordance with Section 12.1(c); 

(vii) a Tax Opinion dated the applicable Series Closing Date; provided, however, that, if there are no Notes
Outstanding or if all Series of Notes Outstanding will be repaid in full from the proceeds of issuance of the new Series of Notes or otherwise on the applicable Series Closing Date or defeased in accordance with Section 12.1(c), only the
opinions set forth in clauses (b) and (c) of the definition of Tax Opinion are required to be given in connection with the issuance of such new Series of Notes; 

(viii) one or more Opinions of Counsel, subject to the assumptions and qualifications stated therein, and in a form reasonably
acceptable to the Control Party, dated the applicable Series Closing Date, substantially to the effect that: 

  
 6 

 (A) all of the instruments described in this Section 2.2(b) furnished
to the Trustee and the Control Party conform to the requirements of this Base Indenture and the related Series Supplement and the new Series of Notes is permitted to be authenticated by the Trustee pursuant to the terms of this Base Indenture and
the related Series Supplement (except that no such Opinion of Counsel shall be required to be delivered in connection with the issuance of Notes on the Closing Date); 

(B) the related Series Supplement has been duly authorized, executed and delivered by the Master Issuer and constitutes a
legal, valid and binding agreement of the Master Issuer, enforceable against the Master Issuer in accordance with its terms; 

(C) such new Series of Notes have been duly authorized by the Master Issuer, and, when such Notes have been duly authenticated
and delivered by the Trustee, such Notes will be legal, valid and binding obligations of the Master Issuer, enforceable against the Master Issuer in accordance with their terms; 

(D) none of the Securitization Entities is required to be registered under the 1940 Act; 

(E) the Lien and the security interests created by this Base Indenture and the Guarantee and Collateral Agreement on the
Collateral (other than the Non-Perfected IP) remain perfected or recorded as required by this Base Indenture and the Guarantee and Collateral Agreement and such Lien and security interests extend to any assets transferred to the Securitization
Entities in connection with the issuance of such new Series of Notes; (provided the scope of the Opinion of Counsel described in this paragraph (E) need be no more extensive than that of the comparable Opinion of Counsel delivered by
Ropes & Gray LLP on the Closing Date); 
 (F) based on a reasoned analysis, the assets of a Securitization Entity as
a debtor in bankruptcy would not be substantively consolidated with the assets and liabilities of any Non-Securitization Entity in a manner prejudicial to Noteholders; 

(G) neither the execution and delivery by the Master Issuer of such Notes and the related Series Supplement nor the performance
by the Master Issuer of its obligations under each of such Notes and the related Series Supplement: (i) conflicts with the Charter Documents of the Master Issuer, (ii) constitutes a violation of, or a default under, any material agreement
to which the Master Issuer is a party (which agreements may be set forth in a schedule to such opinion), or (iii) contravenes any order or decree that is applicable to the Master Issuer (which orders and decrees may be set forth in a schedule
to such opinion); 

  
 7 

 (H) neither the execution and delivery by the Master Issuer of such Notes and the
related Series Supplement nor the performance by the Master Issuer of its payment obligations under each of such Notes and the related Series Supplement: (i) violates any law, rule or regulation of any relevant jurisdiction, or
(ii) requires the consent, approval, licensing or authorization of, or any filing, recording or registration with, any governmental authority under any law, rule or regulation of any relevant jurisdiction except for those consents, approvals,
licenses and authorizations already obtained and those filings, recordings and registrations already made; 
 (I) unless such
Notes are being offered pursuant to a registration statement that has been declared effective under the Securities Act, it is not necessary in connection with the offer and sale of such Notes by the Master Issuer to the initial purchaser thereof or
by the initial purchaser to the initial investors in such Notes to register such Notes under the Securities Act; and 
 (J)
all conditions precedent to such issuance have been satisfied and that the related Series Supplement is authorized or permitted pursuant to the terms and conditions of this Base Indenture (except that no Opinion of Counsel relating to the
satisfaction of conditions precedent shall be required to be delivered in connection with the issuance of Notes on the Closing Date); and 

(ix) such other documents, instruments, certifications, agreements or other items as the Trustee may reasonably require. 

(c) Upon satisfaction, or waiver by the Control Party (as directed by the Controlling Class Representative) (which waiver shall be in
writing), of the conditions set forth in Section 2.2(b), the Trustee shall authenticate and deliver, as provided above, such Series of Notes upon execution thereof by the Master Issuer. 

(d) With regard to any new Series of Notes issued pursuant to this Section 2.2 that constitutes Senior Notes, Senior Subordinated Notes
or Subordinated Notes, the proceeds from such issuance may be used at any time prior to the Series Anticipated Repayment Date for such Series of Notes to repay either Senior Debt, Senior Subordinated Debt or Subordinated Debt; provided,
however, that at any time on or after the Series Anticipated Repayment Date for any Series of Notes that remains Outstanding, the proceeds from such issuance may only be used to repay (i) Senior Subordinated Notes and Subordinated Notes
if all Senior Notes have been repaid and (ii) Subordinated Notes if all Senior Notes and Senior Subordinated Notes have been repaid. 

(e) The issuance of Additional Notes shall not be subject to the consent of the Holders of any Series of Notes Outstanding. Additional Notes
may be issued for any purpose consistent with the Related Documents, including acquisitions by the Securitization Entities. 

  
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 Section 2.3 Series Supplement for Each Series. 

In conjunction with the issuance of a new Series, the parties hereto shall execute a Series Supplement, which shall specify the relevant terms
with respect to such new Series of Notes, which may include, without limitation: 
 (a) its name or designation; 

(b) the Initial Principal Amount with respect to such Series; 

(c) the Note Rate with respect to such Series or each Class of such Series and the applicable default rate; 

(d) the Series Closing Date; 

(e) the Series Anticipated Repayment Date, if any; 

(f) the Series Legal Final Maturity Date; 

(g) the principal amortization schedule with respect to such Series, if any; 

(h) each Rating Agency rating such Series; 

(i) the name of the Clearing Agency for such Series, if any; 

(j) the names of the Series Distribution Accounts and any other Series Accounts to be used with respect to such Series and the terms governing
the operation of any such account and the use of moneys therein; 
 (k) the method of allocating amounts deposited into any Series
Distribution Account with respect to such Series; 
 (l) whether the Notes of such Series will be issued in multiple Classes or Subclasses
and the rights and priorities of each such Class or Subclass; 
 (m) any deposit of funds to be made in any Base Indenture Account or any
Series Account on the Series Closing Date; 
 (n) whether the Notes of such Series include Senior Notes, Senior Subordinated Notes and/or
Subordinated Notes; 
 (o) whether the Notes of such Series include Class A-1 Notes or subfacilities of Class A-1 Notes issued
pursuant to a Variable Funding Note Purchase Agreement; 
 (p) the terms of any related Enhancement and the Enhancement Provider thereof, if
any; 
 (q) the terms of any related Series Hedge Agreement and the applicable Hedge Counterparty, if any; and 

  
 9 

 (r) any other relevant terms of such Series of Notes (all such terms, the “Principal
Terms” of such Series). 
 Section 2.4 Execution and Authentication. 

(a) The Notes shall, upon issuance pursuant to Section 2.2, be executed on behalf of the Master Issuer by an Authorized Officer of
the Master Issuer and delivered by the Master Issuer to the Trustee for authentication and redelivery as provided herein. The signature of each such Authorized Officer on the Notes may be manual or facsimile. If an Authorized Officer of the Master
Issuer whose signature is on a Note no longer holds that office at the time the Note is authenticated, the Note shall nevertheless be valid. 

(b) At any time and from time to time after the execution and delivery of this Base Indenture, the Master Issuer may deliver Notes of any
particular Series (issued pursuant to Section 2.2) executed by the Master Issuer to the Trustee for authentication, together with one or more Company Orders for the authentication and delivery of such Notes, and the Trustee, in
accordance with such Company Order and this Base Indenture, shall authenticate and deliver such Notes. 
 (c) No Note shall be entitled to
any benefit under the Indenture or be valid for any purpose unless there appears on such Note a certificate of authentication substantially in the form provided for below, duly executed by the Trustee by the manual signature of a Trust Officer (and
a Luxembourg agent (the “Luxembourg Agent”), if the Notes of the Series to which such Note belongs are listed on the Luxembourg Stock Exchange). Such signatures on such certificate shall be conclusive evidence, and the only
evidence, that the Note has been duly authenticated under this Base Indenture. The Trustee may appoint an authenticating agent acceptable to the Master Issuer to authenticate Notes. Unless limited by the term of such appointment, an authenticating
agent may authenticate Notes whenever the Trustee may do so. Each reference in this Base Indenture to authentication by the Trustee includes authentication by such authenticating agent. The Trustee’s certificate of authentication shall be in
substantially the following form: 
 “This is one of the Notes of a Series issued under the within mentioned Indenture. 

 

			
	 Citibank, N.A., as Trustee

		
	By:		  

			Authorized Signatory”

 (d) Each Note shall be dated and issued as of the date of its authentication by the Trustee. 

(e) Notwithstanding the foregoing, if any Note shall have been authenticated and delivered hereunder but never issued and sold by the Master
Issuer, and the Master Issuer shall deliver such Note to the Trustee for cancellation as provided in Section 2.14 together with a written statement to the Trustee and the Servicer (which need not comply with Section 14.3)

  
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stating that such Note has never been issued and sold by the Master Issuer, for all purposes of the Indenture such Note shall be deemed never to have been authenticated and delivered hereunder
and shall not be entitled to the benefits of the Indenture. 
 Section 2.5 Registrar and Paying Agent. 

(a) The Master Issuer shall (i) maintain an office or agency where Notes may be presented for registration of transfer or for exchange
(the “Registrar”) and (ii) appoint a paying agent (which shall satisfy the eligibility criteria set forth in Section 10.8(a)) (the “Paying Agent”) at whose office or agency Notes may be presented
for payment. The Registrar shall keep a register of the Notes (including the name and address of each such Noteholder) and of their transfer and exchange. The Trustee shall indicate in its books and records the commitment of each Noteholder, if
applicable, and the principal amount owing to each Noteholder from time to time. The Master Issuer may appoint one or more co-registrars and one or more additional paying agents. The term “Paying Agent” shall include any additional paying
agent and the term “Registrar” shall include any co-registrars. The Master Issuer may change the Paying Agent or the Registrar without prior notice to any Noteholder. The Master Issuer shall notify the Trustee in writing of the name and
address of any Agent not a party to this Base Indenture. The Trustee is hereby initially appointed as the Registrar and the Paying Agent and shall send copies of all notices and demands received by the Trustee (other than those sent by the Master
Issuer to the Trustee and those addressed to the Master Issuer) in connection with the Notes to the Master Issuer. Upon any resignation or removal of the Registrar, the Master Issuer shall promptly appoint a successor Registrar or, in the absence of
such appointment, the Master Issuer shall assume the duties of the Registrar. 
 (b) The Master Issuer shall enter into an appropriate
agency agreement with any Agent not a party to this Base Indenture. Such agency agreement shall implement the provisions of this Base Indenture that relate to such Agent. If the Master Issuer fails to maintain a Registrar or Paying Agent, the
Trustee hereby agrees to act as such, and shall be entitled to appropriate compensation in accordance with this Base Indenture until the Master Issuer shall appoint a replacement Registrar or Paying Agent, as applicable. 

Section 2.6 Paying Agent to Hold Money in Trust. 

(a) The Master Issuer will cause the Paying Agent (if the Paying Agent is not the Trustee) to execute and deliver to the Trustee an instrument
in which the Paying Agent shall agree with the Trustee (and if the Trustee is the Paying Agent, it hereby so agrees), subject to the provisions of this Section 2.6, that the Paying Agent will: 

(i) hold all sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit of the Persons
entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided; 

(ii) give the Trustee notice of any default by the Master Issuer of which it has Actual Knowledge in the making of any payment
required to be made with respect to the Notes; 

  
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 (iii) at any time during the continuance of any such default, upon the written
request of the Trustee, forthwith pay to the Trustee all sums so held in trust by the Paying Agent; 
 (iv) immediately
resign as the Paying Agent and forthwith pay to the Trustee all sums held by it in trust for the payment of Notes if at any time it ceases to meet the standards required to be met by a Trustee hereunder at the time of its appointment; and 

(v) comply with all requirements of the Code and other applicable tax law with respect to the withholding from any payments
made by it on any Notes of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith. 

(b) The Master Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of the Indenture or for any other purpose,
by Company Order direct the Paying Agent to pay to the Trustee all sums held in trust by the Paying Agent, such sums to be held by the Trustee in trust upon the same terms as those upon which the sums were held in trust by the Paying Agent. Upon
such payment by the Paying Agent to the Trustee, the Paying Agent shall be released from all further liability with respect to such money. 

(c) Subject to applicable laws with respect to escheat of funds, any money held by the Trustee or the Paying Agent in trust for the payment of
any amount due with respect to any Note and remaining unclaimed for two (2) years after such amount has become due and payable shall be discharged from such trust and be paid to the Master Issuer upon delivery of a Company Order. The Holder of
such Note shall thereafter, as an unsecured general creditor, look only to the Master Issuer for payment thereof (but only to the extent of the amounts so paid to the Master Issuer), and all liability of the Trustee or the Paying Agent with respect
to such trust money paid to the Master Issuer shall thereupon cease; provided, however, that the Trustee or the Paying Agent, before being required to make any such repayment, may, at the expense of the Master Issuer, cause to be
published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in New York City, and in a newspaper customarily published on each Business Day and of general circulation in
London and Luxembourg (if the related Series of Notes has been listed on the Luxembourg Stock Exchange), if applicable, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than thirty
(30) days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Master Issuer. The Trustee may also adopt and employ, at the expense of the Master Issuer, any other commercially reasonable
means of notification of such repayment. 
 Section 2.7 Noteholder List. 

(a) The Trustee will furnish or cause to be furnished by the Registrar to the Master Issuer, the Manager, the Back-Up Manager, the Control
Party, the Controlling Class Representative, the Paying Agent or any Class A-1 Administrative Agent, within five (5) Business Days after receipt by the Trustee of a request therefor from the Master Issuer, the Manager, the Back-Up Manager,
the Control Party, the Controlling Class Representative, the 

  
 12 

 
Paying Agent or such Class A-1 Administrative Agent, respectively, in writing, the names and addresses of the Noteholders of each Series as of the most recent Record Date for payments
to such Noteholders. Unless otherwise provided in the applicable Series Supplement, the Trustee, after having been adequately indemnified by Note Owners satisfying the requirements set forth in Section 11.5(b)
(“Applicants”) for its costs and expenses, shall afford or shall cause the Registrar to afford such Applicants access during normal business hours to the most recent list of Noteholders held by the Trustee and shall give the Master
Issuer notice that such request has been made, within five (5) Business Days after the receipt of such application. Such list shall be as of a date no more than forty-five (45) days prior to the date of receipt of such Applicants’
request. Every Noteholder, by receiving and holding a Note, agrees with the Trustee that neither the Trustee, the Registrar nor any of their respective agents shall be held accountable by reason of the disclosure of any such information as to the
names and addresses of the Noteholders hereunder, regardless of the source from which such information was obtained. 
 (b) The Trustee
shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Noteholders of each Series of Notes. If the Trustee is not the Registrar, the Master Issuer shall furnish to the
Trustee at least seven (7) Business Days before each Quarterly Payment Date and at such other time as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses
of Noteholders of each Series of Notes. 
 Section 2.8 Transfer and Exchange. 

(a) Upon surrender for registration of transfer of any Note at the office or agency of the Registrar, if the requirements of
Section 2.8(f) and Section 8-401(a) of the New York UCC are met, the Master Issuer shall execute and, after the Master Issuer has executed, the Trustee shall authenticate and deliver to the Noteholder, in the name of the designated
transferee or transferees, one or more new Notes, in any authorized denominations, of the same Series and Class (and, if applicable, Subclass) and a like original aggregate principal amount of the Notes so transferred. At the option of any
Noteholder, Notes may be exchanged for other Notes of the same Series and Class in authorized denominations of like original aggregate principal amount of the Notes so exchanged, upon surrender of the Notes to be exchanged at any office or agency of
the Registrar maintained for such purpose. Whenever Notes of any Series are so surrendered for exchange, if the requirements of Section 2.8(f) and Section 8-401(a) of the New York UCC are met, the Master Issuer shall execute,
and after the Master Issuer has executed, the Trustee shall authenticate and deliver to the Noteholder, the Notes which the Noteholder making the exchange is entitled to receive. 

(b) Every Note presented or surrendered for registration of transfer or exchange shall be (i) duly endorsed by, or be accompanied by a
written instrument of transfer in form satisfactory to the Trustee, the Master Issuer and the Registrar duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing with a medallion signature guarantee and
(ii) accompanied by such other documents as the Trustee may require. The Master Issuer shall execute and deliver to the Trustee or the Registrar, as applicable, Notes in such amounts and at such times as are necessary to enable the Trustee to
fulfill its responsibilities under the Indenture and the Notes. 

  
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 (c) All Notes issued upon any registration of transfer or exchange of the Notes shall be the
valid obligations of the Master Issuer, evidencing the same indebtedness, and entitled to the same benefits under the Indenture, as the Notes surrendered upon such registration of transfer or exchange. 

(d) The preceding provisions of this Section 2.8 notwithstanding, (i) the Trustee, the Master Issuer or the Registrar, as the
case may be, shall not be required (A) to issue, register the transfer of or exchange any Note of any Series for a period beginning at the opening of business fifteen (15) Business Days preceding the selection of any Series of Notes
for redemption and ending at the close of business on the relevant redemption date or (B) to register the transfer of or exchange any Note so selected for redemption after the mailing of the relevant notice of redemption, and (ii) no
assignment or transfer of a Note or any commitment in respect thereof shall be effective until such assignment or transfer shall have been recorded in the Note Register and in the books and records of the Trustee, as applicable, pursuant to
Section 2.5(a). 
 (e) Unless otherwise provided in the applicable Series Supplement, no service charge shall be payable for any
registration of transfer or exchange of Notes, but the Master Issuer, the Registrar or the Trustee, as the case may be, may require payment by the Noteholder of a sum sufficient to cover any Tax or other governmental charge that may be imposed in
connection with any transfer or exchange of Notes. 
 (f) Unless otherwise provided in the applicable Series Supplement, registration of
transfer of Notes containing a legend relating to the restrictions on transfer of such Notes (which legend shall be set forth in the applicable Series Supplement) shall be effected only if the conditions set forth in such applicable Series
Supplement are satisfied. Notwithstanding any other provision of this Section 2.8 and except as otherwise provided in Section 2.13, the typewritten Note or Notes representing Book-Entry Notes for any Series may be
transferred, in whole but not in part, only to another nominee of the Clearing Agency for such Series, or to a successor Clearing Agency for such Series selected or approved by the Master Issuer or to a nominee of such successor Clearing Agency,
only if in accordance with this Section 2.8 and Section 2.12. 
 (g) If the Notes of any Series are listed on
the Luxembourg Stock Exchange, the Trustee or the Luxembourg Agent, as the case may be, shall send to the Master Issuer upon any transfer or exchange of any such Note information reflected in the copy of the register for the Notes maintained by the
Registrar or the Luxembourg Agent, as the case may be. 
 Section 2.9 Persons Deemed Owners. 

Prior to due presentment for registration of transfer of any Note, the Trustee, the Servicer, the Controlling Class Representative, any Agent
and the Master Issuer shall deem and treat the Person in whose name any Note is registered (as of the day of determination) as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Note and for all
other purposes whatsoever (other than purposes in which the vote or consent of a Note Owner is expressly required pursuant to this Base Indenture or the applicable Series Supplement), whether or not such Note is overdue, and none of the Trustee, the
Servicer, the Controlling Class Representative, any Agent nor the Master Issuer shall be affected by notice to the contrary. 

  
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 Section 2.10 Replacement Notes. 

(a) If (i) any mutilated Note is surrendered to the Trustee, or the Trustee receives evidence to its satisfaction of the destruction,
loss or theft of any Note and (ii) there is delivered to the Master Issuer and the Trustee such security or indemnity as may be required by them to hold the Master Issuer and the Trustee harmless then, provided that the requirements of
Section 2.8(f) and Section 8-405 of the New York UCC are met, the Master Issuer shall execute and upon its request the Trustee or an authenticating agent appointed by the Trustee shall authenticate and deliver, in exchange for or in
lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note; provided, however, that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become, or within seven (7) days shall be,
due and payable, instead of issuing a replacement Note, the Master Issuer may pay such destroyed, lost or stolen Note when so due or payable without surrender thereof. If, after the delivery of such replacement Note or payment of a destroyed, lost
or stolen Note pursuant to the preceding sentence, a protected purchaser (within the meaning of Section 8-303 of the New York UCC) of the original Note in lieu of which such replacement Note was issued presents for payment such original Note,
the Master Issuer and the Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to whom it was delivered or any Person taking such replacement Note from such Person to whom such replacement Note was delivered
or any assignee of such Person, except a protected purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Master Issuer or the Trustee in
connection therewith. 
 (b) Upon the issuance of any replacement Note under this Section 2.10, the Master Issuer may require
the payment by the Holder of such Note of a sum sufficient to cover any Tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the fees and expenses of the Trustee and the Registrar)
connected therewith. 
 (c) Every replacement Note issued pursuant to this Section 2.10 in replacement of any mutilated,
destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Master Issuer and such replacement Note shall be entitled to all the benefits of the Indenture equally and proportionately with any and all other
Notes duly issued under the Indenture (in accordance with the priorities and other terms set forth herein and in each applicable Series Supplement). 

(d) The provisions of this Section 2.10 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with
respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 
 Section 2.11 Treasury Notes. 

In determining whether the Noteholders of the required Aggregate Outstanding Principal Amount of Notes or the required Outstanding Principal
Amount of any Series or any Class of 

  
 15 

 
any Series of Notes, as the case may be, have concurred in any direction, waiver or consent, Notes owned, legally or beneficially, by the Master Issuer or any Affiliate of the Master Issuer shall
be considered as though they are not Outstanding, except that for the purpose of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes of which a Trust Officer has received written notice
of such ownership shall be so disregarded. Absent written notice to a Trust Officer of such ownership, the Trustee shall not be deemed to have knowledge of the identity of the individual Note Owners. 

Section 2.12 Book-Entry Notes. 

(a) Unless otherwise provided in any applicable Series Supplement, the Notes of each Class of each Series, upon original issuance, shall be
issued in the form of typewritten Notes representing Book-Entry Notes and delivered to the depository (or its custodian) specified in such Series Supplement (the “Depository”) which shall be the Clearing Agency on behalf of such
Series or such Class. The Notes of each Class of each Series shall, unless otherwise provided in the applicable Series Supplement, initially be registered on the Note Register in the name of the Clearing Agency or the nominee of the Clearing
Agency. No Note Owner will receive a definitive note representing such Note Owner’s interest in the related Series of Notes, except as provided in Section 2.13. Unless and until definitive, fully registered Notes of any
Series or any Class of any Series (“Definitive Notes”) have been issued to Note Owners pursuant to Section 2.13: 

(i) the provisions of this Section 2.12 shall be in full force and effect with respect to each such Series; 

(ii) the Master Issuer, the Paying Agent, the Registrar, the Trustee, the Servicer and the Controlling Class Representative
shall deal with the Clearing Agency and the applicable Clearing Agency Participants for all purposes (including the payment of principal of, premium, if any, and interest on the Notes and the giving of instructions or directions hereunder or under
the applicable Series Supplement) as the sole Holder of the Notes, and shall have no obligation to the Note Owners; 
 (iii)
to the extent that the provisions of this Section 2.12 conflict with any other provisions of the Indenture, the provisions of this Section 2.12 shall control with respect to each such Class or Series of the Notes; 

(iv) subject to the rights of the Servicer and the Controlling Class Representative under the Indenture, and except for the
Initial CCR Election and the rights granted pursuant to Section 11.5, the rights of Note Owners of each such Class or Series of Notes shall be exercised only through the Clearing Agency and the applicable Clearing Agency Participants and
shall be limited to those established by law and agreements between such Note Owners and the Clearing Agency and/or the Clearing Agency Participants, and all references in the Indenture to actions by the Noteholders shall refer to actions taken by
the Clearing Agency upon instructions from the Clearing Agency Participants, and all references in the Indenture to distributions, notices, reports and statements to the Noteholders shall refer to distributions, notices, reports and statements to
the Clearing Agency, as registered holder of the Notes of such Series for distribution to the Note Owners in accordance with the Applicable Procedures of the Clearing Agency; and 

  
 16 

 (v) subject to the rights of the Servicer and the Controlling Class
Representative under the Indenture, and except for the Initial CCR Election and the rights granted pursuant to Section 11.5, whenever the Indenture requires or permits actions to be taken based upon instructions or directions of
Noteholders evidencing a specified percentage of the Aggregate Outstanding Principal Amount of Notes or the Outstanding Principal Amount of a Series or Class of a Series of Notes, the applicable Clearing Agency shall be deemed to represent such
percentage only to the extent that it has received instructions to such effect from Note Owners and/or their related Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the
Outstanding Notes or such Series or such Class of such Series of Notes Outstanding, as the case may be, and has delivered such instructions in writing to the Trustee. 

(b) Pursuant to the Depository Agreement applicable to a Series, unless and until Definitive Notes of such Series are issued pursuant to
Section 2.13, the initial Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and transmit distributions of principal, premium, if any, and interest on the Notes to such Clearing Agency
Participants. 
 (c) Except with respect to the Initial CCR Election, whenever notice or other communication to the Noteholders is required
under the Indenture, unless and until Definitive Notes shall have been issued to Note Owners pursuant to Section 2.13, the Trustee and the Master Issuer shall give all such notices and communications specified herein to be given to
Noteholders to the applicable Clearing Agency for distribution to the Note Owners in accordance with the Applicable Procedures of the Clearing Agency. 

Section 2.13 Definitive Notes. 

(a) The Notes of any Series or Class of any Series, to the extent provided in the related Series Supplement, upon original issuance, may
be issued in the form of Definitive Notes. All Class A-1 Notes of any Series shall be issued in the form of Definitive Notes. The applicable Series Supplement shall set forth the legend relating to the restrictions on transfer of such
Definitive Notes and such other restrictions as may be applicable. 
 (b) With respect to the Notes of any Series or Class of any
Series issued in the form of typewritten Notes representing Book-Entry Notes, if (i) (A) the Master Issuer advises the Trustee in writing that the Clearing Agency with respect to any such Series of Notes is no longer willing or able to
discharge properly its responsibilities under the applicable Depository Agreement and (B) the Trustee or the Master Issuer are unable to locate a qualified successor, (ii) the Master Issuer, at its option, advises the Trustee in writing
that it elects to terminate the book-entry system through the Clearing Agency with respect to any Series or Class of any Series of Notes Outstanding issued in the form of Book-Entry Notes or (iii) after the occurrence of a Rapid
Amortization Event, with respect to any Series of Notes Outstanding, Note Owners holding a beneficial interest in excess of 50% of the aggregate Outstanding Principal Amount of 

  
 17 

 
such Series of Notes advise the Trustee and the applicable Clearing Agency through the applicable Clearing Agency Participants in writing that the continuation of a book-entry system through the
applicable Clearing Agency is no longer in the best interests of such Note Owners, the Trustee shall notify all Note Owners of such Series, through the applicable Clearing Agency Participants, of the occurrence of any such event and of the
availability of Definitive Notes to Note Owners of such Series. Upon surrender to the Trustee of the Notes of such Series by the applicable Clearing Agency, accompanied by registration instructions from the applicable Clearing Agency for
registration, the Master Issuer shall execute and the Trustee shall authenticate, upon receipt of a Company Order, and deliver an equal aggregate principal amount of Definitive Notes in accordance with the instructions of the Clearing Agency.
Neither the Master Issuer nor the Trustee shall be liable for any delay in delivery of such instructions and may each conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive Notes of such
Series or Class of such Series of Notes all references herein to obligations imposed upon or to be performed by the applicable Clearing Agency shall be deemed to be imposed upon and performed by the Trustee, to the extent applicable with
respect to such Definitive Notes, and the Trustee shall recognize the Holders of the Definitive Notes of such Series or Class of such Series as Noteholders of such Series or Class of such Series hereunder and under the applicable
Series Supplement. 
 Section 2.14 Cancellation. 

The Master Issuer may at any time deliver to the Trustee for cancellation any Notes previously authenticated and delivered hereunder which the
Master Issuer or an Affiliate may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Trustee; provided that no such Notes shall be canceled unless all outstanding Advances at such time and
interest thereon have been paid in full. Immediately upon the delivery of any Notes by the Master Issuer to the Trustee for cancellation pursuant to this Section 2.14, the security interest of the Secured Parties in such Notes shall
automatically be deemed to be released by the Trustee, and the Trustee shall execute and deliver to the Master Issuer any and all documentation reasonably requested and prepared by the Master Issuer at its expense to evidence such automatic release.
The Registrar and the Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel all Notes surrendered for registration of transfer, exchange, payment,
replacement or cancellation. Except as provided in any Variable Funding Note Purchase Agreement executed and delivered in connection with the issuance of any Series or any Class of any Series of Notes, the Master Issuer may not issue new Notes
to replace Notes that it has redeemed or paid or that have been delivered to the Trustee for cancellation. All cancelled Notes held by the Trustee shall be disposed of in accordance with the Trustee’s standard disposition procedures unless the
Master Issuer shall direct that cancelled Notes be returned to it for destruction pursuant to a Company Order. No cancelled Notes may be reissued. No provision of this Base Indenture or any Supplement that relates to prepayment procedures,
penalties, fees, make-whole payments or any other related matters shall be applicable to any Notes cancelled pursuant to and in accordance with this Section 2.14. 

  
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 Section 2.15 Principal and Interest. 

(a) The principal of and premium, if any, on each Series of Notes shall be due and payable at the times and in the amounts set forth in the
applicable Series Supplement and in accordance with the Priority of Payments. 
 (b) Each Series of Notes shall accrue interest as provided
in the applicable Series Supplement and such interest shall be due and payable for such Series on each Quarterly Payment Date in accordance with the Priority of Payments. 

(c) Except as provided in the following sentence, the Person in whose name any Note is registered at the close of business on any Record Date
with respect to a Quarterly Payment Date for such Note shall be entitled to receive the principal, premium, if any, and interest payable on such Quarterly Payment Date notwithstanding the cancellation of such Note upon any registration of transfer,
exchange or substitution of such Note subsequent to such Record Date. Any interest payable at maturity shall be paid to the Person to whom the principal of such Note is payable. 

(d) Pursuant to the authority of the Paying Agent under Section 2.6(a)(v), except as otherwise provided pursuant to a Variable
Funding Note Purchase Agreement to the extent that the Paying Agent has been notified in writing of such exception by the Master Issuer or the applicable Class A-1 Administrative Agent, the Paying Agent shall make all payments of interest on
the Notes net of any applicable withholding taxes and Noteholders shall be treated as having received as payments of interest any amounts withheld with respect to such withholding taxes. 

Section 2.16 Tax Treatment. 

The Master Issuer has structured this Base Indenture and the Notes have been (or will be) issued with the intention that the Notes will
qualify under applicable tax law as indebtedness of the Master Issuer or, if the Master Issuer is treated as a division of another entity for federal income tax purposes, such other entity, and any entity acquiring any direct or indirect interest in
any Note by acceptance of its Notes (or, in the case of a Note Owner, by virtue of such Note Owner’s acquisition of a beneficial interest therein) agrees to treat the Notes (or beneficial interests therein) for all purposes of United States
federal, state, local and foreign income or franchise taxes and any other tax imposed on or measured by income, as indebtedness of the Master Issuer or, if the Master Issuer is treated as a division of another entity for federal income tax purposes,
such other entity. 
 ARTICLE III 

SECURITY 

Section 3.1 Grant of Security Interest. 

(a) To secure the Obligations, the Master Issuer hereby pledges, assigns, conveys, delivers, transfers and sets over to the Trustee, for the
benefit of the Secured Parties, and hereby grants to the Trustee, for the benefit of the Secured Parties, a security interest in the 

  
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Master Issuer’s right, title and interest in, to and under all of the following property to the extent now owned or at any time hereafter acquired by the Master Issuer (collectively, the
“Indenture Collateral”): 
 (i) the Equity Interests of any Person owned by the Master Issuer and all rights
as a member or shareholder of each such Person under the Charter Documents of each such Person; 
 (ii) the Accounts and all
amounts on deposit in or otherwise credited to the Accounts; 
 (iii) any Interest Reserve Letter of Credit; 

(iv) the books and records (whether in physical, electronic or other form) of the Master Issuer; 

(v) the rights, powers, remedies and authorities of the Master Issuer under each of the Related Documents (other than the
Indenture and the Notes) to which it is a party; 
 (vi) the Contribution Agreements, including (A) the right to receive
(x) from BRINT, any distributions received by BRINT from the Korean JV and (y) from DBI, (I) any distributions received from U.K. Holdco, to the extent that such distributions are made with the proceeds of dividends received from the
Japanese JV and (II) any payments received by DBI on the U.K. Intercompany Note and (B) any and all other property of every nature, now or hereafter transferred, mortgaged, pledged, or assigned as security for payment or performance of any
obligation of any Person to the Master Issuer under the Contribution Agreements and all guarantees of such obligations and the rights evidenced by or reflected in the Contribution Agreements; 

(vii) any Future Contributed Assets; 

(viii) any and all other property of the Master Issuer 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 
 (ix) all
payments, proceeds, supporting obligations and accrued and future rights to payment with respect to the foregoing; 
 provided, that the
Indenture Collateral shall exclude the following property (the “Collateral Exclusions”): (i) any other lease, license, or other contract or permit (or any rights or interests thereunder), in each case if the grant of a lien or
security interest in any of the Securitization Entities’ right, title and interest in, to or under such lease, license, contract or permit (or any rights or interests thereunder) in the manner contemplated by the Indenture (a) is
prohibited by the terms of such lease, sublease, license, contract or permit or would require the consent of a 

  
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third party, (b) would constitute or result in the abandonment, invalidation or unenforceability of any right, title or interest of the applicable Securitization Entity therein or
(c) or would otherwise result in a breach thereof or the termination or a right of termination thereof, except to the extent that any such prohibition, breach, termination or right of termination is rendered ineffective pursuant to the UCC or
any other applicable law, (ii) the Excepted Securitization IP, (iii) any leasehold interests in real property, (iv) the Excluded Amounts, the Aggregate Real Estate Obligations Amount and the amount of any Business Development
Transaction Expenses and (v) any DD Franchisor China Asset; provided, further, that the Master Issuer and the Guarantors will not be required to pledge more than 65% of the Equity Interests (and any rights associated with such
Equity Interests) of (x) any direct or indirect foreign Subsidiary of any of the Master Issuer or the Guarantors or (y) any domestic Subsidiary, substantially all of the assets of which are Controlled Foreign Corporations (a
“Foreign Subsidiary Holding Company”), and in no circumstance will any such foreign Subsidiary, any U.S. Subsidiary of a foreign Subsidiary or any Foreign Subsidiary Holding Company be required to pledge any assets, serve as
Guarantor, or otherwise guarantee the Notes; provided, further, that the Master Issuer and the Guarantors will not be required to take any action (other than the filing of UCC-1 financing statements) to perfect the security interests
created in any Securitization IP other than the Core Marks in the Specified Countries (except for Japan), and provided that steps to perfect are limited to making certain filings as set forth in Section 8.25(c) and
Section 8.25(d); provided, further that the security interest in (A) the Senior Notes Interest Reserve Account and the related property shall only be for the benefit of the Senior Noteholders and the Trustee, in its
capacity as trustee for the Senior Noteholders and (B) the Senior Subordinated Notes Interest Reserve Account and the related property shall only be for the benefit of the Senior Subordinated Noteholders and the Trustee, in its capacity as
trustee for the Senior Subordinated Noteholders. The Trustee, on behalf of the Secured Parties, acknowledges that the Collateral shall not include any Collateral Exclusions and upon receipt of a Company Order, the Trustee shall execute any documents
prepared by (and at the expense of) the Master Issuer to release the same. 
 Further, any cash collateral deposited by any
Non-Securitization Entities with the Master Issuer to secure such Non-Securitization Entities’ obligations under the Letter of Credit Reimbursement Agreement shall not constitute Indenture Collateral until such time (if any) as the Master
Issuer is entitled to withdraw such funds from the applicable bank account pursuant to the terms of the Letter of Credit Reimbursement Agreement to reimburse the Master Issuer for any amounts due by such Non-Securitization Entities to the Master
Issuer pursuant to Section 4 or Section 5 of the Letter of Credit Reimbursement Agreement that such Non-Securitization Entities have not paid to the Master Issuer in accordance with the terms thereof. 

(b) The foregoing grant is made in trust to secure the Obligations and to secure compliance with the provisions of this Base Indenture and any
Series Supplements. The Trustee, on behalf of the Secured Parties, acknowledges such grant, accepts the trusts under this Base Indenture in accordance with the provisions of this Base Indenture and agrees to perform its duties required in this Base
Indenture. The Indenture 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 this Base Indenture). 

  
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 (c) In addition, pursuant to and within the time periods specified in Section 8.37,
the Master Issuer shall cause the Real Estate Holders to prepare, execute and deliver to the Trustee, for the benefit of the Secured Parties, a Mortgage with respect to each Existing Owned Real Property and each New Owned Real Property owned by such
Real Estate Holder, which shall be delivered to the Trustee or its agent to be held in escrow; provided that upon the occurrence of a Mortgage Recordation Event, unless such Mortgage Recordation Event is waived by the Control Party (at the
direction of the Controlling Class Representative), the Trustee or its agent shall, at the direction of the Control Party, record promptly within twenty (20) Business Days of the occurrence of such Mortgage Recordation Event all such Mortgages
in accordance with Section 8.37. 
 (d) The parties hereto agree and acknowledge that each certificated Equity Interest and each
Mortgage constituting Indenture Collateral may be held by a custodian on behalf of the Trustee. 
 Section 3.2 Certain Rights and
Obligations of the Master Issuer Unaffected. 
 (a) Notwithstanding the grant of the security interest in the Indenture Collateral
hereunder to the Trustee, on behalf of the Secured Parties, the Master Issuer acknowledges that the Manager, on behalf of the Securitization Entities, 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 the Master Issuer under the Collateral Transaction Documents, and to enforce all rights, remedies, powers, privileges and claims of the Master Issuer 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 the Master Issuer under any IP License Agreement to which the
Master Issuer is a party and (iii) to take any other actions required or permitted under the terms of the Management Agreement. 
 (b)
The grant of the security interest by the Master Issuer in the Indenture Collateral to the Trustee on behalf of and for the benefit of the Secured Parties shall not (i) relieve the Master Issuer from the performance of any term, covenant,
condition or agreement on the Master Issuer’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 the Master Issuer’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 the Master Issuer or
from any breach of any representation or warranty on the part of the Master Issuer. 
 (c) The Master Issuer hereby 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
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 the Master Issuer or otherwise, including, without limitation, the reasonable
out-of-pocket costs, 

  
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expenses and disbursements (including reasonable attorneys’ fees and expenses) incurred by the Trustee or any Secured Party in enforcing the Indenture or any other Related Document or
preserving any of its rights to, or realizing upon, any of the Collateral; provided, however, that the foregoing indemnification shall not extend to any action by the Trustee or any Secured Party which constitutes gross negligence, bad
faith or willful misconduct by the Trustee or any Secured Party or any other indemnified person hereunder. The indemnification provided for in this Section 3.2 shall survive the removal of, or a resignation by, such Person as Trustee as
well as the termination of this Base Indenture or any Series Supplement. 
 Section 3.3 Performance of Collateral Transaction
Documents. 
 Upon the occurrence of a default or breach (after giving effect to any applicable grace or cure periods) by any Person
party to (a) a Collateral Transaction Document or (b) a Collateral Franchise Business Document (only if a Manager Termination Event or an Event of Default has occurred and is continuing), promptly following a request from the Trustee to do
so and at the Master Issuer’s expense, the Master Issuer agrees to take all such lawful action as permitted under this Base Indenture as the Trustee (acting at the direction of the Servicer) may reasonably request to compel or secure the
performance and observance by such Person of its obligations to the Master Issuer, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Master Issuer to the extent and in the manner directed by the Trustee
(acting at the direction of the Servicer), 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) the Master Issuer shall have failed, within fifteen (15) days of receiving the direction of the Trustee, to take action to accomplish such directions of the Trustee, (ii) the Master Issuer refuses to take any
such action, as reasonably determined by the Trustee in good faith, or (iii) the Servicer 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 Servicer), at the expense of the Master Issuer, such previously directed action and any related action permitted under this Base Indenture which the Servicer thereafter determines is appropriate (without the need
under this provision or any other provision under this Base Indenture to direct the Master Issuer to take such action), on behalf of the Master Issuer and the Secured Parties. 

Section 3.4 Stamp, Other Similar Taxes and Filing Fees. 

The Master Issuer shall 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 the Indenture, any other Related Document or any Indenture
Collateral. The Master Issuer shall pay, and indemnify and hold harmless each Secured Party against, any and all amounts in respect of all search, filing, recording and registration fees, taxes, excise taxes and other similar imposts that may be
payable or determined to be payable in respect of the execution, delivery, performance and/or enforcement of the Indenture or any other Related Document. 

  
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 Section 3.5 Authorization to File Financing Statements. 

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

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

ARTICLE IV 
 REPORTS

 Section 4.1 Reports and Instructions to Trustee. 

(a) Weekly Manager’s Certificate. By 4:30 p.m. (New York City time) on the day prior to each Weekly Allocation Date, the
Master Issuer shall furnish, or cause the Manager to furnish, to the Trustee and the Servicer a certificate substantially in the form of Exhibit A specifying the allocation of Collections on the following Weekly Allocation Date (each a
“Weekly Manager’s Certificate”); provided that such Weekly Manager’s Certificate shall be deemed confidential information and shall not be disclosed by the Trustee or the Servicer to any Noteholder, Note Owner or
any other Person without the prior written consent of the Master Issuer or Manager. Notwithstanding anything herein to the contrary, the initial Weekly Manager’s Certificate shall not be required to be delivered, and amounts credited to the
Accounts shall not be required to be allocated pursuant to the Priority of Payments, until the first Weekly Allocation Date that occurs after the date that is fourteen (14) days after the Closing Date. 

(b) [Reserved]. 

  
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 (c) Quarterly Noteholder’s Report. On or before the second Business Day prior to each
Quarterly Payment Date, the Master Issuer shall furnish, or cause the Manager to furnish, a Quarterly Noteholder’s Report with respect to each Series of Notes Outstanding to the Trustee, the Rating Agencies with respect to such Series, the
Servicer and each Paying Agent, with a copy to the Back-Up Manager. 
 (d) Quarterly Compliance Certificates. On or before the second
Business Day prior to each Quarterly Payment Date, the Master Issuer shall deliver, or cause the Manager to deliver, to the Trustee and the Rating Agencies with respect to each Series of Notes Outstanding (with a copy to each of the Servicer and the
Back-Up Manager) an Officer’s Certificate (each, a “Quarterly Compliance Certificate”) to the effect that, except as provided in a notice delivered pursuant to Section 8.8, no Potential Rapid Amortization Event,
Rapid Amortization Event, Default or Event of Default has occurred or is continuing. 
 (e) Scheduled Principal Payments Deficiency
Notices. On the Quarterly Calculation Date with respect to any Quarterly Collection Period, the Master Issuer shall furnish, or cause the Manager to furnish, to the Trustee and the Rating Agencies with respect to each Series of Notes Outstanding
(with a copy to each of the Servicer and the Back-Up Manager) written notice of any Scheduled Principal Payments Deficiency Event with respect to any Class or Series of Notes that occurred with respect to such Quarterly Collection Period (any such
notice, a “Scheduled Principal Payments Deficiency Notice”). 
 (f) Annual Accountants’ Reports. Within one
hundred and twenty (120) days after the end of each fiscal year, commencing with the fiscal year ending on or around December 31, 2015, the Master Issuer shall furnish, or cause the Manager to furnish, to the Trustee, the Servicer and the
Rating Agencies with respect to each Series of Notes Outstanding (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 Noteholder’s Reports for such fiscal year (or other period) with the standards set forth in the Management Agreement, and (ii) a
report of the Independent Auditors or the Back-Up Manager to the effect that 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 period), and that
(x) in the case of the Independent Auditors, such examination was made in accordance with standards established by the American Institute of Certified Public Accountants and (y) except as described in the report, management’s
assertion is fairly stated in all material respects. In the case of 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 (each, an “Annual Accountants’ Report”); 
 (g) Securitization Entity Financial
Statements. The Manager on behalf of the Securitization Entities shall provide to the Trustee, the Servicer, the Back-Up Manager and the Rating Agencies with respect to each Series of Notes Outstanding, the following financial statements: 

(i) as soon as available and in any event within sixty (60) days after the end of each of the first three fiscal quarters
of each fiscal year (commencing with the fiscal quarter ending on or around March 31, 2015), an unaudited consolidated balance 

  
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sheet of the Securitization Entities as of the end of such fiscal quarter, an unaudited consolidated statement of income or operations of the Securitization Entities for such fiscal quarter and
for the fiscal year-to-date period then ended (in the case of the second and third fiscal quarters of each fiscal year) and unaudited consolidated statements of changes in members’ equity and cash flows of the Securitization Entities for the
fiscal year-to-date period then ended; and 
 (ii) within one hundred and twenty (120) days after the end of each fiscal
year (commencing with the fiscal year ending on or around December 31, 2015), an audited consolidated balance sheet of the Securitization Entities as of the end of such fiscal year and audited consolidated statements of income or operations,
changes in members’ equity and cash flows of the Securitization Entities for such fiscal year, and, where appropriate, setting forth in comparative form the comparable amounts for the previous fiscal year prepared in accordance with GAAP and
accompanied by an opinion thereon of the Independent Auditors stating that such audited financial statements present fairly, in all material respects, the financial position of the Securitization Entities as of the end of such fiscal year and the
results of their operations and cash flows for such fiscal year in accordance with GAAP. 
 (h) DBGI Financial Statements. So long as
DBI is the Manager, the Manager on behalf of the Master Issuer shall provide to the Trustee, the Servicer, the Back-Up Manager and the Rating Agencies with respect to each Series of Notes Outstanding the following financial statements: 

(i) within sixty (60) days after the end of each of the first three (3) fiscal quarters of each fiscal year, an
unaudited consolidated balance sheet of DBGI and its Subsidiaries as of the end of such fiscal quarter, unaudited consolidated statements of income or operations of DBGI and its Subsidiaries for such fiscal quarter and for the fiscal year-to-date
period then ended (in the case of the second and third fiscal quarters of each fiscal year) and an unaudited consolidated statement of cash flows of DBGI and its Subsidiaries for the fiscal year-to-date period then ended; and 

(ii) within one hundred and twenty (120) days after the end of each fiscal year, an audited consolidated balance sheet of
DBGI and its Subsidiaries as of the end of such fiscal year and audited consolidated statements of income or operations, changes in stockholder’s equity and cash flows of DBGI and its Subsidiaries for such fiscal year, setting forth in
comparative form the comparable amounts for the previous fiscal year prepared in accordance with GAAP and accompanied by an opinion thereon of the Independent Auditors stating that such audited financial statements present fairly, in all material
respects, the consolidated financial position of DBGI and its Subsidiaries as of the end of such fiscal year and the consolidated results of their operations and cash flows for such fiscal year in accordance with GAAP. 

(i) Additional Information. The Master Issuer will furnish, or cause to be furnished, from time to time such additional information
regarding the financial position, results of operations or business of DBI, any Dunkin’ Entity or any Securitization Entity as the Trustee, the Servicer, the Manager or the Back-Up Manager may reasonably request, subject to Requirements of Law
and to the confidentiality provisions of the Related Documents to which such recipient is a party. 

  
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 (j) Instructions as to Withdrawals and Payments. The Master Issuer will furnish, or cause
to be furnished, to the Trustee or the Paying Agent, as applicable (with a copy to each of the Servicer, the Manager and the Back-Up Manager), written instructions to make withdrawals and payments from the Collection Account and any other Base
Indenture Account or Series Account and to make drawings under any Enhancement, as contemplated herein and in any Series Supplement; provided that such written instructions (other than those contained in Quarterly Noteholder’s Reports)
shall be considered confidential information and shall not be disclosed by such recipients to any other Person without the prior written consent of the Master Issuer; and provided further that such written instructions shall be subject in all
respects to the confidentiality provisions of any Related Documents to which such recipient is a party. The Trustee and the Paying Agent shall promptly follow any such written instructions. 

(k) Copies to Rating Agencies. The Master Issuer shall deliver, or shall cause the Manager to deliver, a copy of each report,
certificate or instruction, as applicable, described in this Section 4.1 to each Rating Agency at its address as listed in or otherwise designated pursuant to Section 14.1 or in the applicable Series Supplement, including any
e-mail address. 
 Section 4.2 [Reserved]. 

Section 4.3 Rule 144A Information. 

For so long as any of the Notes are “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, the
Master Issuer agrees to provide to any Noteholder or Note Owner, and to any prospective purchaser of Notes designated by such Noteholder or Note Owner upon the request of such Noteholder or Note Owner or prospective purchaser, any information
required to be provided to such holder, owner or prospective purchaser to satisfy the conditions set forth in Rule 144A(d)(4) under the Securities Act. 

Section 4.4 Reports, Financial Statements and Other Information to Noteholders. 

The Trustee will make the Quarterly Noteholder’s Reports, the Quarterly Compliance Certificates, the financial statements referenced in
Section 4.1(g) and Section 4.1(h) and the reports referenced in Section 4.1(f) available to (a) each Rating Agency pursuant to Section 4.1(k) above and (b) the Noteholders, the Servicer, the
Manager, the Back-Up Manager and the Rating Agencies via the Trustee’s internet website at www. sf.citidirect.com or such other address as the Trustee may specify from time to time. Assistance in using such website can be obtained by calling
the Trustee’s customer service desk at 800-422-2066 or such other telephone number as the Trustee may specify from time to time. The foregoing materials will only be accessible in a password-protected area of the internet website and the
Trustee will require each party (other than the Servicer, the Manager, the Back-Up Manager and the Rating Agencies) accessing such password-protected area to register as a Noteholder and to make, for the benefit of the Master Issuer, the applicable
representations and warranties described below in an Investor Request Certification in the form of Exhibit F. The Trustee may disclaim responsibility for any information distributed by it for which the Trustee was not the original source.
Each time a 

  
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Noteholder accesses the internet website, it will be deemed to have confirmed such representations and warranties as of the date thereof. The Trustee will provide the Servicer and the Manager
with copies of such Investor Request Certifications, including the identity, address, contact information, email address and telephone number of such Noteholder upon request, but shall have no responsibility for any of the information contained
therein. The Trustee shall have the right to change the way such statements are electronically distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and
adequate notification to all above parties regarding any such changes. 
 The Trustee will (or will request that the Manager) make
available, upon reasonable advance notice and at the expense of the requesting party, copies of the Quarterly Noteholder’s Reports, the Quarterly Compliance Certificates, the financial statements referenced in Section 4.1(g) and
Section 4.1(h) and the reports referenced in Section 4.1(f) to any Noteholder and to any prospective investor that provides the Trustee with an Investor Request Certification in the form of Exhibit F to the effect
that such party (i) is a Noteholder or prospective investor, as applicable, (ii) understands that the items contain confidential information, (iii) is requesting the information solely for use in evaluating such party’s
investment or potential investment, as applicable, in the Notes and will keep such information strictly confidential (provided that such party may disclose such information only (A) to (1) those personnel employed by it who need to
know such information, (2) its attorneys and outside auditors which have agreed to keep such information confidential and to treat the information as confidential information, or (3) a regulatory or self-regulatory authority pursuant to
applicable law or regulation or (B) by judicial process), and (iv) is not a Competitor. 
 Section 4.5 Manager. 

Pursuant to the Management Agreement, the Manager has agreed to provide certain reports, notices, instructions and other services on behalf of
the Master Issuer. The Noteholders by their acceptance of the Notes consent to the provision of such reports and notices to the Trustee by the Manager in lieu of the Master Issuer. Any such reports and notices that are required to be delivered to
the Noteholders hereunder shall be delivered by the Trustee. The Trustee shall have no obligation whatsoever to verify, reconfirm or recalculate any information or material contained in any of the reports, financial statements or other information
delivered to it pursuant to this Article IV or the Management Agreement. All distributions, allocations, remittances and payments to be made by the Trustee or the Paying Agent hereunder or under any Supplement or Variable Funding Note
Purchase Agreement shall be made based solely upon the most recently delivered written reports and instructions provided to the Trustee or Paying Agent, as the case may be, by the Manager. 

Section 4.6 No Constructive Notice. 

Delivery of reports, information, Officer’s Certificates and documents to the Trustee is for informational purposes only and the
Trustee’s receipt of such reports, information, Officer’s Certificates and documents shall not constitute constructive notice to the Trustee of any information contained therein or determinable from information contained therein, including
any Securitization Entity’s, the Manager’s or any other Person’s compliance with any of its covenants under the Indenture, the Notes or any other Related Document (as to which the Trustee is entitled to rely exclusively on the most
recent Quarterly Compliance Certificate described above). 

  
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 ARTICLE V 

ALLOCATION AND APPLICATION OF COLLECTIONS 

Section 5.1 Management Accounts and Additional Accounts. 

(a) Establishment of the Management Accounts. Each of the U.S. Concentration Account and the International Concentration Account is
owned by the Master Issuer. The U.K. Concentration Account is owned by the U.K. Franchisor. The Real Estate Obligations Account is owned by the Master Issuer. The DD Franchisor Capital Account is owned by the DD Franchisor. The BR Franchisor Capital
Account is owned by the BR Franchisor. The DD/BR Franchise Holdco Capital Account is owned by the DD/BR Franchise Holdco. The Asset Disposition Proceeds Account is owned by the Master Issuer. The Insurance Proceeds Account is owned by the Master
Issuer. Such accounts, as of the Closing Date and at all times thereafter, shall be (A) pledged to the Trustee for the benefit of the Secured Parties pursuant to Section 3.1 or the Guarantee and Collateral Agreement and (B) if
not established with the Trustee, subject to an Account Control Agreement. Each Management Account shall be an Eligible Account and, in addition, from time to time, the Master Issuer or any other Securitization Entity (other than Master Issuer
Parent) may establish additional accounts for the purpose of depositing Collections, Franchisee Lease Payments or funds necessary to meet large-franchisor exemptions or similar exemptions under applicable franchise laws therein (each such account
and any investment accounts related thereto into which funds are transferred for investment purposes pursuant to Section 5.1(b), an “Additional Management Account”); provided that each such Additional Management
Account is (A) an Eligible Account, (B) pledged by the Master Issuer or such other Securitization Entity to the Trustee for the benefit of the Secured Parties pursuant to Section 3.1 or the Guarantee and Collateral Agreement
and (C) if not established with the Trustee, subject to an Account Control Agreement. Each Additional Management Account that is to be a Franchisor Capital Account or a Real Estate Holder Account shall be designated as such by the Manager.
Notwithstanding anything to the contrary in this paragraph (a), in the case of any Management Account established after the Closing Date, the applicable Securitization Entity shall be permitted a period of fifteen (15) Business Days
after the establishment of such deposit account to cause such deposit account to be subject to an Account Control Agreement; provided that if (i) the average balance of the applicable Additional Management Account in any fiscal year is
less than $10,000,000 and the actual balance of such Additional Management Account does not exceed $25,000,000 at any time or (ii) the Control Party consents, an Additional Management Account located in a country outside of the United States
(any such Additional Management Account, an “Exempted Additional Management Account”) shall not be required to be subject to an Account Control Agreement if such agreement would not be enforceable under the applicable laws of such
country (as evidenced by a written notice from an Authorized Officer of the applicable Securitization Entity to the Control Party and the Trustee setting forth the rationale for such conclusion). 

  
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 (b) Administration of the Management Accounts. The Securitization Entities (or the Manager
or other applicable Sub-Manager on their behalf) may invest or reinvest any amounts held in the Management Accounts in Eligible Investments and such amounts may be transferred by the applicable Securitization Entity (or the Manager or the applicable
Sub-Manager on its behalf) into an investment account for the sole purpose of investing in Eligible Investments so long as such investment account is (A) an Eligible Account, (B) pledged by the applicable Securitization Entity to the
Trustee for the benefit of the Secured Parties pursuant to Section 3.1 or the Guarantee and Collateral Agreement and (C) if not established with the Trustee, subject to an Account Control Agreement; provided, however,
that any such investment in any Management Account (or in any such investment account) shall mature not later than the Business Day prior to the next succeeding Weekly Allocation Date. Notwithstanding anything herein or in any other Related
Document, the applicable Securitization Entity and Manager or the applicable Sub-Manager shall not transfer any funds into any such investment account until such time as an Account Control Agreement is entered into with respect thereto (if such
account is not established with the Trustee). All income or other gain from such Eligible Investments shall be credited to the related Management Account, and any loss resulting from such investments shall be charged to the related Management
Account. Prior to any Sub-Manager acting on behalf of any Securitization Entity, it will need to provide to the Trustee all applicable know-your-customer documentation required by the Trustee. The Master Issuer shall not direct (or permit) the
disposal of any Eligible Investments prior to the maturity thereof if such disposal would result in a loss of any portion of the initial purchase price of such Eligible Investment. 

(c) Earnings from the Management Accounts. All interest and earnings (net of losses and investment expenses) paid on funds on deposit
in the Management Accounts shall be deemed to be Investment Income on deposit for distribution to the Collection Account in accordance with Section 5.10. 

(d) Franchisor Capital Accounts. Each of the DD/BR Franchise Holdco, DD Franchisor and the BR Franchisor may, respectively,
(i) deposit to the DD/BR Franchise Holdco Capital Account the proceeds of capital contributions thereto directed to be made to such account, (ii) deposit to the DD Franchisor Capital Account and the BR Franchisor Capital Account,
respectively, the proceeds of capital contributions thereto directed to be made to such account and (iii) disburse funds from the DD/BR Franchise Holdco Capital Account, DD Franchisor Capital Account and the BR Franchisor Capital Account,
respectively, in each case, to fund any loan or advance made in accordance with Section 8.21. 
 (e) No Duty to Monitor.
The Trustee shall have no duty or responsibility to monitor the amounts of deposits into or withdrawals from any Management Account. 

Section 5.2 Senior Notes Interest Reserve Account. 

(a) Establishment of the Senior Notes Interest Reserve Account. The Master Issuer has established with the Trustee the Senior Notes
Interest Reserve Account in the name of the Trustee for the benefit of the Senior Noteholders and the Trustee, solely in its capacity as trustee for the Senior Noteholders, bearing a designation clearly indicating that the funds deposited therein
are held for the benefit of the foregoing Secured Parties. The Senior Notes Interest Reserve Account shall be an Eligible Account. 

  
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 (b) Administration of the Senior Notes Interest Reserve Account. All amounts held in the
Senior Notes Interest Reserve Account shall be invested in Eligible Investments at the written direction (which may be standing directions) of the Master Issuer (or the Manager on its behalf) and such amounts may be transferred by the Master Issuer
(or the Manager on its behalf) into an investment account for the sole purpose of investing in Eligible Investments so long as such investment account is (A) an Eligible Account, (B) pledged by the Master Issuer to the Trustee for the
benefit of the Secured Parties pursuant to Section 3.1 and (C) if not established with the Trustee, subject to an Account Control Agreement; provided, however, that any such investment in the Senior Notes Interest
Reserve Account shall mature not later than the Business Day prior to the next succeeding Weekly Allocation Date. In the absence of written investment instructions hereunder, funds on deposit in the Senior Notes Interest Reserve Account shall be
invested as fully as practicable in one or more Eligible Investments of the type described in clause (b) of the definition thereof. All income or other gain from such Eligible Investments shall be credited to the Senior Notes Interest
Reserve Account, and any loss resulting from such investments shall be charged to the Senior Notes Interest Reserve Account. The Master Issuer shall not direct (or permit) the disposal of any Eligible Investments prior to the maturity thereof if
such disposal would result in a loss of any portion of the initial purchase price of such Eligible Investment. 
 (c) Earnings from the
Senior Notes Interest Reserve Account. All interest and earnings (net of losses and investment expenses) paid on funds on deposit in the Senior Notes Interest Reserve Account shall be deemed to be Investment Income on deposit for distribution to
the Collection Account in accordance with Section 5.10. 
 Section 5.3 Senior Subordinated Notes Interest Reserve
Account. 
 (a) Establishment of the Senior Subordinated Notes Interest Reserve Account. The Master Issuer will, prior to the
issuance of any Series of Senior Subordinated Notes, establish with the Trustee the Senior Subordinated Notes Interest Reserve Account in the name of the Trustee for the benefit of the Senior Subordinated Noteholders and the Trustee, solely in its
capacity as trustee for the Senior Subordinated Noteholders, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the foregoing Secured Parties. The Senior Subordinated Notes Interest Reserve Account,
once established, shall be an Eligible Account. 
 (b) Administration of the Senior Subordinated Notes Interest Reserve Account. All
amounts held in the Senior Subordinated Notes Interest Reserve Account shall be invested in Eligible Investments at the written direction (which may be standing directions) of the Master Issuer (or the Manager on its behalf) and such amounts may be
transferred by the Master Issuer (or the Manager on its behalf) into an investment account for the sole purpose of investing in Eligible Investments so long as such investment account is (A) an Eligible Account, (B) pledged by the Master
Issuer to the Trustee for the benefit of the Secured Parties pursuant to Section 3.1 and (C) if not established with the Trustee, subject to an Account Control Agreement; provided, however, that any such investment in
the Senior Subordinated Notes Interest Reserve Account shall mature not later than the Business Day prior to the next succeeding Weekly Allocation Date. In the absence of written investment instructions hereunder, funds on deposit in the Senior
Subordinated Notes Interest Reserve Account shall be 

  
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invested as fully as practicable in one or more Eligible Investments of the type described in clause (b) of the definition thereof. All income or other gain from such Eligible
Investments shall be credited to the Senior Subordinated Notes Interest Reserve Account, and any loss resulting from such investments shall be charged to the Senior Subordinated Notes Interest Reserve Account. The Master Issuer shall not direct (or
permit) the disposal of any Eligible Investments prior to the maturity thereof if such disposal would result in a loss of any portion of the initial purchase price of such Eligible Investment. 

(c) Earnings from the Senior Subordinated Notes Interest Reserve Account. All interest and earnings (net of losses and investment
expenses) paid on funds on deposit in the Senior Subordinated Notes Interest Reserve Account shall be deemed to be Investment Income on deposit for distribution to the Collection Account in accordance with Section 5.10. 

Section 5.4 Cash Trap Reserve Account. 

(a) Establishment of the Cash Trap Reserve Account. The Master Issuer has established the Cash Trap Reserve Account in the name of the
Trustee for the benefit of the Secured Parties, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Secured Parties. The Cash Trap Reserve Account shall be an Eligible Account. 

(b) Administration of the Cash Trap Reserve Account. All amounts held in the Cash Trap Reserve Account shall be invested in Eligible
Investments at the written direction (which may be standing directions) of the Master Issuer (or the Manager on its behalf) and such amounts may be transferred by the Master Issuer (or the Manager on its behalf) into an investment account for the
sole purpose of investing in Eligible Investments so long as such investment account is (A) an Eligible Account, (B) pledged by the Master Issuer to the Trustee for the benefit of the Secured Parties pursuant to Section 3.1 and
(C) if not established with the Trustee, subject to an Account Control Agreement; provided, however, that any such investment in the Cash Trap Reserve Account shall mature not later than the Business Day prior to the next
succeeding Weekly Allocation Date. In the absence of written investment instructions hereunder, funds on deposit in the Cash Trap Reserve Account shall be invested as fully as practicable in one or more Eligible Investments of the type described in
clause (b) of the definition thereof. All income or other gain from such Eligible Investments shall be credited to the Cash Trap Reserve Account, and any loss resulting from such investments shall be charged to the Cash Trap Reserve
Account. The Master Issuer shall not direct (or permit) the disposal of any Eligible Investments prior to the maturity thereof if such disposal would result in a loss of any portion of the initial purchase price of such Eligible Investment. 

(c) Earnings from the Cash Trap Reserve Account. All interest and earnings (net of losses and investment expenses) paid on funds on
deposit in the Cash Trap Reserve Account shall be deemed to be Investment Income on deposit for distribution to the Collection Account in accordance with Section 5.10. 

  
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 Section 5.5 Collection Account. 

(a) Establishment of Collection Account. On or before the Closing Date, the Master Issuer has established with the Trustee the
Collection Account in the name of the Trustee for the benefit of the Secured Parties, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Secured Parties. The Collection Account shall be an
Eligible Account. Amounts deposited into the Collection Account on or prior to the Closing Date shall be distributed in accordance with the written instruction of the Master Issuer (or the Manager on its behalf). 

(b) Administration of the Collection Account. All amounts held in the Collection Account shall be invested in Eligible Investments at
the written direction (which may be standing directions) of the Master Issuer (or the Manager on its behalf) and such amounts may be transferred by the Master Issuer (or the Manager on its behalf) into an investment account for the sole purpose of
investing in Eligible Investments so long as such investment account is (A) an Eligible Account, (B) pledged by the Master Issuer to the Trustee for the benefit of the Secured Parties pursuant to Section 3.1 and (C) if not
established with the Trustee, subject to an Account Control Agreement; provided, however, that any such investment in the Collection Account shall mature not later than the Business Day prior to the next succeeding Weekly Allocation
Date. In the absence of written investment instructions hereunder, funds on deposit in the Collection Account shall be invested as fully as practicable in one or more Eligible Investments of the type described in clause (b) of the
definition thereof. All income or other gain from such Eligible Investments shall be credited to the Collection Account, and any loss resulting from such investments shall be charged to the Collection Account. The Master Issuer shall not direct (or
permit) the disposal of any Eligible Investments prior to the maturity thereof if such disposal would result in a loss of any portion of the initial purchase price of such Eligible Investment. 

(c) Earnings from Collection Account. All interest and earnings (net of losses and investment expenses) paid on funds on deposit in the
Collection Account shall be deemed to be Investment Income on deposit for distribution in accordance with Section 5.11. 

Section 5.6 Collection Account Administrative Accounts. 

(a) Establishment of Collection Account Administrative Accounts. The Master Issuer has established, or, in the case of any account
relating to any Series of Senior Subordinated Notes or Subordinated Notes, if such account has not already been established, will establish on or prior to the issuance of such Series of Senior Subordinated Notes or Subordinated Notes, the following
administrative accounts associated with the Collection Account, each of which shall be an Eligible Account, in the name of the Trustee for the benefit of the Secured Parties, bearing a designation clearly indicating that the funds deposited therein
are held for the benefit of the Secured Parties (collectively, the “Collection Account Administrative Accounts”): 

(i) an account no. entitled “Citibank, N.A. f/b/o DB Master Finance LLC, Senior Notes Interest Payment Account” for
the deposit of the Senior Notes Quarterly Interest Amount (together with any successor account, the “Senior Notes Interest Payment Account”); 

  
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 (ii) an account entitled “Citibank, N.A. f/b/o DB Master Finance LLC, Senior
Subordinated Notes Interest Payment Account” for the deposit of the Senior Subordinated Notes Quarterly Interest Amount (together with any successor account, the “Senior Subordinated Notes Interest Payment Account”); 

(iii) an account entitled “Citibank, N.A. f/b/o DB Master Finance LLC, Subordinated Notes Interest Payment Account”
for the deposit of the Subordinated Notes Quarterly Interest Amount (together with any successor account, the “Subordinated Notes Interest Payment Account”); 

(iv) an account no. entitled “Citibank, N.A. f/b/o DB Master Finance LLC, Class A-1 Notes Commitment Fees
Account” for the deposit of the Class A-1 Quarterly Commitment Fee Amount (together with any successor account, the “Class A-1 Notes Commitment Fees Account”); 

(v) an account no. entitled “Citibank, N.A. f/b/o DB Master Finance LLC, Senior Notes Principal Payment Account” for
the deposit of the amounts allocable to the payment of principal of the Senior Notes (together with any successor account, the “Senior Notes Principal Payment Account”); 

(vi) an account entitled “Citibank, N.A. f/b/o DB Master Finance LLC, Senior Subordinated Notes Principal Payment
Account” for the deposit of the amounts allocable to the payment of principal of the Senior Subordinated Notes (together with any successor account, the “Senior Subordinated Notes Principal Payment Account”); 

(vii) an account entitled “Citibank, N.A. f/b/o DB Master Finance LLC, Subordinated Notes Principal Payment Account”
for the deposit of the amounts allocable to the payment of principal of the Subordinated Notes (together with any successor account, the “Subordinated Notes Principal Payment Account”); 

(viii) an account no. entitled “Citibank, N.A. f/b/o DB Master Finance LLC , Senior Notes Post-ARD Contingent Interest
Account” for the deposit of Senior Notes Quarterly Post-ARD Contingent Interest (together with any successor account, the “Senior Notes Post-ARD Contingent Interest Account”); 

(ix) an account entitled “Citibank, N.A. f/b/o DB Master Finance LLC, Senior Subordinated Notes Post-ARD Contingent
Interest Account” for the deposit of Senior Subordinated Notes Quarterly Post-ARD Contingent Interest (together with any successor account, the “Senior Subordinated Notes Post-ARD Contingent Interest Account”); 

(x) an account entitled “Citibank, N.A. f/b/o DB Master Finance LLC, Subordinated Notes Post-ARD Contingent Interest
Account” for the deposit of Subordinated Notes Quarterly Post-ARD Contingent Interest (together with any successor account, the “Subordinated Notes Post-ARD Contingent Interest Account”);
and 

  
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 (xi) an account no. entitled “Citibank, N.A. f/b/o DB Master Finance LLC,
Securitization Operating Expense Account” for the deposit of Securitization Operating Expenses (together with any successor account, the “Securitization Operating Expense Account”). 

(b) Administration of the Collection Account Administrative Accounts. All amounts held in the Collection Account Administrative
Accounts shall be invested in Eligible Investments at the written direction (which may be standing directions) of the Master Issuer (or the Manager on its behalf) and such amounts may be transferred by the Master Issuer (or the Manager on its
behalf) into an investment account for the sole purpose of investing in Eligible Investments so long as such investment account is (A) an Eligible Account, (B) pledged by the Master Issuer to the Trustee for the benefit of the Secured
Parties pursuant to Section 3.1 and (C) if not established with the Trustee, subject to an Account Control Agreement; provided, however, that any such investment in the Collection Account Administrative Accounts shall
mature not later than the Business Day prior to the next succeeding Weekly Allocation Date. In the absence of written investment instructions hereunder, funds on deposit in the Collection Account Administrative Accounts shall be invested as fully as
practicable in one or more Eligible Investments of the type described in clause (b) of the definition thereof. All income or other gain from such Eligible Investments shall be credited to the related Collection Account Administrative
Account, and any loss resulting from such investments shall be charged to the related Collection Account Administrative Account. The Master Issuer shall not direct (or permit) the disposal of any Eligible Investments prior to the maturity thereof if
such disposal would result in a loss of any portion of the initial purchase price of such Eligible Investment. 
 (c) Earnings from the
Collection Account Administrative Accounts. All interest and earnings (net of losses and investment expenses) paid on funds on deposit in the Collection Account Administrative Accounts shall be deposited therein and shall be deemed to be
Investment Income on deposit for distribution in accordance with Section 5.10. 
 Section 5.7 Hedge Payment Account.

 (a) Establishment of the Hedge Payment Account. On or before the Closing Date of the first Series of Notes issued pursuant to this
Base Indenture providing for a Series Hedge Agreement, the Master Issuer, or the Manager on behalf of the Master Issuer, shall establish and maintain with the Trustee the Hedge Payment Account in the name of the Trustee for the benefit of the
Secured Parties, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Secured Parties. 

(b) Administration of the Hedge Payment Account. All amounts held in the Hedge Payment Account shall be invested in Eligible
Investments at the written direction (which may be standing directions) of the Master Issuer (or the Manager on its behalf) and such amounts may be transferred by the Master Issuer (or the Manager on its behalf) into an investment account for the
sole purpose of investing in Eligible Investments so long as such investment account is (A) an Eligible Account, (B) pledged by the Master Issuer to the Trustee for the benefit of the Secured Parties pursuant to Section 3.1 and
(C) if not established with the Trustee, subject to an Account Control Agreement; provided, however, that any such investment in the Hedge Payment Account shall mature not later than the Business Day prior to the next

  
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succeeding Weekly Allocation Date. In the absence of written investment instructions hereunder, funds on deposit in the Hedge Payment Account shall be invested as fully as practicable in one or
more Eligible Investments of the type described in clause (b) of the definition thereof. All income or other gain from such Eligible Investments shall be credited to the Hedge Payment Account, and any loss resulting from such investments
shall be charged to the Hedge Payment Account. The Master Issuer shall not shall direct (or permit) the disposal of any Eligible Investments prior to the maturity thereof if such disposal would result in a loss of any portion of the initial purchase
price of such Eligible Investment. 
 (c) Earnings from the Hedge Payment Account. All interest and earnings (net of losses and
investment expenses) paid on funds on deposit in the Hedge Payment Account shall be deemed to be Investment Income on deposit for distribution to the Collection Account in accordance with Section 5.10. 

Section 5.8 Trustee as Securities Intermediary. 

(a) The Trustee or other Person holding any Base Indenture Account held in the name of the Trustee for the benefit of the Secured Parties
(collectively the “Trustee Accounts”) shall be the “Securities Intermediary.” If the Securities Intermediary in respect of any Trustee Account is not the Trustee, the Master Issuer shall obtain the express agreement
of such other Person to the obligations of the Securities Intermediary set forth in this Section 5.8. 
 (b) The Securities
Intermediary agrees that: 
 (i) the Trustee Accounts are accounts to which “financial assets” within the meaning
of Section 8-102(a)(9) (“Financial Assets”) of the UCC in effect in the State of New York (the “New York UCC”) will or may be credited; 

(ii) the Trustee Accounts are “securities accounts” within the meaning of Section 8-501 of the New York UCC and
the Securities Intermediary qualifies as a “securities intermediary” under Section 8-102(a) of the New York UCC; 

(iii) all securities or other property (other than cash) underlying any Financial Assets credited to any Trustee Account shall
be registered in the name of the Securities Intermediary, indorsed to the Securities Intermediary or in blank or credited to another securities account maintained in the name of the Securities Intermediary and in no case will any Financial Asset
credited to any Trustee Account be registered in the name of the Master Issuer, payable to the Master Issuer or specially indorsed to the Master Issuer; 

(iv) all property delivered to the Securities Intermediary pursuant to this Base Indenture will be promptly credited to the
appropriate Trustee Account; 
 (v) each item of property (whether investment property, security, instrument or cash)
credited to a Trustee Account shall be treated as a Financial Asset under Article 8 of the New York UCC; 

  
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 (vi) if at any time the Securities Intermediary shall receive any entitlement
order from the Trustee (including those directing transfer or redemption of any Financial Asset) relating to the Trustee Accounts, the Securities Intermediary shall comply with such entitlement order without further consent by the Master Issuer or
any other Person; 
 (vii) the Trustee Accounts shall be governed by the laws of the State of New York, regardless of any
provision of any other agreement. For purposes of all applicable UCCs, New York shall be deemed to be the Securities Intermediary’s jurisdiction and the Trustee Accounts (as well as the “securities entitlements” (as defined in
Section 8-102(a)(17) of the New York UCC) related thereto) shall be governed by the laws of the State of New York; 

(viii) the Securities Intermediary has not entered into, and until termination of this Base Indenture, will not enter into, any
agreement with any other Person relating to the Trustee Accounts and/or any Financial Assets credited thereto pursuant to which it has agreed to comply with entitlement orders (as defined in Section 8-102(a)(8) of the New York UCC) of such
other Person and the Securities Intermediary has not entered into, and until the termination of this Base Indenture will not enter into, any agreement with the Master Issuer purporting to limit or condition the obligation of the Securities
Intermediary to comply with entitlement orders as set forth in Section 5.8(b)(vi); and 
 (ix) except for the
claims and interest of the Trustee, the Secured Parties, the Master Issuer and the other Securitization Entities in the Trustee Accounts, neither the Securities Intermediary nor, in the case of the Trustee, any Trust Officer knows of any claim to,
or interest, in the Trustee Accounts or in any Financial Asset credited thereto. If the Securities Intermediary or, in the case of the Trustee, a Trust Officer has actual knowledge of the assertion by any other person of any Lien, encumbrance, or
adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against any Trustee Account or in any Financial Asset carried therein, the Securities Intermediary will promptly notify the Trustee, the
Servicer, the Manager, the Back-Up Manager and the Master Issuer thereof. 
 (c) At any time after the occurrence and during the
continuation of an Event of Default, the Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Trustee Accounts and in all Proceeds thereof, and (acting at the direction of the Controlling Class
Representative) shall be the only Person authorized to originate entitlement orders in respect of the Trustee Accounts; provided, however, that at all other times the Master Issuer shall, subject to the terms of the Indenture and the
other Related Documents, be authorized to instruct the Trustee to originate entitlement orders in respect of the Trustee Accounts. 

Section 5.9 Establishment of Series Accounts; Legacy Accounts. 

(a) Establishment of Series Accounts. To the extent specified in the Series Supplement with respect to any Series of Notes, the Trustee
may establish and maintain one or more Series Accounts and/or administrative accounts of any such Series Account in accordance with the terms of such Series Supplement. 

  
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 (b) Legacy Accounts. In the case of any mandatory or optional redemption in full of any
Class or Series of Notes issued pursuant to this Base Indenture, on the Notes Discharge Date with respect to such Class or Series of Notes, the Master Issuer may (but is not required to) elect to have all or any portion of the funds held in any
Legacy Account with respect to such Class or Series of Notes transferred to the applicable distribution account for such Class or Series of Notes, for application toward the prepayment of such Class or Series of Notes. If the Master Issuer does not
elect to have such funds so transferred, or if the Master Issuer elects to have only a portion of such funds so transferred, any funds remaining in the applicable Legacy Account after the applicable Notes Discharge Date shall be deposited into the
Collection Account for application in accordance with the Priority of Payments. When the balance of any Legacy Account has been reduced to zero, the Trustee may close such account. The Trustee shall make the distributions and transfers and shall
close any accounts as contemplated by this Section 5.9 pursuant to instructions delivered by the Master Issuer to the Trustee. 

Section 5.10 Collections and Investment Income. 

(a) Deposits to the Concentration Accounts. Until the Indenture is terminated pursuant to Section 12.1, the Master Issuer,
the U.K. Franchisor or any other applicable Securitization Entity, as the case may be, shall deposit (or cause to be deposited) the following amounts to the applicable Concentration Account to the extent owed to it or (in the case of the Master
Issuer) its Subsidiaries and promptly after receipt (unless otherwise specified below): 
 (i) all Franchisee Payments and
Business Development Transaction Receipts received from Franchisees shall be deposited directly to the applicable Concentration Account (or, in the case of any misdirected payments, will deposit such amounts to the applicable Concentration Account
as soon as practicable, and in any event within three (3) Business Days of receipt (unless such deposit requires an international funds transfer, in which case such funds must be deposited to the applicable Concentration Account within five
(5) Business Days of receipt); provided that misdirected Franchisee Lease Payments shall be deposited in the U.S. Concentration Account as soon as practicable, and in any event within five (5) Business days; 

(ii) as soon as practicable, and in any event within three (3) Business Days of receipt (unless such deposit requires an
international funds transfer, in which case such funds must be deposited to the applicable Concentration Account within five (5) Business Days of receipt), all amounts received under the IP License Agreements and all other license fees and
other amounts received in respect of the Securitization IP, including recoveries from the enforcement of the Securitization IP; 

(iii) as soon as practicable, and in any event within three (3) Business Days of receipt, equity contributions, if any,
made (directly or indirectly) by any Non-Securitization Entity to the Master Issuer Parent and by the Master Issuer Parent to the Master Issuer to the extent such equity contributions are directed to be made to a Concentration Account; and 

  
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 (iv) as soon as practicable, and in any event within five (5) Business Days
of receipt, all other amounts constituting Collections not referred to in the preceding clauses other than Indemnification Amounts, Insurance/Condemnation Proceeds, Asset Disposition Proceeds and other amounts required to be deposited directly to
other Management Accounts or to the Collection Account. 
 (b) Withdrawals from the Concentration Accounts. The Manager or the
applicable Sub-Manager, as the case may be, may (and in the case of sub-clauses (iii) through (vi) below, shall) withdraw available amounts on deposit in any Concentration Account to make the following payments and deposits:

 (i) on a daily basis, as necessary, to the extent of amounts deposited to any Concentration Account that the Manager
determines were required to be deposited to another account or were deposited to such Concentration Account in error; 
 (ii)
on a daily basis, as necessary, to pay or distribute, as applicable, any Excluded Amounts or repay Product Sourcing Advances; 

(iii) as soon as practicable, and in any event within five (5) Business Days of receipt, to transfer any Advertising Fees
deposited in any Concentration Account to the appropriate Advertising Fund Account; 
 (iv) as and when required to transfer
amounts in respect of Franchisee Lease Payments deposited into the U.S. Concentration Account to the Real Estate Obligations Account; 

(v) within three (3) Business Days of receipt in the applicable Concentration Account, to transfer Business Development
Transaction Receipts deposited in any Concentration Account to an account maintained by the Manager or the applicable Sub-Manager to fund, or to reimburse itself for, any current or future Business Development Transaction Expenses; 

(vi) on a weekly basis at or prior to 10:00 a.m. (New York City time) on each Weekly Allocation Date, all Retained Collections
with respect to the preceding Weekly Collection Period then on deposit in any of the Concentration Accounts to the Collection Account (which for the avoidance of doubt, will include any Investment Income with respect thereto) for application to make
payments and deposits in the order of priority set forth in the Priority of Payments; provided that, notwithstanding the foregoing, the U.K. Sub-Manager and any other Sub-Manager with a responsibility for managing any Securitization
Entity’s Product Sourcing Arrangements shall be entitled on each Weekly Allocation Date to deduct from the amount of such Retained Collections that would otherwise be required to be transferred from the U.K. Concentration Account or other
relevant Concentration Account to the Collection Account an aggregate amount, not to exceed on any Weekly Allocation Date for all such Concentration Accounts the greater of (i) $1,000,000 and (ii) 15.0% of the aggregate Collections
attributable to the Product Sourcing Arrangements to which the Securitization Entities are party over the four (4) immediately preceding Quarterly Collection Periods, reasonably anticipated by 

  
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the U.K. Sub-Manager or other applicable Sub-Manager to be required to pay Product Sourcing Obligations within the next month (which amount shall be retained in the U.K. Concentration Account or
other relevant Concentration Account pending application to pay Product Sourcing Obligations or, at the election of the U.K. Sub-Manager or other applicable Sub-Manager, transferred to the Collection Account on a future date). 

(vii) Deposits to the Real Estate Obligations Account. Until the Indenture is terminated pursuant to
Section 12.1, the Master Issuer shall cause all Franchisee Lease Payments deposited into the U.S. Concentration Account to be deposited to the Real Estate Obligations Account on or before the fifth (5th) Business Day following the
last day of each Weekly Collection Period. In addition, the Master Issuer shall cause any amounts repaid from any tax escrow account held by a third-party landlord to be deposited into the Real Estate Obligations Account as soon as practicable, and
in any event within five (5) Business Days, following receipt by the applicable Securitization Entity. 
 (c) Withdrawals from the
Real Estate Obligations Account. The Real Estate Holders (or the Manager on their behalf) may (and in the case of sub-clause (iii) below, shall) withdraw available amounts on deposit in any Real Estate Obligations Account in order to
make the following payments and deposits (or to transfer funds to a disbursement account to make such payments): 
 (i) on a
daily basis, as necessary, to the extent of amounts deposited to the Real Estate Obligations Account that the Manager determines were required to be deposited to another account or were deposited to the Real Estate Obligations Account in error; 

(ii) on a daily basis, as necessary, to pay Real Estate Obligations, repay Real Estate Holder Advances or make payments of
refunds, credits or other amounts owing to Franchisees; and 
 (iii) on a weekly basis at or prior to 10:00 a.m. (New
York City time) on each Weekly Allocation Date, the Net Real Estate Holder Lease Payments with respect to the preceding Weekly Collection Period from the Real Estate Obligations Account to the Collection Account; provided that,
notwithstanding the foregoing, the Master Issuer shall be entitled on each Weekly Allocation Date to deduct from the amount of such Net Real Estate Holder Lease Payments that would otherwise be required to be transferred from the Real Estate
Obligations Account to the Collection Account an amount, not to exceed on any Weekly Allocation Date the greater of (i) $7,000,000 and (ii) 17% of the aggregate Collections attributable to Franchisee Lease Payments over the four
(4) immediately preceding Quarterly Collection Periods, reasonably anticipated by the Manager to be required to pay Real Estate Obligations within the next month (which amount shall be retained in the Real Estate Obligations Account pending
application to pay Real Estate Obligations or, at the election of the Manager, transferred to the Collection Account on a future date). 

  
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 (d) Deposits and Withdrawals from the Asset Disposition Proceeds Account. If any
Securitization Entity disposes of property pursuant to a Permitted Asset Disposition, any Asset Disposition Proceeds therefrom shall be deposited promptly following receipt thereof to the Asset Disposition Proceeds Account. At the election of such
Securitization Entity, the Securitization Entities may direct the reinvestment of such Asset Disposition Proceeds in Eligible Assets within one (1) calendar year following receipt of such Asset Disposition Proceeds (or, in the case of a
Baskin-Robbins Asset Disposition, within one year following the date of the Baskin-Robbins Asset Disposition); provided that after the occurrence and during the continuance of any Rapid Amortization Period, (A) all amounts withdrawn from
the Asset Disposition Proceeds Account shall be withdrawn substantially in accordance with a Monthly Fiscal Period budget submitted to, and approved by, the Control Party (in consultation with the Back-Up Manager) prior to such withdrawal and
(B) withdrawals of any amounts from the Asset Disposition Proceeds Account in excess in any material respect of amounts set forth in the Monthly Fiscal Period budget will be subject to (i) the delivery by the Manager to the Control Party
and Back-Up Manager of an explanation in reasonable detail for the variance together with related information and (ii) the prior approval of the Control Party (in consultation with the Back-Up Manager). To the extent such Asset Disposition
Proceeds have not been so reinvested in Eligible Assets within such one (1) year period (each such period, an “Asset Disposition Reinvestment Period”), the Master Issuer (or the Manager on its behalf) shall withdraw an amount
equal to all such unreinvested Asset Disposition Proceeds no later than the Business Day immediately succeeding the expiration of the applicable Asset Disposition Reinvestment Period and deposit such amount to the Collection Account to be applied in
accordance with priority (i) of the Priority of Payments on the Weekly Allocation Date immediately following the deposit of such Asset Disposition Proceeds to the Collection Account. In the event that such Securitization Entity has
elected not to reinvest such Asset Disposition Proceeds, such Asset Disposition Proceeds shall be deposited to the Collection Account promptly following such decision and applied in accordance with priority (i) of the Priority of
Payments on the following Weekly Allocation Date. In connection with any prepayments made from Asset Disposition Proceeds, the Master Issuer will be obligated to pay a Series 2015-1 Class A-2 Make-Whole Prepayment Premium to the Noteholders, to
the extent such prepayment premium is otherwise payable with respect thereto. 
 (e) Deposits and Withdrawals from the Insurance Proceeds
Account. All Insurance/Condemnation Proceeds received by or on behalf of any Securitization Entity in respect of the Collateral shall be promptly deposited to the Insurance Proceeds Account: provided that no such deposit shall be required
to be made to the extent that (a) for any fiscal year, the aggregate amount of all Insurance/Condemnation Proceeds received by or on behalf of the Securitization Entities during such fiscal year is less than or equal to the
Insurance/Condemnation Proceeds Threshold Amount or (b) if the aggregate amount of all Insurance/Condemnation Proceeds received by or on behalf of the Securitization Entities during such fiscal year exceeds the Insurance/Condemnation Proceeds
Threshold Amount, the amount of Insurance/Condemnation Proceeds with respect to a particular casualty or condemnation event is less than or equal to $1,000; provided, further, that any Insurance/Condemnation Proceeds not required to be
deposited to the Insurance Proceeds Account in accordance with the above shall be treated as Collections. At the election of any Securitization Entity (as notified by the Manager to the Trustee, the Servicer and the Back-Up Manager promptly after
receipt of the Insurance/Condemnation Proceeds) and so long as no Rapid Amortization Event shall have 

  
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occurred and be continuing, the Securitization Entities may reinvest any Insurance/Condemnation Proceeds deposited to the Insurance Proceeds Account in Eligible Assets within one calendar year
following receipt of such Insurance/Condemnation Proceeds; provided that in the event the Manager has applied funds in an amount equal to the amount of such Insurance/Condemnation Proceeds to invest in Eligible Assets prior to the receipt of
such Insurance/Condemnation Proceeds, such Insurance/Condemnation Proceeds shall be used to reimburse the Manager for such expenditure. To the extent such Insurance/Condemnation Proceeds have not been so reinvested within such one-year period (each
such period, a “Casualty Reinvestment Period”), the Master Issuer (or the Manager on its behalf) shall withdraw an amount equal to all such unreinvested Insurance/Condemnation Proceeds no later than the Business Day immediately
succeeding the expiration of the applicable Casualty Reinvestment Period and deposit such amounts to the Collection Account to be applied in accordance with priority (i) of the Priority of Payments on the following Weekly Allocation Date. In
the event that any Securitization Entity elects to not reinvest any Insurance/Condemnation Proceeds that would otherwise be required to be deposited to the Insurance Proceeds Account, such Insurance/Condemnation Proceeds shall instead be deposited
to the Collection Account promptly following such decision to pay principal of each Series of Notes Outstanding in accordance with priority (i) of the Priority of Payments on the following Weekly Allocation Date. In connection with any
prepayments made from Insurance/Condemnation Proceeds, the Master Issuer will not be obligated to pay any Series 2015-1 Class A-2 Make-Whole Prepayment Premium to any Noteholder. 

(f) Deposits to the Collection Account. The Manager will deposit or cause to be deposited to the Collection Account the following
amounts, in each case promptly after receipt (unless otherwise specified below): 
 (i) the amounts required to be withdrawn
from the Real Estate Obligations Accounts and deposited to the Collection Account pursuant to and in accordance with Section 5.10(c)(iii); 

(ii) Indemnification Amounts within two (2) Business Days following either (A) the receipt by the Manager of such
amounts if DBI is not the Manager or (B) if DBI is the Manager, the date such amounts become payable by the related Indemnitor under the Management Agreement or any other Related Document, in each case if such Indemnification Amounts are
required to be so paid; 
 (iii) Insurance/Condemnation Proceeds remaining in the Insurance Proceeds Account on the
immediately succeeding Business Day following the expiration of the Casualty Reinvestment Period and Insurance/Condemnation Proceeds where the applicable Securitization Entity elects not to reinvest such amounts promptly upon the later of such
election and receipt of such Insurance/Condemnation Proceeds; 
 (iv) Asset Disposition Proceeds remaining in the Asset
Disposition Proceeds Account on the immediately succeeding Business Day following the expiration of the Asset Disposition Reinvestment Period and Asset Disposition Proceeds where the applicable Securitization Entity elects not to reinvest such
amounts promptly upon the later of such election and receipt of such Asset Disposition Proceeds; 

  
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 (v) the Series Hedge Receipts, if any, received by the Securitization Entities in
respect of any Series Hedge Agreements entered into by the Securitization Entities in connection with the issuance of Additional Notes following the Closing Date upon receipt thereof; 

(vi) within three (3) weeks after the end of each Monthly Fiscal Period, Business Development Transaction Net Gain with
respect to such Monthly Fiscal Period; 
 (vii) all amounts withdrawn from the Senior Notes Interest Reserve Account or the
Senior Subordinated Notes Interest Reserve Account, as applicable, upon the occurrence of an Interest Reserve Release Event shall be deposited directly to the Collection Account; and 

(viii) any other amounts required to be deposited to the Collection Account hereunder or under any other Related Documents.

 The Trustee will deposit or cause to be deposited into the Collection Account amounts obtained by the Trustee on account of or as a
result of the exercise by the Trustee of any of its rights under the Indenture, including without limitation under Article IX hereof. 

(g) Investment Income. On a weekly basis at or prior to 10:00 a.m. (New York City time) on each Weekly Allocation Date, the Master
Issuer (or the Manager on its behalf) shall instruct the Trustee in writing to transfer any Investment Income on deposit in the Indenture Trust Accounts (other than the Collection Account) to the Collection Account for application as Collections on
that Weekly Allocation Date. 
 (h) Payment Instructions. In accordance with and subject to the terms of the Management Agreement,
the Master Issuer shall cause the Manager to instruct (i) each Franchisee obligated at any time to make any Franchisee Payments, Franchisee Lease Payments or Franchisee Note Payments to make such payment to a Concentration Account and
(ii) any other Person (not an Affiliate of the Master Issuer) obligated at any time to make any payments with respect to the Collateral, including, without limitation, the Securitization IP, to make such payment to a Concentration Account or
the Collection Account, as determined by the Master Issuer or the Manager. 
 (i) Misdirected Collections. The Master Issuer agrees
that if any Collections shall be received by the Master Issuer or any other Securitization Entity in an account other than an Account or in any other manner, such monies, instruments, cash and other proceeds will not be commingled by the Master
Issuer or such other Securitization Entity with any of their other funds or property, if any, but will be held separate and apart therefrom and shall be held in trust by the Master Issuer or such other Securitization Entity for, and, within one
(1) Business Day of the identification of such payment, paid over to, the Trustee, with any necessary endorsement. The Trustee shall withdraw from the Collection Account any monies on deposit therein that the Manager certifies to it and the
Servicer are not Retained Collections and pay such amounts to or at the direction of the Manager. All monies, instruments, cash and other proceeds of the Collateral received by the Trustee pursuant to the Indenture shall be immediately deposited in
the Collection Account and shall be applied as provided in this Article V. 

  
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 Section 5.11 Application of Weekly Collections on Weekly Allocation Dates. On each
Weekly Allocation Date (unless the Manager shall have failed to deliver by 4:30 p.m. (New York City time) on the day prior to such Weekly Allocation Date the Weekly Manager’s Certificate relating to such Weekly Allocation Date, in which
case the application of Retained Collections relating to such Weekly Allocation Date shall occur on the Business Day immediately following the day on which such Weekly Manager’s Certificate is delivered), the Trustee shall, based solely on the
information contained in the Weekly Manager’s Certificate, withdraw the amount on deposit in the Collection Account as of 10:00 a.m. (New York City time) in respect of such preceding Weekly Collection Period for allocation or payment in
the following order of priority: 
 (i) first, solely with respect to any funds on deposit in the Collection Account
on such Weekly Allocation Date consisting of Indemnification, Asset Disposition or Insurance/Condemnation Payment Amounts, in the following order of priority: 

(A) to reimburse the Trustee, and then, the Servicer, for any unreimbursed Advances (and accrued interest thereon at the Advance Interest
Rate), then 
 (B) to reimburse the Manager for any unreimbursed Manager Advances (and accrued interest thereon at the Advance Interest
Rate), then 
 (C) if a Class A-1 Notes Amortization Event is continuing, to make an allocation to the Senior Notes Principal
Payment Account, in the amount necessary to prepay and permanently reduce the commitments under all Class A-1 Notes affected by such Class A-1 Notes Amortization Event on a pro rata basis based on commitment amounts and to cash
collateralize any outstanding letters of credit; then 
 (D) to make an allocation to the Senior Notes Principal Payment Account, in the
amount necessary to prepay the Outstanding Principal Amount of all Senior Notes of all Series other than Class A-1 Notes; then 

(E) provided clause (C) does not apply, to make an allocation to the Senior Notes Principal Payment Account, in the amount
necessary to prepay and permanently reduce the commitments under all Class A-1 Notes of all Series on a pro rata basis based on commitment amounts and to cash collateralize any outstanding letters of credit; then 

(F) to make an allocation to the Senior Subordinated Notes Principal Payment Account, in the amount necessary to prepay the Outstanding
Principal Amount of all Senior Subordinated Notes; and then 
 (G) to make an allocation to the Subordinated Notes Principal Payment Account,
in the amount necessary to prepay the Outstanding Principal Amount of all Subordinated Notes; 

  
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 (ii) second, (A) to reimburse the Trustee, and then, the
Servicer, for any unreimbursed Advances (and accrued interest thereon at the Advance Interest Rate), then (B) to reimburse the Manager for any unreimbursed Manager Advances (and accrued interest thereon at the Advance
Interest Rate), and then (C) to pay the Servicer all Servicing Fees, Liquidation Fees, if any, and Workout Fees, if any, for such Weekly Allocation Date; 

(iii) third, to pay Successor Manager Transition Expenses, if any; 

(iv) fourth, to pay the Weekly Management Fee to the Manager; 

(v) fifth, pro rata, 

(A) to deposit to the Securitization Operating Expense Account, an amount equal to any previously accrued and unpaid Securitization
Operating Expenses together with any Securitization Operating Expenses that are expected to be payable prior to the immediately following Weekly Allocation Date, in an aggregate amount not to exceed the Capped Securitization Operating Expense
Amount with respect to the annual period in which such Weekly Allocation Date occurs after giving effect to all deposits previously made to the Securitization Operating Expense Account in such period, to be distributed pro rata based on
the amount of each type of Securitization Operating Expense payable on such Weekly Allocation Date pursuant to this priority (v), 

(B) so long as an Event of Default has occurred and is continuing, to pay to the Trustee the Post-Default Capped Trustee Expenses
Amount for such Weekly Allocation Date and 
 (C) after a Mortgage Recordation Event, to the Trustee, all Mortgage Recordation Fees;

 (vi) sixth, to deposit to the applicable Indenture Trust Account, ratably according to the amounts required to be
deposited as set forth in subclauses (A) through (C) below, the following amounts until the amount required to be deposited pursuant to each of subclauses (A) through (C) below is deposited in full:

 (A) to allocate to the Senior Notes Interest Payment Account for each Series of Senior Notes, pro rata by amount due
within each Series, an amount equal to the Senior Notes Accrued Quarterly Interest Amount; 
 (B) to allocate to the
Class A-1 Notes Commitment Fees Account, the Class A-1 Notes Accrued Quarterly Commitment Fee Amount and 
 (C) to
allocate to the Hedge Payment Account, the amount of the accrued and unpaid Series Hedge Payment Amount, if any, payable on or before the next Quarterly Payment Date to a Hedge Counterparty, if any; provided, that the deposit to the
Hedge Payment Account pursuant to this subclause (C) will exclude any termination payment payable to a Hedge Counterparty, if any; 

  
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 (vii) seventh, to pay to each Class A-1 Administrative Agent pursuant
to the related Variable Funding Note Purchase Agreement for payment of the Capped Class A-1 Notes Administrative Expenses Amount due under such Variable Funding Note Purchase Agreement for such Weekly Allocation Date
pro rata, based on the amounts owed under each such Variable Funding Note Purchase Agreement on such Weekly Allocation Date; 

(viii) eighth, to allocate to the Senior Subordinated Notes Interest Payment Account, an amount equal to the Senior
Subordinated Notes Accrued Quarterly Interest Amount, if any, in respect of the Senior Subordinated Notes; 
 (ix)
ninth, first, to deposit in the Senior Notes Interest Reserve Account, an amount equal to any Senior Notes Interest Reserve Account Deficiency Amount; and second, to deposit in the Senior Subordinated Notes Interest Reserve Account, an
amount equal to any Senior Subordinated Notes Interest Reserve Account Deficiency Amount; provided, however, that no amounts, with respect to any Series of Notes, will be deposited into the Senior Notes Interest Reserve Account
or the Senior Subordinated Notes Interest Reserve Account, as applicable, pursuant to this priority (ix) on any Weekly Allocation Date that occurs during the Quarterly Collection Period immediately preceding the Series Legal Final
Maturity Date relating to such Series of Notes; 
 (x) tenth, to allocate to the Senior Notes Principal Payment
Account an amount equal to the sum of (1) any Senior Notes Accrued Quarterly Scheduled Principal Amount, (2) any Senior Notes Quarterly Scheduled Principal Deficiency Amount; provided, that, unless the Master Issuer
(or the Manager on its behalf) otherwise elects, no Senior Notes Accrued Quarterly Scheduled Principal Amount will be allocated on any Weekly Allocation Date if the related Series Non-Amortization Test, if any, is met as of such Quarterly Payment
Date and (3) amounts that will become due under each Variable Funding Note Purchase Agreement prior to the immediately succeeding Quarterly Payment Date with respect to the cash collateralization of letters of credit issued under each Variable
Funding Note Purchase Agreement; 
 (xi) eleventh, to pay any Supplemental Management Fee, together with any
previously accrued and unpaid Supplemental Management Fee; 
 (xii) twelfth, so long as no Rapid Amortization Event
has occurred and is continuing, if a Class A-1 Notes Amortization Event has occurred and is continuing, 100% of the amounts remaining on deposit in the Collection Account to the Senior Notes Principal Payment Account to allocate
to the Class A-1 Notes until the Outstanding Principal Amount of the Class A-1 Notes will be reduced to zero and all outstanding letters of credit will be cash-collateralized on the next Quarterly Payment Date after giving effect to
all deposits in the Senior Notes Principal Payment Account allocable to the Class A-1 Notes; 

  
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 (xiii) thirteenth, so long as no Rapid Amortization Event has occurred and
is continuing, and such Weekly Allocation Date occurs during a Cash Trapping Period, to deposit into the Cash Trap Reserve Account an amount equal to the Cash Trapping Amount, if any, on such Weekly Allocation Date; 

(xiv) fourteenth, if a Rapid Amortization Event has occurred and is continuing, to allocate first, 100% of the
amounts remaining on deposit in the Collection Account to the Senior Notes Principal Payment Account to the Class A Notes (sequentially, in alphanumerical order of Class A Notes) until the Outstanding Principal Amount of the
Class A Notes will be reduced to zero and all outstanding letters of credit will be cash-collateralized on the next Quarterly Payment Date after giving effect to all deposits in the Senior Notes Principal Payment Account, and second,
100% of the amounts remaining on deposit in the Collection Account to the Senior Subordinated Notes Principal Payment Account, to the Senior Subordinated Notes, (sequentially, in alphanumerical order of the Senior Subordinated Notes) until
the Outstanding Principal Amount of the Senior Subordinated Notes will be reduced to zero on the next Quarterly Payment Date after giving effect to all deposits in the Senior Subordinated Notes Principal Payment Account; 

(xv) fifteenth, so long as no Rapid Amortization Event has occurred and is continuing, to allocate to the Senior
Subordinated Notes Principal Payment Account, an amount equal to the sum of (1) the Senior Subordinated Notes Accrued Quarterly Scheduled Principal Amount, if any, and (2) the Senior Subordinated Notes Quarterly Scheduled
Principal Deficiency Amount, if any; 
 (xvi) sixteenth, to deposit to the Securitization Operating Expense
Account an amount equal to any accrued and unpaid Securitization Operating Expenses (together with any Securitization Operating Expenses that are expected to be payable prior to the immediately following Weekly Allocation Date) in excess of the
Capped Securitization Operating Expense Amount after giving effect to clause (v) above; 
 (xvii)
seventeenth, to each Class A-1 Administrative Agent pursuant to the related Variable Funding Note Purchase Agreement for payment of the Excess Class A-1 Notes Administrative Expenses Amounts due under each Variable Funding
Note Purchase Agreement for such Weekly Allocation Date pro rata based on amounts due under each such Variable Funding Note Purchase Agreement on such Weekly Allocation Date; 

(xviii) eighteenth, to each Class A-1 Administrative Agent pursuant to the related Variable Funding Note Purchase
Agreement for payment of the Class A-1 Notes Other Amounts due under such Variable Funding Note Purchase Agreement for such Weekly Allocation Date pro rata based on amounts due under each such Variable Funding Note Purchase
Agreement; 
 (xix) nineteenth, to allocate to the Subordinated Notes Interest Payment Account, an amount equal to the
Subordinated Notes Accrued Quarterly Interest Amount, if any, in respect of the Subordinated Notes; 

  
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 (xx) twentieth, so long as no Rapid Amortization Event has occurred and is
continuing, to allocate to the Subordinated Notes Principal Payment Account, (1) an amount equal to the Subordinated Notes Accrued Quarterly Scheduled Principal Amount, if any, and then (2) an amount equal to the Subordinated
Notes Quarterly Scheduled Principal Deficiency Amount, if any; 
 (xxi) twenty-first, if a Rapid Amortization
Event has occurred and is continuing, to allocate 100% of the amounts remaining on deposit in the Collection Account to the Subordinated Notes Principal Payment Account, to the Subordinated Notes, (sequentially, in alphanumerical order of the
Subordinated Notes) until the Outstanding Principal Amount of the Subordinated Notes will be reduced to zero on the next Quarterly Payment Date after giving effect to all deposits in the Subordinated Notes Principal Payment Account; 

(xxii) twenty-second, to allocate to the Senior Notes Post-ARD Contingent Interest Account, any Senior Notes Accrued
Quarterly Post-ARD Contingent Interest Amount for such Weekly Allocation Date; 
 (xxiii) twenty-third, to
allocate to the Senior Subordinated Notes Post-ARD Contingent Interest Account, any Senior Subordinated Notes Accrued Quarterly Post-ARD Contingent Interest Amount, for such Weekly Allocation Date; 

(xxiv) twenty- fourth, to allocate to the Subordinated Notes Post-ARD Contingent Interest Account, any Subordinated
Notes Accrued Quarterly Post-ARD Contingent Interest Amount, for such Weekly Allocation Date; 
 (xxv) twenty-
fifth, pro rata, (A) to deposit to the Hedge Payment Account, (x) any accrued and unpaid Series Hedge Payment Amount that constitutes a termination payment payable to a Hedge Counterparty; and (y) any other amount
payable to a Hedge Counterparty, pursuant to the related Series Hedge Agreement, in each case pro rata to each Hedge Counterparty, if any, according to the amount due and payable to each of them and (B) to pay to each Cash
Management Bank, any Cash Management Obligations then due and payable to such Cash Management Bank; 
 (xxvi)
twenty-sixth, to allocate to the Senior Notes Principal Payment Account an amount equal to any unpaid premiums and make-whole prepayment premiums with respect to Senior Notes; 

(xxvii) twenty-seventh, to allocate to the Senior Subordinated Notes Principal Payment Account, an amount equal to any
unpaid premiums and make-whole prepayment premiums with respect to Senior Subordinated Notes; 
 (xxviii)
twenty-eighth, to allocate to the Subordinated Notes Principal Payment Account, an amount equal to any unpaid premiums and make-whole prepayment premiums with respect to Subordinated Notes; and 

(xxix) twenty-ninth, to pay the Residual Amount at the direction of the Master Issuer. 

  
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 Section 5.12 Quarterly Payment Date Applications. 

(a) Senior Notes Interest Payment Account. On each Quarterly Calculation Date, the Master Issuer (or the Manager on its behalf) shall
instruct the Trustee in writing on the following Quarterly Payment Date, after giving effect to any allocations set forth in the Priority of Payments on such date: 

(i) to withdraw the funds allocated to the Senior Notes Interest Payment Account on each Weekly Allocation Date with respect to the
immediately preceding Quarterly Collection Period (or, to the extent necessary to cover any Class A-1 Interest Adjustment Amount, the then-current Quarterly Collection Period) to be paid to the Senior Notes, up to the accrued and unpaid amount
of Senior Notes Quarterly Interest Amount, sequentially in order of alphanumerical designation and pro rata among each Class of Senior Notes of the same alphanumerical designation based upon the amount of the Senior Notes Quarterly
Interest Amount payable with respect to each such Class, and deposit such funds into the applicable Series Distribution Accounts, and 

(ii) if the amount of funds allocated to the Senior Notes Interest Payment Account referred to in sub-clause (i) is less than
the accrued and unpaid Senior Notes Quarterly Interest Amount for the Interest Accrual Period with respect to each Class of Senior Notes ending most recently prior to such Quarterly Payment Date, to withdraw an amount equal to such insufficiency (a
“Senior Interest Allocation Shortfall”) (to the extent of funds available and pro rata with any Commitment Fees Allocation Shortfall and any Hedge Payment Allocation Shortfall), from first, the Subordinated Notes
Post-ARD Contingent Interest Account, second, the Senior Subordinated Notes Post-ARD Contingent Interest Account, third, the Senior Notes Post-ARD Contingent Interest Account, fourth, the Subordinated Notes Principal Payment
Account, fifth, the Subordinated Notes Interest Payment Account, sixth, the Senior Subordinated Notes Principal Payment Account, seventh, the Cash Trap Reserve Account and eighth, the Senior Notes Principal Payment
Account, to be paid to the Senior Notes, up to the accrued and unpaid Senior Notes Quarterly Interest Amount, sequentially in order of alphanumerical designation and pro rata among each Class of Senior Notes of the same alphanumerical
designation based upon the amount of the Senior Notes Quarterly Interest Amount payable on each such Class, and deposit such funds into the Senior Notes Interest Payment Account for further deposit to the applicable Series Distribution Accounts. On
each Quarterly Payment Date, after the application of funds under the Priority of Payments, the funds on deposit in the Senior Notes Interest Reserve Account (or, if the funds on deposit in the Senior Notes Interest Reserve Account are insufficient
for such purpose, funds available to be drawn under any Interest Reserve Letter of Credit relating to the Senior Notes) shall be applied by the Trustee at the written instruction of the Manager (acting on behalf of the Master Issuer) to pay,
pro rata, any accrued and unpaid Senior Notes Quarterly Interest Amount on the Senior Notes Outstanding and any accrued and unpaid Class A-1 Quarterly Commitment Fee Amount to the extent that amounts deposited into the applicable
Series Distribution Accounts in accordance with the prior sentence are insufficient for such purposes. 

  
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 (b) Senior Notes Quarterly Interest Shortfall Amount. On each Quarterly Calculation Date,
the Master Issuer (or the Manager on its behalf) shall determine the excess, if any, (the “Senior Notes Quarterly Interest Shortfall Amount”), of (i) the accrued and unpaid Senior Notes Quarterly Interest Amount for the
Interest Accrual Period with respect to each Class of Senior Notes ending most recently prior to the next succeeding Quarterly Payment Date over (ii) the amount that will be available to make payments of interest on the Senior Notes in
accordance with Section 5.12(a) on such Quarterly Payment Date. 
 (c) Debt Service Advances. If the Senior Notes
Quarterly Interest Shortfall Amount as determined on any Quarterly Calculation Date pursuant to Section 5.12(b) is greater than zero, in accordance with the terms and conditions of the Servicing Agreement, by 3:00 p.m. (New York
City time) on the Business Day preceding such Quarterly Payment Date, the Servicer shall make a Debt Service Advance in such amount unless the Servicer notifies the Master Issuer, the Manager, the Back-Up Manager and the Trustee by such time that it
has, reasonably and in good faith, determined such Debt Service Advance (and interest thereon) is a Nonrecoverable Advance. If the Servicer fails to make such Debt Service Advance (unless the Servicer has, reasonably and in good faith, determined
that such Debt Service Advance (and interest thereon) would be a Nonrecoverable Advance), pursuant to Section 10.1(l), the Trustee shall make the Debt Service Advance unless it determines that such Debt Service Advance (and interest
thereon) is a Nonrecoverable Advance. In determining whether any Debt Service Advance (and interest thereon) is a Nonrecoverable Advance, the Trustee may conclusively rely on the determination of the Servicer. All Debt Service Advances shall be
deposited into the Senior Notes Interest Payment Account. If, after giving effect to all Debt Service Advances made with respect to any Quarterly Payment Date, the Senior Notes Quarterly Interest Shortfall Amount with respect to such Quarterly
Payment Date remains greater than zero, the payment of the Senior Notes Quarterly Interest as reduced by such Senior Notes Quarterly Interest Shortfall Amount to be distributed on such Quarterly Payment Date to the Senior Notes shall be paid to the
Senior Notes, sequentially in order of alphanumerical designation and pro rata among each Class of Senior Notes of the same alphanumerical designation based upon the amount of the Senior Notes Quarterly Interest Amount payable with
respect to each such Class; provided that such reduction shall not be deemed to be a waiver of any default caused by the existence of such Senior Notes Quarterly Interest Shortfall Amount. An additional amount of interest (“Additional
Senior Notes Interest Shortfall Interest”) shall accrue on the Senior Notes Quarterly Interest Shortfall Amount for each subsequent Interest Accrual Period at the applicable Note Rate until the Senior Notes Quarterly Interest Shortfall
Amount is paid in full. 
 (d) Class A-1 Notes Commitment Fees Account. On each Quarterly Calculation Date, the Master Issuer
(or the Manager on its behalf) shall instruct the Trustee in writing on the following Quarterly Payment Date, after giving effect to any allocations set forth in the Priority of Payments on such date: 

(i) to withdraw the funds allocated to the Class A-1 Notes Commitment Fees Account on each Weekly Allocation Date with respect to the
immediately preceding Quarterly Collection Period (or, to the extent necessary to cover any 

  
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Class A-1 Commitment Fee Adjustment Amount, the then-current Quarterly Collection Period) to be paid to the applicable Class A-1 Notes, up to the Class A-1 Quarterly Commitment Fee
Amount accrued and unpaid with respect to the applicable Class A-1 Notes, pro rata among each Series of Class A-1 Notes based upon the Class A-1 Quarterly Commitment Fee Amount payable with respect to each such Series, and
deposit such funds into the applicable Series Distribution Account and 
 (ii) if the amount of funds allocated to the Class A-1
Notes Commitment Fees Account referred to in sub-clause (i) with respect to the immediately preceding Quarterly Collection Period is less than the accrued and unpaid Class A-1 Quarterly Commitment Fee Amount for the Interest Accrual
Period ending most recently prior to such Quarterly Payment Date, to withdraw an amount equal to such insufficiency (a “Commitment Fees Allocation Shortfall”) (to the extent of funds available and pro rata with any
Senior Interest Allocation Shortfall and any Hedge Payment Allocation Shortfall) from first, the Subordinated Notes Post-ARD Contingent Interest Account, second, the Senior Subordinated Notes Post-ARD Contingent Interest Account,
third, the Senior Notes Post-ARD Contingent Interest Account, fourth, the Subordinated Notes Principal Payment Account, fifth, the Subordinated Notes Interest Payment Account, sixth, the Senior Subordinated Notes
Principal Payment Account, seventh, the Cash Trap Reserve Account and eighth, the Senior Notes Principal Payment Account, to be paid to the Class A-1 Notes, up to the accrued and unpaid Class A-1 Quarterly Commitment Fee
Amounts, pro rata among each Series of Class A-1 Notes based upon the Class A-1 Quarterly Commitment Fee Amounts payable with respect to each such Series, and deposit such funds into the applicable Series Distribution Accounts.
On each Quarterly Payment Date, after the application of funds under the Priority of Payments, the funds on deposit in the Senior Notes Interest Reserve Account (or, if the funds on deposit in the Senior Notes Interest Reserve Account are
insufficient for such purpose, funds available to be drawn under any Interest Reserve Letter of Credit relating to the Senior Notes) shall be applied by the Trustee at the written instruction of the Manager (acting on behalf of the Master Issuer) to
pay, pro rata, any accrued and unpaid Senior Notes Quarterly Interest Amount on the Senior Notes Outstanding and any accrued and unpaid Class A-1 Quarterly Commitment Fee Amounts to the extent that amounts deposited into the
applicable Series Distribution Accounts in accordance with the prior sentence are insufficient for such purposes. 
 (e) Class A-1
Quarterly Commitment Fees Shortfall Amount. On each Quarterly Calculation Date, the Master Issuer (or the Manager on its behalf) shall determine the excess, if any, (the “Class A-1 Quarterly Commitment Fees Shortfall Amount”),
of (i) the accrued and unpaid Class A-1 Quarterly Commitment Fee Amounts for the Interest Accrual Period ending most recently prior to the next succeeding Quarterly Payment Date over (ii) the amount that shall be available to
make payments on the Class A-1 Quarterly Commitment Fee Amount in accordance with Section 5.12(d) on such Quarterly Payment Date. If such Class A-1 Quarterly Commitment Fees Shortfall Amount with respect to any Quarterly
Payment Date is greater than zero, the payment of the accrued and unpaid Class A-1 Quarterly Commitment Fee 

  
 51 

 
Amounts as reduced by such Class A-1 Quarterly Commitment Fees Shortfall Amount to be distributed on such Quarterly Payment Date to the Class A-1 Notes shall be paid to the
Class A-1 Notes, pro rata among each Class of Class A-1 Notes based upon the amount of Class A-1 Quarterly Commitment Fee Amounts payable with respect to each such Class; provided that such reduction shall not be
deemed to be a waiver of any default caused by the existence of such Class A-1 Quarterly Commitment Fees Shortfall Amount. An additional amount of interest (“Additional Class A-1 Commitment Fees Shortfall Interest”) shall
accrue on each such Class A-1 Quarterly Commitment Fees Shortfall Amount for each subsequent Interest Accrual Period at the applicable Note Rate until each such Class A-1 Quarterly Commitment Fees Shortfall Amount is paid in full. 

(f) Senior Subordinated Notes Interest Payment Account. To the extent any Series of Senior Subordinated Notes has been issued, on each
Quarterly Calculation Date, the Master Issuer (or the Manager on its behalf) shall instruct the Trustee in writing on the following Quarterly Payment Date, after giving effect to any allocations set forth in the Priority of Payments on such date:
(i) to withdraw the funds allocated to the Senior Subordinated Notes Interest Payment Account, on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period to be paid to the Senior Subordinated Notes, up
to the accrued and unpaid amount of Senior Subordinated Notes Quarterly Interest Amount, sequentially in order of alphanumerical designation and pro rata among each Class of Senior Subordinated Notes of the same alphanumerical
designation based upon the amount of the Senior Subordinated Notes Quarterly Interest Amount payable with respect to each such Class, and deposit such funds into the applicable Series Distribution Accounts, and (ii) if the amount of funds
allocated to the Senior Subordinated Notes Interest Payment Account referred to in sub-clause (i) is less than the accrued and unpaid Senior Subordinated Notes Quarterly Interest Amount for the Interest Accrual Period with respect to
each Class of Senior Subordinated Notes ending most recently prior to such Quarterly Payment Date, to withdraw an amount equal to such insufficiency (to the extent of funds available, after giving effect to any payments of higher priority to be made
as of such Quarterly Payment Date from any Collection Account Administrative Account and the Cash Trap Reserve Account pursuant to Sections 5.12(a)(ii), 5.12(d)(ii) and Section 5.12(s)) from first, the
Subordinated Notes Post-ARD Contingent Interest Account, second, the Senior Subordinated Notes Post-ARD Contingent Interest Account, third, the Senior Notes Post-ARD Contingent Interest Account, fourth, the Subordinated Notes
Principal Payment Account, fifth, the Subordinated Notes Interest Payment Account, sixth, the Senior Subordinated Notes Principal Payment Account, seventh, the Cash Trap Reserve Account, and eighth, the Senior Notes
Principal Payment Account, to be paid to each Class of Senior Subordinated Notes up to the accrued and unpaid Senior Subordinated Notes Quarterly Interest Amount, sequentially in order of alphanumerical designation and pro rata among
each Class of Senior Subordinated Notes of the same alphanumerical designation based upon the amount of the Senior Subordinated Notes Quarterly Interest Amount payable on each such Class, and deposit such funds into the Senior Subordinated Notes
Interest Payment Account, for further deposit to the applicable Series Distribution Accounts. On each Quarterly Payment Date, the funds on deposit in the Senior Subordinated Notes Interest Reserve Account (or, if the funds on deposit in the Senior
Subordinated Notes Interest Reserve Account are insufficient for such purpose, funds available to be drawn under any Interest Reserve Letter of Credit relating to the Senior Subordinated Notes) shall be applied by the Trustee at the written
instruction of the Manager (acting on behalf of the Master Issuer) to pay, pro rata, any accrued and unpaid Senior 

  
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Subordinated Notes Quarterly Interest Amount on the Senior Subordinated Notes Outstanding to the extent that amounts deposited into the applicable Series Distribution Accounts in accordance with
the prior sentence are insufficient for such purposes. 
 (g) Senior Subordinated Notes Quarterly Interest Shortfall. To the extent
any Series of Senior Subordinated Notes has been issued, on each Quarterly Calculation Date, the Master Issuer (or the Manager on its behalf) shall determine the excess, if any (the “Senior Subordinated Notes Quarterly Interest
Shortfall”), of (i) the accrued and unpaid Senior Subordinated Notes Quarterly Interest Amount for the Interest Accrual Period with respect to each Class of Senior Subordinated Notes ending most recently prior to the next succeeding
Quarterly Payment Date over (ii) the amount that shall be available to make payments of interest on the Senior Subordinated Notes on such Quarterly Payment Date in accordance with Section 5.12(f) above. If the Senior Subordinated
Notes Quarterly Interest Shortfall with respect to any Quarterly Payment Date is greater than zero, payments of Senior Subordinated Notes Quarterly Interest Amounts as reduced by the Senior Subordinated Notes Quarterly Interest Shortfall to be
distributed on such Quarterly Payment Date to the Senior Subordinated Notes shall be paid to the Senior Subordinated Notes, sequentially in order of alphanumerical designation and pro rata among each Class of Senior Subordinated Notes of
the same alphanumerical designation based upon the amount of the Senior Subordinated Notes Quarterly Interest Amount payable with respect to each such Class; provided that such reduction shall not be deemed to be a waiver of any default
caused by the existence of such Senior Subordinated Notes Quarterly Interest Shortfall. An additional amount of interest (“Additional Senior Subordinated Notes Interest Shortfall Interest”) shall accrue on the Senior Subordinated
Notes Quarterly Interest Shortfall for each subsequent Interest Accrual Period at the applicable Note Rate until the Senior Subordinated Notes Quarterly Interest Shortfall is paid in full. 

(h) Senior Notes Principal Payment Account. On each Quarterly Calculation Date, the Master Issuer (or the Manager on its behalf) shall
instruct the Trustee in writing to withdraw on the following Quarterly Payment Date, after giving effect to any allocations set forth in the Priority of Payments on such date: 

(i) the funds allocated to the Senior Notes Principal Payment Account on each Weekly Allocation Date with respect to the
immediately preceding Quarterly Collection Period, to be paid in the following order: (A) to each applicable Class of Senior Notes up to the aggregate amount of Indemnification Amounts, Asset Disposition Proceeds and Insurance/Condemnation
Proceeds in the order of priority set forth in clause (i) of the Priority of Payments and (B) to each applicable Class of Senior Notes in the amounts distributed to the Senior Notes Principal Payment Account pursuant to
clauses (x), (xii), (xiv) and (xxvi) of the Priority of Payments owed to each such Class of Senior Notes (excluding any Principal Release Amounts), in the order of priority set forth in the Priority of
Payments with respect to such clauses (x), (xii), (xiv) and (xxvi) and deposit such funds into the applicable Series Distribution Account. 

(ii) If a Rapid Amortization Event has occurred and is continuing or will occur on the following Quarterly Payment Date, the
Master Issuer (or the Manager on its behalf) shall instruct the Trustee in writing to withdraw on such Quarterly Payment Date, after giving effect to any allocations set forth in the Priority of Payments on such

  
 53 

 
date, the amounts on deposit in the Cash Trap Reserve Account (after giving effect to any payments to be made as of such Quarterly Payment Date from the Cash Trap Reserve Account pursuant to
Sections 5.12(a)(ii), Section 5.12(d)(ii), Section 5.12(f)(ii) and Section 5.12(s)), if any, and deposit such funds into the applicable Series Distribution Account, to be paid to each applicable Class
of Senior Notes up to the Outstanding Principal Amount of all Senior Notes (after giving effect to the application of the amounts on deposit in the Senior Notes Principal Payment Account referred to in clause (i) above), sequentially in
order of alphanumerical designation and pro rata among each such Class of Senior Notes of the same alphanumerical designation based upon the Outstanding Principal Amount of the Senior Notes of such Class. 

(iii) If the aggregate amount of funds allocated to the Senior Notes Principal Payment Account on each Weekly Allocation Date
with respect to the immediately preceding Quarterly Collection Period is less than the Senior Notes Quarterly Scheduled Principal Amounts or any Senior Notes Quarterly Scheduled Principal Deficiency Amounts owed to each applicable Class of Senior
Notes on such Quarterly Payment Date and/or the amount of funds allocated to the Senior Notes Principal Payment Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period is less than the
Indemnification Amounts, Asset Disposition Proceeds and Insurance/Condemnation Proceeds due to be applied as a mandatory prepayment on such Quarterly Payment Date with respect to each applicable Class of Senior Notes, the Master Issuer (or the
Manager on its behalf) shall instruct the Trustee in writing to withdraw an amount equal to any such insufficiency (to the extent of funds available, after giving effect to any payments of higher priority to be made as of such Quarterly Payment Date
from Collection Account Administrative Accounts and the Cash Trap Reserve Account pursuant to Sections 5.12(a)(ii), 5.12(d)(ii), 5.12(f)(ii) or 5.12(s)) from first, the Subordinated Notes Post-ARD Contingent
Interest Account, second, the Senior Subordinated Notes Post-ARD Contingent Interest Account, third, the Senior Notes Post-ARD Contingent Interest Account, fourth, the Subordinated Notes Principal Payment Account, fifth,
the Subordinated Notes Interest Payment Account, sixth, the Senior Subordinated Notes Principal Payment Account and seventh, the Cash Trap Reserve Account, and deposit such funds into the applicable Series Distribution Accounts to be
paid to each applicable Class of Senior Notes up to the amount of unpaid Senior Notes Quarterly Scheduled Principal Amounts, Indemnification Amounts, Asset Disposition Proceeds and/or Insurance/Condemnation Proceeds, as the case may be, sequentially
in order of alphanumerical designation and pro rata among each such Class of Senior Notes of the same alphanumerical designation based upon the Outstanding Principal Amount of the Senior Notes of such Class. 

(iv) If any payment of principal of any Class A-1 Notes of any Series pursuant to clause (i) or
(ii) above requires the deposit of funds (the “Cash Collateral”) with the applicable L/C Provider that has issued the related letters of credit underlying such Class A-1 Notes to serve as collateral and act as
security for any obligations of the Master Issuer relating to such letters of credit (the “Collateralized Letters of Credit”), provided that upon the expiration of the Collateralized Letters of Credit (x) so long as any
Series of Notes remain Outstanding, the Cash Collateral shall be deposited into the 

  
 54 

 
Collection Account to be applied in accordance with the Priority of Payments and (y) if no Series of Notes remain Outstanding, the Cash Collateral shall be returned to the Master Issuer.

 (i) Senior Subordinated Notes Principal Payment Account. 

(i) To the extent any Series of Senior Subordinated Notes has been issued, on each Quarterly Calculation Date, the Master
Issuer (or the Manager on its behalf) shall instruct the Trustee in writing to withdraw on the following Quarterly Payment Date, after giving effect to any allocations set forth in the Priority of Payments on such date: (1) the funds allocated
to the Senior Subordinated Notes Principal Payment Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period, to be paid in the following order: (A) to each applicable Class of Senior
Subordinated Notes up to the aggregate amount of Indemnification Amounts, Asset Disposition Proceeds and Insurance/Condemnation Proceeds in the order of priority set forth in clause (i) of the Priority of Payments and (B) to each
applicable Class of Senior Subordinated Notes in the amounts distributed to the Senior Subordinated Notes Principal Payment Account pursuant to clauses (xiv), (xv) and (xxvii) of the Priority of Payments owed to
each such Class of Senior Subordinated Notes, in the order of priority set forth in the Priority of Payments with respect to such clauses (xiv), (xv) and (xxvii) and deposit such funds into the applicable Series
Distribution Account. 
 (ii) To the extent any Series of Senior Subordinated Notes has been issued, if the aggregate amount
of funds allocated to the Senior Subordinated Notes Principal Payment Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period is less than the Senior Subordinated Notes Quarterly Scheduled
Principal Amount and any Senior Subordinated Notes Quarterly Scheduled Principal Deficiency Amounts owed to each applicable Class of Senior Subordinated Notes on such Quarterly Payment Date and/or the amount of funds allocated to the Senior
Subordinated Notes Principal Payment Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period is less than the Indemnification Amounts, Asset Disposition Proceeds and Insurance/Condemnation
Proceeds due to be applied as a mandatory prepayment on such Quarterly Payment Date with respect to each applicable Class of Senior Subordinated Notes, the Master Issuer (or the Manager on its behalf) shall instruct the Trustee in writing to
withdraw an amount equal to any such insufficiency (to the extent of funds available, after giving effect to any payments of higher priority to be made as of such Quarterly Payment Date from Collection Account Administrative Accounts pursuant to
Sections 5.12(a)(ii), 5.12(d)(ii), 5.12(f)(ii), 5.12(h)(iii) or 5.12(s)) from first, the Subordinated Notes Post-ARD Contingent Interest Account, second, the Senior Subordinated Notes Post-ARD
Contingent Interest Account, third, the Senior Notes Post-ARD Contingent Interest Account, fourth, the Subordinated Notes Principal Payment Account, and fifth, the Subordinated Notes Interest Payment Account, and deposit such
funds into the applicable Series Distribution Accounts to be paid to each applicable Class of Senior Subordinated Notes up to the amount of unpaid Senior Subordinated Notes Quarterly Scheduled Principal Amounts, Indemnification Amounts, Asset
Disposition Proceeds and/or Insurance/Condemnation Proceeds, as the case may be, sequentially in 

  
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order of alphanumerical designation and pro rata among each such Class of Senior Subordinated Notes of the same alphanumerical designation based upon the Outstanding Principal Amount
of the Senior Subordinated Notes of such Class. 
 (iii) If any payment of principal of any Class A-1 Notes of any
Series pursuant to clause (i) above requires Cash Collateral with the applicable L/C Provider that has issued the related Collateralized Letters of Credit underlying such Class A-1 Notes, then upon the expiration of the
Collateralized Letters of Credit (x) so long as any Series of Notes remain Outstanding, the Cash Collateral shall be deposited into the Collection Account to be applied in accordance with the Priority of Payments and (y) if no Series of
Notes remain Outstanding, the Cash Collateral shall be returned to the Master Issuer. 
 (j) Subordinated Notes Interest Payment
Account. To the extent any Series of Subordinated Notes has been issued, on each Quarterly Calculation Date, the Master Issuer (or the Manager on its behalf) shall instruct the Trustee in writing on the following Quarterly Payment Date, after
giving effect to any allocations set forth in the Priority of Payments on such date: (i) to withdraw the funds allocated to the Subordinated Notes Interest Payment Account on each Weekly Allocation Date with respect to the immediately preceding
Quarterly Collection Period to be paid to the Subordinated Notes, up to the accrued and unpaid amount of Subordinated Notes Quarterly Interest Amount, sequentially in order of alphanumerical designation and pro rata among each Class of
Subordinated Notes of the same alphanumerical designation based upon the amount of the Subordinated Notes Quarterly Interest Amount payable with respect to each such Class, and deposit such funds into the applicable Series Distribution Accounts, and
(ii) if the amount of funds allocated to the Subordinated Notes Interest Payment Account referred to in sub-clause (i) is less than the accrued and unpaid Subordinated Notes Quarterly Interest Amount for the Interest Accrual Period
with respect to each Class of Subordinated Notes ending most recently prior to such Quarterly Payment Date and no Senior Notes or Senior Subordinated Notes are Outstanding, to withdraw an amount equal to such insufficiency (to the extent of funds
available, after giving effect to any payments of higher priority to be made as of such Quarterly Payment Date from any Collection Account Administrative Account pursuant to Sections 5.12(a)(ii), 5.12(d)(ii), 5.12(f)(ii),
5.12(h)(iii), 5.12(i)(ii) or 5.12(s)) from first, the Subordinated Notes Post-ARD Contingent Interest Account, second, the Senior Subordinated Notes Post-ARD Contingent Interest Account, third, the Senior
Notes Post-ARD Contingent Interest Account, and fourth, the Subordinated Notes Principal Payment Account, to be paid to the Subordinated Notes up to the accrued and unpaid Subordinated Notes Quarterly Interest Amount, sequentially in order of
alphanumerical designation and pro rata among each Class of Subordinated Notes of the same alphanumerical designation based upon the amount of the Subordinated Notes Quarterly Interest Amount payable on each such Class, and deposit such
funds into the Subordinated Notes Interest Payment Account for further deposit to the applicable Series Distribution Accounts. 
 (k)
Subordinated Notes Quarterly Interest Shortfall. To the extent any Series of Subordinated Notes has been issued, on each Quarterly Calculation Date, the Master Issuer (or the Manager on its behalf) shall determine the excess, if any (the
“Subordinated Notes Quarterly Interest Shortfall”), of (i) the accrued and unpaid Subordinated Notes Quarterly Interest Amounts for the Interest Accrual Period with respect to each Class of Subordinated Notes ending most

  
 56 

 
recently prior to the next succeeding Quarterly Payment Date over (ii) the amount that shall be available to make payments of interest on the Subordinated Notes in accordance with
Section 5.12(j) on such Quarterly Payment Date. If the Subordinated Notes Quarterly Interest Shortfall with respect to any Quarterly Payment Date is greater than zero, payments of Subordinated Notes Quarterly Interest Amounts as reduced
by the Subordinated Notes Quarterly Interest Shortfall to be distributed on such Quarterly Payment Date to the Subordinated Notes shall be paid to each Class of Subordinated Notes, sequentially in order of alphanumerical designation and
pro rata among each Class of Subordinated Notes of the same alphanumerical designation based upon the amount of the Subordinated Notes Quarterly Interest Amount payable with respect to each such Class. An additional amount of interest
(the “Additional Subordinated Notes Interest Shortfall Interest”) shall accrue on the Subordinated Notes Quarterly Interest Shortfall for each subsequent Interest Accrual Period at the applicable Note Rate until the Subordinated
Notes Quarterly Interest Shortfall is paid in full. 
 (l) Subordinated Notes Principal Payment Account. 

(i) To the extent any Series of Subordinated Notes has been issued, on each Quarterly Calculation Date, the Master Issuer (or
the Manager on its behalf) shall instruct the Trustee in writing to withdraw on the following Quarterly Payment Date after giving effect to any allocations set forth in the Priority of Payments on such date: (1) the funds allocated to the
Subordinated Notes Principal Payment Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period to be paid in the following order: (A) to each applicable Class of Subordinated Notes up to the
aggregate amount of Indemnification Amounts, Asset Disposition Proceeds and Insurance/Condemnation Proceeds in the order of priority set forth in clause (i) of the Priority of Payments and (B) to each applicable Class of
Subordinated Notes in the amounts distributed to the Subordinated Notes Principal Payment Account pursuant to clauses (xx), (xxi) and (xxviii) of the Priority of Payments owed to each such Class of Subordinated
Notes, in the order of priority set forth in the Priority of Payments with respect to such clauses (xx), (xxi) and (xxviii) and deposit such funds into the applicable Series Distribution Account; 

(ii) To the extent any Series of Subordinated Notes has been issued, if the aggregate amount of funds allocated to the
Subordinated Notes Principal Payment Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period is less than the Subordinated Notes Quarterly Scheduled Principal Amounts and any Subordinated Notes
Quarterly Scheduled Principal Deficiency Amounts owed to each applicable Class of Subordinated Notes on such Quarterly Payment Date and/or the amount of funds allocated to the Subordinated Notes Principal Payment Account on each Weekly Allocation
Date with respect to the immediately preceding Quarterly Collection Period is less than the Indemnification Amounts, Asset Disposition Proceeds and Insurance/Condemnation Proceeds due to be applied as a mandatory prepayment on such Quarterly Payment
Date with respect to each applicable Class of Subordinated Notes, the Master Issuer (or the Manager on its behalf) shall instruct the Trustee in writing to withdraw an amount equal to any such insufficiency (to the extent of funds available, after
giving effect to any payments of higher priority to be made as of such Quarterly Payment Date from Collection Account 

  
 57 

 
Administrative Accounts pursuant to Sections 5.12(a)(ii), 5.12(d)(ii), 5.12(f)(ii), 5.12(h)(iii), 5.12(i)(ii), 5.12(j)(ii) or 5.12(s)) from
first, the Subordinated Notes Post-ARD Contingent Interest Account, second, the Senior Subordinated Notes Post-ARD Contingent Interest Account and third, the Senior Notes Post-ARD Contingent Interest Account, and deposit such
funds into the applicable Series Distribution Accounts to be paid to each applicable Class of Subordinated Notes up to the amount of unpaid Subordinated Notes Quarterly Scheduled Principal Amounts, Indemnification Amounts, Asset Disposition Proceeds
and/or Insurance/Condemnation Proceeds, as the case may be, sequentially in order of alphanumerical designation and pro rata among each such Class of Subordinated Notes of the same alphanumerical designation based upon the Outstanding
Principal Amount of the Subordinated Notes of such Class. 
 (m) Senior Notes Post-ARD Contingent Interest Account. 

(i) On each Quarterly Calculation Date, the Master Issuer (or the Manager on its behalf) shall instruct the Trustee in writing
to withdraw on the following Quarterly Payment Date, after giving effect to any allocations set forth in the Priority of Payments on such date, the funds allocated to the Senior Notes Post-ARD Contingent Interest Account on each Weekly Allocation
Date with respect to the immediately preceding Quarterly Collection Period, to be paid to each applicable Class of Senior Notes, up to the accrued and unpaid amount of Senior Notes Quarterly Post-ARD Contingent Interest owed to each such Class of
Senior Notes, sequentially in order of alphanumerical designation and pro rata among each such Class of Senior Notes of the same alphanumerical designation based upon the amount of Senior Notes Quarterly Post-ARD Contingent Interest
payable on each such Class, and deposit such funds into the applicable Series Distribution Accounts. 
 (ii) If the aggregate
amount of funds allocated to the Senior Notes Post-ARD Contingent Interest Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period pursuant to clause (i) above is less than the amount
of Senior Notes Quarterly Post-ARD Contingent Interest owed to each such Class of Senior Notes for the Interest Accrual Period ending most recently prior to such Quarterly Payment Date, the Master Issuer (or the Manager on its behalf) shall instruct
the Trustee in writing to withdraw an amount equal to such insufficiency (to the extent of funds available, after giving effect to any payments of higher priority to be made as of such Quarterly Payment Date from any Collection Account
Administrative Account pursuant to Sections 5.12(a)(ii), 5.12(d)(ii), 5.12(f)(ii), 5.12(h)(iii), 5.12(i)(ii), 5.12(j)(ii), 5.12(l)(ii) or 5.12(s)) from first, the Subordinated Notes
Post-ARD Contingent Interest Account, and second, the Senior Subordinated Notes Post-ARD Contingent Interest Account, to be paid to each Class of Senior Notes up to the amount of Senior Notes Quarterly Post-ARD Contingent Interest accrued and
unpaid with respect to each applicable Class of Senior Notes, sequentially in order of alphanumerical designation and pro rata among each Class of Senior Notes of the same alphanumerical designation based upon the amount of Senior Notes
Quarterly Post-ARD Contingent Interest payable on each such Class, and deposit such funds into the applicable Series Distribution Accounts. 

  
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 (n) Senior Subordinated Notes Post-ARD Contingent Interest Account. 

(i) To the extent any Series of Senior Subordinated Notes has been issued, on each Quarterly Calculation Date, the Master
Issuer (or the Manager on its behalf) shall instruct the Trustee in writing to withdraw on the following Quarterly Payment Date after giving effect to any allocations set forth in the Priority of Payments on such date, the funds allocated to the
Senior Subordinated Notes Post-ARD Contingent Interest Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period to be paid to each applicable Class of Senior Subordinated Notes, up to the accrued
and unpaid amount of Senior Subordinated Notes Quarterly Post-ARD Contingent Interest owed to each such Class of Senior Subordinated Notes, sequentially in order of alphanumerical designation and pro rata among each such Class of Senior
Subordinated Notes of the same alphanumerical designation based upon the amount of Senior Subordinated Notes Quarterly Post-ARD Contingent Interest payable on each such Class, and deposit such funds into the applicable Series Distribution Accounts.

 (ii) To the extent any Series of Senior Subordinated Notes has been issued, if the aggregate amount of funds allocated to
the Senior Subordinated Notes Post-ARD Contingent Interest Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period pursuant to clause (i) above is less than the amount of Senior
Subordinated Notes Quarterly Post-ARD Contingent Interest owed to each such Class of Senior Subordinated Notes for the Interest Accrual Period ending most recently prior to such Quarterly Payment Date, the
Master Issuer (or the Manager on its behalf) shall instruct the Trustee in writing to withdraw (to the extent of funds available, after giving effect to any payments of higher priority to be made as of such Quarterly Payment Date from any Collection
Account Administrative Account pursuant to Sections 5.12(a)(ii), 5.12(d)(ii), 5.12(f)(ii), 5.12(h)(iii), 5.12(i)(ii), 5.12(j)(ii), 5.12(l)(ii), 5.12(m)(ii) or 5.12(s)) from the
Subordinated Notes Post-ARD Contingent Interest Account, to be paid to each Class of Senior Subordinated Notes up to the amount of Senior Subordinated Notes Quarterly Post-ARD Contingent Interest accrued and unpaid with respect to each applicable
Class of Senior Subordinated Notes, sequentially in order of alphanumerical designation and pro rata among each Class of Senior Subordinated Notes of the same alphanumerical designation based upon the amount of Senior Subordinated Notes
Quarterly Post-ARD Contingent Interest payable on each such Class, and deposit such funds into the applicable Series Distribution Accounts. 

(o) Subordinated Notes Post-ARD Contingent Interest Account. To the extent any Series of Subordinated Notes has been issued, on each
Quarterly Calculation Date, the Master Issuer (or the Manager on its behalf) shall instruct the Trustee in writing to withdraw on the following Quarterly Payment Date after giving effect to any allocations set forth in the Priority of Payments on
such date, the funds allocated to the Subordinated Notes Post-ARD Contingent Interest Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period to be paid to each applicable Class of Subordinated
Notes, up to the accrued and unpaid amount of Subordinated Notes Quarterly Post-ARD Contingent Interest owed to each such Class of Subordinated Notes, sequentially in order of alphanumerical designation and
pro rata among each such Class of Subordinated Notes of the same alphanumerical designation based upon the amount of Subordinated Notes Quarterly Post-ARD Contingent Interest payable on each such Class, and deposit such funds into the
applicable Series Distribution Accounts. 

  
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 (p) Amounts on Deposit in the Senior Notes Interest Reserve Account, the Senior Subordinated
Notes Interest Reserve Account and the Cash Trap Reserve Account. 
 (i) On the Quarterly Calculation Date
(A) preceding any Quarterly Payment Date that is a Cash Trapping Release Date, the Master Issuer (or the Manager on its behalf) shall instruct the Trustee in writing to withdraw on such Quarterly Payment Date from funds then on deposit in the
Cash Trap Reserve Account an amount equal to the applicable Cash Trapping Release Amount and (B) preceding the first Quarterly Payment Date following the commencement of the Rapid Amortization Period (including a Rapid Amortization Period due
to an Event of Default), the Master Issuer (or the Manager on its behalf) shall instruct the Trustee in writing to withdraw on such Quarterly Payment Date all funds then on deposit in the Cash Trap Reserve Account (after giving effect to any
payments to be made as of such Quarterly Payment Date from the Cash Trap Reserve Account pursuant to Sections 5.12(a)(ii), 5.12(d)(ii), 5.12(f)(ii), 5.12(h)(ii) and 5.12(s)) and deposit such funds into the
Collection Account for distribution in accordance with the Priority of Payments. 
 (ii) So long as no Rapid Amortization
Event or Event of Default is continuing, on each Quarterly Calculation Date, the Master Issuer (or the Manager on its behalf) shall instruct the Trustee in writing to withdraw funds on deposit in the Cash Trap Reserve Account and apply such funds on
the following Quarterly Payment Date to the extent necessary to pay, in the following order of priority (A) unreimbursed Advances of the Trustee (with interest thereon at the Advance Interest Rate), (B) unreimbursed Advances of the
Servicer (with interest thereon at the Advance Interest Rate), (C) unreimbursed Manager Advances (with interest thereon at the Advance Interest Rate), (D) pro rata, Senior Notes Quarterly Interest Amounts, Class A-1
Quarterly Commitment Fee Amounts, and Series Hedge Payment Amounts, (E) Senior Subordinated Notes Quarterly Interest Amounts, (F) Senior Notes Quarterly Scheduled Principal Amounts and (G) on the Quarterly Calculation Date preceding
the first Quarterly Payment Date following the commencement of a Class A-1 Notes Amortization Event, pro rata, principal on the Class A-1 Notes Outstanding, in each case, after giving effect to other amounts available for payment of
the foregoing amounts (except for any Principal Release Amounts, which shall be applied subsequent to the distributions described in this clause (ii)) in accordance with this Section 5.12, including any withdrawals from the
Cash Trap Reserve Account pursuant to Sections 5.12(a)(ii), 5.12(d)(ii), 5.12(f)(ii), 5.12(h)(iii) and 5.12(s)). 

(iii) So long as no Rapid Amortization Period or Event of Default is continuing, on the Quarterly Calculation Date preceding
the first Quarterly Payment Date following the commencement of a Class A-1 Notes Amortization Event, the Master Issuer (or the Manager on its behalf) shall instruct the Trustee in writing to withdraw funds on deposit in the Cash Trap Reserve
Account to the extent necessary, after giving effect to other amounts available for payment thereof as described in this Section 5.12, to pay principal on the Class A-1 Notes Outstanding, and to deposit such funds into the Senior
Notes Principal Payment Account for distribution to the holders of the Class A-1 Notes, pro rata. 

  
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 (iv) Amounts on deposit in the Cash Trap Reserve Account will be available to
make optional prepayments of principal of the Senior Notes, at the sole discretion of the Master Issuer (or the Manager on its behalf). Any such amounts used to make optional prepayments (1) will be allocated (after giving effect to all other
payments to be made as of the related Quarterly Payment Date, including all other releases and payments from the Cash Trap Reserve Account) pursuant to priorities (ii) through (xxviii) of the Priority of Payments (except for
priority (xiii) thereof), and then (2) will be allocated to the Senior Notes Principal Payment Account to make optional prepayments of principal on the Senior Notes (sequentially, in alphanumerical order of Senior Notes);
provided, that any such optional prepayment will be accompanied by the payment of any make-whole prepayment premiums related thereto, to the extent such prepayment premiums are otherwise payable in connection with the optional prepayment of
such Notes). 
 (v) If the Master Issuer (or the Manager on its behalf) determines, with respect to any Series of Senior
Notes, that the amount to be deposited in any Series Distribution Account in accordance with this Section 5.12 on any Series Legal Final Maturity Date related to such Series of Senior Notes is less than the Outstanding Principal Amount
of such Series of Senior Notes, on the Quarterly Calculation Date immediately preceding such Series Legal Final Maturity Date, the Master Issuer (or the Manager on its behalf) shall instruct the Trustee thereof in writing, and the Trustee shall, in
accordance with such instruction on such Series Legal Final Maturity Date, withdraw from the Senior Notes Interest Reserve Account an amount equal to such insufficiency (and, to the extent the amount in the Senior Notes Interest Reserve Account is
insufficient, the Master Issuer (or the Manager on its behalf) shall instruct the Control Party to draw on the applicable Interest Reserve Letter of Credit) and deposit such amount into the applicable Series Distribution Accounts, to be paid to the
Senior Notes sequentially in order of alphanumeric designation and pro rata among each Class of Senior Notes of the same alphanumerical designation based upon the Outstanding Principal Amount of the Senior Notes of each such Class. 

(vi) If the Master Issuer (or the Manager on its behalf) determines, with respect to any Series of Senior Subordinated Notes,
that the amount to be deposited in any Series Distribution Account in accordance with this Section 5.12 on any Series Legal Final Maturity Date related to such Series of Senior Subordinated Notes is less than the Outstanding Principal
Amount of such Series of Senior Subordinated Notes, on the Quarterly Calculation Date immediately preceding such Series Legal Final Maturity Date, the Master Issuer (or the Manager on its behalf) shall instruct the Trustee thereof in writing, and
the Trustee shall, in accordance with such instruction on such Series Legal Final Maturity Date, withdraw from the Senior Subordinated Notes Interest Reserve Account an amount equal to such insufficiency (and, to the extent the amount in the Senior
Subordinated Notes Interest Reserve Account is insufficient, the Master Issuer shall instruct the Control Party to make a draw on the applicable Interest Reserve Letter of Credit) and deposit such amount into the applicable Series Distribution
Accounts, to be 

  
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paid to the Senior Subordinated Notes sequentially in order of alphanumeric designation and pro rata among each Class of Senior Subordinated Notes of the same alphanumerical
designation based upon the Outstanding Principal Amount of the Senior Subordinated Notes of each such Class. 
 (vii) On any
date on which no Senior Notes are Outstanding, the Master Issuer (or the Manager on its behalf) shall instruct the Trustee in writing to withdraw on such date any funds then on deposit in the Senior Notes Interest Reserve Account and to deposit all
remaining funds into the Collection Account and/or to return any outstanding Interest Reserve Letter of Credit maintained with respect to the Senior Notes Interest Reserve Account to the issuer thereof for cancellation. 

(viii) On any date on which no Senior Subordinated Notes are Outstanding, the Master Issuer (or the Manager on its behalf)
shall instruct the Trustee in writing to withdraw on such date any funds then on deposit in the Senior Subordinated Notes Interest Reserve Account and to deposit all remaining funds into the Collection Account and/or to return any outstanding
Interest Reserve Letter of Credit maintained with respect to the Senior Subordinated Notes Interest Reserve Account to the issuer thereof for cancellation. 

(q) Principal Release Amount. 

(i) If a Rapid Amortization Event or Event of Default is continuing, the Principal Release Amount shall be applied in the order
set forth in Section 5.12(h)(i) for amounts allocated to the Senior Notes Principal Payment Account. 
 (ii) So
long as no Rapid Amortization Event, Event of Default or Class A-1 Notes Amortization Event is continuing, on each Quarterly Calculation Date, the Master Issuer (or the Manager on its behalf) shall instruct the Trustee in writing to withdraw on
the following Quarterly Payment Date the Principal Release Amount from the Senior Notes Principal Payment Account and apply such funds on such Quarterly Payment Date to the extent necessary to pay, in the following order of priority,
(A) unreimbursed Advances of the Trustee (with interest thereon at the Advance Interest Rate), (B) unreimbursed Advances of the Servicer (with interest thereon at the Advance Interest Rate), (C) unreimbursed Manager Advances (with
interest thereon at the Advance Interest Rate), (D) pro rata, Senior Notes Quarterly Interest Amounts, Class A-1 Quarterly Commitment Fee Amounts, and Series Hedge Payment Amounts, and (E) Senior Subordinated Notes
Quarterly Interest Amounts, in each case, after giving effect to other amounts available for payment thereof as described in this Section 5.12. The Master Issuer (or the Manager on its behalf) shall instruct the Trustee in writing to
distribute the remainder of the Principal Release Amount, if any, in the priority set forth in the Priority of Payments, beginning at priority (xi). 

(iii) If no Rapid Amortization Period or Event of Default is continuing, but a Class A-1 Notes Amortization Event is
continuing, on each Quarterly Calculation Date, the Master Issuer (or the Manager on its behalf) shall instruct the Trustee in writing to withdraw on the following Quarterly Payment Date the Principal Release Amount

  
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from the Senior Notes Principal Payment Account to the extent necessary to pay the Outstanding Principal Amount of the Class A-1 Notes, and deposit such funds into the applicable Series
Distribution Account for distribution to the holders of the Class A-1 Notes, pro rata, after giving effect to other amounts available for payment thereof. The Master Issuer (or the Manager on its behalf) shall instruct the Trustee
in writing to distribute the remainder of the Principal Release Amount, if any, in the priority set forth in the Priority of Payments, beginning at priority (xi). 

(r) Securitization Operating Expense Account. On each Weekly Allocation Date, the Master Issuer (or the Manager on its behalf) shall
instruct the Trustee in writing to withdraw on such date an amount equal to the lesser of (i) the sum of all Securitization Operating Expenses then due and payable and (ii) the amount on deposit in the Securitization Operating Expense
Account after giving effect to any deposits thereto pursuant to the Priority of Payments on such date and apply such funds to pay any Securitization Operating Expenses then due and payable. 

(s) Hedge Payment Account. On each Quarterly Calculation Date, if the amount of funds allocated to the Hedge Payment Account on each
Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period is less than the aggregate accrued and unpaid Series Hedge Payment Amount (excluding termination payments) due and payable since the prior Quarterly Payment
Date (a “Hedge Payment Allocation Shortfall”), the Master Issuer (or the Manager on its behalf) shall instruct the Trustee in writing to withdraw an amount equal to such Hedge Payment Allocation Shortfall (to the extent of funds
available and pro rata with any Senior Interest Allocation Shortfall and any Commitment Fees Allocation Shortfall) from first, the Subordinated Notes Post-ARD Contingent Interest Account, second, the Senior Subordinated
Notes Post-ARD Contingent Interest Account, third, the Senior Notes Post-ARD Contingent Interest Account, fourth, the Subordinated Notes Principal Payment Account, fifth, the Subordinated Notes Interest Payment Account,
sixth, the Senior Subordinated Notes Principal Payment Account, seventh, the Cash Trap Reserve Account and eighth, the Senior Notes Principal Payment Account, to be paid to the Hedge Counterparties up to the accrued and unpaid
Series Hedge Payment Amount (excluding termination payments), pro rata among each Hedge Counterparty based upon the Series Hedge Payment Amount (excluding termination payments) payable with respect to each such Series, and deposit such
funds into the Hedge Payment Account for payment to the applicable Hedge Counterparties. 
 (t) Optional Prepayments. The Master
Issuer shall have the right to optionally prepay the Outstanding Principal Amount of any Class or Tranche of Notes, in whole or in part in accordance with the related Series Supplement; provided that following a Series Anticipated Repayment
Date for any Series of Notes that remains Outstanding, all optional prepayments must be applied first, to Senior Notes, second, to Senior Subordinated Notes and third, to Subordinated Notes. 

Section 5.13 Determination of Quarterly Interest . 

Quarterly payments of interest and fees on each Series of Notes shall be determined, allocated and distributed in accordance with the
procedures set forth in the applicable Series Supplement. 

  
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 Section 5.14 Determination of Quarterly Principal. 

Quarterly payments of principal, if any, of each Series of Notes shall be determined, allocated and distributed in accordance with the
procedures set forth in the applicable Series Supplement. 
 Section 5.15 Prepayment of Principal. 

Mandatory prepayments of principal, if any, of each Series of Notes shall be determined, allocated and distributed in accordance with the
procedures set forth in the applicable Series Supplement, if not otherwise described herein. 
 Section 5.16 Retained Collections
Contributions. 
 At any time after the Closing Date, the Master Issuer may (but is not required to) designate Retained Collections
Contributions to be included in Net Cash Flow, but not more than $25,000,000 in any Quarterly Collection Period or more than $50,000,000 during any period of four (4) consecutive Quarterly Collection Periods or more than $80,000,000 from the
Closing Date to the Series 2015-1 Notes Series Legal Final Maturity Date; provided, that any Retained Collections Contributions shall be excluded from the amount of Net Cash Flow for purposes of calculations undertaken in the following
circumstances: (a) to determine whether the Master Issuer may extend the Series 2015-1 Class A-1 Notes Renewal Date, (b) to determine compliance with any Series Non-Amortization Test and (c) to determine the New
Series Pro Forma DSCR. The amount of any Retained Collections Contribution included in Net Cash Flow for the purpose of calculating the DSCR shall be retained in the Collection Account until the Weekly Allocation Date on which either
(i) the DSCR for the period of four (4) Quarterly Collection Periods ended immediately prior to such Weekly Allocation Date is at least 1.75x without giving effect to the inclusion of such Retained Collections Contribution or
(ii) such Retained Collections Contribution is required to pay any shortfall in the amounts payable under priorities (ii) through (xviii) of the Priority of Payments, to the extent of any shortfall on such Weekly
Allocation Date. 
 Section 5.17 Interest Reserve Letters of Credit. 

The Master Issuer may, in lieu of funding (or as partial replacement for funding) the Senior Notes Interest Reserve Account and/or the Senior
Subordinated Notes Interest Reserve Account in the amounts required hereunder, maintain one or more Interest Reserve Letters of Credit issued under a Variable Funding Note Purchase Agreement for the benefit of the Trustee and the Senior Noteholders
or the Senior Subordinated Noteholders, as applicable, each in a face amount equal to the amounts required to be funded in respect of such account(s) had such Interest Reserve Letter of Credit not been issued. Where on any Quarterly Calculation Date
the Master Issuer (or the Manager on its behalf) instructs the Trustee to withdraw funds from the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, for allocation or payment on the
following Quarterly Payment Date, such funds shall be drawn, first, from amounts on deposit in the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, on such Quarterly Calculation
Date and second, from amounts available to be drawn under the applicable Interest Reserve Letter of Credit. 

  
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 Each such Interest Reserve Letter of Credit (a) shall name each of (i) the Trustee, for
the benefit of the Senior Noteholders or the Senior Subordinated Noteholders, as applicable and (ii) the Control Party as the beneficiary thereof; (b) shall allow the Trustee (or the Control Party on the Trustee’s behalf) to submit a
notice of drawing in respect of such Interest Reserve Letter of Credit whenever amounts would otherwise be required to be withdrawn from the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as
applicable, pursuant to Section 5.12; (c) shall have an expiration date of no later than the earlier of (i) the first anniversary of its date of issuance and (ii) ten (10) Business Days prior to the Class A-1
Notes Renewal Date specified in the related Variable Funding Note Purchase Agreement pursuant to which such Interest Reserve Letter of Credit was issued (the “Required Expiration Date”); and (d) shall indicate by its terms that
the proceeds in respect of drawings under such Interest Reserve Letter of Credit shall be paid directly into the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable. 

If, on the date that is five (5) Business Days prior to the expiration of any such Interest Reserve Letter of Credit, such Interest
Reserve Letter of Credit has not been replaced or renewed and the Master Issuer has not otherwise deposited funds into the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, in the amounts
that would otherwise be required hereunder had such Interest Reserve Letter of Credit not been issued, the Trustee (at the direction of the Master Issuer) or the Control Party (on the Master Issuer’s behalf) shall submit a notice of drawing
under such Interest Reserve Letter of Credit and use the proceeds thereof to fund a deposit into the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, in an amount equal to the Senior
Notes Interest Reserve Account Deficiency Amount or the Senior Subordinated Notes Interest Reserve Account Deficiency Amount on such date, as applicable, on such date, in each case calculated as if such Interest Reserve Letter of Credit had not been
issued. 
 If, on any day an Interest Reserve Letter of Credit is outstanding, such Interest Reserve Letter of Credit becomes an Ineligible
Interest Reserve Letter of Credit, then (a) on the fifth Business Day after such day, the Master Issuer shall fund a deposit into the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as
applicable, in an amount equal to the Senior Notes Interest Reserve Account Deficiency Amount or the Senior Subordinated Notes Interest Reserve Account Deficiency Amount on such date, in each case calculated as if such Interest Reserve Letter(s) of
Credit had not been issued or (b) the Master Issuer shall obtain one or more replacement Interest Reserve Letters of Credit on substantially the same terms as each such Interest Reserve Letter of Credit being replaced. 

The (i) Trustee (at the direction of the Master Issuer) shall or (ii) the Control Party (at the Master Issuer’s request and on
the Master Issuer’s behalf) may submit a notice of drawing under such Interest Reserve Letter of Credit issued by such L/C Provider and the proceeds of any such draw shall be deposited into the Senior Notes Interest Reserve Account or the
Senior Subordinated Notes Interest Reserve Account, as applicable. 

  
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 Section 5.18 Replacement of Ineligible Accounts. 

If, at any time, any Management Account or any of the Senior Notes Interest Reserve Account, the Senior Subordinated Notes Interest Reserve
Account, the Cash Trap Reserve Account, the Collection Account or any Collection Account Administrative Account shall cease to be an Eligible Account (each, an “Ineligible Account”), the Master Issuer shall (i) within five
(5) Business Days of obtaining actual knowledge thereof, notify the Control Party thereof and (ii) within ninety (90) days of obtaining actual knowledge thereof, (A) establish, or cause to be established, a new account that is an
Eligible Account in substitution for such Ineligible Account, (B) with the exception of any Management Account, following the establishment of such new Eligible Account, transfer, or with respect to the Trustee Accounts maintained at the
Trustee, instruct the Trustee in writing to transfer, all cash and investments from such Ineligible Account into such new Eligible Account, (C) in the case of a Management Account, following the establishment of such new Eligible Account,
transfer or cause to be transferred to such new Eligible Account, all cash and investments from such Ineligible Account into such new Eligible Account, (D) in the case of a Management Account, transfer or cause to be transferred all items
deposited in the lock-box related to such Ineligible Account to a new lock-box related to such new Management Account, and (E) pledge, or cause to be pledged, such new Eligible Account to the Trustee for the benefit of the Secured Parties and,
if such Ineligible Account is required to be subject to an Account Control Agreement in accordance with the terms of the Indenture, cause such new Eligible Account to be subject to an Account Control Agreement in form and substance reasonably
acceptable to the Control Party and the Trustee. In the event that any of the Collection Account, any Management Account or any Collection Account Administrative Account becomes an Ineligible Account, the Manager shall, promptly following the
establishment of such related new Eligible Account, notify each Franchisee of a change in payment instructions, if any. 
 ARTICLE VI

 DISTRIBUTIONS 

Section 6.1 Distributions in General. 

(a) Unless otherwise specified in the applicable Series Supplement, on each Quarterly Payment Date, the Paying Agent shall pay to the
Noteholders of each Series of record on the preceding Record Date the amounts payable thereto (i) by wire transfer in immediately available funds released by the Paying Agent from the applicable Series Distribution Account no later than
12:30 p.m. (New York City time) if a Noteholder has provided to the Paying Agent and the Trustee wiring instructions at least five (5) Business Days prior to the applicable Quarterly Payment Date or (ii) by check mailed first-class
postage prepaid to such Noteholder at the address for such Noteholder appearing in the Note Register if such Noteholder has not provided wire instructions pursuant to clause (i) above; provided, however, that the final
principal payment due on a Note shall only be paid upon due presentment and surrender of such Note for cancellation in accordance with the provisions of the Note at the applicable Corporate Trust Office. 

  
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 (b) Unless otherwise specified in the applicable Series Supplement, in this Base Indenture or in
any applicable Variable Funding Note Purchase Agreement, all distributions to Noteholders of all Classes within a Series of Notes shall be made from amounts allocated in accordance with the Priority of Payments among each Class of Notes in
alphanumerical order (i.e., A-1, A-2, B-1, B-2 and not A-1, B-1, A-2, B-2) and pro rata among holders of Notes within each Class or Tranche of the same alphanumerical designation; provided, however, that unless otherwise
specified in the Series Supplement, in this Base Indenture or in any applicable Variable Funding Note Purchase Agreement, all distributions to Noteholders of all Classes or Tranches within a Series of Notes having the same alphabetical designation
shall be pari passu with each other with respect to the distribution of Collateral proceeds resulting from exercise of remedies upon an Event of Default. 

(c) Unless otherwise specified in the applicable Series Supplement, the Trustee shall distribute all amounts owed to the Noteholders of any
Class of Notes pursuant to the instructions of the Master Issuer whether set forth in a Quarterly Noteholder’s Report, Company Order or otherwise. 

ARTICLE VII 

REPRESENTATIONS AND WARRANTIES 

The Master Issuer hereby represents and warrants, for the benefit of the Trustee and the Noteholders, as follows as of the date hereof and as
of each Series Closing Date; provided that references in this Article VII to the Securitization Entities shall not include the Master Issuer Parent: 

Section 7.1 Existence and Power. 

Each Securitization Entity (a) is duly organized, validly existing and in good standing under the laws of its jurisdiction of
organization, (b) is duly qualified to do business as a foreign entity and in good standing under the laws of each jurisdiction where the character of its property, the nature of its business or the performance of its obligations under the
Related Documents make such qualification necessary, and (c) has all limited liability company, corporate or other powers and all governmental licenses, authorizations, consents and approvals required to (i) carry on its business as now
conducted and (ii) for consummation of the transactions contemplated by the Indenture and the other Related Documents except, in the case of clauses (b) and (c)(i), to the extent the failure to do so would not reasonably be
expected to result in a Material Adverse Effect. 
 Section 7.2 Company and Governmental Authorization. 

The execution, delivery and performance by the Master Issuer of this Base Indenture and any Series Supplement and by the Master Issuer and
each other Securitization Entity of the other Related Documents to which it is a party (a) is within such Securitization Entity’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 

  
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filings that may be undertaken after the Closing Date pursuant to the terms of this Base Indenture or any other Related Document, including actions or filings with respect to the Mortgages) and
(c) does not contravene, or constitute a default under, any Requirements of Law with respect to such Securitization Entity or any Contractual Obligation with respect to such Securitization Entity or result in the creation or imposition of any
Lien on any property of any Securitization Entity (other than Permitted Liens), except for Liens created by this Base Indenture or the other Related Documents, except in the case of clauses (b) and (c) above, solely with
respect to the Contribution Agreements, the violation of which would not reasonably be expected to result in a Material Adverse Effect. This Base Indenture and each of the other Related Documents to which each Securitization Entity is a party has
been executed and delivered by a duly Authorized Officer of such Securitization Entity. 
 Section 7.3 No Consent. 

Except as set forth on Schedule 7.3, 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 the Master Issuer of this Base Indenture and any Series Supplement and by the Master Issuer and each other Securitization
Entity of any Related Document to which it is a party or for the performance of any of the Securitization Entities’ obligations hereunder or thereunder other than such consents, approvals, authorizations, registrations, declarations or filings
(a) as shall have been obtained or made by such Securitization Entity prior to the Closing Date or as are permitted to be obtained subsequent to the Closing Date in accordance with Section 7.13, Section 8.25 or
Section 8.37 or (b) relating to the performance of any Collateral Franchise Business Document or Franchised POD Lease, the failure of which to obtain would not reasonably be expected to result in a Material Adverse Effect. 

Section 7.4 Binding Effect. 

This Base Indenture and each other Related Document to which a Securitization Entity is a party is a legal, valid and binding obligation of
each such Securitization Entity enforceable against such Securitization Entity 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). 

Section 7.5 Litigation. 

There is no action, suit, proceeding or investigation pending against or, to the knowledge of the Master Issuer, threatened against or
affecting any Securitization Entity or of which any property or assets of such Securitization Entity is the subject before any court or arbitrator or any Governmental Authority that (a) would affect the validity or enforceability of this Base
Indenture or any Series Supplement or (b) either individually or in the aggregate would reasonably be expected to result in a Material Adverse Effect. 

  
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 Section 7.6 Employee Benefit Plans. 

No Securitization Entity has established, maintains, contributes to, or has any liability in respect of (or has in the past six (6) years
established, maintained, contributed to, or had any liability in respect of) any Pension Plan. No Securitization Entity has any contingent liability with respect to any post-retirement welfare benefits under a Welfare Plan, other than liability
(i) for continuation coverage described in Part 6 of Subtitle B of Title I of ERISA or other applicable continuation of coverage laws, (ii) provided in connection with the payment of severance benefits or (iii) that would
not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. Each “employee benefit plan” within the meaning of Section 3(3) of ERISA for which any Securitization Entity has any liability
presently complies and has been maintained in compliance with its terms and with the requirements of all applicable statutes, rules and regulations, including ERISA and the Code, except for such instances of noncompliance as would not, individually
or in the aggregate, reasonably be expected to result in a Material Adverse Effect. No “prohibited transaction” (within the meaning of Section 406 of ERISA or Section 4975 of the Code) has occurred with respect to any Employee
Benefit Plan, other than transactions effected pursuant to a statutory or administrative exemption or such transactions as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. Except as would
not reasonably be expected to result in a Material Adverse Effect, each such “employee benefit plan” within the meaning of Section 3(3) of ERISA for which any Securitization Entity has any liability that is intended to be qualified
under Section 401(a) of the Code is the subject of a current favorable determination or opinion letter from the Internal Revenue Service regarding such qualification (or an application for such a letter is currently pending) and nothing has
occurred, to the knowledge of the Master Issuer, whether by action or by failure to act, that would cause the loss of such qualification. 

Section 7.7 Tax Filings and Expenses. 

Each Securitization Entity has filed, or caused to be filed, all United States federal Tax returns, all material state, local and foreign Tax
returns and all other Tax returns which, to the knowledge of the Master Issuer, are required to be filed by, or with respect to the income, properties or operations of, such Securitization Entity (whether information returns or not), and has paid,
or caused to be paid, all Taxes due, if any, pursuant to said returns or pursuant to any assessment received by any Securitization Entity or otherwise, except such Taxes, if any, as are being contested in good faith and by appropriate proceedings
and for which adequate reserves have been set aside in accordance with GAAP. As of the Closing Date, except as set forth on Schedule 7.7, the Master Issuer is not aware of any proposed Tax assessments against any Dunkin’ Entity.
Except as would not reasonably be expected to result in a Material Adverse Effect, no tax deficiency has been determined adversely to any Securitization Entity, nor does any Securitization Entity have any knowledge of any tax deficiencies. Each
Securitization Entity has paid all fees and expenses required to be paid by it in connection with the conduct of its business, the maintenance of its existence and its qualification as a foreign entity authorized to do business in each state and
each foreign country in which it is required to so qualify, except to the extent that the failure to pay such fees and expenses is not reasonably likely to result in a Material Adverse Effect. 

  
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 Section 7.8 Disclosure. 

No written report, financial statements, certificate or other information furnished in writing (other than projections, budgets, other
estimates and general market, industry and economic data) to the Trustee or the Noteholders by or on behalf of the Securitization Entities pursuant to any provision of the Indenture or any other Related Document, or in connection with or pursuant to
any amendment or modification of, or waiver under, the Indenture or any other Related Document (when taken together with all other information furnished by or on behalf of the Dunkin’ Entities to the Trustee or the Noteholders, as the case may
be), contains any material misstatement of fact or omits to state any material fact necessary 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 the furnishing of the same to the Trustee or the Noteholders, as the case may be, shall constitute a representation and warranty by the Master Issuer made on the date the same are furnished to the Trustee or the Noteholders, as the case
may be, to the effect specified herein. 
 Section 7.9 Investment Company Act. 

The Master Issuer is not, and no Securitization Entity is, an “investment company” as defined in Section 3(a)(1) of the 1940
Act. 
 Section 7.10 Regulations T, U and X. 

The proceeds of the Notes will not be used to purchase or carry any “margin stock” (as defined or used in the regulations of the
Board of Governors of the Federal Reserve System, including Regulations T, U and X thereof) in such a way that could cause the transactions contemplated by the Related Documents to fail to comply with the regulations of the Board of Governors of the
Federal Reserve System, including Regulations T, U and X thereof. No Securitization Entity owns or is engaged in the business of extending credit for the purpose of purchasing or carrying any margin stock. 

Section 7.11 Solvency . 

Both before and after giving effect to the transactions contemplated by the Indenture and the other Related Documents, the Securitization
Entities shall be Solvent. 
 Section 7.12 Ownership of Equity Interests; Subsidiaries. 

(a) All of the issued and outstanding limited liability company interests of the Master Issuer are directly owned by the Master Issuer Parent,
have been duly authorized and validly issued, are fully paid and non-assessable and are owned of record by Master Issuer Parent free and clear of all Liens other than Permitted Liens. 

(b) All of the issued and outstanding limited liability company interests of the DD Franchisor and the BR Franchisor are directly owned by
DD/BR Franchise Holdco, have been duly authorized and validly issued, are fully paid and non-assessable and are owned of record by the DD/BR Franchise Holdco free and clear of all Liens other than Permitted Liens. 

  
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 (c) All of the issued and outstanding limited liability company interests of DD/BR Franchise
Holdco are directly owned by the Master Issuer, have been duly authorized and validly issued, are fully paid and non-assessable and are owned of record by the Master Issuer free and clear of all Liens other than Permitted Liens. 

(d) All of the issued and outstanding limited liability company interests of the Mexican Franchisor are directly owned by the Master Issuer,
have been duly authorized and validly issued, are fully paid and non-assessable and are owned of record by the Master Issuer free and clear of all Liens other than Permitted Liens. 

(e) All of the issued and outstanding limited liability company interests of the U.K. Franchisor are directly owned by the Master Issuer, have
been duly authorized and validly issued, are fully paid and non-assessable and are owned of record by the Master Issuer free and clear of all Liens other than Permitted Liens. 

(f) All of the issued and outstanding limited liability company interests of the IP Holders are directly owned by the Master Issuer, have been
duly authorized and validly issued, are fully paid and non-assessable and are owned of record by the Master Issuer free and clear of all Liens other than Permitted Liens. 

(g) All of the issued and outstanding limited liability company interests of the Real Estate Holders are directly owned by the Master Issuer,
have been duly authorized and validly issued, are fully paid and non-assessable and are owned of record by the Master Issuer free and clear of all Liens other than Permitted Liens. 

(h) The Master Issuer has no subsidiaries and owns no Equity Interests in any other Person, other than the Franchise Holders, the IP Holders,
the Real Estate Holders and any Additional Securitization Entity. DD/BR Franchise Holdco has no subsidiaries and owns no Equity Interests in any other Person, other than the DD Franchisor and BR Franchisor. The Franchise Holders (other than DD/BR
Franchise Holdco) have no subsidiaries and own no Equity Interests in any other Person. The IP Holders have no subsidiaries and own no Equity Interests in any other Person. The Real Estate Holders have no subsidiaries and own no Equity Interests in
any other Person. 
 Section 7.13 Security Interests. 

(a) The Master Issuer and each Guarantor owns and has good title to its Collateral, free and clear of all Liens other than Permitted Liens.
Other than the Accounts and the Real Estate Assets, the Indenture Collateral consists of securities, loans, investments, accounts, commercial tort claims, inventory, equipment, fixtures, health care insurance receivables, chattel paper, money,
deposit accounts, instruments, financial assets, documents, investment property, general intangibles, letter of credit rights, and other supporting obligations (in each case, as defined in the UCC of the State of New York). Except in the case of the
Existing Owned Real Property and the New Owned Real Property, this Base Indenture and the Guarantee and Collateral Agreement constitute a valid and continuing Lien on the Collateral in favor of the Trustee on behalf of and for the benefit of the
Secured Parties, which Lien on the Collateral has been perfected (except with regard to Non-Perfected IP or In-Transit Cash, and 

  
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except as described in Section 8.25(c) and Section 8.25(d)) or evidence of which Lien has been recorded, in each case in accordance with the provisions of this Base
Indenture, and is prior to all other Liens (other than Permitted Liens), and is enforceable as such as against creditors of and purchasers from the Master Issuer and each Guarantor in accordance with its terms, except as such enforceability may be
limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws affecting creditors’ rights generally or by general equitable principles, whether considered in a proceeding at law or in equity, and by
an implied covenant of good faith and fair dealing. The Master Issuer and each Guarantor has received all consents and approvals required by the terms of the Collateral to the pledge of the Collateral to the Trustee hereunder and under the Guarantee
and Collateral Agreement. The Master Issuer and each Guarantor has caused, or shall have caused, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect
or otherwise record evidence, as applicable, of the first-priority security interest (subject to Permitted Liens) in the Collateral (other than the Existing Owned Real Property, the New Owned Real Property and the Non-Perfected IP) granted to the
Trustee hereunder or under the Guarantee and Collateral Agreement within ten (10) days of the date of the date hereof, or, in the case of Accounts, the Core Marks, the Existing Owned Real Property and the New Owned Real Property, shall take all
additional action necessary to grant, perfect or record evidence of such first-priority security interest (subject to Permitted Liens) consistent with the obligations and time periods set forth in Section 5.1(a),
Section 8.25(c), Section 8.25(d) or Section 8.37, as applicable. Notwithstanding anything to the contrary herein, no Lien granted to the Trustee for the benefit of the Secured Parties on the Existing Owned Real
Property or any New Owned Real Property will be perfected until such time as the Mortgages are delivered and recorded in accordance with the terms hereof. 

(b) Other than the security interest granted to the Trustee hereunder, pursuant to the other Related Documents or any other Permitted Lien,
the Master Issuer has not, and no Guarantor has, pledged, assigned, sold or granted a security interest in the Collateral by grant, pledge, sale, assignment or other means. All action necessary (including the filing of UCC-1 financing statements
and, with regard to the Core Marks filings with the PTO) to protect and evidence the Trustee’s security interest in the Collateral (other than the Non-Perfected IP) in the United States has been, or shall be, duly and effectively taken,
consistent with the obligations set forth in Section 5.1(a), Section 7.13, Section 8.25(c), Section 8.25(d) or Section 8.37. No security agreement, financing statement, equivalent security
or lien instrument or continuation statement authorized by the Master Issuer and any Guarantor and listing the Master Issuer or Guarantor as debtor covering all or any part of the Collateral is on file or of record in any jurisdiction, except in
respect of Permitted Liens or such as may have been filed, recorded or made by the Master Issuer or such Guarantor in favor of the Trustee on behalf of the Secured Parties in connection with this Base Indenture and the Guarantee and Collateral
Agreement, and the Master Issuer has not, and no Guarantor has, authorized any such filing. 
 (c) All authorizations in this Base Indenture
and the Guarantee and Collateral 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 Base Indenture and the Guarantee and Collateral Agreement are powers coupled with an interest and are irrevocable. 

  
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 Section 7.14 Related Documents. 

The Indenture Documents, the Collateral Transaction Documents, the Account Agreements, the Depository Agreements, any Variable Funding Note
Purchase Agreement, any Swap Contract, any Series Hedge Agreement and any Enhancement Agreement with respect to each Series of Notes (other than the Mortgages) are in full force and effect. There are no outstanding defaults thereunder nor have
events occurred which, with the giving of notice, the passage of time or both, would constitute a default thereunder. 
 Section 7.15
Other Liabilities. 
 Other than as permitted by Section 8.22, no Securitization Entity is subject to any material
obligations or liabilities of any kind or nature in favor of any third party, including, without limitation, Contingent Obligations. 

Section 7.16 Compliance with Contractual Obligations and Laws. 

No Securitization Entity is in violation of (a) its Charter Documents, (b) any Requirement of Law with respect to such
Securitization Entity or (c) any Contractual Obligation with respect to such Securitization Entity except, solely with respect to clauses (b) and (c), to the extent such violation would not reasonably be expected to result in
a Material Adverse Effect. 
 Section 7.17 Other Representations. 

All representations and warranties of each Securitization Entity made in each 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 7.18 No Employees. 

Notwithstanding any other provision of the Indenture or any Charter Documents of any Securitization Entity to the contrary, no Securitization
Entity has any employees. 
 Section 7.19 Insurance. 

The Securitization Entities shall (a) maintain insurance coverage, (b) cause insurance coverage to be maintained or
(c) self-insure for such risks described on Schedule 7.19 hereto, in such amounts and covering such risks as is adequate for the conduct of their respective businesses and the value of their respective properties and as is
customary for companies engaged in similar businesses in similar industries. All policies of insurance of the Securitization Entities are in full force and effect and the Securitization Entities are in compliance with the terms of such policies in
all material respects. None of the Securitization Entities has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be
necessary to 

  
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continue its business at a cost that would not reasonably be expected to result in a Material Adverse Effect. All such insurance is primary coverage, all premiums therefor due on or before the
date hereof have been paid in full, and the terms and conditions thereof are no less favorable to the Securitization Entities than the terms and conditions of insurance maintained by their Affiliates that are not Securitization Entities. 

Section 7.20 Environmental Matters. 

(a) None of the Securitization Entities is subject to any liabilities pursuant to any Environmental Law or with respect to any Materials of
Environmental Concern that could, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 
 (b)
Other than exceptions to any of the following that could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect: 

(i) The Securitization Entities: (x) are, and within the period of all applicable statutes of limitation have been, in
compliance with all applicable Environmental Laws, (y) hold all Environmental Permits (each of which is in full force and effect) required for their current operations and (z) is, and within the period of all applicable statutes of
limitation have been, in compliance with all of their Environmental Permits. 
 (ii) Materials of Environmental Concern are
not present at, on, under, in, or about any Real Estate Assets now or, to the knowledge of the Master Issuer, formerly owned, leased or operated by any Securitization Entity, or at any other location (including, without limitation, any location to
which Materials of Environmental Concern have been sent by the Master Issuer for re-use or recycling or for treatment, storage or disposal) in a condition or circumstance that would reasonably be expected to (x) give rise to liability of any
Securitization Entity under any applicable Environmental Law or otherwise result in costs to any Securitization Entity (y) interfere with any Securitization Entity’s continued operations or (z) impair the fair saleable value of any
real property owned by any Securitization Entity. 
 (iii) There is no judicial, administrative, or arbitral proceeding
(including, without limitation, any notice of violation or alleged violation) under or relating to any Environmental Law to which any Securitization Entity is, or to the knowledge of the Securitization Entities will be, named as a party that is
pending or, to the knowledge of the Securitization Entities, threatened. 
 (iv) No Securitization Entity has received any
written request for information, or been notified in writing that it is a potentially responsible party under or relating to the federal Comprehensive Environmental Response, Compensation and Liability Act, as amended, or that it is liable under any
other Environmental Law, or in either case, with respect to the release of any Materials of Environmental Concern to the environment. 

(v) No Securitization Entity has entered into or agreed to any consent decree, order, or settlement or other agreement, or is
subject to any judgment, decree, or 

  
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order or other agreement, in any judicial, administrative, arbitral, or other forum for dispute resolution, relating to compliance with or liability under any Environmental Law that has not been
fully and finally resolved. 
 Section 7.21 Intellectual Property. 

(a) All of the registrations and applications owned by each IP Holder and included in the Securitization IP are subsisting, unexpired and have
not been abandoned in any applicable jurisdiction except where such expiration or abandonment would not reasonably be expected to result in a Material Adverse Effect. 

(b) Except as set forth on Schedule 7.21, (i) the use of the Securitization IP and the operation of the DD System and the BR
System do not infringe or violate the rights of any third party in a manner that would reasonably be expected to result in a Material Adverse Effect, (ii) to the Master Issuer’s knowledge, the Securitization IP owned by an IP Holder is not
being infringed or violated by any third party in a manner that would reasonably be expected to result in a Material Adverse Effect and (iii) there is no action or proceeding pending or to the Master Issuer’s knowledge, threatened,
alleging the same that would reasonably be expected to result in a Material Adverse Effect. 
 (c) Except as set forth on
Schedule 7.21, no action or proceeding is pending or, to the Master Issuer’s knowledge, threatened, that seeks to limit, cancel, or challenge the validity of any Securitization IP, or the use thereof, that would reasonably be
expected to result in a Material Adverse Effect. 
 (d) The DD IP Holder is the exclusive owner of the Donut IP and the BR IP Holder is the
exclusive owner of the Ice Cream IP, in each case, (i) other than the IP License Agreements and licenses permitted pursuant to Section 8.16 and (ii) subject to the terms of the agreements pursuant to which any Donut IP and Ice
Cream IP is licensed to either of DD IP Holder or BR IP Holder, free and clear of all Liens, encumbrances, set-offs, defenses and counterclaims of whatsoever kind or nature, other than the Permitted Liens. 

(e) The Master Issuer has not made and will not hereafter make any assignment, pledge, mortgage, hypothecation or transfer of any of the
Securitization IP other than Permitted Liens and Permitted Asset Dispositions under Section 8.16(d). 
 ARTICLE VIII 

COVENANTS 

Section 8.1 Payment of Notes. 

(a) The Master Issuer shall pay or cause to be paid the principal of, and premium, if any, and interest, subject to
Section 2.15(d), on the Notes when due pursuant to the provisions of this Base Indenture and any applicable Series Supplement. Principal, premium, if any, and interest shall be considered paid on the date due if the Paying Agent holds on
that date money designated for and sufficient to pay all principal, premium, if any, and interest then due. Except as otherwise provided pursuant to a Variable Funding Note Purchase Agreement or any 

  
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other Related Document, amounts properly withheld under the Code or any applicable state, local or foreign law by any Person from a payment to any Noteholder of interest or principal or premium,
if any, shall be considered as having been paid by the Master Issuer to such Noteholder for all purposes of the Indenture and the Notes. 

(b) By acceptance of its Notes, each Noteholder agrees that the failure to provide the Paying Agent with appropriate tax certifications (which
includes but is not limited to (i) an Internal Revenue Service Form W-9 for United States persons (as defined under Section 7701(a)(30) of the Code) or any applicable successor form or (ii) an applicable Internal Revenue Service
Form W-8 and any required attachments, for Persons other than United States persons, or applicable successor form) may result in amounts being withheld from payments to such Noteholder under this Base Indenture and any Series Supplement and
that amounts withheld pursuant to applicable laws shall be considered as having been paid by the Master Issuer as provided in clause (a) above. 

Section 8.2 Maintenance of Office or Agency. 

(a) The Master Issuer will maintain an office or agency (which, with respect to the surrender for registration of, or transfer or exchange or
the payment of principal and premium, may be an office of the Trustee, the Registrar or co-registrar) where Notes may be surrendered for registration of transfer or exchange, where notices and demands to or upon the Master Issuer in respect of the
Notes and the Indenture may be served, and where, at any time when the Master Issuer is obligated to make a payment of principal of, and premium, if any, on the Notes, the Notes may be surrendered for payment. The Master Issuer will 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 Master Issuer 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 presentations and surrenders may be made or served at the Corporate Trust Office and notices and demands may be made at the address set forth in Section 14.1 hereof. 

(b) The Master Issuer may also from time to time designate one or more other offices or agencies where the Notes may be presented or
surrendered for any or all such purposes and may from time to time rescind such designations. The Master Issuer will give prompt written notice to the Trustee and the Servicer of any such designation or rescission and of any change in the location
of any such other office or agency. The Master Issuer hereby designates the applicable Corporate Trust Office as one such office or agency of the Master Issuer. 

Section 8.3 Payment and Performance of Obligations. 

The Master Issuer will, and will cause each other Securitization Entity to, pay and discharge and fully perform, at or before maturity, all of
their respective material obligations and liabilities, including, without limitation, Tax liabilities and other governmental claims levied or imposed upon each such Securitization Entity or upon the income, properties or operations of such
Securitization Entity, judgments, settlement agreements and all obligations of each Securitization Entity under the Collateral Transaction Documents, except where the same may be contested in good faith by appropriate proceedings (and without
derogation from the material obligations of the Master Issuer hereunder and the Guarantors under the Guarantee and 

  
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Collateral Agreement regarding the protection of the Collateral from Liens (other than Permitted Liens)), and will maintain, in accordance with GAAP, reserves as appropriate for the accrual of
any of the same. 
 Section 8.4 Maintenance of Existence. 

The Master Issuer will, and will cause each other Securitization Entity to, maintain its existence as a limited liability company or
corporation validly existing and in good standing under the laws of its state of organization and duly qualified as a foreign limited liability company or corporation licensed under the laws of each state in which the failure to so qualify would be
reasonably likely to result in a Material Adverse Effect. The Master Issuer will, and will cause each other Securitization Entity to, be treated as a disregarded entity within the meaning of United States Treasury Regulation
Section 301.7701-2(c)(2) and the Master Issuer will not, and will not permit any other Securitization Entity to, be classified as a corporation or as an association taxable as a corporation or a publicly traded partnership taxable as a
corporation for United States federal tax purposes. 
 Section 8.5 Compliance with Laws. 

The Master Issuer will, and will cause each other Securitization Entity to, comply in all respects with all Requirements of Law with respect
to the Master Issuer or such other Securitization Entity except where such noncompliance would not be reasonably likely to result in a Material Adverse Effect; provided, however, such noncompliance will not result in a Lien (other than
a Permitted Lien) on any of the Collateral or any criminal liability on the part of any Securitization Entity, the Manager or the Trustee. 

Section 8.6 Inspection of Property; Books and Records. 

The Master Issuer will, and will cause each other Securitization Entity to, keep proper books of record and account in which full, true and
correct entries in all material respects shall be made of all dealings and transactions, business and activities in accordance with GAAP. The Master Issuer will, and will cause each other Securitization Entity to, permit, at reasonable times upon
reasonable notice, the Servicer, the Controlling Class Representative and the Trustee or any Person appointed by any of them to act as its agent to visit and inspect any of its properties (subject to the rights of tenants under applicable leases and
subleases), to examine and make abstracts from any of its books and records and to discuss its affairs, finances and accounts with its officers, directors, managers, employees and independent certified public accountants, and the reasonable costs
and documented out-of-pocket expenses of 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 or an Event of Default, or to the extent expressly required without the instruction of any other party under the terms of any Related Documents, any such Person may visit and conduct such activities at any time and all such visits
and activities shall constitute a Securitization Operating Expense. 

  
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 Section 8.7 Actions under the Collateral Transaction Documents and Related Documents.

 (a) Except as otherwise provided in Section 8.7(d), the Master Issuer will not, and will not permit any Securitization Entity
to, take any action which would permit any Dunkin’ Entity or any other Person party to a Collateral Transaction Document to have the right to refuse to perform any of its respective obligations under any of the Collateral Transaction Documents
or that would result in the amendment, waiver, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any Collateral Transaction Document. 

(b) Except as otherwise provided in Section 3.2(a) or Section 8.7(d), the Master Issuer shall not, and shall not
permit any Securitization Entity to, take any action which would permit any other Person party to a Collateral Franchise Business Document to have the right to refuse to perform any of its respective obligations under such Collateral Franchise
Business Document or that would result in the amendment, waiver, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, such Collateral Franchise Business Document if such action when taken on behalf
of any Securitization Entity by the Manager would constitute a breach by the Manager of the Management Agreement. 
 (c) Except as otherwise
provided in Section 3.2(a), the Master Issuer agrees that it will not, and will cause each Securitization Entity not to, without the prior written consent of the Control Party, exercise any right, remedy, power or privilege available to
it with respect to any obligor under a Collateral Transaction Document or under any instrument or agreement included in the Collateral, take any action to compel or secure performance or observance by any such obligor of its obligations to the
Master Issuer or such other Securitization Entity or give any consent, request, notice, direction or approval with respect to any such obligor if such action when taken on behalf of any Securitization Entity by the Manager would constitute a breach
by the Manager of the Management Agreement. 
 (d) The Master Issuer agrees that it will not, and will cause each Securitization Entity not
to, without the prior written consent of the Control Party, amend, modify, waive, supplement, terminate or surrender, or agree to any amendment, modification, supplement, termination, waiver or surrender of, the terms of any of the Related
Documents; provided, however, that the Securitization Entities may agree to any amendment, modification, supplement or waiver of any such term of any Related Document without any such consent: 

(i) to add to the covenants of any Securitization Entity for the benefit of the Secured Parties; or to add to the covenants of
any Dunkin’ Entity for the benefit of any Securitization Entity; 
 (ii) to terminate any Related Document if any party
thereto (other than a Securitization Entity) becomes, in the reasonable judgment of the Master Issuer, unable to pay its debts as they become due, even if such party has not yet defaulted on its obligations under the Related Document, so long as the
Master Issuer enters into a replacement agreement with a new party within ninety (90) days of the termination of the Related Document; 

  
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 (iii) to make such other provisions in regard to matters or questions arising
under the Related Documents as the parties thereto may deem necessary or desirable, which are not inconsistent with the provisions thereof and which shall not materially and adversely affect the interests of any Noteholder, any Note Owner or any
other Secured Party; provided that an Opinion of Counsel and an Officer’s Certificate shall be delivered to the Trustee, the Rating Agencies and the Servicer to such effect; or 

(iv) in the case of any Variable Funding Note Purchase Agreement, to the extent that the consent of the Control Party is not
required, pursuant to the terms of such agreement, for such amendment, modification, supplement or waiver. 
 (e) Upon the occurrence of a
Manager Termination Event under the Management Agreement, (i) the Master Issuer will not, and will cause each other Securitization Entity not to, without the prior written consent of the Control Party, terminate the Manager and appoint any
Successor Manager in accordance with the Management Agreement and (ii) the Master Issuer will, and will cause each other Securitization Entity to, terminate the Manager and appoint one or more Successor Managers in accordance with the
Management Agreement if and when so directed by the Control Party. 
 Section 8.8 Notice of Defaults and Other Events. 

The Master Issuer shall give the Trustee, the Servicer, the Manager, the Back-Up Manager, the Controlling Class Representative and the Rating
Agencies with respect to each Series of Notes Outstanding notice within three (3) Business Days upon becoming aware of (i) any Potential Rapid Amortization Event, (ii) any Rapid Amortization Event, (iii) any Potential Manager
Termination Event, (iv) any Manager Termination Event, (iv) any Default, (v) any Event of Default or (vi) any default under any Collateral Transaction Document, together with an Officer’s Certificate setting forth the
details thereof and any action with respect thereto taken or contemplated to be taken by the Master Issuer. The Master Issuer shall, at its expense, promptly provide to the Servicer, the Manager, the Back-Up Manager, the Controlling Class
Representative and the Trustee such additional information as the Servicer, the Manager, the Back-Up Manager, the Controlling Class Representative or the Trustee may reasonably request from time to time in connection with the matters so reported,
and the actions so taken or contemplated to be taken. 
 Section 8.9 Notice of Material Proceedings. 

Without limiting Section 8.30 or Section 8.25(b), promptly (and in any event within ten (10) days) upon the
determination by either the chief financial officer or the chief legal officer of DBI that the commencement or existence of any litigation, arbitration or other proceeding with respect to any Dunkin’ Entity would be reasonably be expected to
result in a Material Adverse Effect, the Master Issuer shall give written notice thereof to the Trustee, the Servicer, the Manager, the Back-Up Manager, the Controlling Class Representative and the Rating Agencies with respect to each Series of
Notes Outstanding. 

  
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 Section 8.10 Further Requests. 

The Master Issuer will, and will cause each other Securitization Entity to, promptly furnish to the Trustee such other information as, and in
such form as, the Trustee may reasonably request in connection with the transactions contemplated hereby or by any Series Supplement. 

Section 8.11 Further Assurances. 

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

(b) If any amount payable under or in connection with any of the Collateral shall be or become evidenced by any promissory note, chattel paper
or other instrument, such note, chattel paper or instrument shall be deemed to be held in trust and immediately pledged and within three (3) Business Days physically delivered to the Trustee hereunder, and shall, subject to the rights of any
Person in whose favor a prior Lien has been perfected, be duly endorsed in a manner satisfactory to the Trustee and delivered to the Trustee promptly; provided, that no Securitization Entity shall be required to deliver any Franchisee
Promissory Note. 

  
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 (c) Notwithstanding the provisions set forth in clauses (a) and
(b) above, the Master Issuer and the Guarantors shall not be required to perfect any security interest in any fixtures, Intellectual Property other than the Core Marks in the Specified Countries (except Japan) (other than through a
central filing of a UCC financing statement), any Franchisee Promissory Note or, except as provided in Section 8.37, any real property. 

(d) If during any Quarterly Collection Period, the Master Issuer or any Guarantor shall obtain an interest in any commercial tort claim or
claims (as such term is defined in the New York UCC) and such commercial tort claim or claims (when added to any past commercial tort claim or claims that were obtained by any Securitization Entity prior to such Quarterly Collection Period that are
still outstanding) have an aggregate value equal to or greater than $5,000,000 as of the last day of such Quarterly Collection Period, the Master Issuer or such Guarantor shall notify the Servicer on or before the third Business Day prior to the
next succeeding Quarterly Payment Date that it has obtained such an interest and shall sign and deliver documentation reasonably acceptable to the Servicer granting a security interest under this Base Indenture or the Guarantee and Collateral
Agreement, as the case may be, in and to such commercial tort claim or claims whether obtained during such Quarterly Collection Period or prior to such Quarterly Collection Period. 

(e) The Master Issuer will, and will cause each other Securitization Entity to, warrant and defend the Trustee’s right, title and
interest in and to the Collateral and the income, distributions and Proceeds thereof, for the benefit of the Trustee on behalf of the Secured Parties, against the claims and demands of all Persons whomsoever. 

(f) On or before April 30 of each calendar year, commencing with April 30, 2016, the Master Issuer shall furnish to the Trustee, the
Rating Agencies for each Series of Notes Outstanding and the Servicer (with a copy to the Back-Up Manager) an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing,
re-recording and refiling of this Base Indenture, any indentures supplemental hereto, the Guarantee and Collateral Agreement and any other requisite documents and with respect to the execution and filing of any financing statements, continuation
statements and amendments to financing statements and such other documents as are, subject to clause (c) above, necessary to maintain the perfection of, or recordation of evidence of, as applicable, the Lien and security interest created
by this Base Indenture and the Guarantee and Collateral Agreement, as required hereunder and thereunder, under Article 9 of the New York UCC in the United States and reciting the details of such action or stating that in the opinion of such
counsel no such action is necessary to maintain the perfection of such Lien and security interest. Each such Opinion of Counsel shall also describe the recording, filing, re-recording and refiling of this Base Indenture, any indentures supplemental
hereto, the Guarantee and Collateral Agreement and any other requisite documents and the execution and filing of any financing statements, continuation statements and amendments or other documents that will, in the opinion of such counsel, be
required, subject to clause (c) above, to maintain the perfection of the lien and security interest or record evidence, as applicable, of such security interest of this Base Indenture and the Guarantee and Collateral Agreement under
Article 9 of the New York UCC in the Collateral in the United States until April 30 in the following calendar year. For the avoidance of doubt, the Opinions of Counsel described in this clause (f) shall not be required to cover
any matters related to the Real Estate Assets. 

  
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 Section 8.12 Liens. 

The Master Issuer shall not, and shall not permit any other Securitization Entity to, create, incur, assume or permit to exist any Lien upon
any of its property (including the Collateral), other than (i) Liens in favor of the Trustee for the benefit of the Secured Parties and (ii) other Permitted Liens. 

Section 8.13 Other Indebtedness. 

The Master Issuer shall not, and shall not permit any other Securitization Entity to, create, assume, incur, suffer to exist or otherwise
become or remain liable in respect of any Indebtedness other than (i) Indebtedness hereunder or under the Guarantee and Collateral Agreement or any other Related Document, (ii) any Guarantee by any Securitization Entity of the obligations
of any other Securitization Entity, (iii) Indebtedness of a Securitization Entity owed to a Securitization Entity, (iv) any purchase money Indebtedness incurred in order to finance the acquisition, lease or improvement of equipment in the
ordinary course of business, (v) Indebtedness arising from the honoring by a bank or other financial institution (a “Cash Management Bank”) of a check, draft or similar instrument drawn against insufficient funds in the
ordinary course of business or other cash management services in the ordinary course of business (“Cash Management Obligations”); provided, that such Indebtedness is extinguished within ten (10) Business Days of
notification to the applicable Securitization Entity of its incurrence, or (vi) guarantees for the benefit of Franchisees of Indebtedness in an aggregate principal amount at any time outstanding of up to the greater of (x) $20,000,000 and
(y) 5.0% of the Net Cash Flow for the preceding four Quarterly Collection Periods most recently ended as of such date and for which financial statements have been prepared. 

Section 8.14 Employee Benefit Plans. 

The Master Issuer shall not, and shall not permit any other Securitization Entity or any member of a Controlled Group that includes a
Securitization Entity, to establish, sponsor, maintain, contribute to, incur any obligation to contribute to, or incur any actual or contingent liability in respect of, any Pension Plan to the extent the Controlled Group’s payment obligations
in respect of all Pension Plans would, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. The Master Issuer will not, and no member of a Controlled Group that includes a Securitization Entity, will,
establish, sponsor, maintain, contribute to, incur any obligation to contribute to or incur any liability in respect of any Pension Plan to the extent the liabilities under such Pension Plan would, individually or in the aggregate, reasonably be
expected to result in a Material Adverse Effect. 
 Section 8.15 Mergers. 

On and after the Closing Date, the Master Issuer shall not, and shall not permit any other Securitization Entity to, merge or consolidate with
or into any other Person (whether by means of a single transaction or a series of related transactions) other than any merger or consolidation of any Securitization Entity with any other Securitization Entity or any merger or consolidation of any
Securitization Entity with any other entity to which the Control Party has given prior written consent; provided that the BR Franchisor and/or the BR IP Holder may merge or consolidate with or into each other or another Person that is not a
Securitization Entity solely in connection with a Baskin-Robbins Asset Disposition that is a Permitted Asset Disposition. 

  
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 Section 8.16 Asset Dispositions. 

The Master Issuer shall not, and shall not permit any other Securitization Entity to, sell, transfer, lease, license, liquidate or otherwise
dispose of any of its property (whether by means of a single transaction or a series of related transactions), including any Equity Interests of any other Securitization Entity, except in the case of the following (each, a “Permitted Asset
Disposition”): 
 (a) (i) any disposition of obsolete, surplus, damaged or worn out property or property that is no longer used or
useful in the business of the Securitization Entities, and (ii) any abandonment, cancellation, or lapse of Securitization IP registrations or applications that in the reasonable good faith judgment of the Manager are no longer commercially
reasonable to maintain; 
 (b) any disposition of (i) Eligible Investments and (ii) inventory in the ordinary course of business;

 (c) any disposition of equipment or real property to the extent that (x) such property is exchanged for credit against the purchase
price or other payment obligations in respect of similar replacement property or other Eligible Assets (including, without limitation, credit against rental obligations under a real estate lease) or (y) the proceeds thereof are applied to the
purchase price of such replacement property or other Eligible Assets in accordance with this Base Indenture; 
 (d) (i) any licenses of
Securitization IP under the IP License Agreements and to the Manager in connection with the performance of its Services under the Management Agreement and (ii) other non-exclusive licenses of Securitization IP (x) granted in the ordinary
course of business, (y) that when effected on behalf of any Securitization Entity by the Manager would not constitute a breach by the Manager of the Management Agreement and (z) that would not reasonably be expected to materially and
adversely impact the Securitization IP (taken as a whole); 
 (e) any decision to abandon, fail to pursue, settle, or otherwise resolve any
claim or cause of action to enforce or seek remedy for the infringement, misappropriation, dilution or other violation of any Securitization IP, or other remedy against any third party where it is not commercially reasonable to pursue such claim or
remedy in light of the cost, potential remedy, or other factors; provided that such action would not reasonably be expected to materially and adversely impact the Securitization IP (taken as whole); 

(f) any dispositions of equipment leased to Franchisees; 

(g) any dispositions of property of a Securitization Entity to any other Securitization Entity not otherwise prohibited under the Related
Documents; 

  
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 (h) any leases or subleases of Real Estate Assets to Franchisees or (in the case of the location
of a Company-owned POD) a Non-Securitization Entity and assignments, subleases and terminations of leases and subleases that do not materially interfere with the business of the Securitization Entities; 

(i) any dispositions of property in exchange for the payment of Indemnification Amounts; 

(j) Investments permitted under Section 8.21, Liens permitted under Section 8.12 and distributions permitted under
Section 8.18; 
 (k) transfers of properties subject to condemnation or casualty events; 

(l) any termination, non-renewal, expiration, amendment or other modification of any Collateral Franchise Business Document or Franchised POD
Lease that when effected on behalf of any Securitization Entity by the Manager would not constitute a breach by the Manager of the Management Agreement; 

(m) any surrender or waiver of contractual rights or the settlement, release or surrender of contractual rights or other litigation claims in
the ordinary course of business, in each case that would not reasonably be expected to result in a Material Adverse Effect; 
 (n) Business
Development Transactions; 
 (o) any other sale, lease, license, transfer or other disposition of property to which the Control Party has
given the relevant Securitization Entity prior written consent; 
 (p) any dispositions pursuant to the sale or sale-leaseback of Existing
Owned Real Property or New Owned Real Property; 
 (q) if, as of the Quarterly Payment Date immediately preceding the date of such
disposition, the DSCR after giving pro forma effect to such disposition and the application of the proceeds thereof is at least 2.0x, a Baskin-Robbins Asset Disposition; 

(r) a DD Franchisor Asset Disposition; 

(s) any disposition of property related to an International Change in Law Event, provided that, with respect to dispositions relating
to International Change in Law Events, the cumulative amount of Retained Collections affected by such dispositions that have not been consented to by the Control Party in accordance with this clause (s) prior to the Series 2015-1 Legal
Final Maturity Date (as determined by the amount of Retained Collections with respect to the relevant Covered Jurisdiction for the last twelve (12) months based on the preceding four Quarterly Noteholder’s Reports) shall be less than or
equal to $5,000,000, provided, further, that if the cumulative amount of Retained Collections (as determined by the amount of Retained Collections with respect to the relevant Covered Jurisdiction for the twelve
(12) month period ending on the last Quarterly Calculation Date for which a Quarterly Noteholder’s Report has been delivered) affected by dispositions relating to International Change in Law Events prior to the Series 2015-1 Legal Final
Maturity Date is greater than $5,000,000, the Control Party must consent to any disposition in connection with an International Change in Law Event; or 

  
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 (t) any other sale, lease, license, liquidation, transfer or other disposition of property not
directly or indirectly constituting any asset dispositions permitted by clauses (a) through (s) above and so long as such disposition when effected on behalf of any Securitization Entity by the Manager does not constitute a
breach by the Manager of the Management Agreement. 
 Any amounts received by a Securitization Entity upon a Permitted Asset Disposition
pursuant to clauses (a) - (m), (o), (r) and (s) of the definition of “Permitted Asset Disposition,” along with any Business Development Transaction Net Gain, will be treated as Collections
(collectively, “Asset Disposition Collections”) with respect to the Quarterly Collection Period in which such amounts are received and not as Asset Disposition Proceeds. 

All Asset Disposition Proceeds shall be deposited to the Asset Disposition Proceeds Account or, to the extent the applicable Securitization
Entity elects not to reinvest such Asset Disposition Proceeds in Eligible Assets, shall be deposited to the Collection Account promptly following receipt thereof and applied in accordance with priority (i) of the Priority of Payments.

 Upon any sale, transfer, lease, license, liquidation or other disposition of any property by any Securitization Entity permitted by this
Section 8.16, all Liens with respect to such disposed property created in favor of the Trustee for the benefit of the Secured Parties under this Base Indenture and the other Related Documents shall be automatically released, and the
Trustee, upon written request of the Master Issuer, at the written direction of the Control Party, shall provide evidence of such release as set forth in Section 14.17. 

Section 8.17 Acquisition of Assets. 

The Master Issuer shall not, and shall not permit any other Securitization Entity to, acquire, by long-term or operating lease or otherwise,
any property if such acquisition when effected on behalf of any Securitization Entity by the Manager would constitute a breach by the Manager of the Management Agreement. 

Section 8.18 Dividends, Officers’ Compensation, etc. 

The Master Issuer will not declare or pay any distributions on any of its respective limited liability company interests; provided,
however, that so long as no Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default has occurred and is continuing with respect to any Series of Notes Outstanding or would result therefrom, the Master Issuer
may declare and pay distributions to the extent permitted under Section 18-607 of the Delaware Limited Liability Company Act and the Master Issuer’s Charter Documents. The Master Issuer shall not, and shall not permit any other
Securitization Entity to, redeem, purchase, retire or otherwise acquire for value any Equity Interest in or issued by such Securitization Entity or set aside or otherwise segregate any amounts for any such purpose except as expressly permitted by
the Indenture or as consented to by the Control Party. The Master Issuer may draw on Commitments with respect to any Series of Class A-1 Notes for general corporate purposes of the Securitization Entities and the Non-Securitization Entities,
including to fund any acquisition by any Securitization Entity or Non-Securitization Entity or any dividend, distribution or share repurchase by any Securitization Entity or Non-Securitization Entity. 

  
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 Section 8.19 Legal Name, Location Under Section 9-301 or 9-307. 

The Master Issuer shall not, and shall not permit any other Securitization Entity to, 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 the Rating Agencies with respect to each Series
of Notes Outstanding. In the event that the Master Issuer or other Securitization Entity desires to so change its location or change its legal name, the Master Issuer will, or will cause such other Securitization Entity to, make any required filings
and prior to actually changing its location or its legal name the Master Issuer will, or will cause such other Securitization Entity to, deliver to the Trustee and the Servicer (i) an Officer’s Certificate confirming that all required
filings have been made, subject to Section 8.11(c), to continue the perfected interest or to record evidence of such security interest, as applicable, of the Trustee on behalf of the Secured Parties in the Collateral under Article 9
of the applicable UCC in respect of the new location or new legal name of the Master Issuer or other Securitization Entity and (ii) copies of all such required filings with the filing information duly noted thereon by the office in which such
filings were made. 
 Section 8.20 Charter Documents. 

The Master Issuer shall not, and shall not permit any other Securitization Entity to, amend, or consent to the amendment of, any of its
Charter Documents to which it is a party as a member or shareholder unless, prior to such amendment, the Control Party shall have consented thereto and the Rating Agency Condition with respect to each Series of Notes Outstanding shall have been
satisfied with respect to such amendment; provided, however, the Master Issuer and the other Securitization Entities shall be permitted to amend their Charter Documents without having to meet the Rating Agency Condition to cure any
ambiguity, defect or inconsistency therein or if such amendments would not reasonably be deemed to be disadvantageous to any Noteholder in the reasonable judgment of the Control Party. The Control Party may rely on an Officer’s Certificate to
make such determination. The Master Issuer shall provide written notice to each Rating Agency (with a copy to the Servicer) of any amendment of any Charter Document of any Securitization Entity. 

Section 8.21 Investments . 

The Master Issuer shall not, and shall not permit any other Securitization Entity to, make, incur, or suffer to exist any loan, advance,
extension of credit or other Investment if such Investment when made on behalf of any Securitization Entity by the Manager would constitute a breach by the Manager of the Management Agreement, other than (a) Investments in the Accounts and
Eligible Investments, (b) any Franchisee Promissory Note, the terms of which are negotiated by the Manager in accordance with the Managing Standard, (c) Investments in any other Securitization Entity, (d) loans or advances by the
DD/BR Franchise Holdco, the DD Franchisor or the BR Franchisor to any Non-Securitization Entity in accordance with Section 8.24(a)(ii) using funds on deposit in the DD/BR Franchise Holdco Capital Account, the DD

  
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Franchisor Capital Account or the BR Franchisor Capital Account, respectively, (e) guarantees of obligations of any Non-Securitization Entity provided in the form of letters of credit issued
pursuant to the Variable Funding Note Purchase Agreement, (f) guarantees with respect to operating leases and product volumes, (g) guarantees for the benefit of Franchisees of Indebtedness in an aggregate principal amount at any time
outstanding of up to the greater of (x) $20,000,000 and (y) 5.0% of the Net Cash Flow for the preceding four Quarterly Collection Periods most recently ended as of such date and for which financial statements have been prepared,
(h) Investments consisting of non-cash consideration received on an arm’s length terms in connection with any Business Development Transaction or Baskin-Robbins Asset Disposition or (i) guarantees of Cash Management Obligations of the
Manager or any Sub-Manager (to the extent that such Cash Management Obligations were incurred in their respective capacities as such). 

Section 8.22 No Other Agreements. 

The Master Issuer shall not, and shall not permit any other Securitization Entity to, enter into or be a party to any agreement or instrument
(other than any Related Document, any Collateral Franchise Business Document, any other document permitted by a Series Supplement or the Related Documents, as the same may be amended, supplemented or otherwise modified from time to time, any
documents related to any Enhancement (subject to Section 8.32) or any Series Hedge Agreement (subject to Section 8.33), any documents relating to the transactions described in the proviso to Section 8.24(a)(vi) or
any documents or agreements incidental thereto) if such agreement when effected on behalf of any Securitization Entity by the Manager would constitute a breach by the Manager of the Management Agreement. 

Section 8.23 Other Business. 

The Master Issuer shall not, and shall not permit any other Securitization Entity to, engage in any business or enterprise or enter into any
transaction other than the incurrence and payment of ordinary course operating expenses, the issuing and selling of the Notes, entry into and performance of the Collateral Franchise Business Documents and other agreements permitted pursuant to
Section 8.22 and other activities related to or incidental to any of the foregoing or any other transaction which when effected on behalf of any Securitization Entity by the Manager would not constitute a breach by the Manager of the
Management Agreement. 
 Section 8.24 Maintenance of Separate Existence. 

(a) The Master Issuer will, and will cause each other Securitization Entity to, except as otherwise permitted hereunder or under the other
Related Documents: 
 (i) maintain separate deposit and securities accounts, as applicable, or other accounts, from those of
any of its Affiliates (other than the other Securitization Entities), with commercial banking institutions and ensure that the funds of the Securitization Entities will not be diverted to any Person who is not a Securitization Entity or for other
than the use of the Securitization Entities, nor will such funds be commingled with the funds of any of its Affiliates (other than the Securitization Entities), other than as provided in the Related Documents; 

  
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 (ii) ensure that all transactions between it and any of its Affiliates (other
than the other Securitization Entities), whether currently existing or hereafter entered into, shall be only on an arm’s length basis, it being understood and agreed that the transactions contemplated in the Related Documents and the
transactions described in the proviso to clause (vi) meet the requirements of this clause (ii); 

(iii) to the extent that it requires an office to conduct its business, conduct its business from an office at a separate
address from that of any of its Affiliates (other than the other Securitization Entities); provided that segregated offices in the same building shall constitute separate addresses for purposes of this clause (iii). To the extent
that any Securitization Entity and any of its members or Affiliates (other than the other Securitization Entities) have offices in the same location, there shall be a fair and appropriate allocation of overhead costs among them, and each such entity
shall bear its fair share of such expenses; 
 (iv) issue, as required, separate financial statements from any of its
Affiliates (other than the other Securitization Entities) prepared at least quarterly and prepared in accordance with GAAP; 

(v) conduct its affairs in its own name and in accordance with its Charter Documents and observe all necessary, appropriate and
customary limited liability company or corporate formalities (as applicable), including, but not limited to, holding all regular and special meetings appropriate to authorize all its actions, keeping separate and accurate minutes of its meetings,
passing all resolutions or consents necessary to authorize actions taken or to be taken, and maintaining accurate and separate books, records and accounts, including, but not limited to, payroll and intercompany transaction accounts; 

(vi) not assume or guarantee any of the liabilities of any of its Affiliates (other than the other Securitization Entities);
provided that the Securitization Entities may, pursuant to the Letter of Credit Reimbursement Agreement, cause letters of credit to be issued pursuant to Variable Funding Note Purchase Agreements that are for the sole benefit of one or more
Non-Securitization Entities if the Master Issuer receives a fee from each Non-Securitization Entity whose obligations are secured by such letter of credit in an amount equal to the cost to the Master Issuer in connection with the issuance and
maintenance of such letter of credit plus 25 basis points per annum, it being understood that such fee is an arms-length fair market fee; 

(vii) take, or refrain from taking, as the case may be, all other actions that are necessary to be taken or not to be taken in
order to (x) ensure that the assumptions and factual recitations set forth in the Specified Bankruptcy Opinion Provisions remain true and correct in all material respects with respect to it and (y) comply in all material respects with
those procedures described in such provisions which are applicable to it; 
 (viii) maintain at least two Independent
Managers, on its board of managers or its board of directors, as the case may be; 

  
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 (ix) to the fullest extent permitted by law, so long as any Obligation remains
outstanding, remove or replace any Independent Manager only for Cause and only after providing the Trustee and the Control Party with no less than three (3) days’ prior written notice of (A) any proposed removal of such Independent
Manager, and (B) the identity of the proposed replacement Independent Manager, together with a certification that such replacement satisfies the requirements for an Independent Manager set forth in the Charter Documents of the applicable
Securitization Entity; and 
 (x) (A) provide, or cause the Manager to provide, to the Trustee and the Control Party, a copy
of the executed agreement with respect to the appointment of any replacement Independent Manager and (B) provide, or cause the Manager to provide, to the Trustee, the Control Party and each Noteholder, written notice of the identity and contact
information for each Independent Manager on an annual basis and at any time such information changes. 
 (b) The Master Issuer, on behalf of
itself and each of the other Securitization Entities, confirms that the statements relating to the Master Issuer referenced in the opinion of Ropes & Gray LLP regarding substantive consolidation matters delivered to the Trustee on each
Series Closing Date are true and correct with respect to itself and each other Securitization Entity, and that the Master Issuer will, and will cause each other Securitization Entity to, comply with any covenants or obligations assumed to be
complied with by it therein as if such covenants and obligations were set forth herein. 
 Section 8.25 Covenants Regarding the
Securitization IP. 
 (a) The Master Issuer shall not, and shall not permit any other Securitization Entity to, take or omit to take any
action with respect to the maintenance, enforcement and defense of any IP Holder’s rights in and to the Securitization IP that would constitute a breach by the Manager of the Management Agreement if such action were taken or omitted by the
Manager on behalf of any Securitization Entity. 
 (b) The Master Issuer will notify the Trustee, the Back-Up Manager and the Servicer in
writing within fifteen (15) Business Days of the Master Issuer first knowing or having reason to know that any application or registration relating to any Core Mark may become abandoned or dedicated to the public domain, or of any material
adverse determination or development (including the institution of, or any such determination or development in, any proceeding in the PTO, similar offices or agencies in any foreign countries in which any Core Mark is located, or any court, but
excluding office actions in the course of prosecution and any non-final determinations (other than in an adversarial proceeding) of the PTO or any similar office or agency in any such foreign country) regarding the validity of any Securitization
Entity’s ownership of any Core Mark, its right to register the same, or to keep and maintain the same. 
 (c) With respect to the Core
Marks, the Master Issuer agrees to cause each IP Holder to: 

  
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 (i) execute, deliver and file (within fifteen (15) Business Days of the
Closing Date as to the PTO) an instrument substantially in the form attached as Exhibit D hereto with respect to Trademarks, or otherwise in form and substance satisfactory to the Control Party, and any other instruments or documents as may
be reasonably necessary or, in the Control Party’s opinion, desirable to perfect or protect the Trustee’s security interest granted under this Base Indenture and the Guarantee and Collateral Agreement in the Trademarks included in the Core
Marks in the United States; and 
 (ii) use best efforts to execute, deliver and file with the applicable governmental
authorities in each Specified Country (other than the United States and Japan) such instruments or documents as may be reasonably necessary or, in the Control Party’s opinion, desirable under the laws of each such Specified Country to perfect
or otherwise protect the Trustee’s security interest granted under this Base Indenture and the Guarantee and Collateral Agreement in the Trademarks in such Specified Country included in the Core Marks, such filings to be made within 150 days of
the Closing Date. 
 (d) If the Master Issuer or any Guarantor, either itself or through any agent, licensee or designee, shall file or
otherwise acquire an application for the registration of any Core Mark (other than applications included within the Excepted Securitization IP) with the PTO or any successor agency thereto, or any comparable governmental authority in any other
Specified Country applicable to such Core Mark other than Japan, the Master Issuer or such Guarantor in a reasonable time after such filing (and in any event within ninety (90) days) (i) shall give the Trustee and the Control Party
written notice thereof and (ii) execute and deliver all instruments and documents, and take all further action, that the Control Party may reasonably so request in order to continue, perfect or protect the security interest granted hereunder or
under the Guarantee and Collateral Agreement in the United States or the applicable other Specified Country (other than Japan), including, without limitation, executing and delivering the Grant of Security Interest in Trademarks substantially in the
form attached as Exhibit D hereto. 
 (e) In the event that any Securitization IP is infringed upon, misappropriated or diluted by a
third party in a manner that would reasonably be expected to result in a Material Adverse Effect, the applicable IP Holder within a reasonable period of its becoming aware of such infringement, misappropriation or dilution shall promptly notify the
Trustee and the Control Party in writing. Except as provided below, the applicable IP Holder will take all reasonable and appropriate actions, at its expense, to seek remedy against such misappropriation, infringement or dilution, including, if
reasonable, suing for infringement, misappropriation or dilution and seeking an injunction (including, if appropriate, temporary and/or preliminary injunctive relief) against such infringement, misappropriation or dilution, unless the failure to
take such actions on behalf of the applicable IP Holder by the Manager would not constitute a breach by the Manager of the Management Agreement; provided that the applicable IP Holder may decide not to take any action with respect to an
infringement, misappropriation or dilution that would reasonably be expected to result in a Material Adverse Effect, and in such event such IP Holder shall deliver written notice to the Trustee, the Manager, the Back-Up Manager and the Control Party
setting forth in reasonable detail the basis for its decision not to act, and none of the Manager, the Trustee, the Back-Up Manager or the Control Party will be required to take any actions on their behalf to seek remedy against such infringement,
misappropriation or dilution; provided further, that the Manager will be required to act if failure to do so would constitute a breach of the Managing Standard. 

  
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 (f) No Non-Securitization Entity shall receive a license or right to use the Securitization IP
unless it agrees to the Non-Securitization Licensing Restrictive Covenants. 
 Section 8.26 Investment Company Act. The Master
Issuer shall take or omit to take action as necessary in order for the Master Issuer to remain excluded from the definition of “investment company” set forth in section 3(a)(1)(C) of the 1940 Act, as such section may be amended from time
to time. 
 Section 8.27 Real Property. 

The Master Issuer shall not, and shall not permit any other Securitization Entity to, enter into any lease of real property (other than in
connection with any Permitted Asset Disposition or New Franchised POD Lease). The Master Issuer shall not, and shall not permit any other Securitization Entity to, acquire any fee interest in real property (other than any fee interest in real
property acquired by any Real Estate Holder). 
 Section 8.28 No Employees. 

The Master Issuer and the other Securitization Entities shall have no employees. 

Section 8.29 Insurance. 

The Master Issuer shall cause the Manager to list each Securitization Entity as an “additional insured” or “loss payee” on
any insurance maintained by the Manager for the benefit of each such Securitization Entity pursuant to the Management Agreement. 

Section 8.30 Litigation. 

If DBGI is not then subject to Section 13 or 15(d) of the Exchange Act, the Master Issuer shall, on each Quarterly Payment Date, provide
a written report to the Servicer, the Manager, the Back-Up Manager and the Rating Agencies for each Series of Notes Outstanding that sets forth all outstanding litigation, arbitration or other proceedings against any Dunkin’ Entity that would
have been required to be disclosed in DBGI’s annual reports, quarterly reports and other public filings which DBGI would have been required to file with the Securities and Exchange Commission pursuant to Section 13 or 15(d) of the Exchange
Act if DBGI were subject to such Sections. 
 Section 8.31 Environmental. 

The Master Issuer shall, and shall cause each other Securitization Entity to, promptly notify the Servicer, the Manager, the Back-Up Manager,
the Trustee and the Rating Agencies for each Series of Notes Outstanding, in writing, upon receipt of any written notice of which any Securitization Entity becomes aware from any source (including but not limited to a governmental entity) relating
in any way to any possible material liability of any Securitization Entity pursuant to any Environmental Law that could reasonably be expected to have a Material 

  
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Adverse Effect. In addition, other than exceptions to any of the following that could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, the
Master Issuer shall, and shall cause each other Securitization Entity to: 
 (a) (i) comply with all applicable Environmental Laws,
(ii) hold all Environmental Permits (each of which is in full force and effect) required for any of their current operations or for any property owned, leased, or otherwise operated by any of them and obtain all Environmental Permits for any
intended operations when such Environmental Permits are required and (iii) comply with all of their Environmental Permits; and 
 (b)
undertake all investigative and remedial action required by Environmental Laws with respect to any Materials of Environmental Concern present at, on, under, in, or about any Real Estate Assets owned, leased or operated by the Master Issuer or any of
its Affiliates. 
 Section 8.32 Enhancements. No Enhancement shall be provided in respect of any Series of Notes, nor will any
Enhancement Provider have any rights hereunder, as third-party beneficiary or otherwise, unless the Servicer has provided its prior written consent to such Enhancement, such consent not to be unreasonably withheld. 

Section 8.33 Series Hedge Agreements; Derivatives Generally. 

(a) No Series Hedge Agreement shall be provided in respect of any Series of Notes, nor will any Hedge Counterparty have any rights hereunder,
as third-party beneficiary or otherwise, unless the Control Party has provided its prior written consent to such Series Hedge Agreement, such consent not to be unreasonably withheld, and the Master Issuer has delivered a copy of such prior written
consent to the Rating Agencies for each Series of Notes Outstanding (with a copy to the Servicer). 
 (b) Without the prior written consent
of the Control Party, the Master Issuer shall not, and shall not permit any other Securitization Entity to, enter into any new derivative contract, swap, option, hedging contract, forward purchase contract or other similar agreement or instrument if
any such contract, agreement or instrument requires is solely for purposes of financial speculation or is not in the ordinary course of business; provided that the Master Issuer shall deliver a copy of any such prior written consent to the
Rating Agencies for each Series of Notes Outstanding (with a copy to the Servicer). 
 Section 8.34 Additional Securitization
Entity. 
 (a) The Master Issuer in accordance with and as permitted under the Related Documents, may form or cause to be formed an
Additional Securitization Entity without the consent of the Control Party; provided that (i) such Additional Securitization Entity is a Delaware limited liability company or a Delaware corporation (so long as the use of such corporate
form is reasonably satisfactory to the Control Party) and has adopted Charter Documents substantially similar to the Charter Documents of the Securitization Entities that are Delaware limited liability companies as in existence on the Closing Date,
(ii) such Additional Securitization Entity is wholly-owned, directly or indirectly, by the Master Issuer and (iii) the assets of such Additional Securitization Entity are managed by the Manager pursuant to the Management Agreement. 

  
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 (b) If the Master Issuer desires to create or form, incorporate or otherwise organize an
Additional Securitization Entity that does not comply with the proviso set forth in clause (a) above, the Master Issuer shall first obtain the prior written consent of the Control Party, such consent not to be unreasonably withheld;
provided that the Master Issuer shall deliver a copy of any such prior written consent to the Rating Agencies. 
 (c) In connection
with the organization of any Additional Securitization Entity in conjunction with clause (a) or (b) above, the Master Issuer shall, if applicable, designate such Additional Securitization Entity as (i) an Additional
Franchisor; provided that such Additional Securitization Entity acts as a “franchisor”, (ii) an Additional IP Holder; provided that such Additional Securitization Entity owns Intellectual Property or (iii) an
Additional Real Estate Holder; provided that such Additional Securitization Entity owns or leases real estate. 
 (d) The Master
Issuer shall cause each Additional Securitization Entity to promptly execute an Assumption Agreement in form set forth as Exhibit A to the Guarantee and Collateral Agreement and such Additional Securitization Entity shall be jointly and
severally obligated under the Guarantee and Collateral Agreement with the other Guarantors. 
 (e) Upon the execution and delivery of an
Assumption Agreement as required in clause (d) above, any Additional Securitization Entity party thereto will become a party to the Guarantee and Collateral Agreement with the same force and effect as if originally named therein as a
Guarantor and, without limiting the generality of the Guarantee and Collateral Agreement, will assume all Obligations and liabilities of a Guarantor thereunder. 

Section 8.35 Subordinated Debt Repayments. The Master Issuer shall not repay any Subordinated Debt after the Series Anticipated
Repayment Date with respect to any Series of Notes Outstanding with amounts obtained by the Master Issuer from the Master Issuer Parent, DBI, DBGI or any other direct or indirect owner of Equity Interests of the Master Issuer in the form of any
capital contributions or any portion of any Residual Amounts distributed to the Master Issuer pursuant to the Priority of Payments unless and until all Senior Notes Outstanding have been paid in full and are no longer Outstanding. 

Section 8.36 Tax Lien Reserve Amount. Upon receipt of any Tax Lien Reserve Amount, the Master Issuer Parent will remit such amount
to a collateral deposit account (a “Tax Lien Reserve Account”) established with and controlled by the Trustee, in which the Trustee shall have a security interest; provided that the Trustee will not release such Tax Lien
Reserve Amount from such account unless: (a) the Servicer instructs the Trustee in writing to withdraw and pay all of such Tax Lien Reserve Amount in accordance with the written instructions of the Master Issuer which may include returning such
amounts to the Master Issuer Parent for refund to DBI or an Affiliate thereof (or the Manager on their behalf) upon receipt by the Trustee, the Servicer, the Manager, the Back-Up Manager and the Controlling Class Representative of reasonably
satisfactory evidence that the Lien for which such Tax Lien Reserve Amount was established has been released by the IRS; (b) the Master Issuer, or the Manager on behalf of the Master Issuer, delivers written instructions to the Trustee to
withdraw and pay all or a portion of 

  
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such Tax Lien Reserve Amount to the IRS on behalf of the Securitization Entities; provided that the Master Issuer shall deliver, or cause to be delivered, prior written notice of any such
written instruction to the Servicer; or (c) the Control Party instructs the Trustee in writing to withdraw and pay all or a portion of such Tax Lien Reserve Amount to the IRS (i) upon the occurrence and during the continuation of an Event
of Default or (ii) upon receipt of written notice from any Securitization Entity stating that the IRS intends to execute on the Lien for which such Tax Lien Reserve Amount was established in respect of any assets of any Securitization Entity;
provided that the Control Party shall deliver a copy of any such written instruction to DBI. 
 Section 8.37 Mortgages.
Each Real Estate Holder shall, within one hundred and eighty (180) days after the Closing Date with respect to each Existing Owned Real Property owned by such Real Estate Holder and within one hundred and twenty (120) days after the
acquisition of any New Owned Real Property acquired by such Real Estate Holder on or after the Closing Date, execute and deliver to the Trustee, for the benefit of the Secured Parties, a mortgage or deed of trust in substantially the form attached
as Exhibit L hereto or otherwise in form reasonably acceptable to the Control Party and the Trustee and suitable for recordation under applicable law with respect to each such Existing Owned Real Property and each such New Owned Real
Property, to be held in escrow by the Trustee or its agent and recorded by the Trustee or its agent solely upon the occurrence of a Mortgage Recordation Event (subject to Section 3.1(c) hereof). Upon the occurrence of a Mortgage
Recordation Event, unless such Mortgage Recordation Event is waived by the Control Party (at the direction of the Controlling Class Representative), the Trustee or its agent shall, at the direction of the Control Party, record promptly within twenty
(20) Business Days of the occurrence of such Mortgage Recordation Event all such Mortgages with the applicable Governmental Authority. The Trustee may engage a third-party service provider (which shall be reasonably acceptable to the Control
Party) to assist in delivering the Mortgages to the applicable Governmental Authority with respect to such Mortgage for recordation and the Trustee shall pay all Mortgage Recordation Fees in connection with such recordation. The Trustee shall be
reimbursed by the Master Issuer for any and all reasonable costs and expenses in connection with such Mortgage Recordation Event, including all Mortgage Recordation Fees pursuant to and in accordance with the Priority of Payments. For the avoidance
of doubt, the Real Estate Holders shall not be required to, and the Trustee may not, record or cause to be recorded any Mortgage until the occurrence of a Mortgage Recordation Event that has not been waived by the Control Party (at the direction of
the Controlling Class Representative). Neither the Trustee nor any custodian on behalf of the Trustee shall be under any duty or obligation to inspect, review or examine any such Mortgages or to determine that the same are valid, binding, legally
effective, properly endorsed, genuine, enforceable or appropriate for the represented purpose or that they are in recordable form. Neither the Trustee nor any agent on its behalf shall in any way be liable for any delays in the recordation of any
Mortgage, for the rejection of a Mortgage by any recording office or for the failure of any Mortgage to create in favor of the Trustee, for the benefit of the Secured Parties, legal, valid and enforceable first priority Liens on (subject to
Permitted Liens), and security interests in, the Real Estate Holders’ right, title and interest in and to each Existing Owned Real Property and each New Owned Real Property, and the Proceeds thereof. Upon the request of the applicable Real
Estate Holder, and at the direction of the Manager, the Trustee shall execute and deliver a release of mortgage to be held in escrow pending a closing of a sale of any Existing Owned Real Property or any New Owned Real Property; provided that
if such closing shall not occur, such release of mortgage shall be returned by the escrow agent directly to the Trustee. 

  
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 ARTICLE IX 

REMEDIES 

Section 9.1 Rapid Amortization Events. 

The Notes will be subject to rapid amortization in whole and not in part following the occurrence of any of the following events as declared
by the Control Party (at the direction of the Controlling Class Representative) by written notice to the Master Issuer (with a copy to the Trustee) (each, a “Rapid Amortization Event”); provided, that a Rapid Amortization
Event described in clause (e) will occur automatically without any declaration by the Control Party unless the Control Party and each affected Noteholder have agreed to waive such event in accordance with Section 9.7: 

(a) the DSCR with respect to any Quarterly Payment Date is less than the Rapid Amortization DSCR Threshold; 

(b) Dunkin’ Donuts U.S. Sales as calculated on any Quarterly Calculation Date are less than $4,200,000,000; 

(c) a Manager Termination Event shall have occurred; 

(d) an Event of Default shall have occurred; or 

(e) the Master Issuer has not repaid or refinanced any Tranche of Series of Notes in full on or prior to the Series Anticipated Repayment Date
relating to such Tranche of Series of Notes; provided that, if on the applicable Series Anticipated Repayment Date the Master Issuer certifies in writing to the Trustee and the Control Party that the DSCR is greater than 2.0x, and such
Series of Notes (or Class thereof) is repaid or refinanced within one calendar year (such calendar year, the “Post-ARD Rapid Amortization Cure Period”), such Rapid Amortization Event shall no longer be in effect following such
repayment or refinancing. 
 For the avoidance of doubt, any Scheduled Principal Payments set forth in any Series Supplement shall continue
to be made when due and payable subsequent to the occurrence of a Rapid Amortization Event, except that no Scheduled Principal Payments with respect to any Series of Notes shall be due and payable subsequent to the occurrence of a Rapid Amortization
Event set forth in clause (e) above. Within twenty (20) Business Days of a Mortgage Recordation Event, the Trustee, at the direction of the Control Party, will deliver, for recordation, the Mortgages granted by the Franchise Holder
and held in escrow by the Trustee for the benefit of the Secured Parties, unless such requirement to record is waived by the Control Party, acting at the direction of the Controlling Class Representative. 

Section 9.2 Events of Default. 

If any one of the following events shall occur (each an “Event of Default”): 

(a) the Master Issuer defaults in the payment of interest on any Series of Notes Outstanding when the same becomes due and payable and such
default continues for two 

  
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(2) Business Days (or in the case of a failure to pay such interest when due resulting solely from an administrative error or omission by the Trustee, such default continues for a period of two
(2) Business Days after the Trustee receives written notice or an Authorized Officer of the Trustee has actual knowledge of such administrative error or omission); provided, that failure to pay any Series 2015-1 Class A-2 Quarterly
Post-ARD Contingent Interest on any Quarterly Payment Date (including on the Series 2015-1 Legal Final Maturity Date) in excess of available amounts in accordance with the Priority of Payments will not be an Event of Default and no interest will
accrue on unpaid Series 2015-1 Class A-2 Quarterly Post-ARD Contingent Interest; 
 (b) the Master Issuer (i) defaults in the
payment of any principal of any Series of Notes on its Series Legal Final Maturity Date or as and when due in connection with any mandatory or optional prepayment or (ii) fails to make any other payment of principal in accordance with the
Priority of Payments on any Weekly Allocation Date; provided that in the case of a failure to pay principal resulting solely from an administrative error or omission by the Trustee, such default continues for a period of two (2) Business
Days after the Trustee receives written notice or an Authorized Officer of the Trustee has actual knowledge of such administrative error or omission; provided, further, that the failure to pay any prepayment premium on any prepayment
of principal made during any Rapid Amortization Period occurring prior to the related Series Anticipated Repayment Date will not be an Event of Default; 

(c) any Securitization Entity fails to perform or comply with any of the covenants (other than those covered by clause (a) or
clause (b) above or clause (i) below) to be performed by it under the Related Documents, or any of its representations or warranties contained in any Related Document to which it is a party proves to be incorrect in any
material respect as of the date made or deemed to be made, and such default, failure or breach continues for a period of thirty (30) consecutive days or, in the case of a failure to comply with any of the agreements, covenants or provisions of
any IP License Agreement, such longer cure period as may be permitted under such IP License Agreement, or, solely with respect to a failure to comply with (i) any obligation to deliver a notice, report or other communication within the
specified time frame set forth in the applicable Related Document, such failure continues for a period of five (5) consecutive Business Days after the specified time frame for delivery has elapsed or (ii) Sections 8.7, 8.12,
8.13, 8.14, 8.15, 8.17, 8.18, 8.19, 8.20, 8.21, 8.22, 8.23, 8.24, 8.25, 8.27 and 8.28, such failure continues for a period of ten (10) consecutive
Business Days, in each case, following the earlier to occur of the actual knowledge of an Authorized Officer of such Securitization Entity of such breach or failure and the default caused thereby or written notice to such Securitization Entity by
the Trustee, the Back-Up Manager or the Control Party (at the direction of the Controlling Class Representative) of such default, breach or failure; provided, however, that no Event of Default shall occur pursuant to this
clause (c) if, with respect to any such representation deemed to have been false in any material respect when made which can be remedied by making a payment of an Indemnification Amount, (i) the relevant Indemnitor has paid the
required Indemnification Amount in accordance with the terms of the Related Documents and (ii) such Indemnification Amount has been deposited into the Collection Account; 

(d) the occurrence of an Event of Bankruptcy with respect to any Securitization Entity; 

  
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 (e) the Interest Only DSCR as calculated as of any Quarterly Calculation Date is less than 1.10x
(for this purpose, clause (iv) of the definition of “Debt Service” shall not apply when calculating the DSCR); 
 (f)
the SEC or other regulatory body having jurisdiction reaches a final determination that any Securitization Entity is required to register as an “investment company” under the 1940 Act or is under the “control” of a Person that is
required to register as an “investment company” under the 1940 Act; 
 (g) any of the Related Documents or any material portion
thereof ceases to be in full force and effect or enforceable in accordance with its terms (other than (i) in accordance with the express termination provisions thereof, (ii) a termination in the ordinary course of business, which
termination could not reasonably be expected to result in a Material Adverse Effect or (iii) as a result of actions, omissions or breaches of representations or warranties by any party to such Related Document that is not a Dunkin’ Entity
so long as such Related Document, or any material portion thereof, is reinstated or replaced with a substantially similar document, agreement or arrangement within thirty (30) Business Days after such Related Document ceases to be in full force
and effect or enforceable in accordance with its terms) or any Non-Securitization Entity or Securitization Entity so asserts in writing; 

(h) other than with respect to (i) Existing Owned Real Property or New Owned Real Property prior to the expiration of thirty
(30) days following the release from escrow of the Mortgages following a Mortgage Recordation Event or (ii) Collateral (inclusive of Collateral set forth in clause (m)(ii) below) with an aggregate fair market value of less than the
greater of $25,000,000, or 6.0% of Collections, the Trustee does not have for any reason a valid and perfected first priority security interest in the Collateral (other than the Non-Perfected IP or any In-Transit Cash and subject to Permitted Liens)
in which perfection can be achieved under the UCC or other applicable law in the United States to the extent required by the Related Documents or any Securitization Entity or any Affiliate thereof so asserts in writing; 

(i) any Securitization Entity fails to perform or comply with any material provision of its organizational documents or any provision of
Section 8.24 or the Guarantee and Collateral Agreement relating to legal separateness of the Securitization Entities, which failure is reasonably likely to cause the contribution of the Collateral to such Securitization Entity pursuant
to the Contribution Agreements to fail to constitute a “true contribution” or other absolute transfer of such Collateral pursuant to such Contribution Agreement or is reasonably likely to cause a court of competent jurisdiction to
disregard the separate existence of such Securitization Entity relative to any Person other than another Securitization Entity and, in each case, such failure continues for more than thirty (30) consecutive days following the earlier to occur
of the actual knowledge of an Authorized Officer of such Securitization Entity or written notice to such Securitization Entity from the Trustee, the Back-Up Manager or the Control Party (at the direction of the Controlling Class Representative) of
such failure; 
 (j) a final non-appealable ruling has been made by a court of competent jurisdiction that the contribution of the
Collateral (other than any immaterial Collateral and any Collateral that has been disposed of to the extent permitted or required under the Related Documents) pursuant to a Contribution Agreement does not constitute a “true contribution”
or other absolute transfer of such Collateral pursuant to such agreement; 

  
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 (k) an outstanding final non-appealable judgment for the payment of money exceeding $25,000,000
(individually or when aggregated with the amount of all other outstanding final non-appealable judgments) for the payment of money rendered against all Securitization Entities) (in each case, to the extent not covered by independent third-party
insurance as to which the issuer is rated at least “A” by A.M. Best Company, has been notified of the potential claim and does not dispute coverage) is rendered against any Securitization Entity, and either (i) enforcement
proceedings are commenced by any creditor upon such judgment or order or (ii) there is any period of thirty (30) consecutive days during which a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise,
will not be in effect; 
 (l) the failure of (i) DBI to own (directly or indirectly) 100% of the Equity Interests of the Master Issuer
Parent; (ii) the Master Issuer Parent to own 100% of the Equity Interests of the Master Issuer; or (iii) the Master Issuer to own (directly or indirectly) 100% of the Equity Interests of each Franchise Holder, IP Holder and Real Estate
Holder; 
 (m) other than (i) as permitted under the Indenture or the other Related Documents or (ii) Collateral (inclusive of the
Collateral set forth in clause (h)(ii) above) with an aggregate fair market value of less than the greater of $25,000,000 or 6% of Collections, the Securitization Entities collectively fail to have good title or valid leasehold interests, as
applicable, in or to the Collateral; 
 (n) (i) any Securitization Entity engages in any non-exempt “prohibited transaction” (as
defined in Section 406 of ERISA or Section 4975 of the Code) involving any Employee Benefit Plan, (ii) any “accumulated funding deficiency” or failure to meet the “minimum funding standard” (as defined in
Section 302 of ERISA), whether or not waived, exists with respect to any Pension Plan and is not discharged within thirty (30) days thereafter, (iii) any Lien in an amount equal to at least $10,000,000 in favor of the PBGC or a
Pension Plan arises on the assets of any Securitization Entity and is not discharged within thirty (30) days thereafter, (iv) a Reportable Event occurs with respect to, or proceedings are commenced in writing to have a trustee appointed,
or a trustee is appointed, to administer or to terminate, any Single Employer Plan, which Reportable Event or commencement of proceedings in writing or appointment of a trustee is, in the reasonable opinion of the Control Party, likely to result in
the termination of such Single Employer Plan for purposes of Title IV of ERISA, (v) any Single Employer Plan terminates for purposes of Title IV of ERISA or (vi) any Securitization Entity incurs, or in the reasonable opinion of
the Control Party is likely to incur, any liability in connection with a complete or partial withdrawal from, or the Insolvency, Reorganization or termination of, a Multiemployer Plan; and in each case in clauses (i) through
(vi) above, such event or condition, together with all other such events or conditions, if any, would reasonably be expected to result in a Material Adverse Effect on any Securitization Entity; 

(o) the IRS files notice of a lien pursuant to Section 6323 of the Code with regard to the assets of any Securitization Entity and such
lien has not been released within sixty (60) days, unless (i) DBI or a Subsidiary thereof has provided evidence that payment to satisfy 

  
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the full amount of the asserted liability has been provided to the IRS, and the IRS has released such asserted lien within sixty (60) days of such payment, or (ii) such lien or the
asserted liability is being contested in good faith and DBI or a Subsidiary thereof has contributed to the Master Issuer Parent funds in the amount necessary to satisfy the asserted liability (the “Tax Lien Reserve Amount”), which
such funds are set aside and remitted to a collateral deposit account as provided in Section 8.36; or 
 (p) a final
non-appealable non-monetary judgment has been made by a court of competent jurisdiction that materially impairs (i) the Securitization Entities’ ability to conduct the Franchised POD Business as of such date, taken as a whole, or
(ii) the exercise of the Securitization Entities’ or of the Trustee’s rights with respect to the Collateral, 
 then (i) in the case of
any event described in each clause above (except for clause (d) thereof) that is continuing the Trustee, at the direction of the Control Party (at the direction of the Controlling Class Representative) and on behalf of the Noteholders,
by written notice to the Master Issuer, will declare the Notes of all Series to be immediately due and payable, and upon any such declaration the unpaid principal amount of the Notes of all Series, together with accrued and unpaid interest
thereon through the date of acceleration, and all other amounts due to the Noteholders and the other Secured Parties under the Indenture Documents shall become immediately due and payable or (ii) in the case of any event described in
clause (d) above, the unpaid principal amount of the Notes of all Series, together with interest accrued but unpaid thereon through the date of acceleration, and all other amounts due to the Noteholders and the other Secured Parties
under the Indenture Documents, shall immediately and without further act become due and payable. Promptly following the Trustee’s receipt of written notice hereunder of any Event of Default, the Trustee shall send a copy thereof to the Master
Issuer, the Servicer, each Rating Agency for each Series of Notes Outstanding, the Controlling Class Representative, the Manager, the Back-Up Manager, each Noteholder and each other Secured Party. 

If any Securitization Entity obtains Actual Knowledge that a Default or an Event of Default has occurred and is continuing, such
Securitization Entity will promptly notify the Trustee and the Servicer. 
 At any time after such a declaration of acceleration of maturity
has been made relating to the Notes and before a judgment or decree for payment of the money due has been obtained by the Trustee, as hereinafter provided in this Article IX, the Control Party (at the direction of the Controlling Class
Representative), by written notice to the Master Issuer and to the Trustee, may rescind and annul such declaration and its consequences, if (i) the Master Issuer has paid or deposited with the Trustee a sum sufficient to pay (a) all
overdue installments of interest and principal on the Notes (excluding principal amounts due solely as a result of the acceleration), and (b) all unpaid taxes, administrative expenses and other sums paid or advanced by the Trustee or Servicer
under the Related Documents and the reasonable compensation, expenses, disbursements and Advances of the Trustee and the Servicer, their agents and counsel, and any unreimbursed Advances (with interest thereon at the Advance Interest Rate),
Servicing Fees, Liquidation Fees or Workout Fees and (ii) all existing Events of Default, other than the non-payment of the principal of the Notes which has become due solely by such declaration of acceleration, have been cured or waived as
provided in Section 9.7. No such rescission shall affect any subsequent default or impair any right consequent thereon. Any acceleration resulting from any event described in clause (d) above may not be rescinded. 

  
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 Section 9.3 Rights of the Control Party and Trustee upon Event of Default. 

(a) Payment of Principal and Interest. The Master Issuer covenants that if (i) default is made in the payment of any interest on
any Series of Notes Outstanding when the same becomes due and payable, (ii) the Notes are accelerated following the occurrence of an Event of Default or (iii) default is made in the payment of the principal of, or premium, if any, on any
Series of Notes Outstanding when due and payable, the Master Issuer will, to the extent of funds available, upon demand of the Trustee, at the direction of the Control Party (subject to Section 11.4(e), at the direction of the
Controlling Class Representative), pay to the Trustee, for the benefit of the Noteholders, the whole amount then due and payable on the Notes for principal, premium, if any, and interest, and, to the extent payment at such rate of interest shall be
legally enforceable, upon overdue installments of interest, at the applicable Note Rate and any default rate, as applicable, and in addition thereto such further amount as shall be sufficient to cover costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of the Trustee and its agents and counsel. 
 (b) Proceedings To Collect
Money. In case the Master Issuer shall fail forthwith to pay such amounts upon such demand, the Trustee at the direction of the Control Party (at the direction of the Controlling Class Representative), in its own name and as trustee of an
express trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may enforce the same against the Master Issuer and collect in the manner provided by law
out of the property of the Master Issuer, wherever situated, the moneys adjudged or decreed to be payable. 
 (c) 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), at the direction of the Controlling Class Representative) pursuant to a Control Party
Order shall take one or more of the following actions: 
 (i) proceed to protect and enforce its rights and the rights of the Noteholders
and the other Secured Parties, by such appropriate Proceedings as the Control Party (at the direction of the Controlling Class Representative) shall deem most effective to protect and enforce any such rights, whether for the specific enforcement of
any covenant or agreement in the Indenture 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 the Indenture or any other
Related Document or by law, including any remedies of a secured party under applicable law; 
 (ii) (A) direct the Master Issuer to exercise
(and the Master Issuer agrees to exercise) all rights, remedies, powers, privileges and claims of the Master Issuer 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 the Master Issuer, and any right of the Master Issuer to take such action independent of such direction shall be suspended,

  
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and (B) if (x) the Master Issuer 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) the Master Issuer 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 the
Indenture thereafter determined by the Trustee or the Control Party to be appropriate without the need under this provision or any other provision under the Indenture to direct the Master Issuer to take such action); 

(iii) institute Proceedings from time to time for the complete or partial foreclosure of the Indenture or, to the extent
applicable, any other Related Document, with respect to the Collateral; provided that the Trustee will 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 will instead be acquired in an entity designated and (unless owned by a third party) controlled by the Control Party; and/or 

(iv) sell all or a portion of the Collateral at one or more public or private sales called and conducted in any manner
permitted by law; provided, however, that the Trustee shall not proceed with any such sale without the prior written consent of the Control Party (at the direction of the Controlling Class Representative) and the Trustee will provide
notice to the Master Issuer and each Holder of Subordinated Notes and Senior Subordinated Notes of a proposed sale of Collateral. 
 (d)
Sale of Collateral. In connection with any sale of the Collateral hereunder, under the Guarantee and Collateral Agreement (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 the Indenture, the Guarantee and Collateral Agreement or any other Related Document: 

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

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

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

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

(e) Application of Proceeds. Any amounts obtained by the Trustee on account of or as a result of the exercise by the Trustee of any
right hereunder or under the Guarantee and Collateral Agreement shall be held by the Trustee as additional collateral for the repayment of Obligations, shall be deposited into the Collection Account and shall be applied as provided in the priority
set forth in the Priority of Payments; provided, however, that unless otherwise provided in this Article IX, that with respect to any distribution to any Class of Notes, notwithstanding the provisions of Article V, 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 Outstanding Principal Amount of the
Notes of each such Class. 
 (f) Additional Remedies. In addition to any rights and remedies now or hereafter granted hereunder or
under applicable law with respect to the Collateral, the Trustee shall have all of the rights and remedies of a secured party under the UCC as enacted in any applicable jurisdiction. 

(g) 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. 

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

Section 9.4 Waiver of Appraisal, Valuation, Stay and Right to Marshaling. To the extent it may lawfully do so, the Master Issuer
for itself and for any Person who may claim through or under it hereby: 
 (a) agrees that neither it nor any such Person will 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 the Indenture or the Guarantee and Collateral Agreement, (ii) the sale of any of the Collateral or (iii) the putting of the purchaser or purchasers thereof into possession of such property immediately after
the sale thereof; 

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

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

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

Section 9.5 Limited Recourse. 

Notwithstanding any other provision of the Indenture, the Notes or any other Related Document or otherwise, the liability of the
Securitization Entities to the Noteholders and any other Secured Parties under or in relation to the Indenture, the Notes or any other Related Document or otherwise, is limited in recourse to the Collateral. The Collateral having been applied in
accordance with the terms hereof, none of the Noteholders or any other Secured Parties shall be entitled to take any further steps against any Securitization Entity to recover any sums due but still unpaid hereunder, under the Notes or under any of
the other agreements or documents described in this Section 9.5, all claims in respect of which shall be extinguished. 

Section 9.6 Optional Preservation of the Collateral. 

If the maturity of the Outstanding Notes of each Series has been accelerated pursuant to Section 9.2 following an Event of
Default and such declaration and its consequences have not been rescinded and annulled, the Trustee, at the direction of the Control Party (acting at the direction of the Controlling Class Representative), shall elect to maintain possession of such
portion, if any, of the Collateral as the Control Party (acting at the direction of the Controlling Class Representative) shall in its discretion determine. 

Section 9.7 Waiver of Past Events. 

Prior to the declaration of the acceleration of the maturity of each Series of Notes Outstanding as provided in Section 9.2 and
subject to Section 13.2, the Control Party (at the direction of the Controlling Class Representative) by notice to the Trustee, the Rating Agencies and the Servicer, may waive any existing Default or Event of Default described in any
clause of Section 9.2 (except clause (d) thereof) and its consequences; provided, however, that before any waiver may be effective, the Trustee and the Servicer must have received any reimbursement then due or
payable in respect of unreimbursed Advances (including interest thereon) or any other amounts then due to the Servicer or the Trustee hereunder or under the Related Documents; provided, further, that the Control Party shall provide
written notice of any such waiver to each Rating Agency for each Series of Notes Outstanding (with a copy to the Servicer). Upon any such waiver, such Default shall cease to exist and any Event of Default arising therefrom shall be deemed to have
been cured for every purpose of the Indenture, but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. A Default or an Event 

  
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of Default described in Section 9.2(d) shall not be subject to waiver without the consent of the Control Party (acting at the direction of the Controlling Class Representative) and
each Noteholder. Subject to Section 13.2, the Control Party (at the direction of the Controlling Class Representative), by notice to the Trustee, the Rating Agencies for each Series of Notes Outstanding and the Servicer, may waive any
existing Potential Rapid Amortization Event or any existing Rapid Amortization Event; provided however, that a Rapid Amortization Event described in clause (e) of Section 9.1 relating to a particular Series of Notes
(or Class thereof) shall not be permitted to be waived by any party unless each affected Noteholder has consented in writing to such waiver. 

Section 9.8 Control by the Control Party. 

Notwithstanding any other provision hereof, the Control Party (subject to Section 11.4(e), 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 conducting any proceeding in respect of any enforcement of Liens on the
Collateral or conducting any proceeding for any remedy available to the Trustee or exercise any trust or power conferred on the Trustee; provided that: 

(a) such direction of time, method and place shall not be in conflict with any rule of law, the Servicing Standard or with the Indenture; 

(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, 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 herein. 
 Section 9.9 Limitation on Suits. 

Any other provision of the Indenture to the contrary notwithstanding, a Holder of Notes may pursue a remedy with respect to the Indenture or
any other Related Document only if: 
 (a) the Noteholder gives to the Trustee, the Control Party and the Controlling Class Representative
written notice of a continuing Event of Default; 
 (b) the Noteholders of at least 25% of the aggregate Outstanding Principal Amount of all
then Outstanding Notes make a written request to the Trustee, the Control Party and the Controlling Class Representative to pursue the remedy; 

(c) such Noteholder or Noteholders offer and, if requested, provide to the Trustee, the Control Party and the Controlling Class Representative
indemnity satisfactory to the Trustee, the Control Party and the Controlling Class Representative against any loss, liability or expense; 

  
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 (d) the Trustee does not comply with the request within sixty (60) days after receipt of the
request and the offer and, if requested, the provision of indemnity reasonably satisfactory to it; 
 (e) during such sixty (60) day
period, the Majority of Senior Noteholders do not give the Trustee a direction inconsistent with the request; and 
 (f) the Control Party
(at the direction of the Controlling Class Representative) has consented to the pursuit of such remedy. 
 A Noteholder may not use the Indenture or any
other Related Document to prejudice the rights of another Noteholder or to obtain a preference or priority over another Noteholder. 

Section 9.10 Unconditional Rights of Noteholders to Receive Payment. 

Notwithstanding any other provision of the Indenture, the right of any Holder of a Note to receive payment of principal of, and premium, if
any, and interest on the Note, on or after the respective due dates expressed in the Note, or to bring suit for the enforcement of any such payment on or after such respective dates, is absolute and unconditional and shall not be impaired or
affected without the consent of the Holder of the Note. 
 Section 9.11 The Trustee May File Proofs of Claim. 

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

  
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 Section 9.12 Undertaking for Costs. 

In any suit for the enforcement of any right or remedy under the Indenture or in any suit against the Trustee for any action taken or omitted
by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of any undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’
fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 9.12 does not apply to a suit by the Trustee, a suit by a Noteholder pursuant
to Section 9.9 or a suit by Noteholders of more than 10% of the Aggregate Outstanding Principal Amount of all Series of Notes. 

Section 9.13 Restoration of Rights and Remedies. 

If the Trustee, any Noteholder or any other Secured Party has instituted any Proceeding to enforce any right or remedy under the Indenture 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 Noteholder or other Secured Party, then and in every such case the Trustee and the
Noteholders shall, subject to any determination in such proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee, the Noteholders and the other Secured Parties
shall continue as though no such Proceeding had been instituted. 
 Section 9.14 Rights and Remedies Cumulative. 

No right or remedy herein conferred upon or reserved to the Trustee or to the Holders of Notes or any other Secured Party is intended to be
exclusive of any other right or remedy, and every right or remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given under the Indenture 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 the Indenture or any other Related Document, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or
remedy. 
 Section 9.15 Delay or Omission Not Waiver. 

No delay or omission of the Trustee, the Control Party, the Controlling Class Representative, any Holder of any Note or any other Secured
Party to exercise any right or remedy accruing upon any Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Potential Rapid Amortization
Event, Rapid Amortization Event, Default or Event of Default or an acquiescence therein. Every right and remedy given by this Article IX or by law to the Trustee, the Control Party, the Controlling Class Representative, the Holders of Notes
or any other Secured Party may be exercised from time to time to the extent not inconsistent with the Indenture, and as often as may be deemed expedient, by the Trustee, the Control Party, the Controlling Class Representative, the Holders of Notes
or any other Secured Party, as the case may be. 

  
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 Section 9.16 Waiver of Stay or Extension Laws. 

The Master Issuer covenants (to the extent that it may lawfully do so) that it will 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 the Indenture or any other Related Document; and the Master
Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantages of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, the Control Party
or the Controlling Class Representative, but will suffer and permit the execution of every such power as though no such law had been enacted. 

ARTICLE X 
 THE TRUSTEE

 Section 10.1 Duties of the Trustee. 

(a) If an Event of Default or Rapid Amortization Event known to a Trust Officer of the Trustee has occurred and is continuing, the Trustee
shall (except in the case of the receipt of directions with respect to such matter from the Control Party in accordance with the terms of this Base Indenture or another Related Document in which event the Trustee’s sole obligation will be to
await such direction and act or refrain from acting in accordance therewith) exercise such of the rights and powers vested in it by the Indenture and the other Related Documents, and use the same degree of care and skill in their exercise, as a
prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs; provided, however, that the Trustee shall have no liability in connection with any action or inaction taken, or not taken,
by it upon the deemed occurrence of an Event of Default, a Rapid Amortization Event, a Manager Termination Event or a Servicer Termination Event of which a Trust Officer has not received written notice; provided, further, that the
Trustee shall have no liability in connection with any action or inaction due to the acts or failure to act of the Control Party or the Controlling Class Representative in connection with any Event of Default, Rapid Amortization Event, a Manager
Termination Event or a Servicer Termination Event or for acting or failing to act due to any direction or lack of direction from the Control Party or the Controlling Class Representative. The preceding sentence shall not have the effect of
insulating the Trustee from liability arising out of the Trustee’s negligence, fraud, bad faith or willful misconduct except as provided in Section 10.1(c). The Trustee, upon receipt of all resolutions, certificates, statements,
opinions, reports, documents, orders or other instruments furnished to the Trustee which are specifically required to be furnished pursuant to any provision of the Indenture, shall examine them to determine whether they conform to the requirements
of this Indenture; provided, however, that the Trustee shall not be responsible for the accuracy or content of any resolution, certificate, statement opinion, report, document, order or other instrument furnished by the Master Issuer
under the Indenture. 
 (b) Except during the occurrence and continuance of an Event of Default, Rapid Amortization Event, Manager
Termination Event or Servicer Termination Event of which a Trust Officer shall have Actual Knowledge: 

  
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 (i) The Trustee undertakes to perform only those duties that are specifically set
forth in the Indenture or any other Related Document to which it is a party and no others, the Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture, and no implied
covenants or obligations shall be read into the Indenture or any other Related Document against the Trustee; and 
 (ii) In
the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the
requirements of the Indenture and any other applicable Related Document; provided, however, in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the
Trustee shall be under a duty to examine such certificates or opinions to determine whether or not they conform to the requirements of the Indenture and shall promptly notify the party of any non-conformity. 

(c) The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act, fraud, bad faith or its own
willful misconduct, except that: 
 (i) This clause (c) does not limit the effect of clause (b) of
this Section 10.1. 
 (ii) The Trustee shall not be liable in its individual capacity for any error of judgment
made in good faith by a Trust Officer, unless it is proven that the Trustee was negligent in ascertaining the pertinent facts. 

(iii) The Trustee shall not be liable in its individual capacity with respect to any action taken or omitted to be taken by it
in good faith in accordance with a direction received by it pursuant to this Base Indenture. 
 (iv) The Trustee shall not be
charged with knowledge of any Mortgage Recordation Event, Default, Event of Default, Potential Rapid Amortization Event, Rapid Amortization Event, Manager Termination Event, Potential Manager Termination Event or Servicer Termination Event or the
commencement and continuation of a Cash Trapping Period until such time as a Trust Officer shall have Actual Knowledge or have received written notice thereof. In the absence of such Actual Knowledge or receipt of such notice, the Trustee may
conclusively assume that no such event has occurred or is continuing. 
 (d) Notwithstanding anything to the contrary contained in this Base
Indenture or any of the other Related Documents, no provision of this Base Indenture or the other Related Documents shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its
duties or exercise of its rights or powers hereunder, if the Trustee has reasonable grounds for believing that the repayment of such funds or security or indemnity reasonably satisfactory to it against such risk or liability is not reasonably
assured to it by the terms of the Indenture or the Guarantee and Collateral Agreement. The Trustee may refuse to perform any duty or exercise any right or power unless it receives indemnity satisfactory to it against any risk, loss, liability or
expense. 

  
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 (e) In the event that the Paying Agent or the Registrar shall fail to perform any obligation,
duty or agreement in the manner or on the day required to be performed by the Paying Agent or the Registrar, as the case may be, under the Indenture, the Trustee shall be obligated as soon as practicable upon Actual Knowledge of a Trust Officer
thereof and receipt of appropriate records and information, if any, to perform such obligation, duty or agreement in the manner so required. 

(f) Subject to Section 10.3, all moneys received by the Trustee shall, until used or applied as herein provided, be held in trust
for the purposes for which they were received, but need not be segregated from other funds except to the extent required by law or the Indenture or any of the other Related Documents. 

(g) Whether or not therein expressly so provided, every provision of the Indenture and the other Related Documents relating to the conduct of,
affecting the liability of, or affording protection to, the Trustee shall be subject to the provisions of this Section 10.1. 

(h) The Trustee shall not be responsible for the existence, genuineness or value of any of the Collateral or for the validity, perfection,
priority or enforceability of the Liens in any of the Collateral, whether impaired by operation of law or by reason of any action or omission to act on its part hereunder, except to the extent such action or omission constitutes negligence, bad
faith or willful misconduct on the part of the Trustee, for the validity or sufficiency of the Collateral or any agreement or assignment contained therein, for the validity of the title of the Securitization Entities to the Collateral, for insuring
the Collateral or for the payment of Taxes, charges, assessments or Liens upon the Collateral or otherwise as to the maintenance of the Collateral. Except as otherwise provided herein, the Trustee shall have no duty to inquire as to the performance
or observance of any of the terms of the Indenture or the other Related Documents by the Securitization Entities. 
 (i) The Trustee shall
not be liable with respect to any action taken, suffered or omitted to be taken by it in good faith in accordance with the Indenture or at the direction of the Servicer, the Control Party, the Controlling Class Representative or the holders of the
requisite percentage of Notes, relating to the time, method and place for conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred upon the Trustee, under the Indenture. 

(j) The Trustee shall have no duty (i) to see to any recording, filing or depositing of this Base Indenture or any agreement referred to
herein or any financing statement or continuation statement evidencing a security interest, or to see to the maintenance of any such recordings or filing or depositing or to any rerecording, refiling or redepositing of any thereof (other than with
respect to filings of the Mortgages as and to the extent provided in Section 3.1(c); (ii) to see to any insurance, (iii) except as otherwise provided by Section 10.1(e), to see to the payment or discharge of any tax,
assessment or other governmental charge or any lien or encumbrance of any kind or (iv) to confirm or verify the contents of any reports or certificates of the Manager, the Control Party, the Back-Up Manager or the Servicer delivered to the
Trustee pursuant to this Base Indenture or any other Related Document believed by the Trustee to be genuine and to have been signed or presented by the proper party or parties. 

  
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 (k) The Trustee shall not be personally liable for special, indirect, consequential or punitive
damages arising out of, in connection with or as a result of the performance of its duties under the Indenture. 
 (l) 

(i) Notwithstanding anything to the contrary in this Section 10.1, the Trustee shall make Debt Service Advances to
the extent and in the manner set forth in Section 5.12(c) hereof; provided, however, that notwithstanding anything herein or in any other Related Document to the contrary, the Trustee will not be responsible for advancing
any principal on the Senior Notes, any make-whole prepayment premiums, any Series Hedge Payment Amounts, any Class A-1 Notes Administrative Expenses, any Class A-1 Quarterly Commitment Fee Amounts, any Post-ARD Contingent Interest or any
reserve amounts or any interest or principal payable on, or any other amount due with respect to, the Senior Subordinated Notes or the Subordinated Notes. 

(ii) Notwithstanding anything herein to the contrary, no Debt Service Advance shall be required to be made hereunder by the
Trustee if the Trustee determines such Debt Service Advance (including interest thereon) would, if made, constitute a Nonrecoverable Advance. The determination by the Trustee that it has made a Nonrecoverable Advance or that any proposed Debt
Service Advance, if made, would constitute a Nonrecoverable Advance, shall be made by the Trustee in its reasonable good faith judgment. The Trustee is entitled to conclusively rely on the determination of the Servicer that an Advance is or would be
a Nonrecoverable Advance. Any such determination will be conclusive and binding on the Noteholders. The Trustee may update or change its nonrecoverability determination at any time, and may decide that a requested Debt Service Advance or Collateral
Protection Advance that was previously deemed to be a Nonrecoverable Advance shall have become recoverable. Notwithstanding the foregoing, all outstanding Debt Service Advances and Collateral Protection Advances made by the Trustee and any accrued
interest thereon will be paid strictly in accordance with the Priority of Payments, even if the Trustee determines that any such advance is a Nonrecoverable Advance after such Advance has been made. 

(iii) The Trustee shall be entitled to receive interest at the Advance Interest Rate accrued on the amount of each Debt Service
Advance made thereby (with its own funds) for so long as such Debt Service Advance is outstanding. Such interest with respect to any Debt Service Advance made pursuant to this Section 10.1(l) shall be payable out of Collections in
accordance with the Priority of Payments pursuant to Section 5.11 hereof and the other applicable provisions of the Related Documents. 

Section 10.2 Rights of the Trustee. Except as otherwise provided by Section 10.1: 

(a) The Trustee may conclusively rely and shall be fully protected in acting or refraining from acting based upon any resolution,
Officer’s Certificate, Opinion of Counsel, certificate, instrument, report, consent, order, document or other paper reasonably believed by it to be genuine and to have been signed by or presented by the proper person. 

  
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 (b) The Trustee may consult with counsel of its selection and the advice of such counsel or any
Opinion of Counsel shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 

(c) The Trustee may act through agents, custodians and nominees and shall not be liable for any misconduct or negligence on the part of, or
for the supervision of, any such non-affiliated agent, custodian or nominee so long as such agent, custodian or nominee is appointed with due care; provided, however, the Trustee shall have received the consent of the Servicer prior to
the appointment of any agent, custodian or nominee performing any material obligation of the Trustee hereunder. 
 (d) The Trustee shall not
be liable for any action it takes, suffers or omits to take in the absence of negligence which it in good faith believes to be authorized or within the discretion or rights or powers conferred upon it by the Indenture or the applicable Related
Documents. 
 (e) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Base Indenture, any
Series Supplement or any other Related Document, or to institute, conduct or defend any litigation hereunder or thereunder or in relation hereto or thereto, at the request, order or direction of the Servicer, the Control Party, the Controlling Class
Representative, any of the Noteholders or any other Secured Party, pursuant to the provisions of this Base Indenture or any Series Supplement, unless the Trustee shall have been offered security or indemnity reasonably satisfactory to the Trustee
against the costs, expenses and liabilities which may be incurred therein or thereby. 
 (f) Prior to the occurrence of an Event of Default
or Rapid Amortization Event, the Trustee shall not be bound to make any investigation into the facts of matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other
paper or document, unless requested in writing so to do by the Noteholders of at least 25% of the aggregate Outstanding Principal Amount of all then Outstanding Notes. If the Trustee is so requested or determines in its own discretion to make such
further inquiry or investigation into such facts or matters as it sees fit, the Trustee shall be entitled to examine the books, records and premises of the Securitization Entities, personally or by agent or attorney, at the sole cost of the Master
Issuer and the Trustee shall incur no liability by reason of such inquiry or investigation. 
 (g) The right of the Trustee to perform any
discretionary act enumerated in this Base Indenture shall not be construed as a duty, and the Trustee shall be not be liable in the absence of negligence or willful misconduct for the performance of such act. 

(h) In accordance with Section 326 of the U.S.A. Patriot Act, to help fight the funding of terrorism and money laundering activities, the
Trustee will obtain, verify, and record information that identifies individuals or entities that establish a relationship or open an account 

  
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with the Trustee. The Trustee will ask for the name, address, tax identification number and other information that will allow the Trustee to identify the individual or entity who is establishing
the relationship or opening the account. The Trustee may also ask for formation documents such as articles of incorporation, an offering memorandum, or other identifying documents to be provided. 

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

 (j) The Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture
arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances; sabotage; epidemics; riots; interruptions,
loss or malfunctions of utilities, computer (hardware or software) or communications service, accidents; labor disputes; acts of civil or military authority or governmental actions (it being understood that the Trustee shall use commercially
reasonable efforts to resume performance as soon as practicable under the circumstances). 
 (k) The Trustee shall not be required to give
any bond or surety in respect of the execution of the trust created hereby or the powers granted hereunder. 
 (l) All rights of action and
claims under this Base Indenture may be prosecuted and enforced by the Trustee without the possession of any of the Notes or the production thereof in any proceeding relating thereto, any such proceeding instituted by the Trustee shall be brought in
its own name or in its capacity as Trustee. Any recovery of judgment shall, after provision for the payments to the Trustee provided for in Section 10.5, be distributed in accordance with the Priority of Payments. 

(m) The Trustee may request written direction from any applicable party any time the Indenture provides that the Trustee may be directed to
act. 
 (n) Any request or direction of the Master Issuer mentioned herein shall be sufficiently evidenced by a Company Order. 

(o) Whenever in the administration of the Indenture the Trustee shall deem it desirable that a matter be proved or established prior to
taking, suffering or omitting any action hereunder, the Trustee may, in the absence of bad faith, gross negligence or willful misconduct on its part, rely upon an Officer’s Certificate of the Master Issuer, the Manager or the Servicer and shall
incur no liability for its reliance thereon. 
 (p) The Trustee shall not be responsible for the accuracy of the books or records of, or for
any acts or omissions of, DTC, any transfer agent (other than the Trustee itself acting in that capacity), Clearstream, Euroclear, any calculation agent (other than the Trustee itself acting in that capacity), or any agent appointed by it with due
care or any Paying Agent (other than the Trustee itself acting in that capacity). 

  
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 (q) The Trustee or its Affiliates are permitted to receive additional compensation that could be
deemed to be in the Trustee’s economic self-interest for (i) serving as an investment advisor, administrator, shareholder servicing agent, custodian or sub-custodian with respect to certain Eligible Investments, (ii) using Affiliates
to effect transactions in certain Eligible Investments and (iii) effecting transactions in certain Eligible Investments. The Trustee does not guarantee the performance of any Eligible Investments. 

(r) The Trustee shall have no obligation to invest and reinvest any cash held in the absence of timely and specific written investment
direction from the Servicer or the Master Issuer. In no event shall the Trustee be liable for the selection of investments or for investment losses incurred thereon. The Trustee shall have no liability in respect of losses incurred as a result of
the liquidation of any investment prior to its stated maturity or the failure of the Servicer or the Master Issuer to provide timely written investment direction. 

(s) The Trustee shall have no obligation to calculate nor shall it be responsible or liable for any calculation of the DSCR, New Series Pro
Forma DSCR or the Interest Only DSCR. 
 (t) The rights, privileges, protections, immunities and benefits given to the Trustee, including,
without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee, in each case, with respect to its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 

(u) The Trustee shall be afforded, in each Related Document, all of the rights, powers, immunities and indemnities granted to it in this Base
Indenture as if such rights, powers, immunities and indemnities were specifically set out in each such Related Document. 
 (v) For any
purpose under the Related Documents, the Trustee may conclusively assume without incurring liability therefor that no Notes are held by any of the Securitization Entities, any other obligator upon the Notes, the Manager or any Affiliate of them
unless a Trust Officer has received written notice at the Corporate Trust Office that any Notes are so held by any of the Securitization Entities, any other obligator upon the Notes, the Manager or any Affiliate of them. 

(w) The Trustee shall not have any responsibility to make any inquiry or investigation as to, and shall have no obligation in respect of, the
terms of an engagement of Independent Auditors by the Master Issuer (or the Manager on behalf of the Master Issuer) or the terms of any agreed upon procedures in respect of such engagement; provided, however, that the Trustee shall be
authorized, upon receipt of a Company Order directing the same, to execute any acknowledgment or other agreement with the Independent Auditors required for the Trustee to receive any of the reports or instructions provided herein, which
acknowledgment or agreement may include, among other things, (i) acknowledgment that the Master Issuer had agreed that the procedures to be performed by the Independent Auditors are sufficient for the Master Issuer’s purposes,
(ii) releases by the Trustee (on behalf of itself and the Holders) of claims against the Independent Auditors, and (iii) restrictions or prohibitions on the disclosure of information or documents provided to it by such firm of Independent
Auditors (including to the Holders). Notwithstanding the foregoing, in no event shall the Trustee be required to execute any agreement in respect of the Independent Auditors that the Trustee reasonably determines adversely affects it. 

  
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 Section 10.3 Individual Rights of the Trustee. 

The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Securitization
Entities or an Affiliate of the Securitization Entities with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. 

Section 10.4 Notice of Events of Default and Defaults. 

If an Event of Default, a Default, a Rapid Amortization Event or a Potential Rapid Amortization Event occurs and is continuing and is known to
a Trust Officer of the Trustee, or written notice of the existence thereof has been delivered to a Trust Officer, the Trustee shall promptly provide the Noteholders, the Servicer, the Manager, the Back-Up Manager, the Master Issuer, any
Class A-1 Administrative Agent and each Rating Agency for each Series of Notes Outstanding with notice of such Event of Default, Default, Rapid Amortization Event or Potential Rapid Amortization Event, to the extent that the Notes of such
Series are Book-Entry Notes, by telephone and facsimile and otherwise by first class mail. 
 Section 10.5 Compensation and
Indemnity. 
 (a) The Master Issuer shall promptly pay to the Trustee from time to time compensation for its acceptance of the Indenture
and services hereunder and under the other Related Documents to which the Trustee is a party as the Trustee and the Master Issuer shall from time to time agree in writing. The Trustee’s compensation shall not be limited by any law on
compensation of a trustee of an express trust. The Master Issuer shall reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its services in
accordance with the provisions of the Indenture (including, without limitation, the Priority of Payments). Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee’s agents and outside counsel. The
Master Issuer shall not be required to reimburse any expense incurred by the Trustee through the Trustee’s own willful misconduct or negligence. When the Trustee incurs expenses or renders services after an Event of Default or Rapid
Amortization Event occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under the Bankruptcy Code. 

(b) The Master Issuer shall indemnify and hold harmless the Trustee or any predecessor Trustee and their respective directors, officers,
agents and employees from and against any loss, liability, claim, expense (including taxes, other than taxes based upon, measured by or determined by the income of the Trustee or such predecessor Trustee), damage or injury suffered or sustained by
reason of any acts, omissions or alleged acts or omissions arising out of or in connection with (i) the activities of the Trustee or such predecessor Trustee pursuant to this Base Indenture, any Series Supplement or any other Related Documents
to which the Trustee is a party and (ii) the security interest granted hereby, whether arising by virtue of any act or omission on the part of the Master Issuer or otherwise, including but not limited to any judgment,

  
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award, settlement, reasonable attorneys’ fees and other costs or expenses reasonably incurred in connection with the defense of any actual or threatened action, proceeding, claim (whether
asserted by the Master Issuer, the Servicer, the Control Party or any Noteholder or any other Person), liability in connection with the exercise or performance of any of its powers or duties hereunder or under any Related Document, the preservation
of any of its rights to, or the realization upon, any of the Collateral, or in connection with enforcing the provisions of this Section 10.5(b); provided, however, that the Master Issuer shall not indemnify the Trustee, any
predecessor Trustee or their respective directors, officers, employees or agents if such acts, omissions or alleged acts or omissions constitute willful misconduct, bad faith or negligence by the Trustee or such predecessor Trustee, as the case may
be. 
 (c) The provisions of this Section 10.5 shall survive the termination of the Indenture and the resignation and removal of
the Trustee. 
 Section 10.6 Replacement of the Trustee. 

(a) A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor
Trustee’s acceptance of appointment as provided in this Section 10.6. 
 (b) The Trustee may, after giving thirty
(30) days prior written notice to the Master Issuer, the Noteholders, the Servicer, the Manager, the Back-Up Manager, the Controlling Class Representative, each Class A-1 Administrative Agent and each Rating Agency for each Series of Notes
Outstanding, resign at any time from its office and be discharged from the trust hereby created; provided, however, that no such resignation of the Trustee shall be effective until a successor trustee has assumed the obligations of the
Trustee hereunder. The Control Party or the Master Issuer may remove the Trustee, or any Noteholder may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the
appointment of a successor Trustee, if at any time: 
 (i) the Trustee fails to comply with Section 10.8; 

(ii) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under the
Bankruptcy Code; 
 (iii) the Trustee fails generally to pay its debts as such debts become due; or 

(iv) the Trustee becomes incapable of acting. 

If the Trustee resigns or is removed or if a vacancy exists in the office of the Trustee for any reason, the Master Issuer shall promptly, with the prior
written consent of the Control Party, appoint a successor Trustee. Within one (1) year after the successor Trustee takes office, the Majority of Noteholders of the Controlling Class (with the prior written consent of the Control Party) may
appoint a successor Trustee to replace the successor Trustee appointed by the Master Issuer. 

  
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 (c) If a successor Trustee is not appointed and an instrument of acceptance by a successor
Trustee is not delivered to the Trustee within thirty (30) days after the retiring Trustee resigns or is removed, at the direction of the Control Party, the retiring Trustee, at the expense of the Master Issuer, may petition any court of
competent jurisdiction for the appointment of a successor Trustee. 
 (d) If the Trustee after written request by the Servicer or any
Noteholder fails to comply with Section 10.8, the Servicer or such Noteholder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

(e) A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee or removed Trustee and to the Servicer
and the Master Issuer. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Base Indenture, any Series Supplement and
any other Related Document to which the Trustee is a party. The successor Trustee shall mail a notice of its succession to the Noteholders and each Class A-1 Administrative Agent. The retiring Trustee shall promptly transfer all property held
by it as Trustee to the successor Trustee; provided, however, that all sums owing to the retiring Trustee hereunder have been paid. Notwithstanding replacement of the Trustee pursuant to this Section 10.6, the Master
Issuer’s obligations under Section 10.5 shall continue for the benefit of the retiring Trustee. 
 (f) No successor Trustee
may accept its appointment unless at the time of such acceptance such successor is qualified and eligible under this Base Indenture and a Rating Agency Notification has been provided and the Control Party has provided its consent with respect to
such appointment. 
 Section 10.7 Successor Trustee by Merger, etc. 

Subject to Section 10.8, if the Trustee consolidates, merges or converts into, or transfers all or substantially all of its
corporate trust business to, another corporation, the successor corporation without any further act shall be the successor Trustee; provided that written notice of such consolidation, merger or conversion shall be provided to the Master
Issuer, the Servicer, the Noteholders and each Class A-1 Administrative Agent; provided further that the resulting or successor corporation is eligible to be a Trustee under Section 10.8. 

Section 10.8 Eligibility Disqualification. 

(a) There shall at all times be a Trustee hereunder which shall (i) be a bank or trust company organized and doing business under the
laws of the United States of America or of any state thereof authorized under such laws to exercise corporate trustee power, (ii) be subject to supervision or examination by federal or state authority, (iii) have a combined capital and
surplus of at least $250,000,000 as set forth in its most recent published annual report of condition, (iv) be reasonably acceptable to the Servicer and (v) have a long-term unsecured debt rating of at least “BBB” and
“Baa2” by Standard & Poor’s and Moody’s, respectively. 
 (b) At any time the Trustee shall cease to satisfy
the eligibility requirements of Section 10.8(a), the Trustee shall resign after written request that it do so by the Master Issuer, or by the Control Party at the direction of the Controlling Class Representative, in the manner and with
the effect specified in Section 10.6. 

  
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 Section 10.9 Appointment of Co-Trustee or Separate Trustee. 

(a) Notwithstanding any other provisions of this Base Indenture, any Series Supplement or any other Related Document, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part of the Collateral may at the time be located, the Trustee shall have the power upon notice to the Control Party, the Master Issuer and each Class A-1 Administrative
Agent and may execute and deliver all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the Collateral, and to vest in such Person or Persons, in such
capacity and for the benefit of the Noteholders and the other Secured Parties, such title to the Collateral, or any part thereof, and, subject to the other provisions of this Section 10.9, such powers, duties, obligations, rights and
trusts as the Trustee may consider necessary or desirable. Any co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 10.8 or shall be otherwise acceptable to the
Servicer. No notice to Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 10.6. No co-trustee shall be appointed without the consent of the Servicer and the Master Issuer unless such
appointment is required as a matter of state law or to enable the Trustee to perform its functions hereunder. 
 (b) Every separate trustee
and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions: 

(i) the Notes of each Series shall be authenticated and delivered solely by the Trustee or an authenticating agent appointed by
the Trustee; 
 (ii) all rights, powers, duties and obligations conferred or imposed upon the Trustee shall be conferred or
imposed upon and exercised or performed by the Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the Trustee joining in such act), except
to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed, the Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations
(including the holding of title to the Collateral or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Trustee; 

(iii) no trustee hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder and such
appointment shall not, and shall not be deemed to, constitute any such trustee or co-trustee as an agent of the Trustee; and 

(iv) the Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee. 

(c) Any notice, request or other writing given to the Trustee shall be deemed to have been given to each of the then separate trustees and
co-trustees, as effectively as if given 

  
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to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Base Indenture and the conditions of this Article X. Each separate trustee and
co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Trustee or separately, as may be provided therein, subject to all the
provisions of this Base Indenture, any Series Supplement and any other Related Documents to which the Trustee is a party, specifically including every provision of this Base Indenture, any Series Supplement, or any other Related Document which the
Trustee is a party relating to the conduct of, affecting the liability of, or affording protection to, the Trustee. Every such instrument shall be filed with the Trustee and a copy thereof given to the Servicer and the Master Issuer. 

(d) Any separate trustee or co-trustee may at any time constitute the Trustee, its agent or attorney-in-fact with full power and authority, to
the extent not prohibited by law, to do any lawful act under or in respect to this Base Indenture, any Series Supplement or any other Related Document on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable
of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 

Section 10.10 Representations and Warranties of Trustee. 

The Trustee represents and warrants to the Master Issuer and the Noteholders that: 

(a) the Trustee is a national banking association, organized, existing and in good standing under the laws of the United States; 

(b) the Trustee has full power, authority and right to execute, deliver and perform this Base Indenture, any Series Supplement issued
concurrently with this Base Indenture and each other Related Document to which it is a party and to authenticate the Notes, and has taken all necessary action to authorize the execution, delivery and performance by it of this Base Indenture, any
Series Supplement issued concurrently with this Base Indenture and any such other Related Document and to authenticate the Notes; 
 (c)
this Base Indenture and each other Related Document to which it is a party has been duly executed and delivered by the Trustee; and 
 (d)
the Trustee meets the requirements of eligibility as a trustee hereunder set forth in Section 10.8(a). 
 ARTICLE XI 

CONTROLLING CLASS REPRESENTATIVE AND CONTROL PARTY 

Section 11.1 Controlling Class Representative. 

(a) On the Closing Date and until a Controlling Class Representative shall have been elected pursuant to the terms set forth in this
Article XI, (i) Control Party shall exercise the rights of the Controlling Class Representative in accordance with the Servicing 

  
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Standard; provided that the Control Party shall have no obligations to interact with any Noteholders (including providing any notices or deliverables) and (ii) any deliverable or
notice that is required to be provided to the Controlling Class Representative under a Related Document shall be delivered to the Control Party. On the Closing Date, the initial purchasers of the Notes will use commercially reasonable efforts to
provide the Trustee with the Initial Controlling Class Member List. Within five (5) Business Days following the Closing Date, the Trustee shall deliver a notice in the form of Exhibit G attached hereto, through the Applicable
Procedures of the Clearing Agency for the related Series and posted to the Trustee’s internet website at www.sf.citidirect.com, announcing that there will be an election of a Controlling Class Representative and offering Controlling Class
Members the opportunity to provide the Trustee with their contact information in writing within ten (10) Business Days of the date of such notice should they wish to participate in the election (such election, the “Initial CCR
Election”). The Trustee shall provide any contact information that it receives, and any contact information in the Initial Controlling Class Member List, to the Manager and the Master Issuer upon request. During the Initial CCR Election,
any notices and communications required to be sent by the Trustee pursuant to this Section 11.1 shall be sent directly to the Controlling Class Members solely at the mail and e-mail addresses provided to the Trustee in the Initial
Controlling Class Member List (and the Trustee shall have no responsibility for the accuracy or effectiveness thereof) and by each Controlling Class Member individually, and all communications delivered to the Trustee by any Controlling Class Member
shall be sent directly by such Controlling Class Member (and not through the Applicable Procedures of the Clearing Agency). The Trustee shall be entitled to conclusively rely on any communications from Controlling Class Members received from email
addresses specifically set forth on the Initial Controlling Class Member List. To the extent the Trustee receives communications from individuals not listed on the Initial Controlling Class Member List, even if from the same institutions, the
Trustee shall not consider such communication a valid communication. During any subsequent CCR Election Period or any communications with respect thereto, both the Trustee and the Controlling Class Members shall be entitled to rely on the Applicable
Procedures of the Clearing Agency for all such notices and communications. 
 (b) Within thirty (30) days after the Closing Date or any
CCR Re-election Event, the Trustee will send to each of the Controlling Class Members for which it has obtained contact information a written notice (with copies to the Manager and the Master Issuer) in the form attached as Exhibit H
hereto, announcing an election and soliciting nominations for a Controlling Class Representative (a “CCR Election Notice”). Each Controlling Class Member will be allowed to nominate one CCR Candidate by submitting a nomination to
the Trustee in the form attached as Exhibit I hereto (a “CCR Nomination”) within either (i) in the case of the Initial CCR Election, ten (10) Business Days of the date of the CCR Election Notice, or
(ii) in the case of any subsequent election, thirty (30) calendar days (such period, as applicable, the “CCR Nomination Period”). Each Controlling Class Member submitting a CCR Nomination shall represent that (i) as
of (A) for the Initial CCR Election, the Closing Date or (B) in the case of any subsequent election, a date not more than ten (10) Business Days prior to the date of the CCR Election Notice as determined by the Trustee (either such
date, the “Nomination Record Date”) it was the Note Owner or Noteholder, as applicable, of the Outstanding Principal Amount of Notes of the Controlling Class specified by it in the CCR Nomination; and (ii) the CCR Candidate
that it has nominated pursuant to such CCR Nomination is either (A) a Controlling Class Member or (B) an Eligible Third-Party Candidate; provided, that for purposes of such nomination and

  
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determining the CCR Candidates pursuant to Section 11.1(c), with respect to any Series of Class A-1 Notes Outstanding, the Class A-1 Notes Voting Amount shall be used in
place of the Outstanding Principal Amount of such Series. 
 (c) Based upon the CCR Nominations that are received by the Trustee, within
three (3) Business Days following the end of the CCR Nomination Period, the Trustee shall either (i) notify the Manager, the Master Issuer, the Servicer and the Controlling Class Members that no nominations have been received and that the
election will not be held, or (ii) prepare and send to each applicable Controlling Class Member a ballot in the form of Exhibit J attached hereto (the “CCR Ballot”) naming the top three candidates based upon the
highest aggregate Outstanding Principal Amount of Notes of Controlling Class Members nominating such candidate (or, if fewer than three (3) candidates are nominated, the CCR Ballot will list all candidates). Each Controlling Class Member shall,
in its sole discretion, indicate its vote for Controlling Class Representative by returning a completed CCR Ballot directly to the Trustee within (i) in the case of the Initial CCR Election, ten (10) Business Days of the date of the CCR
Ballot or (ii) in the case of any subsequent election, within thirty (30) calendar days (a “CCR Election Period”). Each Controlling Class Member returning a completed CCR Ballot will also be required to confirm that, as of
the date of the CCR Ballot (the “CCR Voting Record Date”), such Controlling Class Member was the owner or beneficial owner of the Outstanding Principal Amount of Notes of the Controlling Class specified by such Controlling Class
Member in the CCR Ballot; provided that for the purposes of such certification and the tabulation of votes pursuant to Section 11.1(d), with respect to any Series of Class A-1 Notes Outstanding, the Class A-1 Notes
Voting Amount shall be used in place of the Outstanding Principal Amount of such Series. 
 (d) If a CCR Candidate receives votes from
Controlling Class Members holding beneficial interests in at least 50% of the Outstanding Principal Amount of Notes of the Controlling Class (or any beneficial interest therein) that are Outstanding as of the CCR Voting Record Date and with respect
to which votes were submitted (which may be less than the Outstanding Principal Amount of Notes of the Controlling Class as of the CCR Voting Record Date), such CCR Candidate shall be appointed the Controlling Class Representative. Notes of the
Controlling Class held by the Master Issuer or any Affiliate of the Master Issuer will not be considered Outstanding for such voting purposes. 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, the Controlling Class Representative shall be the CCR Candidate chosen by the Manager, pursuant to the Management Agreement. In the event that no CCR
Candidate receives 50% of the Aggregate Outstanding Principal Amount of Notes of the Controlling Class with respect to which votes were submitted, the Trustee will notify the Manager, the Securitization Entities, the Servicer, the Back-Up Manager,
the Rating Agencies and the Controlling Class Members that no Controlling Class Representative has been appointed. Until a CCR Re-election Event occurs and a new Controlling Class Representative is elected then the (i) Control Party shall
exercise the rights of the Controlling Class Representative in accordance with the Servicing Standard and (ii) any deliverable or notice that is required to be provided to the Controlling Class Representative under a Related Document shall be
delivered to the Control Party. 

  
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 (e) In the event that a Controlling Class Representative is elected or chosen pursuant to
Section 11.1(d), the Trustee shall forward an acceptance letter in the form of Exhibit K attached hereto (a “CCR Acceptance Letter”) to such Controlling Class Representative. No Person shall be appointed
Controlling Class Representative unless it executes such CCR Acceptance Letter, pursuant to which it shall (i) agree to act as the Controlling Class Representative, (ii) provide its name and contact information and permit such information
to be shared with the Manager, the Securitization Entities, the Servicer, the Back-Up Manager, the Rating Agencies and the Controlling Class Members and (iii) represent and warrant that it is either a Controlling Class Member or an Eligible
Third-Party Candidate. Within two (2) Business Days of receipt of the acceptance letter, the Trustee shall promptly forward copies thereof, or provide notice of the identity and contact information of the new Controlling Class
Representative, to the Manager, the Securitization Entities, the Servicer, the Back-Up Manager, the Rating Agencies and the Controlling Class Members. 

(f) Within two (2) Business Days of any other change in the name or address of the Controlling Class Representative of which the Trustee
has received notice from the Controlling Class Representative or from a Majority of Controlling Class Members, as applicable, the Trustee shall deliver to each Noteholder, the Master Issuer, the Manager, the
Back-Up Manager and the Servicer a notice setting forth the identity of the new Controlling Class Representative. 

(g) The Trustee shall be entitled to conclusively rely on, and will be fully protected in all actions taken or not taken by it with respect
to, (i) the Initial Controlling Class Member List for purposes of identifying the recipients of the CCR Election Notices and CCR Ballots and all subsequent communications related to the Initial CCR Election, (ii) with respect to any
subsequent election of a Controlling Class Representative, the Applicable Procedures of the Clearing Agency for delivery of the CCR Election Notices and CCR Ballots to Note Owners of Notes of the Controlling Class and (iii) the representations
and warranties of the Persons submitting CCR Nominations, CCR Ballots and CCR Acceptance Letters. 
 (h) The Servicer (in its capacity as
Servicer and Control Party) shall be entitled to rely on the identity of the Controlling Class Representative provided by the Trustee with respect to any obligation or right hereunder or under the other Related Documents that the Servicer (in its
capacity as Servicer and Control Party) may have to deliver information or otherwise communicate with the Controlling Class Representative or any of the Noteholders of the Controlling Class, with no liability to it for such reliance. 

(i) The Controlling Class Representative shall be entitled to receive from the Trustee, upon request, any memoranda delivered to the Trustee
by the Back-Up Manager pursuant to the Back-Up Management Agreement; provided that it shall have first executed a confidentiality agreement, in form and substance satisfactory to the Manager, and such confidentiality agreement remains in
effect. Any such memoranda shall be deemed to contain confidential information. 
 Section 11.2 Resignation or Removal of the
Controlling Class Representative. The Controlling Class Representative may at any time resign as such by giving written notice to the Trustee, the Servicer and to each Noteholder of the Controlling Class. As of any Record Date, a 

  
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Majority of Controlling Class Members shall be entitled to remove any existing Controlling Class Representative by giving written notice to the Trustee, the Servicer and such existing Controlling
Class Representative. No resignation or removal of the Controlling Class Representative shall be effective until a successor Controlling Class Representative has been appointed pursuant to Section 11.1 or until the end of the CCR
Election Period following such resignation or removal; provided, that any Controlling Class Representative that has been removed pursuant to this Section 11.2 may subsequently be nominated as a CCR Candidate and appointed as
Controlling Class Representative pursuant to Section 11.1; provided, further, that an existing Controlling Class Representative shall cease to be the Controlling Class Representative at the end of a CCR Election Period,
even if no successor is re-elected pursuant to Section 11.1, unless such Controlling Class Representative is elected during such CCR Election Period. In addition to the foregoing, within two (2) Business Days of the selection,
resignation or removal of the Controlling Class Representative, the Trustee shall notify the Servicer and the parties to this Base Indenture of such event. 

Section 11.3 Expenses and Liabilities of the Controlling Class Representative. 

(a) The Controlling Class Representative shall have no liability to the Note Owners for any action taken, or for refraining from the taking of
any action, in good faith pursuant to the Indenture or for errors in judgment; provided, however, that the Controlling Class Representative shall not be protected against any liability that would otherwise be imposed by reason of bad
faith, willful misfeasance, gross negligence or reckless disregard of its obligations or duties under the Indenture. Each Note Owner acknowledges and agrees, by its acceptance of its Notes or interests therein, that (i) the Controlling Class
Representative may have special relationships and interests that conflict with those of Note Owners of one or more Classes of Notes, or that conflict with other Note Owners, (ii) the Controlling Class Representative may act solely in the
interests of the Controlling Class Members or in its own interest, (iii) the Controlling Class Representative does not have any duties to Note Owners other than the Controlling Class Members, (iv) the Controlling Class Representative may
take actions that favor the interests of the Controlling Class Members over the interests of Note Owners of one or more other Classes of Notes, or that favor its own interests over those of other Note Owners or other Controlling Class Members,
(v) the Controlling Class Representative shall not be deemed to have been grossly negligent or reckless, or to have acted in bad faith or engaged in willful misfeasance, by reason of its having acted solely in the interests of the Controlling
Class Members or in its own interests, and (vi) the Controlling Class Representative shall have no liability whatsoever for having so acted pursuant to clauses (i) through (v), and no Note Owner or Noteholder may take any
action whatsoever against the Controlling Class Representative for having so acted or against any director, officer, employee, agent or principal thereof for having so acted. 

(b) Any and all expenses of the Controlling Class Representative for acting in its capacity as Controlling Class Representative shall be borne
by the Controlling Class Members, pro rata according to their respective Outstanding Principal Amounts. Notwithstanding the foregoing, if a claim is made against the Controlling Class Representative and the Servicer or the Trustee are
also named parties to the same action and, in the sole judgment of the Servicer, the Controlling Class Representative had acted in good faith, without gross negligence or willful misconduct, with regard to the particular matter at issue, and there
is 

  
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no potential for the Servicer or the Trustee to be an adverse party in such action as regards the Controlling Class Representative, the Servicer on behalf of the Trustee shall be required to
assume the defense (with any costs incurred in connection therewith being deemed to be reimbursable as a Collateral Protection Advance) of any such claim against the Controlling Class Representative. 

Section 11.4 Control Party. 

(a) Pursuant to the Indenture and the other Related Documents, the Control Party is authorized to consent to and implement, subject to the
Servicing Standard, any Consent Request that does not require the consent of any Noteholder, including the Controlling Class Representative. 

(b) For any Consent Request that requires, pursuant to the terms of the Indenture and the other Related Documents, the consent or direction of
the Controlling Class Representative, the Control Party shall evaluate such Consent Request, form a Consent Recommendation and then promptly deliver such Consent Request and a Consent Recommendation to the Controlling Class Representative (if a
Controlling Class Representative exists at such time). Except as provided in the following sentence, until the Controlling Class Representative consents to a Consent Request, the Control Party is not authorized to implement such Consent Request,
provided that the Control Party shall work in good faith with the Controlling Class Representative to obtain such consent. Notwithstanding anything in any Related Document to the contrary, if the Controlling Class Representative does not
reject or approve a Consent Recommendation within ten (10) Business Days following delivery of a Consent Request and the related Consent Recommendation to the Controlling Class Representative or if there is no Controlling Class Representative
at such time (including, without limitation, prior to the first CCR Election Period or following the resignation or removal of the Controlling Class Representative), the Control Party is authorized (but not required) to implement such Consent
Request in accordance with the Servicing Standard, whether or not the Indenture or any Related Document indicates that the Control Party is required to act with the consent or at the direction of the Controlling Class Representative with respect to
any specific matter relating to such Consent Request, other than with respect to Servicer Termination Events. 
 (c) For any Consent Request
that requires the consent of any affected Noteholders or 100% of the Noteholders pursuant to Section 13.2, the Control Party shall evaluate such Consent Request and shall formulate and present a Consent Recommendation to the Trustee
which shall forward such Consent Request and the Consent Recommendation to each Noteholder or each affected Noteholder, as applicable. Subject to Section 11.4(e), until the consent of each Noteholder that is required to consent to any
such Consent Request has been obtained and the Control Party is provided with notice of such consents being obtained by the Trustee, the Control Party is not authorized to implement such Consent Request, provided that the Control Party shall
work in good faith with the Trustee to identify and deliver to the Trustee for delivery by the Trustee to such Noteholders such additional information and Consent Recommendations as may be appropriate in accordance with the Servicing Standard to
obtain such consent. 

  
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 (d) The Control Party shall promptly notify the Trustee, the Manager, the Back-Up Manager, the
Master Issuer and the Controlling Class Representative if the Control Party determines, in accordance with the Servicing Standard, not to implement a Consent Request or has not received the requisite consent of the Controlling Class Representative
or the Noteholders, if applicable, to implement a Consent Request. The Trustee shall promptly notify the Control Party, the Manager, the Back-Up Manager, the Master Issuer and the Controlling Class Representative if the Trustee has not received the
requisite consent of the required percentage of Noteholders to implement a Consent Request. 
 (e) Notwithstanding anything herein to the
contrary, no advice, direction or objection from or by the Controlling Class Representative may (i) require or cause the Trustee or the Control Party to violate applicable law, the terms of this Indenture, the Notes, the Servicing Agreement or
the other Related Documents, including, without limitation with respect to the Control Party, the Control Party’s obligation to act in accordance with the Servicing Standard, (ii) expose the Control Party or the Trustee, or any of their
respective Affiliates, officers, directors, members, managers, employees, agents or partners, to any material claim, suit or liability, or (iii) materially expand the scope of the Control Party’s responsibilities under the Servicing
Agreement or the Trustee’s responsibility under this Indenture, the Notes and the other Related Documents. In addition, notwithstanding anything herein or in the other Related Documents to the contrary, the Controlling Class Representative
shall not be able to prevent the Control Party from transferring the ownership of all or any portion of the Collateral (including by way of foreclosure on the Equity Interests of the Master Issuer) if any Advance by the Servicer has been outstanding
for twelve months and the Control Party determines in accordance with the Servicing Standard that such transfer of ownership would be in the best interests of the Noteholders (taken as a whole). 

Section 11.5 Note Owner List. 

(a) To facilitate communication among Note Owners, the Manager, the Trustee, the Control Party and the Controlling Class Representative, a
Note Owner may elect, but is not required, to notify the Trustee of its name, address and other contact information, which will be kept in a register maintained by the Trustee. The Trustee will be required to furnish the Manager, the Control Party
and the Controlling Class Representative upon request with the information maintained in such register as of the most recent date of determination. Every Note Owner, by receiving and holding a beneficial interest in a Note, will agree that none of
the Trustee, the Master Issuer, the Servicer, the Controlling Class Representative nor any of their respective agents will be held accountable by reason of any disclosure of any such information as to the names and addresses of the Note Owners in
the register maintained by the Trustee. 
 (b) Note Owners having beneficial interests of not less than $100,000,000 in aggregate principal
amount of Notes (including any unfunded commitments of any Note Owner under any Variable Funding Note Purchase Agreement) that wish to communicate with the other Note Owners with respect to their rights under the Indenture or under the Notes may
request in writing that the Trustee deliver a notice or communication to the other Note Owners through the Applicable Procedures of each Clearing Agency with respect to all Series of Notes Outstanding. If such request states that such Note Owners
desire to communicate with other Note Owners with 

  
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respect to their rights under the Indenture or under the Notes and is accompanied by (i) a certificate substantially in the form of Exhibit O certifying that such Note Owners
hold beneficial interests of not less than $100,000,000 in aggregate principal amount of Notes (including any unfunded commitments of such Note Owners under any Variable Funding Note Purchase Agreement) (each, a “Note Owner
Certificate”) (upon which the Trustee may conclusively rely) and (ii) a copy of the communication which such Note Owners propose to transmit, then the Trustee, after having been adequately indemnified by such Note Owners for its costs
and expenses, shall transmit the requested communication to all other Note Owners through the Applicable Procedures of each Clearing Agency with respect to all Series of Notes Outstanding, and shall give the Master Issuer, the Servicer and the
Controlling Class Representative notice that such request has been made, within five (5) Business Days after receipt of the request. The Trustee shall have no obligation of any nature whatsoever with respect to any requested communication other
than to transmit it in accordance with and subject to the terms hereof and to give notice of such request and transmission to the Master Issuer, the Servicer and the Controlling Class Representative. 

ARTICLE XII 
 DISCHARGE
OF INDENTURE 
 Section 12.1 Termination of the Master Issuer’s and Guarantors’ Obligations. 

(a) Satisfaction and Discharge. The Indenture and the Guarantee and Collateral Agreement shall be discharged when all Outstanding Notes
have been delivered to the Trustee for cancellation, the Master Issuer has paid all sums payable hereunder and under each other Related Document, all commitments to extend credit under all Variable Funding Note Purchase Agreements have been
terminated and all Series Hedge Agreements have been terminated and all payments by the Master Issuer thereunder have been paid or otherwise provided for; except that (i) the Master Issuer’s obligations under Section 10.5 and
the Guarantors’ guaranty thereof, (ii) the Trustee’s and the Paying Agent’s obligations under Section 12.2 and 12.3 and (iii) the Noteholders’ and the Trustee’s obligations under
Section 14.13 shall survive. The Trustee, on demand of the Securitization Entities, will execute proper instruments acknowledging confirmation of, and discharge under, the Indenture and the Guarantee and Collateral Agreement. 

(b) Indenture Defeasance. The Master Issuer may terminate all of its obligations under the Indenture and all obligations of the
Guarantors under the Guarantee and Collateral Agreement in respect thereof and release all Collateral if: 
 (i) the Master
Issuer irrevocably deposits in trust with the Trustee or with a trustee reasonably satisfactory to the Control Party, the Trustee and the Master Issuer, U.S. Dollars and/or Government Securities in an amount sufficient (after giving effect to
the application of funds on deposit in the Collection Account in accordance with the Priority of Payments), in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof
delivered to the Trustee, to pay all principal, premiums (including make-whole prepayment premiums), if any, and interest on the Outstanding Notes (including additional interest that accrues after 

  
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an anticipated repayment date or renewal date, if applicable) to the applicable prepayment date, redemption date or maturity date, as the case may be, and to pay other sums payable by them
hereunder, under the Servicing Agreement and under each other Related Document and each Series Hedge Agreement; provided, that any Government Securities must provide for the scheduled payment of all principal and interest thereon not later
than the Business Day prior to the applicable prepayment date, redemption date or maturity date, as the case may be, and the Trustee must have been irrevocably instructed to apply such funds to the payment of principal, premiums, make-whole
prepayment premiums and interest with respect to the Notes and such other sums; 
 (ii) all commitments under all Variable
Funding Note Purchase Agreements and all Series Hedge Agreements are terminated on or before the date of deposit; 
 (iii)
the Master Issuer delivers notice of prepayment, redemption or maturity of the Notes in full to the Noteholders of Outstanding Notes, the Manager, the Trustee, the Control Party, the Controlling Class Representative, the Back-Up Manager, the Rating
Agencies and the Servicer, which notice is expressly stated to be, or has become as of the prepayment date, redemption date or maturity date, as applicable, irrevocable (provided, that such notice may be conditioned upon the contemporaneous
closing of a financing the proceeds of which will be used to fund all or a portion of such deposit), and the date of prepayment, redemption or maturity as specified in such notice when delivered was not longer than twenty (20) Business Days
after the date of such notice; 
 (iv) the Master Issuer delivers notice of such deposit to the Control Party, the Manager,
the Back-Up Manager and the Rating Agencies, on or before the date of the deposit; and 
 (v) the Master Issuer delivers to
the Trustee and the Servicer an Opinion of Counsel to the effect that all conditions precedent to such termination have been satisfied. 
 Upon satisfaction
of such conditions, the Indenture and the Guarantee and Collateral Agreement shall cease to be of further effect; except that (i) the rights and obligations of the Trustee hereunder, including, without limitation, the Trustee’s rights to
compensation and indemnity under Section 10.5, and the Guarantor’s guaranty thereof, (ii) the Trustee’s and the Paying Agent’s obligations under Section 12.2 and 12.3, (iii) the
Noteholders’ and the Trustee’s obligations under Section 14.13, (iv) this Section 12.1(b) and (v) the Noteholders’ rights to registration of transfer and exchange under Section 2.8 and to
replacement or substitution of mutilated, destroyed, lost or stolen Notes under Section 2.10(a) shall survive. The Trustee, on demand of the Securitization Entities, shall execute proper instruments acknowledging confirmation of and
discharge under the Indenture and the Guarantee and Collateral Agreement. 
 (c) Series Defeasance. Except as may be provided to the
contrary in any Series Supplement, the Master Issuer, solely in connection with an optional prepayment in full, a mandatory prepayment in full or a redemption in full of all Outstanding Notes of a particular

  
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Series (the “Defeased Series”) or in connection with the Series Legal Final Maturity Date of a particular Series of Notes, may terminate all of its Obligations under the
Indenture and all Obligations of the Guarantors under the Guarantee and Collateral Agreement in respect of such Series of Notes on and as of any Business Day (the “Series Defeasance Date”), provided: 

(i) the Master Issuer irrevocably deposits in trust with the Trustee, or with a trustee reasonably satisfactory to the Control
Party, the Trustee and the Master Issuer, U.S. dollars and/or Government Securities sufficient (after giving effect to the application of funds on deposit in the applicable Series Distribution Account), in the opinion of a nationally recognized firm
of independent certified public accountants expressed in a written certification thereof delivered to the Trustee, to pay, without duplication: 

(1) all principal, premiums, if any, make-whole prepayment premiums, if any, Series Hedge Payment Amounts, commitment fees,
administration expenses, Class A-1 Notes Other Amounts, interest on the Outstanding Notes of such Defeased Series (including additional interest that accrues after the anticipated repayment date or renewal date, if applicable) and any other
amounts that will be due and payable by the Master Issuer solely with respect to the Defeased Series to the applicable prepayment date, redemption date or maturity date, as the case may be, and to pay other sums payable by them under the Base
Indenture, each other Related Document and each Series Hedge Agreement with respect to such Defeased Series of Notes; 
 (2)
all Weekly Management Fees, Supplemental Management Fees, unreimbursed Advances (and outstanding interest thereon) and Manager Advances (and outstanding interest thereon), all fees, indemnities, reimbursements and expenses due to the Trustee, the
Manager, the Servicer and the Back-Up Manager, and all Successor Manager Transition Expenses and Successor Servicer Transition Expenses, in each case that will be due and payable as of the following Quarterly Calculation Date; and 

(3) all Securitization Operating Expenses, all Class A-1 Notes Administrative Expenses for the Defeased Series, all
Class A-1 Interest Adjustment Amounts for the Defeased Series and all Class A-1 Notes Other Amounts for the Defeased Series, in each case, that are due and unpaid as of the Series Defeasance Date to the Actual Knowledge of the Manager;

 provided, any Government Securities must provide for the scheduled payment of all principal and interest thereon not later than the
Business Day prior to the applicable prepayment date, redemption date or maturity date, as the case may be, and the Trustee must have been irrevocably instructed to apply such funds to the payment of principal, premiums, make-whole prepayment
premiums and interest with respect to the Notes of such Series and such other sums; 
 (ii) all commitments under all
Variable Funding Note Purchase Agreements and Series Hedge Agreements with respect to such Defeased Series of Notes are terminated on or before the Series Defeasance Date; 

  
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 (iii) the Master Issuer delivers notice of prepayment, redemption or maturity of
such Series of Notes to the Noteholders of the Defeased Series, the Manager, the Trustee, the Control Party, the Controlling Class Representative, the Back-Up Manager and the Rating Agencies not more than twenty (20) Business Days prior to the
Series Defeasance Date, and such notice is expressly stated to be, or as of the date of the deposit has become, irrevocable; provided, that such notice may be conditioned upon the contemporaneous closing of a financing the proceeds of which will be
used to fund all or a portion of such deposit; 
 (iv) after giving effect to the deposit, if any other Series of Notes is
Outstanding, the Master Issuer delivers to the Trustee an Officer’s Certificate of the Master Issuer stating that no Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default has occurred and will be continuing;

 (v) the Master Issuer delivers to the Trustee an Officer’s Certificate stating that the defeasance was not made by
the Master Issuer with the intent of preferring the holders of the Defeased Series over other creditors of the Master Issuer or with the intent of defeating, hindering, delaying or defrauding other creditors; 

(vi) the Master Issuer delivers notice of such deposit to the Control Party, the Manager, the Back-Up Manager and the Rating
Agencies on or before the date of the deposit; 
 (vii) such defeasance will not result in a breach or violation of, or
constitute a default under, the Indenture or any Indenture Documents; and 
 (viii) the Master Issuer delivers to the Trustee
an Opinion of Counsel to the effect that all conditions precedent to such termination have been satisfied. 
 Upon satisfaction of such conditions, the
Indenture and the Guarantee and Collateral Agreement shall cease to be of further effect with respect to such Defeased Series, the Master Issuer and the Guarantors shall be deemed to have paid and been discharged from their Series Obligations with
respect to such Defeased Series and thereafter such Defeased Series shall be deemed to be “Outstanding” only for purposes of (1) the Trustee’s and the Paying Agent’s obligations under Section 12.2 and
Section 12.3, (2) the Noteholders’ and the Trustee’s obligations under Section 14.13 and (3) the Noteholders’ rights to registration of transfer and exchange under Section 2.8 and to
replacement or substitution of mutilated, destroyed, lost or stolen Notes under Section 2.10(a). The Trustee, on demand of the Securitization Entities, shall execute proper instruments acknowledging confirmation of and discharge under
the Indenture and the Guarantee and Collateral Agreement of such Series Obligations. 
 (d) After the conditions set forth in
Section 12.1(a) have been met, or after the irrevocable deposit is made pursuant to Section 12.1(b) and satisfaction of the other conditions set forth therein have been met, the Trustee upon request of the Securitization
Entities shall reassign (without recourse upon, or any warranty whatsoever by, the Trustee) and deliver all Collateral and documents then in the custody or possession of the Trustee promptly to the applicable Securitization Entities. 

  
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 Section 12.2 Application of Trust Money. 

The Trustee or a trustee satisfactory to the Servicer, the Trustee and the Master Issuer shall hold in trust money or Government Securities
deposited with it pursuant to Section 12.1. The Trustee shall apply the deposited money and the money from Government Securities through the Paying Agent in accordance with this Base Indenture and the other Related Documents to the
payment of principal, premium, if any, and interest on the Notes and the other sums referred to above. The provisions of this Section 12.2 shall survive the expiration or earlier termination of the Indenture. 

Section 12.3 Repayment to the Master Issuer. 

(a) The Trustee and the Paying Agent shall promptly pay to the Master Issuer upon written request any excess money or, pursuant to Sections
2.10 and 2.14, return any cancelled Notes held by them at any time. 
 (b) Subject to Section 2.6(c), the Trustee and
the Paying Agent shall pay to the Master Issuer upon written request any money held by them for the payment of principal, premium or interest that remains unclaimed for two (2) years after the date upon which such payment shall have become due.

 (c) The provisions of this Section 12.3 shall survive the expiration or earlier termination of the Indenture. 

Section 12.4 Reinstatement. 

If the Trustee is unable to apply any funds received under this Article XII by reason of any proceeding, order or judgment of any court
or governmental authority enjoining, restraining or otherwise prohibiting such application, the Master Issuer’s obligations under the Indenture or the other Indenture Documents and in respect of the Notes and the Guarantors’ obligations
under the Guarantee and Collateral Agreement shall be revived and reinstated as though no deposit had occurred, until such time as the Trustee is permitted to apply all such funds or property in accordance with this Article XII. If the Master
Issuer or Guarantors make any payment of principal, premium or interest on any Notes or any other sums under the Indenture Documents while such obligations have been reinstated, the Master Issuer and the Guarantors shall be subrogated to the rights
of the Noteholders or Note Owners or other Secured Parties who received such funds or property from the Trustee to receive such payment in respect of the Notes. 

ARTICLE XIII 

AMENDMENTS 

Section 13.1 Without Consent of the Controlling Class Representative or the Noteholders. 

(a) Without the consent of any Noteholder, the Control Party, the Controlling Class Representative or any other Secured Party, the Master
Issuer and the Trustee, at any time and from time to time, may enter into one or more Supplements hereto, in form satisfactory to the Trustee, for any of the following purposes: 

  
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 (i) to create a new Series of Notes (except that the consent of the Control Party
is only necessary to the extent required by Section 2.2); 
 (ii) to add to the covenants of the Securitization
Entities for the benefit of any Noteholders or any other Secured Parties (and if such covenants are to be for the benefit of less than all Series of Notes, stating that such covenants are expressly being included solely for the benefit of such
Series) or to surrender for the benefit of the Noteholders and the other Secured Parties any right or power herein conferred upon the Securitization Entities; provided, however, that the Master Issuer will not pursuant to this
Section 13.1(a)(ii) surrender any right or power it has under the Related Documents; 
 (iii) to mortgage,
pledge, convey, assign and transfer to the Trustee any property or assets as security for the Obligations and to specify the terms and conditions upon which such property or assets are to be held and dealt with by the Trustee and to set forth such
other provisions in respect thereof as may be required by the Indenture or as may, consistent with the provisions of the Indenture, be deemed appropriate by the Master Issuer, the Servicer and the Trustee, or to correct or amplify the description of
any such property or assets at any time so mortgaged, pledged, conveyed and transferred to the Trustee; 
 (iv) to correct
any manifest error or defect or to cure any ambiguity, defect or inconsistency or to correct or supplement any provisions herein, in any Series Supplement or in any Notes, or in the Guarantee and Collateral Agreement or any other Indenture Document
to which the Trustee is a party which may be inconsistent with any other provision herein or therein or with any related offering memorandum; 

(v) to provide for uncertificated Notes in addition to or in place of certificated Notes (provided that the
uncertificated Notes are issued in registered form for purposes of Section 163(f) of the Code); 
 (vi) to evidence and
provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Notes of one or more Series and to add to or change any of the provisions of the Indenture or the Guarantee and Collateral Agreement as shall be necessary
to provide for or facilitate the administration of the trusts hereunder or thereunder by more than one Trustee; 
 (vii) to
correct or supplement any provision herein or in any Supplement or in the Guarantee and Collateral Agreement or any other Indenture Document to which the Trustee is a party which may be inconsistent with any other provision herein or therein or to
make consistent any other provisions with respect to matters or questions arising under this Base Indenture or in any Supplement, in the Guarantee and Collateral Agreement or any other Indenture Document to which the Trustee is a party; 

  
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 (viii) to comply with Requirements of Law (as evidenced by an Opinion of
Counsel); 
 (ix) to facilitate the transfer of Notes in accordance with applicable Requirements of Law (as evidenced by an
Opinion of Counsel); 
 (x) to take any action necessary or helpful to avoid the imposition, under and in accordance with
applicable law, of any Tax, including withholding Tax; or 
 (xi) to take any action necessary and appropriate to facilitate
the origination of Collateral Franchise Business Documents or the management and preservation of the Collateral Franchise Business Documents, in each case, in accordance with the Managing Standard; 

provided, however, that in the case of any Supplement pursuant to any of clauses (iii), (iv), (vii), (x) or (xi) above, the Trustee
and the Servicer shall have received an Officer’s Certificate certifying that such action could not reasonably be expected to adversely affect in any material respect the interests of any Noteholder, any Note Owner, the Servicer, the Trustee or
any other Secured Party. 
 (b) Upon the request of the Master Issuer and receipt by the Servicer and the Trustee of the documents described
in Section 2.2 and delivery by the Servicer of its consent thereto to the extent required by Section 2.2, the Trustee shall join with the Master Issuer in the execution of any Series Supplement authorized or permitted by the
terms of this Base Indenture and shall make any further appropriate agreements and stipulations which may be therein contained, but the Trustee shall not be obligated to enter into such Series Supplement which affects its own rights, duties or
immunities under this Base Indenture or otherwise. 
 Section 13.2 With Consent of the Controlling Class Representative or the
Noteholders. 
 (a) Except as provided in Section 13.1, the provisions of this Base Indenture, the Guarantee and Collateral
Agreement, any Supplement and any other Indenture Document to which the Trustee is a party (unless otherwise provided in such Supplement) may from time to time be amended, modified or waived, if such amendment, modification or waiver is in writing
in a Supplement and consented to in writing by the Control Party (at the direction of the Controlling Class Representative). Notwithstanding the foregoing: 

(i) any amendment, waiver or other modification that would reduce the percentage of the Aggregate Outstanding Principal Amount
or the Outstanding Principal Amount of any Series of Notes, the consent of the Noteholders of which is required for any Supplement under this Section 13.2 or the consent of the Noteholders of which is required for any waiver of
compliance with the provisions of the Indenture or any other Related Document or defaults hereunder or thereunder and their consequences provided for herein and therein or for any other action hereunder or thereunder shall require the consent of
each affected Noteholder; 
 (ii) any amendment, waiver or other modification that would permit the creation of any Lien
ranking prior to or on a parity with the Lien created by the 

  
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Indenture, the Guarantee and Collateral Agreement or any other Related Documents with respect to any material part of the Collateral or except as otherwise permitted by the Related Documents,
terminate the Lien created by the Indenture, the Guarantee and Collateral Agreement or any other Related Documents on any material portion of the Collateral at any time subject thereto or deprive any Secured Party of any material portion of the
security provided by the Lien created by the Indenture, the Guarantee and Collateral Agreement or any other Related Documents shall require the consent of each affected Noteholder and each other affected Secured Party; 

(iii) any amendment, waiver or other modification that would (A) extend the due date for, or reduce the amount of any
scheduled repayment or prepayment of principal of, premium, if any, or interest on any Note and the other Obligations (or reduce the principal amount of, premium, if any, or rate of interest on any Note and the other Obligations); (B) affect
adversely the interests, rights or obligations of any Noteholder individually in comparison to any other Noteholder; (C) change the provisions of the Priority of Payments; (D) change any place of payment where, or the coin or currency in
which, any Notes and the other Obligations or the interest thereon is payable; (E) impair the right to institute suit for the enforcement of the provisions of the Indenture requiring the application of funds available therefor, as provided in
Article V, to the payment of any such amount due on the Notes and the other Obligations owing to Noteholders on or after the respective due dates thereof, (F) subject to the ability of the Control Party (acting at the direction of the
Controlling Class Representative) to waive certain events as set forth in Section 9.7, amend or otherwise modify any of the specific language of the following definitions: “Default,” “Event of Default,”
“Outstanding,” “Potential Rapid Amortization Event” or “Rapid Amortization Event” (as defined in the Base Indenture or any applicable Series Supplement) or (G) amend, waive or otherwise modify
this Section 13.2, shall require the consent of the each affected Noteholder and each other affected Secured Party; 

(iv) any amendment, waiver or other modification that would change the time periods with respect to any requirement to deliver
to Noteholders notice with respect to any repayment, prepayment, redemption or election of any Extension Period shall require the consent of each affected Noteholder; and 

(v) any amendment, waiver or other modification of any provisions of the Indenture, the Guarantee and Collateral Agreement or
any other Related Document to give effect to a Baskin-Robbins Asset Disposition shall only require the written consent of the Control Party (and not that of the Controlling Class Representative); provided, however, that for the
avoidance of doubt, this clause (v) shall not apply to amendments, waivers or other modifications of the defined terms “Baskin-Robbins Asset Disposition” and “Permitted Asset Dispositions”, including
Section 8.16(q). 
 (b) No failure or delay on the part of any Noteholder, the Trustee or any other Secured Party in exercising
any power or right under the Indenture or any other Related Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any other or further exercise thereof or the exercise of any other
power or right. 

  
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 (c) The express requirement, in any provision hereof, that the Rating Agency Condition be
satisfied as a condition to the taking of a specified action, shall not be amended, modified or waived by the parties hereto without satisfying the Rating Agency Condition. 

Section 13.3 Supplements. 

Each amendment or other modification to the Indenture, the Notes or the Guarantee and Collateral Agreement shall be set forth in a Supplement,
a copy of which shall be delivered to the Rating Agencies, the Servicer, the Controlling Class Representative, the Manager, the Back-Up Manager and the Master Issuer. The Master Issuer shall provide written notice to each Rating Agency of any
amendment or modification to the Indenture, the Notes or the Guarantee and Collateral Agreement no less than ten (10) days prior to the effectiveness of the related Supplement; provided that such Supplement need not be in final form at
the time such notice is given. The initial effectiveness of each Supplement shall be subject to the delivery to the Servicer and the Trustee of an Opinion of Counsel that such Supplement is authorized or permitted by this Base Indenture and the
conditions precedent set forth herein with respect thereto have been satisfied. Each Series Supplement may be amended in accordance with the manner provided in Sections 13.1 and 13.2 and subject to additional requirements as set forth
in such Series Supplement. 
 Section 13.4 Revocation and Effect of Consents. 

Until an amendment or waiver becomes effective, a consent to it by a Noteholder of a Note is a continuing consent by the Noteholder and every
subsequent Noteholder of a Note or portion of a Note that evidences the same debt as the consenting Noteholder’s Note, even if notation of the consent is not made on any Note. Any such Noteholder or subsequent Noteholder, however, may revoke
the consent as to his Note or portion of a Note if the Trustee receives written notice of revocation before the date the amendment or waiver becomes effective. An amendment or waiver becomes effective in accordance with its terms and thereafter
binds every Noteholder. The Master Issuer may fix a record date for determining which Noteholders must consent to such amendment or waiver. 

Section 13.5 Notation on or Exchange of Notes. 

The Trustee may place an appropriate notation about an amendment or waiver on any Note thereafter authenticated. The Master Issuer, in
exchange for all Notes, may issue and the Trustee shall authenticate new Notes that reflect the amendment or waiver. Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment or waiver.

 Section 13.6 The Trustee to Sign Amendments, etc. 

The Trustee shall sign any Supplement authorized pursuant to this Article XIII if the Supplement does not adversely affect the rights,
duties, liabilities or immunities of the Trustee. If it does, the Trustee may, but need not, sign it. In signing such Supplement, the Trustee shall be entitled to receive, if requested, an indemnity reasonably satisfactory to it and to receive and,
subject to Section 10.1, shall be fully protected in relying upon, an Officer’s Certificate of the Master Issuer and an Opinion of Counsel as conclusive evidence that such Supplement is

  
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authorized or permitted by this Base Indenture and that all conditions precedent have been satisfied, and that it will be valid and binding upon the Master Issuer and the Guarantors in accordance
with its terms. 
 Section 13.7 Amendments and Fees. 

The Master Issuer, the Control Party and the Controlling Class Representative shall negotiate any amendments, waivers or modifications to the
Indenture or the other Related Documents that require the consent of the Control Party or the Controlling Class Representative in good faith, and any consent required to be given by the Control Party or the Controlling Class Representative shall not
be unreasonably denied or delayed. The Control Party and the Controlling Class Representative shall be entitled to be reimbursed by the Master Issuer only for the reasonable counsel fees incurred by the Control Party or the Controlling Class
Representative in reviewing and approving any amendment or in providing any consents, and except as provided in the Servicing Agreement, neither the Control Party nor the Controlling Class Representative shall be entitled to any additional
compensation in connection with any amendments or consents to this Base Indenture or to any Related Document. 
 ARTICLE XIV 

MISCELLANEOUS 

Section 14.1 Notices. 

(a) Any notice or communication by the Master Issuer, the Manager or the Trustee to any other party hereto shall be in writing and delivered
in person, delivered by email, posted on a password protected website for which the recipient has granted access or mailed by first-class mail (registered or certified, return receipt requested), facsimile or overnight air courier guaranteeing next
day delivery, to such other party’s address: 
 If to the Master Issuer: 

DB Master Finance LLC 
 P.O. Box
9141 
 Canton, MA 02021 

Attention:  General Counsel 

Facsimile:  781-737-6661 

If to the Manager: 

Dunkin’ Brands, Inc. 
 130
Royall Street 
 Canton, MA 02021 

Attention:  General Counsel 

Facsimile:  781-737-4000 

If to the Manager with a copy to (which shall not constitute notice): 

  
 134 

 Ropes & Gray LLP 

Prudential Tower 
 800 Boylston
Street 
 Boston, MA 02199 

Attention:  Winthrop Minot 

Facsimile:  617-235-0076 

and 
 Ropes & Gray LLP

 Prudential Tower 
 800
Boylston Street 
 Boston, MA 02199 

Attention:  Craig Marcus 

Facsimile:  617-235-0514 

If to the Master Issuer with a copy to (which shall not constitute notice): 

Ropes & Gray LLP 

Prudential Tower 
 800 Boylston
Street 
 Boston, MA 02199 

Attention:  Winthrop Minot 

Facsimile:  617-235-0076 

and 
 Ropes & Gray LLP

 Prudential Tower 
 800
Boylston Street 
 Boston, MA 02199 

Attention:  Craig Marcus 

Facsimile:  617-235-0514 

If to the Back-Up Manager: 

FTI Consulting, Inc. 
 3 Times
Square, 9th Floor 
 New York, NY 10036 

Attention:  Robert J. Darefsky 

Facsimile:  212 841-9350 

If to the Servicer: 

Midland Loan Services, a division of 

PNC Bank, National Association 

  
 135 

 
10851 Mastin Street 
 Building 82, Suite 700 

Overland Park, Kansas 66210 

Attention:  President 

Facsimile:  913-253-9709 

If to the Trustee: 

Citibank, N.A. 
 388 Greenwich
Street 
 14th Floor 

New York, NY 10013 

Attention:  Agency & Trust – DB Master Finance LLC 

Facsimile:   212-816-5527 

If to Standard & Poor’s: 

Standard & Poor’s Rating Services 

55 Water Street 
 42nd Floor 
 New York, NY 10041-0003 

Attention:  ABS Surveillance Group – New Assets 

E-mail:  Servicer_Reports@standardandpoors.com 

If to an Enhancement Provider or an Hedge Counterparty: At the address provided in the applicable Enhancement Agreement or the
applicable Series Hedge Agreement. 
 (b) The Master Issuer or the Trustee by notice to each other party may designate additional or
different addresses for subsequent notices or communications; provided, however, the Master Issuer may not at any time designate more than a total of three (3) addresses to which notices must be sent in order to be effective. 

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

  
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 (e) If the Master Issuer delivers a notice or communication to Noteholders, it shall deliver a
copy to the Back-Up Manager, the Servicer, the Controlling Class Representative and the Trustee at the same time. 
 (f) Where the Indenture
provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if sent in writing and mailed, first-class postage prepaid, to each Noteholder affected by such event, at its
address as it appears in the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed (if any) for the giving of such notice. In any case where notice to a Noteholder is given by mail, neither the failure to
mail such notice, nor any defect in any notice so mailed, to any particular Noteholder shall affect the sufficiency of such notice with respect to other Noteholders, and any notice which is mailed in the manner herein provided shall be conclusively
presumed to have been duly given. Where the Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of
such notice. Waivers of notice by Noteholders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. In the case by reason of the suspension of regular
mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made that is satisfactory to the Trustee shall constitute a sufficient notification for every purpose hereunder.

 (g) Notwithstanding any other provision herein, for so long as DBI is the Manager, any notice, communication, certificate, report,
statement or other information required to be delivered by the Manager to the Master Issuer, or by the Master Issuer to the Manager, shall be deemed to have been delivered to both the Master Issuer and the Manager if the Manager has prepared or is
otherwise in possession of such notice, communication, certificate, report, statement or other information, and in no event shall the Manager or the Master Issuer be in breach of any delivery requirements hereunder for constructive delivery pursuant
to this Section 14.1(g). 
 Section 14.2 Communication by Noteholders With Other Noteholders. 

Noteholders may communicate with other Noteholders with respect to their rights under the Indenture or the Notes. 

Section 14.3 Officer’s Certificate as to Conditions Precedent. 

Upon any request or application by the Master Issuer to the Controlling Class Representative, the Servicer or the Trustee to take any action
under the Indenture or any other Related Document, the Master Issuer to the extent requested by the Controlling Class Representative, the Servicer or the Trustee shall furnish to the Controlling Class Representative, the Servicer and the Trustee
(a) an Officer’s Certificate of the Master Issuer in form and substance reasonably satisfactory to the Controlling Class Representative, the Servicer or the Trustee, as applicable (which shall include the statements set forth in
Section 14.4), stating that all conditions precedent and covenants, if any, provided for in the Indenture or such other Related Documents relating to the proposed action have been complied with and (b) an Opinion of Counsel
confirming the same. Such Opinion of Counsel shall be at the expense of the Master Issuer. 

  
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 Section 14.4 Statements Required in Certificate. 

Each certificate with respect to compliance with a condition or covenant provided for in the Indenture or any other Related Document shall
include: 
 (a) a statement that the Person giving such certificate has read such covenant or condition; 

(b) a brief statement as to the nature and scope of the examination or investigation upon which the statements contained in such certificate
are based; 
 (c) a statement that, in the opinion of such Person, he has made such examination or investigation as is necessary to
enable him to reach an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (d) a statement as to
whether or not such condition or covenant has been complied with. 
 Section 14.5 Rules by the Trustee. 

The Trustee may make reasonable rules for action by or at a meeting of Noteholders. 

Section 14.6 Benefits of Indenture. 

Except as set forth in a Series Supplement, nothing in this Base Indenture or in the Notes, expressed or implied, shall give to any Person,
other than the parties hereto and their successors hereunder and the Holders and the other Secured Parties, any benefit or any legal or equitable right, remedy or claim under the Indenture. 

Section 14.7 Payment on Business Day. 

In any case where any Quarterly Payment Date, redemption date or maturity date of any Note shall not be a Business Day, then (notwithstanding
any other provision of the Indenture) payment of interest or principal (and premium, if any), as the case may be, need not be made on such date but may be made on the next succeeding Business Day with the same force and effect as if made on the
Quarterly Payment Date, redemption date or maturity date; provided, however, that no interest shall accrue for the period from and after such Quarterly Payment Date, redemption date or maturity date, as the case may be. 

Section 14.8 Governing Law. 

THIS BASE INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

  
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 Section 14.9 Successors. 

All agreements of the Master Issuer in the Indenture, the Notes and each other Related Document to which it is a party shall bind its
successors and assigns; provided, however, the Master Issuer must not assign its obligations or rights under the Indenture or any other Related Document, except with the written consent of the Servicer. All agreements of the Trustee in
the Indenture shall bind its successors. 
 Section 14.10 Severability. 

In case any provision in the Indenture, the Notes 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. 
 Section 14.11
Counterpart Originals. 
 This Base Indenture 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. 

Section 14.12 Table of Contents, Headings, etc. 

The Table of Contents and headings of the Articles and Sections of the Indenture 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. 
 Section 14.13 No
Bankruptcy Petition Against the Securitization Entities. 
 Each of the Noteholders, the Trustee and the other Secured Parties hereby
covenants and agrees that, prior to the date which is one (a) (1) year, or (b) if longer, the applicable preference period in effect, and in case of (a) or (b) plus one (1) day following the payment in full of the
latest maturing Note, it will not institute against, or join with any other Person in instituting against, any Securitization Entity any involuntary bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings, under any federal or state bankruptcy or similar law; provided, however, that nothing in this Section 14.13 shall constitute a waiver of any right to indemnification, reimbursement or other payment from the
Securitization Entities pursuant to the Indenture or any other Related Document. In the event that any such Noteholder or other Secured Party or the Trustee takes action in violation of this Section 14.13, each affected Securitization
Entity shall file or cause to be filed an answer with the bankruptcy court or otherwise properly contesting the filing of such a petition by any such Noteholder or Secured Party or the Trustee against such Securitization Entity or the commencement
of such action and raising the defense that such Noteholder or other Secured Party or the Trustee has agreed in writing not to take such action and should be estopped and precluded therefrom and such other defenses, if any, as its counsel advises
that it may assert. The provisions of this Section 14.13 shall survive the termination of the Indenture and the resignation or removal of the Trustee. Nothing contained herein shall preclude participation by any Noteholder or any other
Secured Party or the Trustee in the assertion or defense of its claims in any such proceeding involving any Securitization Entity. 

  
 139 

 Section 14.14 Recording of Indenture. 

If the Indenture is subject to recording in any appropriate public recording offices, such recording is to be effected by the Master Issuer
and at its expense. 
 Section 14.15 Waiver of Jury Trial. 

THE MASTER ISSUER 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 BASE INDENTURE, THE NOTES, THE OTHER RELATED DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY. 

Section 14.16 Submission to Jurisdiction; Waivers. 

THE MASTER ISSUER AND THE TRUSTEE HEREBY IRREVOCABLY AND UNCONDITIONALLY: 

(a) SUBMITS FOR ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THE INDENTURE AND THE OTHER RELATED DOCUMENTS TO WHICH
IT IS A PARTY, OR FOR RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, TO THE NON-EXCLUSIVE GENERAL JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY, THE COURTS OF THE UNITED STATES FOR THE SOUTHERN
DISTRICT OF NEW YORK, AND APPELLATE COURTS FROM ANY THEREOF; 
 (b) CONSENTS THAT ANY SUCH ACTION OR PROCEEDING MAY BE BROUGHT IN SUCH
COURTS AND WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT COURT AND AGREES NOT TO PLEAD OR CLAIM THE SAME; 

(c) AGREES THAT SERVICE OF PROCESS IN ANY SUCH ACTION OR PROCEEDING MAY BE EFFECTED BY MAILING A COPY THEREOF BY REGISTERED OR CERTIFIED MAIL
(OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL), POSTAGE PREPAID, TO THE MASTER ISSUER OR THE TRUSTEE, AS THE CASE MAY BE, AT ITS ADDRESS SET FORTH IN SECTION 14.1 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 14.16 ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES. 

  
 140 

 Section 14.17 Permitted Asset Dispositions; Release of Collateral. 

After consummation of a Permitted Asset Disposition, upon request of the Master Issuer, the Trustee, at the written direction of the Control
Party, shall execute and deliver to the Master Issuer any and all documentation reasonably requested and prepared by the Master Issuer at its expense to effect or evidence the release by the Trustee of the Secured Parties’ security interest in
the property disposed of in connection with such Permitted Asset Disposition. 
 Section 14.18 Calculation of DBI Leverage Ratio and
Senior ABS Leverage Ratio. 
 (a) DBI Leverage Ratio. For purposes of making the computation of the DBI Leverage Ratio
(including, without limitation the calculation of Covenant Adjusted EBITDA used therein), investments, acquisitions, dispositions, mergers, amalgamations, consolidations and discontinued operations (as determined in accordance with GAAP), in each
case with respect to an operating unit of a business, and any restructurings or reorganizations that any of the Dunkin’ Entities has either determined to make or made during the preceding four Quarterly Fiscal Periods or subsequent to such
preceding four Quarterly Fiscal Periods and on or prior to or simultaneously with the date as of which such computation is made (each, for purposes of the calculations described in this Section 14.18, a “pro forma
event”) shall be calculated on a pro forma basis assuming that all such investments, acquisitions, dispositions, mergers, amalgamations, consolidations, discontinued operations, restructurings and reorganizations (and the change in
Covenant Adjusted EBITDA resulting therefrom) had occurred on the first day of such preceding four Quarterly Fiscal Periods. If since the beginning of such period any Person that subsequently became a Dunkin’ Entity since the beginning of such
preceding four Quarterly Fiscal Periods shall have made any investment, acquisition, disposition, merger, consolidation, discontinued operation, restructurings or reorganizations, in each case with respect to an operating unit of a business, that
would have required adjustment pursuant to this Section 14.18, then the DBI Leverage Ratio shall be calculated giving pro forma effect thereto for such period as if such investment, acquisition, disposition, discontinued
operation, merger, consolidation, restructurings or reorganizations had occurred at the beginning of the applicable preceding four Quarterly Fiscal Periods. 

(b) Senior ABS Leverage Ratio. For purposes of making the computation of the Senior ABS Leverage Ratio (including, without limitation
the calculation of Net Cash Flow used therein), any pro forma event shall be calculated on a pro forma basis assuming that all such investments, acquisitions, dispositions, mergers, amalgamations, consolidations, discontinued operations,
restructurings and reorganizations (and the change in Net Cash Flow resulting therefrom) had occurred on the first day of such preceding four Quarterly Fiscal Periods. If since the beginning of such period any Person that subsequently became a
Securitization Entity since the beginning of such preceding four Quarterly Fiscal Periods shall have made any investment, acquisition, disposition, merger, consolidation, discontinued operation, restructurings or reorganizations, in each case with
respect to an operating unit of a business, that would have required adjustment pursuant to this Section 14.18, then the Senior ABS Leverage Ratio shall be calculated giving pro forma effect thereto for such period as if such
investment, acquisition, disposition, discontinued operation, merger, consolidation, restructurings or reorganizations had occurred at the beginning of the applicable preceding four Quarterly Fiscal Periods. 

  
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 (c) Calculations to be Made in Good Faith. For purposes of the calculations described in
this Section 14.18, whenever pro forma effect is to be given to any pro forma event, the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Manager. Any such
pro forma calculation may include adjustments appropriate, in the reasonable good faith determination of the Manager as set forth in an Officer’s Certificate delivered to the Trustee (with respect to which the Trustee shall have no
obligation of any nature whatsoever) to reflect (1) operating expense reductions and other operating improvements or synergies reasonably expected to result from the applicable pro forma event, and (2) all adjustments of the nature
used in connection with the calculation of “Covenant Adjusted EBITDA” as set forth in the definition thereof, to the extent such adjustments, without duplication, continue to be applicable to such preceding four Quarterly Fiscal Periods.

 (d) If any pro forma event would not result in a change to Covenant Adjusted EBITDA of greater than $10,000,000, a responsible
financial or accounting officer of the Manager may elect not to give pro forma effect to such pro forma event in calculating the DBI Leverage Ratio or the Senior ABS Leverage Ratio, as applicable. 

(e) Changes in GAAP. If at any time any change in GAAP (including conversion to IFRS as described below) would affect the computation
of any covenant, incurrence test or other restriction affecting any Securitization Entity or Non-Securitization Entity that is set forth in this Base Indenture or any Related Document (including the calculation of Covenant Adjusted EBITDA), and the
Manager shall so request, the Control Party and the Manager shall negotiate in good faith to amend the provisions of the Related Documents related to such covenant, incurrence test or other restriction to preserve the original intent thereof in
light of such change in GAAP; provided, that, until so amended, such covenant, incurrence test or other restriction shall continue to be computed in accordance with GAAP or the application thereof prior to such change therein. If the Manager
notifies the Control Party that DBGI is required to report under IFRS or has elected to do so through an early adoption policy, “GAAP” shall mean international financial reporting standards pursuant to IFRS (provided that after such
conversion, DBGI cannot elect to report under U.S. generally accepted accounting principles). 
 [Signature Pages Follow] 

  
 142 

 IN WITNESS WHEREOF, the Master Issuer, the Trustee and the Securities Intermediary have caused
this Base Indenture to be duly executed by its respective duly authorized officer as of the day and year first written above. 
  

			
	 DB MASTER FINANCE LLC, as Master Issuer

		
	By:		  

			Name:
			Title:

 
			
	CITIBANK, N.A., in its capacity as Trustee and as Securities Intermediary
		
	By:		  

			 Name:

			Title:

  
 2 

 ANNEX A 

BASE INDENTURE DEFINITIONS LIST 

“1940 Act” means the Investment Company Act of 1940, as amended. 

“Account Agreement” means each agreement governing the establishment and maintenance of any Management Account or any other
Base Indenture Account or Series Account to the extent that any such account is not held at the Trustee. 
 “Account Control
Agreement” means each control agreement, in form and substance reasonably satisfactory to the Servicer and the Trustee, pursuant to which the Trustee is granted the right to control deposits and withdrawals from, or otherwise to give
instructions or entitlement orders in respect of, a deposit and/or securities account and any lock-box related thereto. 

“Accounts” means, collectively, the Indenture Trust Accounts, the Management Accounts and any other account subject to an
Account Control Agreement. 
 “Accrued Tax Amount” means any Tax liability of DBI (or, if DBI is not the taxable parent
entity of any Securitization Entity, such other taxable parent entity) (including Taxes imposed under Treasury Regulation Section 1.1502-6 (or any similar provision of state, local or foreign law)) attributable to the operations of the
Securitization Entities or their direct or indirect Subsidiaries. 
 “Actual Knowledge” means the actual knowledge of
(i) in the case of DBI, in its individual capacity or in its capacity as Manager, the Chief Executive Officer, the President, the Chief Financial Officer, the General Counsel or any Senior Vice President of DBI, (ii) in the case of any
Securitization Entity, any manager or director (as applicable) or officer of such Securitization Entity who is also an officer of DBI described in clause (i) above, (iii) in the case of the Manager or any Securitization Entity, with
respect to a relevant matter or event, an Authorized Officer of the Manager or such Securitization Entity, as applicable, directly responsible for managing the relevant asset or for administering the transactions relevant to such matter or event,
(iv) with respect to the Trustee, an Authorized Officer of the Trustee responsible for administering the transactions relevant to the applicable matter or event or (v) with respect to any other Person, any member of senior management of
such Person. 
 “Ad Fund Administrator” means DB AdFund Administrator LLC, together with its permitted successors and
assigns in such capacity. 
 “Ad Fund Manager Advance” means an advance in connection with the Advertising Activities. 

“Ad Fund Program” means the program wherein the Manager engages the Ad Fund Administrator to manage the Advertising Fees
received in accordance with the advertising provisions of the Franchise Arrangements. 

 “Additional Class A-1 Commitment Fees Shortfall Interest” has the meaning
set forth in Section 5.12(e) of the Base Indenture. 
 “Additional Franchisor” means any Additional
Securitization Entity that, after the Closing Date, is designated as an “Additional Franchisor” pursuant to Section 8.34 of the Base Indenture. 

“Additional IP Holder” means any Additional Securitization Entity that, after the Closing Date, is designated as an
“Additional IP Holder” pursuant to Section 8.34 of the Base Indenture. 
 “Additional Management
Account” has the meaning set forth in Section 5.1(a) of the Base Indenture. 
 “Additional Notes”
means any Series of Notes issued by the Master Issuer after the Closing Date. 
 “Additional Real Estate Holder” means any
Additional Securitization Entity that, after the Closing Date, is designated as an “Additional Real Estate Holder” pursuant to Section 8.34 of the Base Indenture. 

“Additional Securitization Entity” means any entity that becomes a direct or indirect wholly-owned Subsidiary of the Master
Issuer or any other Securitization Entity after the Closing Date in accordance with and as permitted under the Related Documents and is designated by the Master Issuer as an “Additional Securitization Entity” pursuant to
Section 8.34 of the Base Indenture. 
 “Additional Senior Notes Interest Shortfall Interest” has the meaning
set forth in Section 5.12(c) of the Base Indenture. 
 “Additional Senior Subordinated Notes Interest Shortfall
Interest” has the meaning set forth in Section 5.12(g) of the Base Indenture. 
 “Additional Subordinated Notes
Interest Shortfall Interest” has the meaning set forth in Section 5.12(k) of the Base Indenture. 

“Advance” means a Collateral Protection Advance or a Debt Service Advance. 

“Advance Interest Rate” means a rate equal to the Prime Rate plus 3.0% per annum. 

“Advertising Activities” means the activities permitted in accordance with the advertising provisions of the Franchise
Arrangements. 
 “Advertising Fees” means any fees payable by Franchisees and Non-Securitization Entities to fund the
marketing and advertising activities with respect to the Brands. 
 “Advertising Fund Account” means the applicable account
maintained in the name of the Ad Fund Administrator or other applicable Sub-Manager, as the case may be, pursuant to the Management Agreement. 

  
 2 

 “Affiliate” means with respect to any specified Person, any other Person that,
directly or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, such specified Person; provided, however, that no equity holder of DBGI or any Affiliate of such equity holder
shall be deemed to be an Affiliate of any Dunkin’ Entity. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities or other ownership or beneficial interests, by contract or otherwise; and the terms “controlling” and “controlled” have the meanings correlative to the meaning of
“control.” 
 “After-Acquired Core Marks” means those Trademarks that are registered or pending registration in
an applicable Specified Country included in the After-Acquired Securitization IP that are new versions, variations or derivatives of the Closing Date Core Marks. 

“After-Acquired Securitization IP” means all Intellectual Property other than Excluded IP created, developed, authored or
acquired by or on behalf of, or licensed to or on behalf of, either IP Holder after the Closing Date pursuant to the IP License Agreements or otherwise, including, without limitation, all Manager-Developed IP. 

“Agent” means any Registrar or Paying Agent. 

“Agent Members” means members of, or participants in, the Depository Trust Company, a New York Corporation, or a nominee
thereof. 
 “Aggregate Outstanding Principal Amount” means the sum of the Outstanding Principal Amounts with respect to all
Series of Notes. 
 “Aggregate Real Estate Obligations Amount” means, on any date of determination, the aggregate amount of
the Real Estate Obligations. 
 “Applicable Procedures” means the provisions of the rules and procedures of DTC, the
“Operating Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream, as in
effect from time to time. 
 “Applicants” has the meaning set forth in Section 2.7(a) of the Base Indenture.

 “Arms-Length Royalty” means market-rate compensation pursuant to a royalty, fee, or other payment, all as determined by
the Manager in its reasonable discretion and accounting for related transactions. 
 “Asset Disposition Proceeds” means
(a) with respect to any disposition of property by a Securitization Entity, other than dispositions resulting in Asset Disposition Collections, the excess, if any (the “Net Cash Proceeds”), of (i) the sum of cash and cash
equivalents received in connection with such disposition (including any cash or cash equivalents received by way of deferred payment pursuant to, or by monetization of, a note receivable or otherwise, but only as and when so received) over
(ii) the sum of (A) the principal amount of any Indebtedness that is secured by the applicable property and that is required to be repaid in connection with such 

  
 3 

 
disposition (other than Indebtedness under the Notes) to the extent such principal amount is actually repaid, together with any applicable premium, penalty, interest and breakage costs,
(B) the reasonable out-of-pocket expenses incurred by the Securitization Entities in connection with such disposition, (C) taxes (or distributions to a direct or indirect parent for taxes) paid or reasonably estimated to be actually
payable as a result of any gain recognized in connection with such disposition and any taxes withheld on the distribution of a repatriation of proceeds described herein and (D) any reserve for adjustment in respect of (1) the sale price of
such property established in accordance with GAAP and (2) any liabilities associated with such property and retained by a Securitization Entity after such disposition thereof, including, without limitation, liabilities related to environmental
matters or against any indemnification obligations associated with such transaction, it being understood that upon the reversal (without the satisfaction of any applicable liabilities in cash in a corresponding amount) of any such reserve,
“Asset Disposition Proceeds” shall include the amount of such reserve and (b) the JV Sale Net Cash Flow Reduction Amount; provided, that (x) the Net Cash Proceeds of any disposition of property described in clause
(a) above and (y) the JV Sale Net Cash Flow Reduction Amount shall constitute Asset Disposition Proceeds only to the extent that such Net Cash Proceeds or the JV Sale Net Cash Flow Reduction Amount, as the case may be, when aggregated with
(A) the Net Cash Proceeds of all other dispositions described in clause (a) above that have been received by a Securitization Entity earlier in the same fiscal year and (B) any other JV Sale Net Cash Flow Reduction Amount that was
contributed to the Master Issuer earlier in the same fiscal year, exceed the Asset Disposition Proceeds Threshold Amount calculated as of the date (the “Asset Disposition Proceeds Threshold Amount Calculation Date”) that such Net
Cash Proceeds are received by the applicable Securitization Entity; provided, further, that for the avoidance of doubt, if on any Asset Disposition Proceeds Threshold Amount Calculation Date, the Net Cash Proceeds of a Permitted Asset
Disposition are deemed not to constitute Asset Disposition Proceeds, such Net Cash Proceeds shall not subsequently be deemed to constitute Asset Disposition Proceeds as a result of an decrease in the Asset Disposition Proceeds Threshold Amount on a
subsequent Asset Disposition Proceeds Threshold Amount Calculation Date. 
 “Asset Disposition Proceeds Account” means the
account maintained in the name of the Master Issuer and pledged to the Trustee into which the Manager causes amounts to be deposited pursuant to Section 5.10(d) of the Base Indenture or any successor account established for the Master
Issuer by the Manager for such purpose pursuant to the Base Indenture and the Management Agreement, including any investment accounts related thereto into which funds are transferred for investment purposes pursuant to Section 5.1(b) of
the Base Indenture. 
 “Asset Disposition Proceeds Threshold Amount” means, with respect to any Permitted Asset
Disposition, for any date of determination, (i) if the Threshold DSCR is greater than 2.75x, $20,000,000, (ii) if the Threshold DSCR is less than or equal to 2.75x but greater than 2.50x, $15,000,000, (iii) if the Threshold DSCR is
less than or equal to 2.50x but greater than 2.00x, $10,000,000 and (iv) if the Threshold DSCR is less than or equal to 2.00x, $5,000,000. 

“Asset Disposition Reinvestment Period” has the meaning specified in Section 5.10(d) of the Base Indenture. 

“Asset Resale Disposition” means a transaction pursuant to which one or more Securitization Entities (or the Manager or
applicable Sub-Manager, on behalf of one or more 

  
 4 

 
Securitization Entities) purchases an asset and subsequently resells such asset to one or more Franchisees (excluding any Refranchising Asset Dispositions) for cash, a Franchisee Promissory Note,
other non-cash consideration agreed by the Manager in accordance with the Managing Standard or any combination thereof. 

“Authorized Officer” means, with respect to (i) any Securitization Entity, any officer who is authorized to act for such
Securitization Entity in matters relating to such Securitization Entity, including an Authorized Officer of the Manager authorized to act on behalf of such Securitization Entity; (ii) DBI, in its individual capacity and in its capacity as the
Manager, the Chief Executive Officer, the President, the Chief Financial Officer, the General Counsel or any Senior Vice President or Vice President of DBI or any other officer of DBI who is directly responsible for managing the Franchised POD
Business or otherwise authorized to act for the Manager in matters relating to, and binding upon, the Manager with respect to the subject matter of the request, certificate or order in question; (iii) the Trustee or any other bank or trust
company acting as trustee of an express trust or as custodian, a Trust Officer; (iv) the Servicer, any officer of the Servicer who is duly authorized to act for the Servicer with respect to the relevant matter; or (v) the Control Party,
any officer of the Control Party who is duly authorized to act for the Control Party with respect to the relevant matter. Each party may receive and accept a certification of the authority of any other party as conclusive evidence of the authority
of any Person to act, and such certification may be considered as in full force and effect until receipt by such other party of written notice to the contrary. 

“Back-Up Management Agreement” means the Back-Up Management Agreement, dated as of the Closing Date, by and among the Master
Issuer, the other Securitization Entities party thereto, the Manager, the Trustee and the Back-Up Manager, as amended, supplemented or otherwise modified from time to time. 

“Back-Up Manager” means FTI Consulting, Inc., a Maryland corporation, in its capacity as Back-Up Manager pursuant to the
Back-Up Management Agreement, and any successor Back-Up Manager. 
 “Back-Up Manager Fees” means all reimbursements paid to
the Back-Up Manager for reasonable out-of-pocket expenses and all fees paid based on the Back-Up Manager’s current rates per hour, in each case incurred by the Back-Up Manager in performing services under the Back-Up Management Agreement. 

“Bankruptcy Code” means the provisions of Title 11 of the United States Code, 11 U.S.C. Section 101 et seq.

 “Base Indenture” means the Base Indenture, dated as of the Closing Date, by and among the Master Issuer and the Trustee,
as amended, supplemented or otherwise modified from time to time, exclusive of any Series Supplements. 
 “Base Indenture
Account” means any account or accounts authorized and established pursuant to the Base Indenture for the benefit of the Secured Parties, including, without limitation, each account established pursuant to Article V of the Base
Indenture. 

  
 5 

 “Base Indenture Definitions List” has the meaning set forth in
Section 1.1 of the Base Indenture. 
 “Baskin-Robbins Asset Disposition” means a sale of the Baskin-Robbins
Brand for fair market value and on arm’s length terms; provided that (i) at least 75% of the consideration received by the Securitization Entities for such sale shall consist either of cash or cash equivalents or of non-cash
consideration that is converted by such Securitization Entity into cash or cash equivalents within one year following the closing of such sale and (ii) the remaining portion of the consideration for such sale shall consist either of cash or
cash equivalents or of non-cash consideration that is converted by such Securitization Entity into cash or cash equivalents within two years following the closing of such sale. For the purpose of determining compliance with the foregoing proviso,
any non-cash consideration received by the Securitization Entities in connection with a Baskin-Robbins Asset Disposition that is not in the form of a note shall be assigned a valuation reasonably determined by the Manager in accordance with the
Managing Standard, provided that the value of any earn-out right shall be the fair market value thereof as determined by the Manager, reasonably and in good faith, as of the date that the Baskin-Robbins Asset Disposition was consummated;
provided, further, that, if such earn-out has not been settled in full in cash two years from the date that the Baskin-Robbins Asset Disposition was consummated, then the Manager shall either (x) arrange a sale of the
earn-out to a third party or (b) purchase the earn-out at fair market value thereof as determined by the Manager, reasonably and in good faith, as of the end of such two-year period. 

“Baskin-Robbins Brand” means the “Baskin-Robbins” and “BR” Trademarks (words and/or design including
applicable logo), alone or in combination with other words or symbols, and any variations or derivatives thereof. 
 “Baskin-Robbins
U.S. Sales” means, with respect to the Baskin-Robbins Brand, with respect to any Quarterly Calculation Date, Gross Sales in the United States (which will be permitted to include estimated Gross Sales of up to 10% of the total) of the
franchised PODs and the Company-owned PODs for the four Quarterly Fiscal Periods ended immediately prior to such Quarterly Calculation Date. 

“Board of Directors” means the Board of Directors of any corporation or any unlimited company, or any authorized committee of
such Board of Directors. 
 “Boardwalk Frozen Treats Agreement” means the Baskin-Robbins Licensing, Manufacturing,
Marketing and Distribution Agreement, dated as of May 13, 2013, between Boardwalk Frozen Treats, LLC and DBI. 
 “Book-Entry
Notes” means beneficial interests in the Notes of any Series, ownership and transfers of which will be evidenced or made through book entries by a Clearing Agency as described in Section 2.12 of the Base Indenture;
provided that, after the occurrence of a condition whereupon book-entry registration and transfer are no longer permitted and Definitive Notes are issued to the Note Owners, such Definitive Notes will replace Book-Entry Notes. 

“BR Australia” means Baskin-Robbins Australia Pty. Ltd., the entity that purchases and re-sells ice cream to Baskin-Robbins
Franchisees in Australia. 

  
 6 

 “BR Australia IP Sublicense Agreement” means the Amendment to the BR Australia
IP Sublicense Agreement dated as of December 3, 2010 between BR Australia and the Master Issuer, as amended, supplemented or otherwise modified from time to time. 

“BR Franchised Shops” means Baskin-Robbins Franchised Shops LLC. 

“BR Franchisor” means Baskin-Robbins Franchising LLC, a Delaware limited liability company, and its successors and assigns.

 “BR Franchisor Capital Account” means the account maintained in the name of the BR Franchisor into which the BR
Franchisor causes amounts to be deposited pursuant to Section 5.1(d) of the Base Indenture or any successor account established by the BR Franchisor for such purpose pursuant to the Base Indenture. 

“BR IP Holder” means BR IP Holder LLC, a Delaware limited liability company, and its successors and assigns. 

“BR Sublicensees” means, collectively, the DD/BR Franchise Holdco, the BR Franchisor, the U.K. Franchisor, the Mexican
Franchisor, the Canadian Franchisor, BR Australia, Brazil Holdings I and DDBRINT. 
 “BR System” means the system of PODs
operating under the Baskin-Robbins Brand throughout the world. 
 “Branded Restaurants” means, as of any date of
determination, any restaurant, whether or not such restaurant offers sit-down dining, operated under the Dunkin’ Donuts Brand or Baskin-Robbins Brand. 

“Brands” means the Dunkin’ Donuts Brand and the Baskin-Robbins Brand. 

“Brazil Holdings I” means DB Holdings Brazil LLC, the owner of approximately 99% ownership interests in the entity that will
own the agreements with respect to the franchising and development of both the Dunkin’ Donuts Brand and Baskin-Robbins Brand in Brazil. 

“Brazil Holdings IP Sublicense Agreement” means the Brazil Holdings IP Sublicense Agreement dated as of January 26, 2015
between the Master Issuer and Brazil Holdings I, as amended, supplemented or otherwise modified from time to time. 

“BRINT” means Baskin-Robbins International LLC. 

“Business Day” means any day other than Saturday or Sunday or other day on which commercial banks are authorized to close
under the laws of, or are in fact closed in, New York, NY, or the city in which the Corporate Trust Office of any successor Trustee is located if so required by such successor. 

“Business Development Transaction” means a Corporate Development Transaction, an Asset Resale Disposition or a Refranchising
Asset Disposition, as applicable. 

  
 7 

 “Business Development Transaction Expenses” means, with respect to any Business
Development Transaction, all out-of-pocket expenses incurred by the Manager or applicable Sub-Manager on behalf of any Securitization Entity with respect to such Business Development Transaction, including equipment purchase costs, expenses incurred
in purchasing restaurants for resale to Franchisees, refunds of Franchisee deposits to the extent required under the terms of such Business Development Transaction, legal expenses and due diligence costs; provided that Business Development
Transaction Expenses shall not include any expenses classified as leasehold improvements on the balance sheet of the applicable Securitization Entity. 

“Business Development Transaction Net Gain” means an amount calculated by the Manager on behalf of the Master Issuer, with
respect to any Monthly Fiscal Period, equal to the greater of $0 or the excess (if any) of (x) the aggregate amount of (i) the Business Development Transaction Receipts received during such Monthly Fiscal Period with respect to all
Business Development Transactions that were completed during such Monthly Fiscal Period and (ii) any Business Development Transaction Receipts received during a prior Monthly Fiscal Period with respect to Business Development Transactions that
were completed during such Monthly Fiscal Period over (y) the aggregate amount of the Business Development Transaction Expenses with respect to all Business Development Transactions that were completed during such Monthly Fiscal Period;
provided that if, with respect to any Monthly Fiscal Period, the amount described in clause (y) exceeds the amount described in clause (x), such excess shall be added to the amount described in clause (y) in calculating the Business
Development Transaction Net Gain with respect to the immediately following Monthly Fiscal Period. 
 “Business Development
Transaction Receipts” means all amounts received from a Franchisee with respect to any Business Development Transaction and any other amounts received by the Manager with respect to any Business Development Transaction. 

“Canadian Franchisor” means DB Canadian Franchising ULC, the entity that will, immediately after the Closing Date, own the
agreements with respect to the franchising and development of both the Dunkin’ Donuts Brand and Baskin-Robbins Brand in Canada. 

“Canadian Franchisor IP Sublicense Agreement” means the Amendment to the Canadian Franchisor IP Sublicense Agreement dated as
of December 3, 2010 between the Master Issuer and Canadian Franchisor, as amended, supplemented or otherwise modified from time to time . 

“Capitalized Lease Obligations” means the obligations of a Person to pay rent or other amounts under any lease of (or other
arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP and, for the purposes of
the Indenture, the amount of such obligations will be the capitalized amount thereof determined in accordance with GAAP. 
 “Capped Class A-1 Notes Administrative Expenses Amount” means, for each Weekly Allocation Date with respect to any Quarterly Collection Period, an amount equal to the lesser of (a) the Class A-1 Notes Administrative Expenses that have become due and payable prior to such Weekly Allocation Date and have not been previously paid and (b) the amount by which (i) $100,000 exceeds
(ii) the aggregate amount of Class A-1 Notes Administrative Expenses 

  
 8 

 
previously paid on each preceding Weekly Allocation Date that occurred (x) in the case of a Weekly Allocation Date occurring during the period beginning on the Closing Date and ending on the
date on which 52 full and consecutive Weekly Collection Periods have occurred, since the Closing Date and (y) in the case of a Weekly Allocation Date occurring during any successive period of 52 consecutive Weekly Collection Periods after the
period in clause (x), since the beginning of such period. 
 “Capped Securitization Operating Expense Amount” means,
for any Weekly Allocation Date that occurs (x) during the period beginning on the Closing Date and ending on December 26, 2015, and (y) each successive period of 52 (or 53, as applicable) consecutive Weekly Collection Periods after
the period in clause (x), the amount by which $500,000 exceeds the aggregate Securitization Operating Expenses already paid during such period; provided, however, that during any period that the Back-Up Manager is required to
provide Warm Back-Up Management Duties or Hot Back-Up Management Duties pursuant to the Back-Up Management Agreement, the Control Party, acting at the direction of the Controlling Class Representative, may increase the Capped Securitization
Operating Expense Amount as calculated above in order to take account of any increased fees associated with the provision of such services. Mortgage Recordation Fees are not included as Securitization Operating Expenses and accordingly are not
subject to the Capped Securitization Operating Expense Amount. 
 “Carryover Senior Notes Accrued Quarterly Post-ARD Contingent
Interest Amount” means (a) for the first Weekly Allocation Date with respect to any Quarterly Collection Period, zero, and (b) for any other Weekly Allocation Date with respect to such Quarterly Collection Period the amount, if
any, by which (i) the amount allocated to the Senior Notes Post-ARD Contingent Interest Account with respect to Senior Notes Quarterly Post-ARD Contingent Interest on the immediately preceding Weekly Allocation Date with respect to such
Quarterly Collection Period was less than (ii) the Senior Notes Accrued Quarterly Post-ARD Contingent Interest Amount for such immediately preceding Weekly Allocation Date. 

“Cash Collateral” has the meaning set forth in Section 5.12(h)(iv) of the Base Indenture. 

“Cash Management Obligations” means Indebtedness arising from the honoring by a bank or other financial institution of a
check, draft or similar instrument drawn against insufficient funds in the ordinary course of business or other cash management services in the ordinary course of business. 

“Cash Trap Reserve Account” means the reserve account no. entitled “Citibank, N.A. f/b/o DB Master Finance LLC, Cash
Trap Reserve Account”, which account is maintained by the Trustee for the purpose of trapping cash upon the occurrence of a Cash Trapping Event, or any successor securities account established pursuant to the Base Indenture. 

“Cash Trapping Amount” means, for any Weekly Allocation Date during a Cash Trapping Period, an amount equal to the product of
(i) the applicable Cash Trapping Percentage and (ii) the amount of funds available in the Collection Account on such Weekly Allocation Date after payment of priorities (i) through (xii) of the Priority of Payments
(but with respect to the first Weekly Allocation Date on or after a Cash Trapping Release Date, net of the Cash Trapping Release Amount released on such Cash Trapping Release Date; provided that for any Weekly Allocation Date following the
occurrence and during the continuation of a Rapid Amortization Event, or an Event of Default, the Cash Trapping Amount will be zero. 

  
 9 

 “Cash Trapping DSCR Threshold” means a DSCR equal to 1.75x. 

“Cash Trapping Event” means, as of any Quarterly Payment Date, that the DSCR calculated as of the immediately preceding
Quarterly Calculation Date is less than the Cash Trapping DSCR Threshold. 
 “Cash Trapping Percentage” means, with respect
to any Weekly Allocation Date during a Cash Trapping Period, a percentage equal to (i) 50%, if the DSCR as calculated as of the immediately preceding Quarterly Calculation Date is less than 1.75x but equal to or greater than 1.50x and
(ii) 100%, if the DSCR as calculated as of the immediately preceding Quarterly Calculation Date is less than 1.50x. 
 “Cash
Trapping Period” means any period that begins on any Quarterly Payment Date on which a Cash Trapping Event occurs and ends on the first Quarterly Payment Date subsequent to the occurrence of such Cash Trapping Event on which the DSCR
calculated as of the immediately preceding Quarterly Calculation Date is equal to or exceeds the Cash Trapping DSCR Threshold. 

“Cash Trapping Release Amount” means, with respect to any Quarterly Payment Date (i) on which a Cash Trapping Period is
no longer continuing, the full amount on deposit in the Cash Trap Reserve Account and (ii) on which the Cash Trapping Percentage is equal to 50% and on the prior Quarterly Payment Date, the applicable Cash Trapping Percentage was equal to 100%,
50% of the aggregate amount deposited to the Cash Trap Reserve Account during the most recent period in which the applicable Cash Trapping Percentage was equal to 100%, after having been reduced ratably for any withdrawals made from the Cash Trap
Reserve Account during such period for any other purpose. 
 “Cash Trapping Release Date” means any Quarterly Payment Date
on which amounts are released from the Cash Trap Reserve Account pursuant to Section 5.12(p) of the Base Indenture. 

“Casualty Reinvestment Period” has the meaning specified in Section 5.10(e) of the Base Indenture. 

“Cause” means, with respect to an Independent Manager, (i) acts or omissions by such Independent Manager constituting
fraud, dishonesty, negligence, misconduct or other deliberate action which causes injury to any Securitization Entity or an act by such Independent Manager involving moral turpitude or a serious crime or (ii) that such Independent Manager no
longer meets the definition of “Independent Manager” or “Independent Director” as set forth in the applicable Securitization Entity’s Charter Documents. 

“CCR Acceptance Letter” has the meaning set forth in Section 11.1(e) of the Base Indenture. 

“CCR Ballot” has the meaning set forth in Section 11.1(c) of the Base Indenture. 

  
 10 

 “CCR Candidate” means any nominee submitted to the Trustee on a CCR Nomination
pursuant to Section 11.1(b) of the Base Indenture. 
 “CCR Election Period” has the meaning set forth in
Section 11.1(c) of the Base Indenture. 
 “CCR Election Notice” has the meaning set forth in
Section 11.1(b) of the Base Indenture. 
 “CCR Nomination” has the meaning set forth in
Section 11.1(b) of the Base Indenture. 
 “CCR Nomination Period” has the meaning set forth in
Section 11.1(b) of the Base Indenture. 
 “CCR Re-election Event” means any of the following events:
(i) an additional Series of Notes of the Controlling Class is issued, (ii) the Controlling Class changes, (iii) the Trustee receives written notice of the resignation or removal of any acting Controlling Class Representative,
(iv) the Trustee receives a written request for an election for a Controlling Class Representative from a Majority of Controlling Class Members, which election will be at the expense of such Controlling Class Members (including Trustee
expenses), (v) the Trustee receives written notice that an Event of Bankruptcy has occurred with respect to the acting Controlling Class Representative or (vi) there is no Controlling Class Representative and the Control Party requests an
election be held (provided that the Control Party may make only two (2) such requests per calendar year). 
 “CCR Voting
Record Date” has the meaning set forth in Section 11.1(c) of the Base Indenture. 
 “Change of
Control” means an event or a series of events by which (a) individuals who on the date hereof constituted the Board of Directors of the Manager, together with any new directors whose election by the Board of Directors or whose
nomination for election by the equity holders of the Manager 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 the Manager 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 Exchange Act) is or becomes the
“beneficial owner” (as such term is used in Rule 13d-3 under the Exchange Act), directly or indirectly, of more than 50% of the total voting power of the voting stock of the Manager. For purposes of this definition, a Person shall 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. 

“Change in Law” means (a) any law, rule or regulation or any change therein or in the interpretation or application
thereof (whether or not having the force of law), in each case, adopted, issued or occurring after the Closing Date or (b) any request, guideline or directive (whether or not having the force of law) from any government or political subdivision
or agency, authority, bureau, central bank, commission, department or instrumentality thereof, or any court, tribunal, grand jury or arbitrator, or any accounting board or authority (whether or not a

  
 11 

 
Governmental Authority) which is responsible for the establishment or interpretation of national or international accounting principles, in each case, whether foreign or domestic (each, an
“Official Body”) charged with the administration, interpretation or application thereof, or the compliance with any request or directive of any Official Body (whether or not having the force of law) made, issued or occurring after
the Closing Date. 
 “Charter Documents” means, with respect to any entity and at any time, the certificate of
incorporation, certificate of formation, operating agreement, by-laws, memorandum of association, articles of association, or such other similar document, as applicable to such entity in effect at such time. 

“Chiltern Warehousing Agreement” means the Warehouse and Distribution Services Agreement, dated December 9, 2012, by and
between Dunkin’ Brands Canada Limited and Chiltern Cold Storage Group Limited, assigned by Dunkin’ Brands Canada Limited to DB UK Limited. 

“Class” means, with respect to any Series of Notes, any one of the classes of Notes of such Series as specified in the
applicable Series Supplement. 
 “Class A-1 Administrative Agent” means, with
respect to any Class A-1 Notes, the Person identified as the “Class A-1 Administrative Agent” in the applicable Series Supplement. 

“Class A-1 Commitment Fee Adjustment Amount” means, for any Class of Class A-1
Notes for any Interest Accrual Period, the aggregate amount, if any, for such Interest Accrual Period that is identified as the “Class A-1 Commitment Fee Adjustment Amount” in the applicable Series Supplement. 

“Class A-1 Interest Adjustment Amount” means, for any Class of Class A-1 Notes for any Interest Accrual Period, the aggregate amount, if any, for such Interest Accrual Period that is identified as a “Class A-1 Interest
Adjustment Amount” in the applicable Series Supplement. 
 “Class A-1
Noteholder” means any Holder of Class A-1 Notes of any Series. 
 “Class A-1 Notes” means any Notes alphanumerically designated as “Class A-1” pursuant to the Series Supplement applicable to such Class of Notes.

 “Class A-1 Notes Accrued Quarterly Commitment Fee Amount” means, for each Weekly Allocation Date with respect to a
Quarterly Collection Period, and with respect to any Class A-1 Notes Outstanding, the aggregate amount of commitment fees due and payable, with respect to such Weekly Allocation Date on such Class A-1
Notes that is identified as “Class A-1 Notes Accrued Quarterly Commitment Fee Amount” in the applicable Series Supplement. 

“Class A-1 Notes Administrative Expenses” means all amounts due and payable
pursuant to any Variable Funding Note Purchase Agreement that are identified as “Class A-1 Notes Administrative Expenses” in each applicable Series Supplement. 

“Class A-1 Notes Amortization Event” means any event designated as a “Class A-1 Notes Amortization Event” in any Series Supplement. 

  
 12 

 “Class A-1 Notes Amortization
Period” means, with respect to any Class A-1 Notes, the period identified as the “Class A-1 Notes Amortization Period” in the applicable Series Supplement. 

“Class A-1 Notes Commitment Fees Account” has the meaning set forth in
Section 5.6 of the Base Indenture. 
 “Class A-1 Notes Maximum Principal
Amount” means, with respect to all Series of Class A-1 Notes Outstanding, the aggregate maximum principal amount of such Class A-1 Notes as identified
in the applicable Series Supplement as reduced by any permanent reductions of commitments with respect to such Class A-1 Notes and any cancellations of repurchased
Class A-1 Notes. 
 “Class A-1 Notes Other
Amounts” means, with respect to Series Class A-1 Notes, the amounts identified as “Class A-1 Notes Other Amounts” in the applicable Series Supplement. 

“Class A-1 Notes Renewal Date” means, with respect to any Class A-1 Notes, the date identified as the “Class A-1 Notes Renewal Date” in the applicable Series Supplement. 

“Class A-1 Notes Voting Amount” has the meaning set forth in
Section 2.1(b)(i) of the Base Indenture. 
 “Class A-1 Quarterly Commitment Fee Amounts” means, for any
Interest Accrual Period, with respect to any Class A-1 Notes Outstanding, the aggregate amount of commitment fees due and payable, with respect to such Interest Accrual Period, on such Class A-1 Notes that is identified as a “Class A-1 Quarterly Commitment Fee Amount” in the applicable Series Supplement; provided that if, on any Weekly Allocation Date or other date of
determination, the actual amount of any such commitment fees cannot be ascertained, an estimate of such commitment fees shall be used to calculate the Class A-1 Quarterly Commitment Fee Amounts for such Weekly Allocation Date or other date of
determination in accordance with the terms and provisions of the applicable Series Supplement; provided further that any amount identified as “Class A-1 Notes Administrative Expenses” or “Class A-1 Notes Other Amounts” in any Series Supplement shall under no circumstances be deemed to constitute “Class A-1 Quarterly Commitment Fee Amounts.” 

“Class A-1 Quarterly Commitment Fees Shortfall Amount” has the meaning set forth in Section 5.12(e) of the Base
Indenture. 
 “Clearing Agency” means an organization registered as a “clearing agency” pursuant to
Section 17A of the Exchange Act or any successor provision thereto or Euroclear or Clearstream. 
 “Clearing Agency
Participants” means a broker, dealer, bank, other financial institution or other Person for whom from time to time a Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency. 

“Clearstream” means Clearstream Banking, societe anonyme. 

“Closing Date” means January 26, 2015. 

  
 13 

 “Closing Date Core Marks” means those Trademarks set forth in Schedule 1.1(a) to
the Representations and Warranties Agreement included in the Closing Date IP that are registered or pending registration in an applicable Specified Country. 

“Closing Date IP” means all Donut IP and Ice Cream IP existing as of the Closing Date, other than Excluded IP. 

“Code” means the Internal Revenue Code of 1986, as amended, reformed or otherwise modified from time to time, and any
successor statute of similar import, in each case as in effect from time to time. 
 “Collateral” means, collectively, the
Indenture Collateral, the “Collateral” as defined in the Guarantee and Collateral Agreement and any property subject to any other Indenture Document that grants a Lien to secure any Obligations. 

“Collateral Exclusions” has the meaning set forth in Section 3.1(a) of the Base Indenture. 

“Collateral Franchise Business Documents” means, collectively, the Franchise Documents, the Franchisee Promissory Notes, the
Contribution Agreements, the Product Sourcing Arrangements, Prime Leases and the Franchised POD Leases. 
 “Collateral Protection
Advance” means any advance of (a) payment of taxes, rent, assessments, insurance premiums and other costs and expenses necessary to protect, preserve or restore the Collateral and (b) payments of any expenses of any Securitization
Entity, to the extent not previously paid pursuant to a Manager Advance, in each case made by the Servicer pursuant to the Servicing Agreement in accordance with the Servicing Standard, or by the Trustee pursuant to the Indenture. 

“Collateral Transaction Documents” means the Contribution Agreements, the Charter Documents of each Securitization Entity,
the IP License Agreements, the Servicing Agreement, the Account Control Agreements, the Management Agreement and the Back-Up Management Agreement. 

“Collateralized Letters of Credit” has the meaning set forth in Section 5.12(h) of the Base Indenture. 

“Collection Account” means account no. entitled “Citibank, N.A. f/b/o DB Master Finance LLC, Collection Account”,
which account is maintained by the Trustee pursuant to Section 5.5 of the Base Indenture or any successor securities account maintained pursuant to Section 5.5 of the Base Indenture. 

“Collection Account Administrative Accounts” has the meaning set forth in Section 5.6 of the Base Indenture. 

“Collections” means, with respect to each Weekly Collection Period, all amounts (other than Manager Advances) received by or
for the account of the Securitization Entities during such Weekly Collection Period, including (without duplication): 

  
 14 

 (i) Franchisee Payments (except as otherwise included below) deposited into any
Concentration Account; 
 (ii) all Net Real Estate Holder Lease Payments deposited into the Collection Account; 

(iii) all revenues with respect to the Contributed Assets and any Future Contributed Assets deposited into any Concentration
Account; 
 (iv) all amounts received under the IP License Agreements and all other license fees and all other amounts
received in respect of the Securitization IP (which shall include the rights to receive license fees with respect to Dunkin’ Donuts Brand and Baskin-Robbins Brand products currently sold in non-franchised outlets and license agreements related
to the foregoing), including recoveries from the enforcement of the Securitization IP, in each case deposited into any Concentration Account or the Collection Account; it being understood that payments under this clause (iv) are not required to
be made to the IP Holder or the Master Issuer with respect to the manufacture, sale, distribution, importation or export of products or services under the Brands pursuant to licenses or sublicenses of the Securitization IP under the IP License
Agreements if either (x) such licenses or sublicenses do not generate royalties or other compensation in excess of the materiality thresholds in clauses (b)(i) and (b)(ii) of the “Non-Securitization Licensing Restrictive
Covenants” definition or (y) such licenses or sublicenses are granted in the ordinary course of business and would not reasonably be expected to have a Material Adverse Effect on the Securitization IP (taken as a whole); 

(v) Indemnification Amounts, Insurance/Condemnation Proceeds, Asset Disposition Proceeds and (without duplication) all other
amounts received upon the disposition of the Collateral, including cash proceeds received upon the disposition of property expressly excluded from the definition of Asset Disposition Proceeds (but excluding the proceeds of Business Development
Transactions), in each case that are required to be deposited into any Concentration Account or the Collection Account; 

(vi) the Series Hedge Receipts, if any, received by the Securitization Entities in respect of any Series Hedge Agreements
entered into by the Securitization Entities in connection with the issuance of Additional Notes following the Closing Date; 

(vii) Investment Income earned on amounts on deposit in the Accounts; 

(viii) equity contributions made to the Master Issuer directed to be deposited to a Concentration Account; 

(ix) Securitization Entity Insurance Proceeds deposited into any Concentration Account; 

(x) all Business Development Transaction Net Gains deposited into the Collection Account; 

  
 15 

 (xi) to the extent not otherwise included above, any payments from Franchisees or
any other Person in respect of Excluded Amounts deposited in any Concentration Account or otherwise included in Collections; and 

(xii) any other payments or proceeds received with respect to the Collateral. 

“Commitment” has the meaning set forth in the applicable Series Supplement. 

“Commitment Fees Allocation Shortfall” has the meaning set forth in Section 5.12(d) of the Base Indenture. 

“Company Order” means a written order or request signed in the name of the Master Issuer by any Authorized Officer of the
Master Issuer and delivered to the Trustee, the Control Party or the Paying Agent. 
 “Company-owned POD” means the Owned
PODs and Reacquired PODs. 
 “Competitor” means any Person that is a direct or indirect franchisor, franchisee, owner or
operator of a large regional or national quick service, casual dining or family dining restaurant concept (including a Franchisee); provided, however, that (i) a Person will not be a “Competitor” solely by virtue of its
direct or indirect ownership of less than 5% of the Equity Interests in a “Competitor” and (ii) a franchisee shall only be a “Competitor” if it, or its Affiliates, directly or indirectly, owns, franchises or licenses, in the
aggregate, ten or more individual locations of a particular concept; and provided further, that (iii) a Person will not be a “Competitor” solely by virtue of its direct or indirect ownership of between 5% and 15% of the Equity
Interests in a “Competitor” so long as (a) such Person has policies and procedures that prohibit such Person from disclosing or making available any confidential information that such Person may receive as a Noteholder or prospective
investor in the Notes, to individuals involved in the business of buying, selling, holding or analyzing the Equity Interests of a “Competitor” or in the business of being a franchisor, franchisee, owner or operator of a large regional or
national quick service, casual dining or family dining restaurant concept and (b) such person is a passive investor in a “Competitor” as described in Rule 13d-1(b)(1) of the Securities Exchange Act (or would be described as a passive
investor under such rule if the “Competitor” were a publicly-traded company and the securities held were publicly-traded equity securities) and is not a franchisor, franchisee, owner (other than in its capacity as a passive investor as
described in Rule 13d-1(b)(1) of the Securities Exchange Act) or operator of a large regional or national quick service, casual dining or family dining restaurant concept (including a Franchisee). 

“Concentration Account” means each of the U.S. Concentration Account, the International Concentration Account, the U.K.
Concentration Account and any additional concentration accounts maintained in the future by any Securitization Entity. 
 “Consent
Recommendation” means a written recommendation by the Control Party to the Controlling Class Representative with respect to any Consent Request that requires the consent of the Controlling Class Representative. 

“Consent Request” means any request for a waiver, amendment, consent or certain other action under the Related Documents and
the Managed Documents. 

  
 16 

 “Consolidated Interest Expense” means, with respect to any Person for any
period, consolidated interest expense, whether paid or accrued, of such Person and its Subsidiaries for such period, including, without limitation, all commissions, discounts and other fees and charges owed with respect to letters of credit or
derivative instruments, net costs or losses under interest rate hedging agreements (including any applicable termination payment), amortization of discount and deferred financing fees, any bank and financing fees, any costs of surety bonds in
connection with financing activities, that portion of interest obligations with respect to any lease of any property (whether real, personal or mixed) that is properly classified as a liability on a balance sheet in conformity with GAAP, including
all Capitalized Lease Obligations incurred by such Person, commitment fees and acceleration of fees and expenses payable in connection with Indebtedness. 

“Consolidated Net Income” means, with respect to any Person for any period, the consolidated net income of such Person and
its Subsidiaries (whether positive or negative), determined in accordance with GAAP, for such period, excluding net income of noncontrolling interests (whether positive or negative). 

“Contingent Obligation” means, as applied to any Person, any direct or indirect liability, contingent or otherwise, of that
Person (a) with respect to any indebtedness, lease, declared but unpaid dividends, letter of credit or other obligation of another if the primary purpose or intent thereof by the Person incurring the Contingent Obligation is to provide
assurance to the obligee of such obligation of another that such obligation of another will be paid or discharged, or that any agreements relating thereto will be complied with, or that the holders of such obligation will be protected (in whole or
in part) against loss in respect thereof or (b) under any letter of credit issued for the account of that Person or for which that Person is otherwise liable for reimbursement thereof. Contingent Obligation will include (x) the direct or
indirect guarantee, endorsement (otherwise than for collection or deposit in the ordinary course of business), co-making, discounting with recourse or sale with recourse by such Person of the obligation of another and (y) any liability of such
Person for the obligations of another through any agreement (contingent or otherwise) (i) to purchase, repurchase or otherwise acquire such obligation- or any security therefor, or to provide funds for the payment or discharge of such
obligation (whether in the form of loans, advances, stock purchases, capital contributions or otherwise), (ii) to maintain the solvency of any balance sheet item, level of income or financial condition of another or (iii) to make
take-or-pay or similar payments if required regardless of non-performance by any other party or parties to an agreement, if in the case of any agreement described under subclause (i) or (ii) of this clause (y) the
primary purpose or intent thereof is as described in the preceding sentence. The amount of any Contingent Obligation will be equal to the amount of the obligation so guaranteed or otherwise supported. 

“Continuing Franchise Fees” means all royalty fees, transfer fees, renewal fees, license fees and any similar fees, late
fees, interest on late fees, damages for breach, indemnities and insurance recoveries, due and to become due under or in connection with a Franchise Arrangement. 

“Contractual Obligation” means, with respect to any Person, any provision of any security issued by that Person or of any
indenture, mortgage, deed of trust, contract, undertaking, agreement or other instrument to which that Person is a party or by which it or any of its properties is bound or to which it or any of its properties is subject. 

  
 17 

 “Contributed Assets” means all assets contributed under the Contribution
Agreements. 
 “Contribution Agreements” means the following agreements: 

 

	 	(a)	BR Franchised Shops – BR Franchisor Contribution Agreement dated as of January 26, 2015, among BR Franchised Shops and the BR Franchisor; 

 

	 	(b)	BRINT – Master Issuer Contribution Agreement dated as of January 26, 2015, among BRINT and the Master Issuer; 

  

	 	(c)	BRINT – Master Issuer Parent Contribution Agreement dated as of January 26, 2015, among BRINT and the Master Issuer Parent; 

 

	 	(d)	DBI – Dunkin’ Donuts LLC Contribution Agreement dated as of January 26, 2015, among DBI. and Dunkin’ Donuts LLC; 

 

	 	(e)	DD Franchised Restaurants – DD Franchisor Contribution Agreement dated as of January 26, 2015, among Dunkin’ Donuts Franchised Restaurants LLC and the DD Franchisor; 

 

	 	(f)	DD/BR Franchise Holdco – BR Franchised Shops and DD Franchised Restaurants Contribution Agreement dated as of January 26, 2015, among DD/BR Franchise Holdco and BR Franchised Shops and Dunkin’ Donuts
Franchised Restaurants LLC; 

  

	 	(g)	Dunkin’ Donuts LLC – BRINT Contribution Agreement dated as of January 26, 2015, among Dunkin’ Donuts LLC, Dunkin’ Donuts USA LLC, Mister Donut of America LLC, Baskin-Robbins LLC, Baskin-Robbins
USA LLC, Baskin-Robbins Flavors LLC and BRINT; 

  

	 	(h)	Former U.K. Franchisor – U.K. Franchisor Contribution Agreement dated as of January 26, 2015, among Former U.K. Franchisor and the U.K. Franchisor; 

 

	 	(i)	Master Issuer – BR Franchisor Contribution Agreement dated as of January 26, 2015, among the Master Issuer, DD/BR Franchise Holdco and the BR Franchisor; 

 

	 	(j)	Master Issuer – DB/BR Franchise Holdco Contribution Agreement dated as of January 26, 2015, among the Master Issuer and DD/BR Franchise Holdco; 

 

	 	(k)	Master Issuer – DD IP Holder Contribution Agreement dated as of January 26, 2015, among the Master Issuer and DD IP Holder; and 

 

	 	(l)	Master Issuer – U.K. Franchisor Contribution Agreement dated as of January 26, 2015, among the Master Issuer and U.K. Franchisor. 

  
 18 

 “Controlled Foreign Corporation” has the meaning given to such term in
Section 957 of the Internal Revenue Code. 
 “Controlled Group” means a group of trades or businesses (whether or not
incorporated) under common control that is treated as a single employer for purposes of Section 302 or Title IV of ERISA. 

“Control Party” means, at any time, the Servicer, who will direct the Trustee to act (or refrain from acting) or will act on
behalf of the Trustee in connection with Consent Requests. 
 “Control Party Order” means a written order signed on behalf
of the Control Party and delivered to the Trustee. 
 “Controlling Class” means the most senior Class of Notes then
outstanding among all Series; provided that, as of the Closing Date, the “Controlling Class” will be the Senior Notes. 

“Controlling Class Member” means, with respect to a Book-Entry Note of the Controlling Class, a Note Owner of such Note, and
with respect to a Definitive Note of the Controlling Class, a Noteholder of such Definitive Note (excluding, in each case, any Securitization Entity or Affiliate thereof). 

“Controlling Class Representative” means, at any time during which one or more Series of Notes is outstanding, the
representative, if any, that has been elected pursuant to Section 11.1 of the Base Indenture by the Majority of Controlling Class Members; provided that, if no Controlling Class Representative has been elected or if the
Controlling Class Representative does not respond to a Consent Request within the time period specified in Section 11.4 of the Base Indenture, the Control Party will be entitled to exercise the rights of the Controlling Class
Representative with respect to such Consent Request other than with respect to Servicer Termination Events. 
 “Copyrights”
means copyrights (whether registered or unregistered) in unpublished and published works. 
 “Core Marks” means
(i) the Closing Date Core Marks and (ii) any After-Acquired Core Marks; provided, that the Core Marks shall at all times include the principal pending or registered Trademarks related to the Dunkin’ Donuts Brand and
Baskin-Robbins Brand in countries comprising at least 90% of Dunkin’ Donuts/Baskin-Robbins Systemwide Sales. 
 “Corporate
Development Transaction” means a transaction pursuant to which the Manager or the applicable Sub-Manager, on behalf of one or more Securitization Entities develops a restaurant (either alone or in partnership with one or more Franchisees)
and subsequently sells such restaurant to one or more Franchisees for cash, a Franchisee Promissory Note, other non-cash consideration agreed by the Manager or the applicable Sub-Manager in accordance with the Managing Standard or any combination
thereof. 
 “Corporate Trust Office” means the corporate trust office of the Trustee at (a) for Note transfer purposes
and presentment of the Notes for final payment thereon, Citibank, N.A., 480 Washington Boulevard, 30th Floor, Jersey City, New Jersey 07310, Attention: Citibank Agency 

  
 19 

 
& Trust – DB Master Finance LLC and (b) for all other purposes, Citibank, N.A., 388 Greenwich Street, 14th Floor, New York, New York 10013, Attention: Citibank Agency &
Trust – DB Master Finance LLC, telecopy no.: (212) 816-5527, or such other address as the Trustee may designate from time to time by notice to the Holders, each Rating Agency and the Master Issuer or the principal corporate trust office of
any successor Trustee. 
 “Covenant Adjusted EBITDA” means, with respect to any Person for any period, the Consolidated Net
Income of such Person and its Subsidiaries for such period (a) plus, without duplication, the following to the extent deducted in calculating such Consolidated Net Income: (i) Consolidated Interest Expense; (ii) provision for United
States federal, state, local and foreign taxes based on income, profits or capital, including franchise, excise, withholding or similar taxes and any penalties and interest relating to any tax examinations; (iii) losses on disposed, abandoned
or discontinued operations or attributable to asset dispositions not in the ordinary course of business, early extinguishment of Indebtedness or swap contracts; (iv) non-cash stock based compensation expense; (v) impairment losses on
assets; (vi) depreciation and amortization expense, including the amortization of any step-up intangibles on equity method investments resulting from the application of purchase accounting; (vii) expenses or charges related to any actual
or contemplated investment, acquisition or disposition, issuance of Equity Interests, recapitalization or incurrence or repayment of Indebtedness (including fees and expenses relating to the offering of any Notes and any amendments, supplements and
modifications of the Base Indenture) (in each case, whether or not successful); (viii) costs related to business optimization (including relating to systems design, upgrade, implementation costs, franchise-related restructuring programs,
non-recurring franchisee information technology and market research programs); (ix) other unusual, extraordinary or nonrecurring items; and (x) any net loss resulting from currency translation losses related to currency remeasurements of
Indebtedness (including any net loss resulting from hedge agreements for currency exchange risk) and any foreign currency transaction or translation losses and (b) minus, without duplication, to the extent added in calculating such Consolidated
Net Income, (i) gains on disposed, abandoned or discontinued operations or attributable to asset dispositions not in the ordinary course of business, early extinguishment of Indebtedness or swap contracts; (ii) any net gain resulting from
currency translation gains related to currency remeasurements of Indebtedness (including any net gain resulting from hedge agreements for currency exchange risk) and any foreign currency transaction or translation gains; and (iii) unusual,
extraordinary or nonrecurring gains. 
 “Covered Assets” means all Existing Assets (excluding any DD Franchisor China
Asset) held by the Covered Securitization Entities on the Closing Date, without giving effect to the contributions made on the Closing Date pursuant to the Contribution Agreements. 

“Covered Jurisdiction” means, (i) with respect to the Dunkin’ Donuts Brand, the United States, Aruba, Bahamas,
Chile, Colombia, Ecuador, Guatemala, Honduras, Panama, Peru, Puerto Rico, Bulgaria, England, Germany, Luxembourg, Russia, Spain, Pakistan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, United Arab Emirates, New Zealand, APAC Military, India,
Indonesia, Korea, Malaysia, Philippines, Singapore, Thailand and Vietnam, and (ii) with respect to the Baskin-Robbins Brand, the United States, Aruba, Bahamas, Colombia, Curacao, Dominican Republic, Ecuador, Honduras, Mexico, Panama, Puerto
Rico, Armenia, Azerbaijan, England, Georgia, Kazakhstan, Latvia, Moldova, Russia, Scotland, Spain, Ukraine, Wales, Bahrain, Egypt, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, United Arab Emirates, Yemen,

  
 20 

 
Australia, Bangladesh, India, Indonesia, Japan, Korea, Malaysia, Maldives, Nepal, Philippines, Singapore, Sri Lanka, Taiwan, Thailand and Vietnam; provided, however,
for so long as a country is subject to clause (s) of “Permitted Asset Disposition,” it shall not be considered a “Covered Jurisdiction.” 

“Covered Securitization Entities” means, collectively, the Master Issuer, the DD IP Holder, the BR IP Holder, the DD/BR
Franchise Holdco, the DD Franchisor, the BR Franchisor, the DB Real Estate Holder I, the DB Real Estate Holder II and the Mexican Franchisor. 

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

“Cut-Off Date” means 12:00 a.m. (New York City time) on January 25, 2015. 

“DB Real Estate Holder I” means DB Real Estate Assets I LLC, a Delaware limited liability company, and its successors and
assigns. 
 “DB Real Estate Holder II” means DB Real Estate Assets II LLC, a Delaware limited liability company, and its
successors and assigns. 
 “DBI” means Dunkin’ Brands, Inc., a Delaware corporation, and its successors and assigns.

 “DBI IP License Agreement” means the Amendment to the DBI DD/BR IP License Agreement dated as of December 3, 2010,
among DD IP Holder, BR IP Holder and DBI, as amended, supplemented or otherwise modified from time to time. 
 “DBI Leverage
Ratio” means, as of any date of determination, the ratio of (a)(i) Indebtedness of the Non-Securitization Entities and the Securitization Entities (provided that, with respect to each Series of
Class A-1 Notes Outstanding, the aggregate principal amount of each such Series of Class A-1 Notes will be deemed to be the Class A-1 Notes Maximum
Principal Amount for each such Series) as of the end of the most recently ended Quarterly Fiscal Period less (ii) the sum of (w) the cash and Eligible Investments of the Securitization Entities credited to the Senior Notes Interest Reserve
Account, the Senior Subordinated Notes Interest Reserve Account and the Cash Trap Reserve Account as of the end of the most recently ended Quarterly Fiscal Period, (x) the cash and Eligible Investments of the Securitization Entities maintained
in the Management Accounts as of the end of the most recently ended Quarterly Fiscal Period that, pursuant to a Weekly Manager’s Certificate delivered on or prior to such date, will be paid to the Manager or constitute the Residual Amount on
the next succeeding Weekly Allocation Date, (y) the Unrestricted Cash and Eligible Investments of the Non-Securitization Entities as of the end of the most recently ended Quarterly Fiscal Period and (z) the available amount of each
Interest Reserve Letter of Credit with respect to the Senior Notes or the Senior Subordinated Notes as of the end of the most recently ended Quarterly Fiscal Period to (b) Covenant Adjusted EBITDA of the Non-Securitization Entities and the
Securitization Entities, for the immediately preceding four Quarterly Fiscal Periods most recently ended as of such date and for which financial statements have been prepared. The DBI Leverage Ratio shall be calculated in accordance with
Section 14.18(a) of the Base Indenture. 

  
 21 

 “DBID” means Dunkin’ Brands International DMCC. 

“DBGI” means Dunkin’ Brands Group, Inc., a Delaware corporation, and its successors and assigns. 

“DD/BR Franchise Holdco” means DB Franchising Holding Company LLC, a Delaware limited liability company, and its successors
and assigns. 
 “DD/BR Franchise Holdco Capital Account” means the account maintained in the name of the DD/BR Franchise
Holdco into which the DD/BR Franchise Holdco causes amounts to be deposited pursuant to Section 5.1(d) of the Base Indenture or any successor account established by the DD/BR Franchise Holdco for such purpose pursuant to the Base
Indenture. 
 “DD/BR Franchise Holders” means the DD/BR Franchise Holdco, the DD Franchisor and the BR
Franchisor. 
 “DD Franchisor” means Dunkin’ Donuts Franchising LLC, a Delaware limited liability company, and its
successors and assigns. 
 “DD Franchisor Asset Disposition” means any sale, resale, transfer, assignment or other
disposition by DD Franchisor of any DD Franchisor China Asset. 
 “DD Franchisor Capital Account” means the account
maintained in the name of the DD Franchisor into which the DD Franchisor causes amounts to be deposited pursuant to Section 5.1(d) of the Base Indenture or any successor account established by the DD Franchisor for such purpose pursuant
to the Base Indenture. 
 “DD Franchisor China Asset” means any Existing Franchise Agreements or license agreements
relating to Franchise Assets located in, or related to franchised PODs or Franchised POD Business, in China. 
 “DD IP
Holder” means DD IP Holder LLC, a Delaware limited liability company, and its successors and assigns. 
 “DD
Sublicensees” means, collectively, the DD/BR Franchise Holdco, the DD Franchisor, the U.K. Franchisor, the Mexican Franchisor, the Canadian Franchisor, Brazil Holdings I and DDBRINT. 

“DD System” means the system of PODs operating under the Dunkin’ Donuts Brand throughout the world. 

“DDBRINT IP Sublicense Agreement” means the Amendment to the IP Sublicense Agreement dated as of December 3, 2010
between the Master Issuer and BR Franchised Shops, as amended, supplemented or otherwise modified from time to time. 
 “Debt
Service” means, with respect to any Quarterly Payment Date, the sum of (i) the Senior Notes Quarterly Interest Amount plus (ii) the Senior Subordinated Notes Quarterly Interest Amount plus (iii) the Class A-1 Quarterly
Commitment Fee Amount plus (iv) with 

  
 22 

 
respect to each Class of Senior Notes and Senior Subordinated Notes Outstanding, the aggregate amount of Scheduled Principal Payments due and payable on such Quarterly Payment Date, as ratably
reduced by the aggregate amount of any (A) payments of Indemnification Amounts, Asset Disposition Proceeds or Insurance/Condemnation Proceeds, (B) repurchases and cancellations of such Class of Notes or (C) optional prepayments of
principal of such Class of Notes (excluding Optional Scheduled Principal Prepayments), but without giving effect to any reductions of Scheduled Principal Payments available due to the satisfaction of the applicable Series Non-Amortization Test. 

“Debt Service Advance” means an advance made by the Servicer (or, if the Servicer fails to do so, the Trustee) in respect of
the Senior Notes Quarterly Interest Shortfall Amount on any Quarterly Payment Date. 
 “Default” means any Event of Default
or any occurrence that with notice or the lapse of time or both would become an Event of Default. 
 “Defeased Series” has
the meaning set forth in Section 12.1(c) of the Base Indenture. 
 “Defective Assets” means, collectively, the
Defective New Assets and the Defective Existing Assets. 
 “Defective New Asset” means any New Asset as to which there has
been any breach of representations and warranties contained in the Management Agreement. 
 “Defective Existing Asset”
means any Existing Asset as to which there has been any breach of representations and warranties contained in the applicable Contribution Agreement or the Representations and Warranties Agreement. 

“Definitive Notes” has the meaning set forth in Section 2.12(a) of the Base Indenture. 

“Depository” has the meaning set forth in Section 2.12(a) of the Base Indenture. 

“Depository Agreement” means, with respect to a Series or Class of a Series of Notes having Book-Entry Notes, the
agreement among the Master Issuer, the Trustee and the Clearing Agency governing the deposit of such Notes with the Clearing Agency, or as otherwise provided in the applicable Series Supplement. 

“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. 
 “Dividends” means
the Japan Dividends and the Korea Dividends. 
 “Donut IP” means all of the DD IP Holder’s Intellectual Property
rights throughout the world that are involved in offering or selling Dunkin’ Donuts Brand goods and services throughout the world, or in serving as a “franchisor” of the DD System, or in otherwise administering the DD System. 

  
 23 

 “DSCR” means, as of any Quarterly Calculation Date, an amount equal to
(i) the Net Cash Flow over the four immediately preceding Quarterly Collection Periods, divided by (ii) the Debt Service with respect to such four Quarterly Collection Periods; provided that for purposes of calculating the
DSCR as of the first four (4) Quarterly Calculation Dates, (a) “Net Cash Flow” for the Quarterly Collection Period ended June 28, 2014 shall be deemed to be $104,368,000, “Net Cash Flow” for the Quarterly
Collection Period ended September 27, 2014 shall be deemed to be $112,560,000,“Net Cash Flow” for the Quarterly Collection Period ended December 27, 2014 shall be calculated by the Manager at the time of the first Quarterly
Payment Date, May 20, 2015, and will be based on the methodology utilized in calculating Net Cash Flow for the preceding two quarters ending June 28, 2014 and September 27, 2014 utilizing DBGI’s financial results, and “Net
Cash Flow” for the Quarterly Collection Period ended March 28, 2015 shall be deemed to be the product of (A) the actual Net Cash Flow with respect to the first Quarterly Collection Period multiplied by (B) a fraction the
numerator of which is 91 and the denominator of which is the actual number of days in the first Quarterly Collection Period and (b) clause (ii) of such DSCR calculation will be deemed to equal the Debt Service for the most recently ended
Quarterly Collection Period times four. For the purposes of calculating the DSCR as of the first Quarterly Payment Date, Debt Service will be deemed to be the sum of (A) the product of (x) the sum of the amounts referred to in clauses (i),
(ii) and (iii) of the definition of “Debt Service” multiplied by (y) a fraction the numerator of which is 90 and the denominator of which is the actual number of days elapsed during the period commencing on and including the
Closing Date and ending on but excluding the first Quarterly Payment Date plus (B) the amount referred to in clause (iv) of the definition of “Debt Service.” “Interest Only DSCR” means the calculation of
DSCR without any application of clause (iv) of the definition of “Debt Service”. 
 “Dubai License
Agreement” means the License Agreement between DBI and DBID dated as of December 30, 2012, as amended, supplemented or otherwise modified from time to time. 

“Dunkin’ Donuts/Baskin-Robbins System” means the BR System and the DD System. 

“Dunkin’ Donuts/Baskin-Robbins Systemwide Sales” means, with respect to any Quarterly Calculation Date, Gross Sales
(which will be permitted to include estimated Gross Sales of up to 10% of the total) of the franchised PODs and the Company-owned PODs for the four Quarterly Fiscal Periods ended immediately prior to such Quarterly Calculation Date. 

“Dunkin’ Donuts Brand” means the “Dunkin’ Donuts” and “DD” Trademarks (words and/or design
including applicable logos), alone or in combination with other words or symbols, and any variations or derivatives thereof. 

“Dunkin’ Donuts U.S. Sales” means, with respect to the Dunkin’ Donuts Brand, with respect to any Quarterly
Calculation Date, Gross Sales in the United States (which will be permitted to include estimated Gross Sales of up to 10% of the total) of the franchised PODs and the Company-owned PODs for the four Quarterly Fiscal Periods ended immediately prior
to such Quarterly Calculation Date. 
 “Dunkin’ Entities” means DBGI and each of its Subsidiaries, now existing or
hereafter created. 

  
 24 

 “Eligible Account” means (a) a segregated identifiable trust account
established in the trust department of a Qualified Trust Institution, (b) a separately identifiable deposit or securities account established at a Qualified Institution or (c) an Exempted Additional Management Account. 

“Eligible Assets” means any real property or other asset useful to the Securitization Entities in the operation of their
business as conducted on the date of the purchase of such property or assets (without giving effect to such purchase) or of their other assets, including, without limitation, (i) capital assets, capital expenditures, renovations and
improvements and (ii) assets intended to generate revenue for the Securitization Entities. 
 “Eligible Investments”
means (a) time deposits with, or insured certificates of deposit or bankers’ acceptances of, any commercial bank or trust company that (i) is organized under the laws of the United States of America, any state thereof or the District
of Columbia or is the principal banking subsidiary of a bank holding company organized under the laws of the United States of America, any state thereof or the District of Columbia, and is a member of the Federal Reserve System, (ii) whose
short-term debt is rated at least “P-1” (or then equivalent grade) by Moody’s and at least “A-1+” (or then equivalent grade) by S&P and (iii) has combined capital and surplus
of at least $1,000,000,000, in each case with maturities of not more than one (1) year from the date of acquisition thereof; (b) readily marketable obligations issued or directly and fully guaranteed or insured by the United States of
America or any agency or instrumentality thereof having maturities of not more than one (1) year from the date of acquisition thereof; provided, that the full faith and credit of the United States of America is pledged in support thereof;
(c) commercial paper issued by any Person organized under the laws of any state of the United States of America and rated at least “P-1” (or the then equivalent grade) by Moody’s and at least
“A-1+” (or the then equivalent grade) by S&P, with maturities of not more than 180 days from the date of acquisition thereof; (d) repurchase obligations with a term of not more than 30
days for underlying securities of the type described in clauses (a) and (b) above entered into with any financial institution meeting the qualifications specified in clause (a) above and (e) investments, classified in accordance
with GAAP as current assets of the relevant Person making such investment, in money market investment programs registered under the 1940 Act, which have the highest rating obtainable from Moody’s and S&P, and the portfolios of which are
invested primarily in investments of the character, quality and maturity described in clauses (a) though (d) of this definition. Notwithstanding the foregoing, all Eligible Investments must either (A) be at all times available for
withdrawal or liquidation at par (or for commercial paper issued at a discount, at the applicable purchase price) or (B) mature on or prior to the Business Day prior to the immediately succeeding Weekly Allocation Date. 

“Eligible Third-Party Candidate” means an established enterprise in the business of providing credit support, governance or
other advisory services to holders of notes similar to the Notes issued by the Master Issuer that is (i) not a Franchisee, (ii) not a Competitor and (iii) not formed solely to act as the Controlling Class Representative. 

“Employee Benefit Plan” means (i) any “employee benefit plan” (as defined in Section 3(3) of ERISA that
is subject to Title I of ERISA, (ii) any “plan” (as defined in Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code, and (iii) any entity whose underlying assets are deemed to include assets of a
plan described in clauses (i) or (ii) herein for purposes of Title I of ERISA and/or Section 4975 of the Code. 

  
 25 

 “Enhancement” means, with respect to any Series of Notes, the rights and
benefits provided to the Noteholders of such Series of Notes pursuant to any letter of credit, surety bond, cash collateral account, spread account, guaranteed rate agreement, maturity guaranty facility, tax protection agreement, interest rate swap
or any other similar arrangement entered into by the Master Issuer in connection with the issuance of such Series of Notes as provided for in the applicable Series Supplement in accordance with the terms of the Base Indenture. 

“Enhancement Agreement” means any contract, agreement, instrument or document governing the terms of any Enhancement or
pursuant to which any Enhancement is issued or outstanding. 
 “Enhancement Provider” means the Person providing any
Enhancement as designated in the applicable Series Supplement. 
 “Environmental Law” means any and all applicable laws,
rules, orders, regulations, statutes, ordinances, binding guidelines, codes, decrees, agreements or other legally enforceable requirements (including common law) of any international authority, foreign government, the United States, or any state,
local, municipal or other governmental authority, regulating, relating to or imposing liability or standards of conduct concerning protection of the environment or of human health (as it relates to exposure to Materials of Environmental Concern), or
employee health and safety (as it relates to exposure to Materials of Environmental Concern), as has been, is now, or may at any time hereafter be, in effect. 

“Environmental Permits” means any and all permits, licenses, approvals, registrations, notifications, exemptions and other
authorizations required under any Environmental Law. 
 “Equity Interests” means any (a) membership interest in any
limited liability company, (b) general or limited partnership interest in any partnership, (c) common, preferred or other stock interest in any corporation, (d) share, participation, unit or other interest in the property or
enterprise of an issuer that evidences ownership rights therein, (e) ownership or beneficial interest in any trust or (f) option, warrant or other right to convert any interest into or otherwise receive any of the foregoing. 

“ERISA” means the U.S. Employee Retirement Income Security Act of 1974, as amended, and any successor statute of similar
import, in each case as in effect from time to time. References to sections of ERISA also refer to any successor sections. 

“Euroclear” means Euroclear Bank, S.A./N.V., or any successor thereto, as operator of the Euroclear System. 

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

(a) a case or other proceeding is commenced, without the application or consent of such Person, in any court, seeking the liquidation,
reorganization, debt arrangement, dissolution, winding up, or composition or readjustment of debts of such Person, the appointment of a 

  
 26 

 
trustee, receiver, custodian, liquidator, assignee, sequestrator or the like for such Person or all or any substantial part of its assets, or any similar action with respect to such Person under
any law relating to bankruptcy, insolvency, reorganization, winding up or composition or adjustment of debts, and such case or proceeding continues undismissed, or unstayed and in effect, for a period of sixty (60) consecutive days; or an order
for relief in respect of such Person is entered in an involuntary case under the federal bankruptcy laws or other similar laws now or hereafter in effect; or 

(b) such Person commences a voluntary case or other proceeding under any applicable bankruptcy, insolvency, reorganization, debt arrangement,
dissolution or other similar law now or hereafter in effect, or consents to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) for such Person or for any
substantial part of its property, or makes any general assignment for the benefit of creditors; or 
 (c) the board of directors or board of
managers (or similar body) of such Person votes to implement any of the actions set forth in clause (b) above. 
 “Event
of Default” means any of the events set forth in Section 9.2 of the Base Indenture. 
 “Excepted Securitization
IP” means (i) any right to use third-party Intellectual Property pursuant to a license or other arrangement to the extent such rights are not able to be pledged; and (ii) any application for registration of a Trademark that would
be invalidated, canceled, voided or abandoned due to the grant and/or enforcement of an assignment or security interest, including intent-to-use applications filed with the PTO pursuant to 15 U.S.C. Section 1051(b) prior to the filing of a
statement of use or amendment to allege use pursuant to 15 U.S.C. 1051(c) or (d); provided that at such time as the grant and/or enforcement of the assignment or security interest would not cause such application to be invalidated, canceled,
voided or abandoned, such Trademark application will cease to be considered Excepted Securitization IP. 
 “Excess Class A-1 Notes Administrative Expenses Amount” means, for each Weekly Allocation Date, an amount equal to the amount by which (a) the Class A-1 Notes
Administrative Expenses that have become due and payable prior to such Weekly Allocation Date and have not been previously paid exceed (b) the Capped Class A-1 Notes Administrative Expenses Amount
for such Weekly Allocation Date. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Excluded Amounts” means (i) Cash Management Obligations paid to Cash Management Banks and other account expenses and
fees paid to the banks at which the Management Accounts are held, (ii) Advertising Fees, (iii) insurance and condemnation proceeds payable by the Securitization Entities to Franchisees, (iv) any statutory taxes included in
Collections, but required to be remitted to a Governmental Authority, (v) tenant improvement allowances and similar amounts received from landlords, (vi) amounts identified as profit sharing liabilities in connection with certain
third-party licensing arrangements, (vii) Product Sourcing Obligations, (viii) Unassigned Franchisee Lease Amounts, (ix) SVC Receipts and (x) any other amounts deposited into a Concentration Account or otherwise included in
Collections that are not the property of a Securitization Entity. 

  
 27 

 “Excluded IP” means rights associated with any commercially available Software
licensed to or on behalf of any Non-Securitization Entity. 
 “Existing Assets” means all assets held by a Securitization
Entity as of the Closing Date. 
 “Existing Development Agreements” means each SDA held by a Securitization Entity as of
the Closing Date. 
 “Existing Franchise Agreements” means each Franchise Agreement held by a Securitization Entity as of
the Closing Date. 
 “Existing Franchised POD Lease” means each Franchised POD Lease held by a Securitization Entity as of
the Closing Date. 
 “Existing Indebtedness” means the Indebtedness pursuant to the Credit Agreement dated as of
November 23, 2010, as amended, by and among Dunkin’ Finance Corp., Dunkin’ Brands Holdings, Inc., DBI, Barclays Bank PLC, as administrative agent, swingline lender and L/C issuer, and the other lenders party from time to time party
thereto. 
 “Existing Owned Real Property” means real property (including the land, buildings and fixtures) that is held in
fee by a Securitization Entity as of the Closing Date. 
 “Existing Prime Lease” means each Prime Lease to which a
Securitization Entity is party as of the Closing Date. 
 “Existing Prime Leased Property” means Prime Leased Property held
by a Securitization Entity as of the Closing Date. 
 “Existing Product Sourcing Arrangement” means each Product Sourcing
Arrangement held by a Securitization Entity as of the Closing Date. 
 “Existing Real Estate Assets” means, collectively,
the Existing Owned Real Property and the Existing Franchised POD Leases. 
 “Existing U.S. Franchise Arrangement” means
each Franchise Arrangement in the United States held by a Securitization Entity as of the Closing Date. 
 “Extension
Period” means with respect to any Series or any Class of any Series of Notes, the period from the Series Anticipated Repayment Date (or any previously extended Series Anticipated Repayment Date) with respect to such Series or Class to the
Series Anticipated Repayment Date with respect to such Series or Class as extended in connection with the provisions of the applicable Series Supplement. 

“FDIC” means the U.S. Federal Deposit Insurance Corporation. 

  
 28 

 “Final Series Legal Final Maturity Date” means the Series Legal Final Maturity
Date with respect the last Series of Notes Outstanding. 
 “Financial Assets” has the meaning set forth in
Section 5.8(b) of the Base Indenture. 
 “Foreign Country” means, collectively, South Korea, Japan,
Philippines, Indonesia, Canada, Saudi Arabia, Mexico, Thailand, India, United Kingdom, Russia, United Arab Emirates, Columbia, Australia, Puerto Rico, Malaysia, Kuwait, Qatar, China, Egypt, Lebanon, Ecuador, Chile, Pakistan, Turkey, Germany, Spain,
Honduras, Aruba, Peru, Portugal, Dominican Republic, Bulgaria, Bahrain, Bahamas, Curacao, Panama, Oman, Greece, New Zealand, Yemen, Jamaica, Cayman Islands, Brunei and any country other than the United States in which a Franchisee operates a POD.

 “Foreign Franchise Arrangement” means each Franchise Arrangement that is not a U.S. Franchise Arrangement. 

“Form 8-K” means a Current Report pursuant to Section 13 or 15(d) of the Exchange Act. 

“Form 10-K” means an Annual Report pursuant to Section 13 or 15(d) of the Exchange Act. 

“Form 10-Q” means a Quarterly Report pursuant to Section 13 or 15(d) of the Exchange Act. 

“Former Contributor” means each Dunkin’ Entity which, directly or indirectly, contributed assets to a Securitization
Entity pursuant to the Prior Securitization Transaction. 
 “Former U.K. Franchisor” means DB UK Franchising LLC. 

“Franchise Agreement” means a franchise agreement whereby a Franchisee agrees to operate a Branded Restaurant. 

“Franchise Arrangement” means, depending on the context in which it is used, each Franchise Document, or the rights and
obligations of the applicable Franchise Holder under such Franchise Document. 
 “Franchise Assets” means, with respect to
each Franchise Holder, (a) the Existing Franchise Agreements and all Franchisee Payments thereon; (b) the Existing Development Agreements and all Franchisee Payments thereon; (c) the New Franchise Agreements and all Franchisee
Payments thereon; (d) the New Development Agreements and all Franchisee Payments thereon; (e) all rights to enter into New Franchise Agreements and New Development Agreements; and (f) any and all other property of every nature, now or
hereafter transferred, mortgaged, pledged, or assigned as security for payment or performance of any obligation of the Franchisees or other Persons, as applicable, to such Franchise Holder under the Franchise Agreements or the SDAs and all
guarantees of such obligations and the rights evidenced by or reflected in the Franchise Agreements or the SDAs (the items described in clauses (a) through (f) of this paragraph together with all payments, proceeds and accrued and
future rights to payment thereon. 

  
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 “Franchise Documents” means all Franchise Agreements (including master franchise
agreements and related license agreements), SDAs and agreements related thereto, together with any modifications, amendments, extensions or replacements of the foregoing. 

“Franchise Holders” means, collectively, the DD/BR Franchise Holders, the U.K. Franchisor, the Mexican Franchisor and any
Additional Franchisors. 
 “Franchise Holdco IP Sublicense Agreement” means the Amendment to the Franchise Holdco IP
Sublicense Agreement dated as of December 3, 2010 between Master Issuer and DD/BR Franchise Holdco, as amended, supplemented or otherwise modified from time to time. 

“Franchise Lease Advance” has the meaning specified in the Management Agreement. 

“Franchised POD Business” means the business of franchising or licensing Branded Restaurants and the provision of goods and
services in connection therewith by a Securitization Entity. For the avoidance of doubt, the Franchised POD Business does not include any Company-owned PODs. 

“Franchised POD Leases” means (i) leases from landlords unaffiliated with DBI in respect of which a Real Estate Holder
is the prime lessee and a Franchisee or other Person is the sub-lessee and (ii) leases or subleases in respect of which a Real Estate Holder is the lessor or sublessor and a Franchisee or other Person is the lessee or sublessee. 

“Franchisee” means any Person that is a franchisee under a Franchise Agreement. 

“Franchisee Financing Program” means any financing program facilitated by a Securitization Entity pursuant to which a
Franchisee receives financing from a third-party lender to open or operate a POD. 
 “Franchisee Insurance Policy” means
any insurance policy or policies maintained by a Franchisee in accordance with the requirements of its Franchise Arrangement and/or its Franchised POD Lease. 

“Franchisee Insurance Proceeds” means any amounts actually received by any Securitization Entity upon settlement of a claim
filed under a Franchisee Insurance Policy. 
 “Franchisee Lease Payments” means all lease payments, taxes and any other
amounts (including, without limitation, maintenance fees, common-area maintenance fees, management fees, brokerage fees, insurance fees and utilities costs) payable by Franchisees to a Real Estate Holder in respect of Real Estate Assets. 

“Franchisee Note Payments” means all amounts payable to a Franchise Holder by a Franchisee pursuant to a Franchisee
Promissory Note. 

  
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 “Franchisee Payments” means Continuing Franchise Fees, Initial Franchise Fees,
Franchisee Lease Payments, Franchisee Insurance Proceeds, and Product Sourcing Proceeds and any other amounts payable in respect of the Franchise Arrangements by or on behalf of a Franchisee. 

“Franchisee Promissory Note” means any franchisee note or other franchisee financing agreement entered into in order to
finance the payment of franchisee fees or other amounts owing by a Franchisee. 
 “Franchisor Capital Account” means the BR
Franchisor Capital Account, DD Franchisor Capital Account, the DD/BR Franchise Holdco Capital Account and any additional Management Account designated as a Franchisor Capital Account by the Manager in accordance with Section 5.1(a) of
the Base Indenture. 
 “Franchisor IP Sublicense Agreements” means, collectively, the Amendment to the DD Franchisor IP
Sublicense Agreement dated as of December 3, 2010 between the Master Issuer and the DD Franchisor, and the Amendment to the BR Franchisor IP Sublicense Agreement dated as of December 3, 2010 between the Master Issuer and the BR Franchisor,
each as amended, supplemented or otherwise modified from time to time. 
 “Future Brand” means any restaurant or fast-food
concept or business offered under or in connection with any name or trademark (including any trademarks related to, based on or derivative thereof) that (i) is acquired or developed by DBGI or any of its Affiliates and subsequently contributed
to one or more Securitization Entities in a manner consistent with the terms of the Related Documents or (ii) that is acquired or developed by the Master Issuer or any one or more Securitization Entities in a manner consistent with the terms of
the Related Documents; provided, however, that “Future Brand” shall not include the Dunkin’ Donuts Brand or the Baskin-Robbins Brand. 

“Future Contributed Assets” means any assets contributed by the Manager to any Securitization Entity after the Closing Date.

 “GAAP” means the generally accepted accounting principles in the United States promulgated or adopted by the Financial
Accounting Standards Board and its predecessors and successors in effect from time to time. 
 “Gifts of Joy Program” means
the gift check or certificate program operated within the BR System. 
 “Governmental Authority” means the government of
the United States of America or any other nation or any political subdivision of the foregoing, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government. 
 “Government
Securities” means readily marketable obligations issued or directly and fully guaranteed or insured by the United States of America or any agency or instrumentality thereof and as to which obligations the full faith and credit of the United
States of America is pledged in support thereof. 

  
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 “Gross Sales” means, with respect to a POD, the total amount of revenue received
from the sale of all food, products, merchandise and performance of all services (except Manager-approved promotional items) and all other income of every kind and nature (including gift certificates when redeemed but not when purchased), whether
for cash or credit and regardless of collection in the case of credit; provided, however, that Gross Sales shall not include (i) refunds and allowances; (ii) any sales taxes or other taxes, in each case collected from
customers for transmittal to the appropriate taxing authority or (iii) revenues that are not subject to royalties in accordance with the related Franchise Agreement or other applicable agreement. 

“Guarantee” means, as to any Person, any (a) obligation, contingent or otherwise, of such Person guaranteeing or having
the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “Primary Obligor”) in any manner, whether directly or indirectly, and including any obligation of such Person,
direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease property, securities or services for the purpose of assuring the
obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or
level of income or cash flow of the Primary Obligor so as to enable the Primary Obligor to pay such Indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such
Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) Lien on any assets of such Person securing any Indebtedness or other obligation of
any other Person, whether or not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien). The amount of any Guarantee shall be deemed to be
(i) with respect to a Guarantee pursuant to clause (a) above, an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated
or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith or (ii) with respect to a Guarantee pursuant to clause (b) above, the fair market value of the
assets subject to (or that could be subject to) the related Lien. The term “Guarantee” as a verb has a corresponding meaning. 

“Guarantee and Collateral Agreement” means the Guarantee and Collateral Agreement, dated as of the Closing Date, by and among
the Guarantors in favor of the Trustee, as amended, supplemented or otherwise modified from time to time. 
 “Guarantors”
means, collectively, the Master Issuer Parent, the Franchise Holders, the IP Holders and the Real Estate Holders. 
 “Hedge
Counterparty” means an institution that enters into a Swap Contract with one or more Securitization Entities to provide certain financial protections with respect to changes in interest rates applicable to a Series of Notes if and as
specified in the applicable Series Supplement. 

  
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 “Hedge Payment Account” means account no. entitled “Citibank, N.A. f/b/o DB
Master Finance LLC, Hedge Payment Account”, which account is maintained by the Trustee pursuant to Section 5.7(a) of the Base Indenture or any successor securities account maintained pursuant to Section 5.7(a) of the
Base Indenture. 
 “Hedge Payment Allocation Shortfall” has the meaning set forth in Section 5.12(s) of the
Base Indenture. 
 “Hot Back-Up Management Duties” has the meaning set forth in the Back-Up Management Agreement. 

“Ice Cream IP” means all of the BR IP Holder’s intellectual property rights, of any kind throughout the world, that are
involved in offering or selling Baskin-Robbins Brand goods and services throughout the world, or in serving as a “franchisor” of the BR System, or in otherwise administering the BR System. 

“Ice Cream Products” means all ice cream, ice milk, sherbets, sorbets, water ices, yogurts, frozen novelties, frozen desserts
and any other desserts and frozen drinks relating to the Baskin-Robbins Brand. 
 “IFRS” means international accounting
standards within the meaning of the IAS Regulation 1606/2002 to the extent applicable to the relevant financial statements. 

“Improvements” means, with respect to Intellectual Property, proprietary rights in any additions, modifications,
developments, variations, refinements, enhancements or improvements that are derivative works as defined and recognized by applicable Requirements of Law or, with respect to real estate, the buildings, structures, fixtures, additions, enlargements,
extensions, modifications, repairs, replacements and improvements now or hereafter erected or located on the real property constituting a part of each property. 

“Indebtedness” means, as to any Person as of any date, without duplication, (a) all obligations of such Person for
borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments, (b) all Capitalized Lease Obligations of such Person, (c) the net obligations of such Person under any
swap contract, (d) all obligations of such Person to pay the deferred purchase price of property or services (other than (i) trade accounts payable in the ordinary course of business, (ii) any earn-out obligation until such obligation
appears in the liabilities section of the balance sheet of such Person, and (iii) liabilities associated with customer prepayments and deposits); and (e) the maximum amount of all direct or contingent obligations of such Person arising
under letters of credit, in the case of the foregoing clauses (a), (b), (c) and (d), to the extent such item would be classified as a liability on a consolidated balance sheet of such Person as of such date; provided, however,
that guarantees by Securitization Entities for the benefit of Franchisees in an aggregate principal amount at any time outstanding of up to the greater of (x) $20,000,000 and (y) 5.0% of the Net Cash Flow for the preceding four Quarterly
Collection Periods most recently ended as of such date and for which financial statements have been prepared shall not be considered Indebtedness. For purposes of the foregoing clause (c), the amount of any net obligation under any swap contract on
any date shall be deemed to the swap termination value thereof. For the avoidance of doubt, guarantees with respect to operating leases and product volumes shall not be considered Indebtedness. 

  
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 “Indemnification Amounts” means with respect to any Franchise Arrangement or
Real Estate Asset that is a Defective Asset, an amount, as calculated by the Manager, equal to the product of (i) the quotient obtained by dividing (A) the sum of all Retained Collections under such Franchise Arrangement received during
the 12-month period immediately preceding the date such Franchise Arrangement became a Defective Asset by (B) the aggregate amount of all Retained Collections received during such 12-month period and (ii) the Aggregate Outstanding
Principal Amount. With respect to any Franchise Arrangement or Real Estate Asset that does not have a 12-month operating period as of the date such Franchise Arrangement or Real Estate Asset was included in the Collateral such Franchise Arrangement
or Real Estate Asset’s contribution to Retained Collections will equal (a) in the case of a Franchise Arrangement, the average of all collected Franchisee Payments under such Franchise Arrangement during the 12-month period ending as of
the date such Franchise Arrangement was included in the Collateral and (b) in the case of any Real Estate Asset, the aggregate scheduled Franchisee Lease Payments due to the applicable Real Estate Holder in respect thereof during the 12-month
period after such inclusion minus all Real Estate Obligations during such period with respect to such Real Estate Asset. 

“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. 
 “Indemnification, Asset Disposition or
Insurance/Condemnation Payment Amounts” means the amount of funds on deposit in the Collection Account consisting of Indemnification Amounts, Asset Disposition Proceeds or Insurance/Condemnation Proceeds. 

“Indemnitor” means DBI or any other Non-Securitization Entity. 

“Indenture” means the Base Indenture, together with all Series Supplements, as amended, supplemented or otherwise modified
from time to time by Supplements thereto in accordance with its terms. 
 “Indenture Collateral” has the meaning set forth
in Section 3.1 of the Base Indenture. 
 “Indenture Documents” means, collectively, with respect to any Series
of Notes, the Base Indenture, the related Series Supplement, the Notes of such Series, the Guarantee and Collateral Agreement, the related Account Control Agreements, any related Variable Funding Note Purchase Agreement and any other agreements
relating to the issuance or the purchase of the Notes of such Series or the pledge of Collateral under any of the foregoing. 

“Indenture Trust Accounts” means, the Collection Account, the Collection Account Administrative Accounts, the Senior Notes
Interest Reserve Account, the Senior Subordinated Notes Interest Reserve Account, the Cash Trap Reserve Account, the Hedge Payment Account, the Series Distribution Accounts and such other accounts as the Trustee may establish from time to time
pursuant to its authority to establish additional accounts pursuant to the Indenture (including, without limitation, any Tax Lien Reserve Account). 

  
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 “Independent” means, as to any Person, any other Person (including, in the case
of an accountant, or lawyer, a firm of accountants or lawyers and any member thereof or an investment bank and any member thereof) who (i) does not have and is not committed to acquire any material direct or any material indirect financial
interest in such Person or in any Affiliate of such Person and (ii) is not connected with such Person or an Affiliate of such Person as an officer, employee, promoter, underwriter, voting trustee, partner, director or Person performing similar
functions. “Independent” when used with respect to any accountant may include an accountant who audits the books of such Person if, in addition to satisfying the criteria set forth above, the accountant is independent with respect to such
Person within the meaning of Rule 101 of the Code of Ethics of the American Institute of Certified Public Accountants. Whenever any Independent Person’s opinion or certificate is to be furnished to the Trustee, such opinion or certificate
shall state that the signer has read this definition and that the signer is Independent within the meaning hereof. 
 “Independent
Auditors” means the firm of Independent accountants appointed pursuant to the Management Agreement or any successor Independent accountant. 

“Independent Manager” means, with respect to any Securitization Entity, the independent directors or managers appointed to
the board of directors or board of managers, as the case may be, pursuant to the terms of the Charter Documents of such Securitization Entity. 

“Ineligible Account” has the meaning set forth in Section 5.18 of the Base Indenture. 

“Ineligible Interest Reserve Letter of Credit” means an Interest Reserve Letter of Credit with respect to which (i) the
short-term debt credit rating of the L/C Provider with respect to such Interest Reserve Letter of Credit is withdrawn by S&P or downgraded by S&P below “A-2” or is withdrawn by Moody’s or downgraded by Moody’s below
“P-2” or (ii) the long-term debt credit rating of such L/C Provider is withdrawn by S&P or downgraded by S&P below “BBB” or is withdrawn by Moody’s or downgraded by Moody’s below “Baa2”. 

“Initial CCR Election” has the meaning set forth in Section 11.1(a) of the Base Indenture. 

“Initial Controlling Class Member List” means the list of contact information to be provided to the Trustee on the Closing
Date by the initial purchasers of the Series of Notes issued on such date and upon which the Trustee can conclusively rely. 

“Initial Franchise Fees” means all initial franchise fees due and to become due under or in connection with any Franchise
Arrangement. 
 “Initial Principal Amount” means, with respect to any Series or Class (or Subclass) of Notes, the
aggregate initial principal amount of such Series or Class (or Subclass) of Notes specified in the applicable Series Supplement. 

“Insolvency” means liquidation, insolvency, bankruptcy, rehabilitation, composition, reorganization or conservation; and when
used as an adjective “Insolvent.” 
 “Insurance/Condemnation Proceeds” means an amount equal to:
(i) any cash payments or proceeds received by the Securitization Entities (a) by reason of theft, physical destruction or 

  
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damage or any other similar event with respect to any properties or assets of the Securitization Entities under any policy of insurance (other than liability insurance) in respect of a covered
loss thereunder or (b) as a result of any non-temporary condemnation, taking, seizing or similar event with respect to any properties or assets of the Securitization Entities by any Person pursuant to the power of eminent domain, condemnation
or otherwise, or pursuant to a sale of any such assets to a purchaser with such power under threat of such a taking minus (ii)(a) any actual and reasonable costs incurred by the Securitization Entities in connection with the adjustment or settlement
of any claims of the Securitization Entities in respect thereof and (b) any bona fide direct costs incurred in connection with any disposition of such assets as referred to in clause (i)(b) of this definition, including taxes (or
distributions for taxes) paid or reasonably estimated to be actually payable with respect to the Securitization Entities’ consolidated group as a result of any gain recognized in connection therewith. For the avoidance of doubt,
“Insurance/Condemnation Proceeds” shall not include any proceeds of policies of insurance not described above, such as business interruption insurance, food safety insurance coverage and other insurance procured in the ordinary course of
business, which shall be treated as Collections. 
 “Insurance/Condemnation Proceeds Threshold Amount” means, with respect
to any Insurance/Condemnation Proceeds, for any date of determination, (i) if the Threshold DSCR is greater than or equal to 2.75x, $2,500,000 and (ii) otherwise, $1,500,000. 

“Insurance Proceeds Account” means the account maintained in the name of the Master Issuer and pledged to the Trustee into
which the Manager causes amounts to be deposited pursuant to Section 5.10(f) of the Base Indenture or any successor account established for the Master Issuer by the Manager for such purpose pursuant to the Base Indenture and the
Management Agreement, including any investment accounts related thereto into which funds are transferred for investment purposes pursuant to Section 5.1(b) of the Base Indenture. 

“Intellectual Property” or “IP” means all rights in intellectual property of any type throughout the world,
including, to the extent such proprietary rights are recognized by the law of each applicable jurisdiction: (i) Trademarks; (ii) Patents; (iii) Software; (iv) Copyrights; (v) Trade Secrets; (vi) all Improvements of or
to any of the foregoing; (vii) all social media account names or identifiers (e.g., Twitter® handle or FaceBook® account name);
(viii) all registrations, applications for registration or issuances, recordings, renewals and extensions relating to any of the foregoing; and (ix) for the avoidance of doubt, the right to prosecute and maintain any of the foregoing, to
seek remedy against any infringement, misappropriation or other violation of any of the foregoing, and to defend any pending or future challenges to the existence of any of the foregoing. 

“Interest Accrual Period” means (a) solely with respect to any Class A-1
Notes of any Series of Notes, a period commencing on and including the day that is two (2) Business Days prior to a Quarterly Calculation Date and ending on but excluding the day that is two (2) Business Days prior to the next succeeding
Quarterly Calculation Date and (b) with respect to any other Class of Notes of any Series of Notes, a period commencing on and including the 20th day of the calendar month in which the
immediately preceding Quarterly Payment Date occurred to but excluding the 20th day of the calendar month which includes the then-current Quarterly Payment Date; provided,
however, that the initial Interest Accrual Period for any 

  
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Series will commence on and include the Series Closing Date and end on the date specified above, unless otherwise specified in the applicable Series Supplement; provided further
that the Interest Accrual Period, with respect to each Series of Notes Outstanding, immediately preceding the Quarterly Payment Date on which the last payment on the Notes of such Series is to be made will end on such Quarterly Payment Date.

 “Interest Only DSCR” has the meaning assigned to such term under the definition of “DSCR.” 

“Interest Reserve Letter of Credit” means any letter of credit issued under a Variable Funding Note Purchase Agreement for
the benefit of the Trustee and the Senior Noteholders or the Senior Subordinated Noteholders, as applicable, each in a face amount equal to the amounts required to be funded in respect of such account(s) had such Interest Reserve Letter of Credit
not been issued. 
 “Interest Reserve Release Event” means, with respect to any Series of Notes, an event allowing funds to
be released from the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, identified as an Interest Reserve Release Event with respect to such Series of Notes pursuant to the applicable
Series Supplement. 
 “International Change in Law Event” means, with respect to any Covered Jurisdiction except for the
United States, any Change in Law in a Covered Jurisdiction with respect to the ability to transfer revenues from such Covered Jurisdiction to the United States which has an adverse effect on the amount of revenue transferred from such Covered
Jurisdiction to the United States. 
 “International Concentration Account” means account no., which account is maintained
in the name of the Master Issuer and pledged to the Trustee into which the Manager causes amounts to be deposited pursuant to Section 5.10(a) of the Base Indenture or any successor account established for the Master Issuer by the Manager
for such purpose pursuant to the Base Indenture and the Management Agreement, including any investment accounts related thereto into which funds are transferred for investment purposes pursuant to Section 5.1(b) of the Base Indenture.

 “International JVs” means the joint ventures pursuant to which certain Affiliates of DBI operate the Baskin-Robbins
Brand and/or the Dunkin’ Donuts Brand in Japan, South Korea, Australia and Spain. 
 “In-Transit Cash” means cash that
has been withdrawn from the U.K. Concentration Account and delivered to a third-party financial services company for conversion into U.S. Dollars, but not yet deposited in the Collection Account; provided that such deposit shall occur within
five (5) Business Days following the date that such cash was withdrawn from the U.K. Concentration Account. 
 “Investment
Income” means the investment income earned on a specified account during a specified period, in each case net of all losses and expenses allocable thereto. 

  
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 “Investment Property” has the meaning set forth in Section 9-102(a)(49) of
the applicable UCC. 
 “Investments” means, with respect to any Person(s), all investments by such Person(s) in other
Persons in the form of loans (including guarantees), advances or capital contributions (excluding accounts receivable, trade credit and advances to customers and commission, travel, moving and other similar advances to officers, directors, employees
and consultants of such Person(s) (including Affiliates) made in the ordinary course of business) and purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities issued by any other Person. 

“IP Holders” means the DD IP Holder and the BR IP Holder. 

“IP Holder IP License Agreements” means, collectively, the License Agreement between DD IP Holder and BR IP Holder, dated as
of October 1, 2012, and the License Agreement between BR IP Holder and DD IP Holder, dated as of October 1, 2012, each as amended, supplemented or otherwise modified from time to time. 

“IP License Agreements” means the Master Issuer IP License Agreements, the Master Issuer IP Sublicense Agreements, the DBI IP
License Agreement, the IP Holder IP License Agreements, the Dubai License Agreement and any similar agreement entered into after the Closing Date. 

“Japan Dividends” means the dividends from the Japanese JV received by DBI (indirectly, through U.K. Holdco). 

“Japanese JV” means B-R 31 Ice Cream Co., Ltd. 

“Japanese JV Contribution” means a contribution of cash to the Master Issuer, pursuant to the Contribution Agreement by and
between BRINT and Master Issuer, that is attributable to a distribution received by DBI from U.K. Holdco to the extent of the amount of any distribution received by U.K. Holdco from the Japanese JV. 

“Jel Sert Agreement” means the Trademark Licensing Agreement, dated as of October 28, 2012, by and between DBI and The
Jel Sert Co. 
 “JV Sale” means any disposition by a Non-Securitization Entity to a Person that is not an Affiliate of such
Non-Securitization Entity of any of its Equity Interests in either the Korean JV or the Japanese JV. 
 “JV Sale Net Cash Flow
Reduction Amount” means with respect to any JV Sale, the excess (if any) of (x) the discounted present value as of the effective date of such JV Sale of the Net Cash Flow that the Manager, on behalf of the Master Issuer, reasonably
estimates (based on the average annual amount of all Korean JV Contributions or Japanese JV Contributions, as the case may be, that have been received by the Master Issuer during the period from the Closing Date to the effective date of such JV
Sale) would have been generated with respect to such Equity Interests during the JV Sale Net Cash Flow Reduction Amount Calculation Period over (y) the discounted present value as of the effective date of such JV Sale of the Net Cash Flow

  
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that the Manager, on behalf of the Master Issuer, reasonably projects (based on binding agreements in effect after the consummation of such JV Sale) will be generated with respect to such Equity
Interests during the JV Sale Net Cash Flow Reduction Amount Calculation Period. The discount rates for the purposes of the calculations set forth in the preceding sentence will equal the sum of: (x) the yield to maturity, determined as of a
date no more than five Business Days prior to the effective date of the JV Sale, of the United States Treasury Securities having a maturity closest to the date that is halfway between the effective date of the JV Sale and the final day of the JV
Sale Net Cash Flow Reduction Amount Calculation Period plus (y) 6%. 
 “JV Sale Net Cash Flow Reduction Amount Calculation
Period” means with respect to any JV Sale, each Quarterly Collection Period (or portion thereof) from and including the effective date of such JV Sale but excluding the first day of the Quarterly Fiscal Period in which the latest occurring
Series Anticipated Repayment Date with respect to the Series 2015-1 Notes that is outstanding as of the effective date of such JV Sale will occur. 

“Keurig Green Mountain Agreement” means the K-Cup Licensing, Promotion, Manufacturing and Distribution Agreement, dated as of
February 21, 2011, by and among Green Mountain Coffee Roasters, Inc., Dunkin’ Donuts LLC and Keurig, Incorporated. 

“Know-How” means all trade secrets, know-how, inventions, processes, procedures, techniques, discoveries, technical
information and data, specifications, research and development information, engineering drawings, operating and maintenance manuals, recipes and other similar information and rights. 

“Korea Dividends” means the dividends from the Korean JV received by BRINT. 

“Korean JV” means B-R Korea Co. Ltd. 

“Korean JV Contribution” means a contribution of cash to the Master Issuer, pursuant to the Contribution Agreement by and
between BRINT and Master Issuer, that is attributable to a distribution received by BRINT from the Korean JV. 
 “L/C
Provider” means Rabobank, in its capacity as provider of any Letter of Credit under the Series 2015-1 Class A-1 Note Purchase Agreement, and its permitted successors and assigns in such capacity, and the provider of any other letter of
credit. 
 “Leadership Team” means the persons at DBI holding the following offices immediately prior to the date of the
occurrence of a Change of Control: Chief Executive Officer; Chief Financial Officer, President; Global Innovation; Chief Legal and Human Resources Officer; President, Baskin-Robbins U.S. and Canada; Chief Supply Officer; Chief Communications
Officer; President Dunkin’ Donuts U.S. and Canada, Vice President, Dunkin’ Donuts & Baskin-Robbins, India, Middle East and Southeast Asia. 

“Legacy Account” means, on or after the date that any Class or Series of Notes issued pursuant to the Base Indenture is no
longer Outstanding, any account maintained by the Trustee to which funds have been allocated in accordance with the Priority of Payments for the payment of interest, fees or other amounts in respect of such Class or Series of Notes. 

  
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 “Letter of Credit Reimbursement Agreement” means the Letter of Credit
Reimbursement Agreement, dated as of the Closing Date, among DBGI, DBI, and the Master Issuer, as amended, supplemented or otherwise modified from time to time. 

“Licensees” means, collectively, the BR Sublicensees, the DD Sublicensees and the Master Issuer. 

“Lien” means, when used with respect to any Person, any interest in any real or personal property, asset or other right held,
owned or being purchased or acquired by such Person which secures payment or performance of any obligation, and will include any mortgage, lien, pledge, encumbrance, charge, retained security title of a conditional vendor or lessor, or other
security interest of any kind, whether arising under a security agreement, mortgage, lease, deed of trust, chattel mortgage, assignment, pledge, retention or security title, financing or similar statement, or arising as a matter of law, judicial
process or otherwise. 
 “Liquidation Fees” has the meaning set forth in the Servicing Agreement. 

“Luxembourg Agent” has the meaning specified in Section 2.4(c) of the Base Indenture. 

“Majority of Controlling Class Members” means, with respect to the Controlling Class Members (or, if specified, any subset
thereof) and as of any day of determination, Controlling Class Members that hold in excess of 50% of the sum of (i) the Class A-1 Notes Voting Amount with respect to each Series of Class A-1 Notes of
the Controlling Class and (ii) the Outstanding Principal Amount of each Series of Notes of the Controlling Class (other than Class A-1 Notes) or any beneficial interest therein as of such day of determination (excluding any Notes or
beneficial interests in Notes held by any Securitization Entity or any Affiliate of any Securitization Entity). 
 “Majority of
Noteholders” means Noteholders holding in excess of 50% of the sum of (i) the Class A-1 Notes Voting Amount with respect to each Series of Class A-1 Notes Outstanding and (ii) the Outstanding Principal Amount of each
Series of Notes other than Class A-1 Notes (excluding any Notes or beneficial interests in Notes held by any Securitization Entity or any Affiliate of any Securitization Entity). 

“Majority of Senior Noteholders” means Senior Noteholders holding in excess of 50% of the sum of (i) the Class A-1 Notes Voting Amount with respect to each Series of Class A-1 Notes Outstanding and (ii) the Outstanding Principal Amount of each Series of Senior
Notes other than Class A-1 Notes (excluding any Senior Notes or beneficial interests in Senior Notes held by any Securitization Entity or any Affiliate of any Securitization Entity). 

“Managed Assets” means the assets that the Manager has agreed to manage and service pursuant to the Management Agreement in
accordance with the standards and the procedures described therein. 
 “Managed Documents” means any contract, agreement,
arrangement or understanding relating to any of the Managed Assets, including, without limitation, the Third-Party License Agreements, the Franchise Arrangements, the Sub-Management Arrangements, the SVC Program Agreement, the Prime Leases, the
Franchised POD Leases and the IP License Agreements. 

  
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 “Management Accounts” means, collectively, the Real Estate Obligations Account,
the Franchisor Capital Accounts, the Concentration Accounts, the Asset Disposition Proceeds Account, the Insurance Proceeds Account and such other accounts as may be established by the Manager from time to time pursuant to the Management Agreement
that the Manager designates as a “Management Account” for purposes of the Management Agreement; provided each such other account is established with the Trustee or subject to an Account Control Agreement. 

“Management Agreement” means the Management Agreement, dated as of the Closing Date, by and among the Securitization
Entities, the Trustee, the Manager, and the Sub-Managers, as amended, supplemented or otherwise modified from time to time. 

“Manager” means DBI, as Manager, under the Management Agreement, and any successor thereto. 

“Manager Advances” has the meaning set forth in the Management Agreement. 

“Manager-Developed IP” means all Intellectual Property (other than Excluded IP) created, developed, authored, acquired or
owned by or on behalf of the Manager that is in the field of offering or selling Dunkin’ Donuts Brand or Baskin-Robbins Brand goods and services throughout the world, or in serving as a “franchisor” of the DD System or BR System, or
in otherwise administering the DD System or BR System, including, without limitation, all Improvements to any Securitization IP. 

“Manager Termination Event” means the occurrence of an event specified in Section 7.1 of the Management Agreement. 

“Managing Standard” has the meaning set forth in the Management Agreement. 

“Marketing Start-Up Fee” means the fee Franchisees are required to pay for a start up promotional program or advertising
program specified by the franchisor of such Franchisee’s Brand. 
 “Master Issuer” means DB Master Finance, LLC, a
Delaware limited liability company, and its successors and assigns. 
 “Master Issuer IP License Agreements” means,
collectively, the Amendment to the Master Issuer Donut IP License Agreement dated as of December 3, 2010 between the DD IP Holder and the Master Issuer and the Amendment to the Master Issuer Ice Cream IP License Agreement dated as of
December 3, 2010 between the BR IP Holder and the Master Issuer, each as amended, supplemented or otherwise modified from time to time. 

“Master Issuer IP Sublicense Agreements” means, collectively, the Franchise Holdco IP Sublicense Agreement, the Franchisor IP
Sublicense Agreements, the Mexican Franchisor IP Sublicense Agreement, the U.K. Franchisor IP Sublicense Agreement, the Canadian Franchisor IP Sublicense Agreement, the BR Australia IP Sublicense Agreement, the Brazil Holdings IP Sublicense
Agreement and the DDBRINT IP Sublicense Agreement. 

  
 41 

 “Master Issuer Parent” means DB Master Finance Parent LLC, a Delaware limited
liability company, and its successors and assigns. 
 “Material Action” means to (i) file or consent to the filing of
any bankruptcy, insolvency or reorganization petition under any applicable federal or state law relating to bankruptcy naming the applicable Securitization Entity as debtor or otherwise institute bankruptcy or insolvency proceedings by or against
such Securitization Entity or otherwise seek with respect to such entity relief under any laws relating to the relief from debts or the protection of debtors generally; (ii) seek or consent to the appointment of a receiver, liquidator,
conservator, assignee, trustee, sequestrator, custodian or any similar official for the applicable Securitization Entity or all or any portion of any of its properties; (iii) make or consent to any assignment for the benefit of the applicable
Securitization Entity’s creditors; (iv) admit in writing the inability of the applicable Securitization Entity to pay its debts generally as they become due; (v) consent to substantive consolidation with any owner of equity interests
of the applicable Securitization Entity or any Affiliate of such owner of equity interests (other than any Securitization Entity); (vi) sell, exchange, lease or otherwise transfer all or substantially all of the assets of the applicable
Securitization Entity or consolidate or merge such Securitization Entity with or into another Person whether by means of a single transaction or a series of related transactions; (vii) amend the applicable limited liability company or the
certificate of formation (except as required by law), except for amendments to such documents in circumstances where the consent of the Independent Managers pursuant to the terms of the limited liability company agreement; or (viii) to the
fullest extent permitted by law, dissolve, liquidate or wind up the applicable Securitization Entity or approve of any proposal relating thereto. 

“Material Adverse Effect” means 

(a) with respect to the Manager, a material adverse effect on (i) its results of operations, business, properties or
financial condition, taken as a whole, (ii) its ability to conduct its business or to perform in any material respect its obligations under the Management Agreement or any other Related Document, (iii) the Collateral, taken as a whole, or
(iv) the ability of the Securitization Entities to perform in any material respect their obligations under the Related Documents; 

(b) with respect to the Collateral, a material adverse effect with respect to the Collateral taken as a whole, the
enforceability of the terms thereof, the likelihood of the payment of the amounts required with respect thereto in accordance with the terms thereof, the value thereof, the ownership thereof by the Securitization Entities (as applicable) or the Lien
of the Trustee thereon; 
 (c) with respect to the Securitization Entities, a materially adverse effect on the results of
operations, business, properties or financial condition of the Securitization Entities, taken as a whole, or the ability of the Securitization Entities, taken as a whole, to conduct their business or to perform in any material respect their
obligations under the Related Documents; or 

  
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 (d) with respect to any Person or matter, a material impairment to the rights of
or benefits available to, taken as a whole, the Securitization Entities, the Trustee, or the Noteholders under any Related Document or the enforceability of any material provision of any Related Document; 

provided, that where “Material Adverse Effect” is used in any Related Document without specific reference, such term will have the meaning
specified in clauses (a) through (d), as the context may require. 
 “Materials of Environmental
Concern” means any gasoline or petroleum (including crude oil or any fraction thereof) or petroleum products (virgin or unused), polychlorinated biphenyls, urea-formaldehyde insulation, asbestos, pollutants, contaminants, radioactivity and
any other materials or substances of any kind, whether or not any such material or substance is defined as hazardous or toxic under any Environmental Law, that is regulated pursuant to or could reasonably be expected to give rise to liability under
any Environmental Law. 
 “Mexican Franchise Arrangement” means each Franchise Arrangement in Mexico. 

“Mexican Franchisor” means DB Mexican Franchising LLC, a Delaware limited liability company, and its successors and assigns.

 “Mexican Franchisor IP Sublicense Agreement” means the Mexican Franchisor IP Sublicense Agreement dated as of
January 26, 2015 between the Mexican Franchisor and the Master Issuer, as amended, supplemented or otherwise modified from time to time. 

“Monthly Fiscal Period” means the following monthly fiscal periods of the Securitization Entities: (a) with respect to
each of the months in the fiscal quarters in the Securitization Entities’ 52-week fiscal years, one four-week fiscal period, followed by a five-week fiscal period, followed by a four-week fiscal period and (b) (i) with respect to each of
the months in the first three fiscal quarters in the Securitization Entities’ 53-week fiscal years, one four-week fiscal period, followed by a five-week fiscal period, followed by a four-week fiscal period, and (ii) with respect to each of
the months contained the last fiscal quarter in the Securitization Entities’ 53-week fiscal year, one four-week fiscal period followed by two five-week fiscal periods. 

“Moody’s” means Moody’s Investors Service, Inc. or any successor thereto. 

“Mortgage Recordation Event” means the occurrence of any Rapid Amortization Event and the Trustee’s receipt of written
notice thereof (unless such Mortgage Recordation Event is waived by the Control Party, acting at the direction of the Controlling Class Representative). 

“Mortgage Recordation Fees” means any fees, taxes or other amounts required to be paid to any applicable Governmental
Authority, or any reasonable expenses incurred by the Trustee, in connection with the recording of any Mortgages as required by the Base Indenture. 

“Mortgages” means the mortgages, substantially in the form of Exhibit L to the Base Indenture, required, pursuant to
Section 8.37 of the Base Indenture, to be prepared, executed and delivered by the applicable Real Estate Holder to the Trustee (for the benefit of the Secured Parties) to hold in escrow with respect to each Existing Owned Real Property
and each New Owned Real Property. 

  
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 “Multiemployer Plan” means any Pension Plan that is a “multiemployer
plan” as defined in Section 4001(a)(3) of ERISA. 
 “Net Cash Flow” means, with respect to any Quarterly Payment
Date and the immediately preceding Quarterly Collection Period, the positive difference, if any, of: 
 (a) the Retained
Collections with respect to such Quarterly Collection Period; minus 
 (b) the amount (without duplication) equal to
the sum of (i) the Securitization Operating Expenses paid on each Weekly Allocation Date with respect to such Quarterly Collection Period pursuant to clause (v) of the Priority of Payments, (ii) the Weekly Management Fees and
Supplemental Management Fees paid on each Weekly Allocation Date to the Manager with respect to such Quarterly Collection Period, (iii) the Servicing Fees, Liquidation Fees, and Workout Fees paid to the Servicer on each Weekly Allocation Date
with respect to such Quarterly Collection Period; and (iv) the amount of Class A-1 Notes Administrative Expenses paid on each Weekly Allocation Date with respect to such Quarterly Collection Period;
minus 
 (c) the amount, if any, by which equity contributions included in such Retained Collections exceeds the
relevant amount of Retained Collections Contributions permitted to be included in Net Cash Flow pursuant to Section 5.16 of the Base Indenture; 

provided, that funds released from the Cash Trap Reserve Account, the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest
Reserve Account shall not constitute Retained Collections for purposes of this definition. 
 “Net Real Estate Holder Lease
Payments” means, with respect to any Weekly Collection Period, the excess, if any, of (a) the sum of (i) the aggregate Franchisee Lease Payments deposited to the Real Estate Obligations Account during such Weekly Collection Period
plus (ii) any amounts repaid during such Weekly Collection Period from any tax escrow account held by a third-party landlord over (b) the sum of (i) the aggregate payments with respect to Real Estate Obligations made from the Real
Estate Obligations Account during such Weekly Collection Period plus (ii) the aggregate Real Estate Holder Advances repaid from a Real Estate Obligations Account during such Weekly Collection Period plus (iii) the aggregate payments of
refunds, credits or other amounts owing to Franchisees made from a Real Estate Obligations Account during such Weekly Collection Period. 

“New Assets” means a New Franchise Agreement, a New Development Agreement, a New Real Estate Asset, a New Product Sourcing
Arrangement or any other Managed Asset contributed or otherwise entered into or acquired by the Securitization Entities after the Closing Date. 

  
 44 

 “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) the date on
which a Securitization Entity begins receiving Continuing Franchise Fees, Franchisee Lease Payments or fees under a Third-Party License Agreement with respect to such New Asset. 

“New Development Agreements” means all SDAs and related guaranty agreements contributed to, or otherwise entered into or
acquired by a Securitization Entity after the Closing Date. 
 “New Foreign Country” means a Foreign Country in which no
PODs were operating under the Dunkin’ Donuts/Baskin-Robbins System as of the Closing Date. 
 “New Foreign Franchise
Arrangement” means each New Franchise Arrangement that is not a New U.S. Franchise Arrangement. 
 “New Franchise
Agreements” means all Franchise Agreements and related guaranty agreements contributed to, or otherwise entered into or acquired by a Securitization Entity after the Closing Date. 

“New Franchised POD Leases” means each Franchised POD Lease acquired or entered into by a Real Estate Holder after the
Closing Date. 
 “New Franchise Arrangement” means each Franchise Arrangement entered into after the Closing Date. 

“New Mexican Franchise Arrangement” means each Franchise Arrangement in Mexico entered into after the Closing Date. 

“New Owned Real Property” means real property (including the land, buildings and fixtures) that is (i) acquired in fee
after the Closing Date by a Real Estate Holder or (ii) acquired in fee after the Closing Date by a Non-Securitization Entity and contributed to a Real Estate Holder pursuant to a contribution agreement in form and substance reasonably
acceptable to the Trustee. 
 “New Product Sourcing Arrangements” means all Product Sourcing Arrangements and related
guaranty agreements contributed to, or otherwise entered into or acquired by a Securitization Entity after the Closing Date. 
 “New
Real Estate Asset” means each Real Estate Asset entered into or acquired after the Closing Date. 
 “New
Series Pro Forma DSCR” means, at any time of determination and with respect to the issuance of any Additional Notes, the ratio calculated by dividing (i) the Net Cash Flow over the four immediately preceding Quarterly
Collection Periods over (ii) the Debt Service due 

  
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during such period, in each case on a pro forma basis, calculated as if (a) such Additional Notes had been outstanding and any assets acquired with the proceeds of such Additional Notes
had been acquired at the commencement of such period, and (b) any Notes that have been paid, prepaid or repurchased and cancelled during such period, or any Notes that will be paid, prepaid or repurchased and cancelled using the proceeds of
such issuance, were so paid, prepaid or repurchased and cancelled as of the commencement of such period. 
 “New U.K. Franchise
Arrangement” means each Franchise Arrangement in the United Kingdom entered into after the Closing Date. 
 “New U.S.
Franchise Arrangement” means each Franchise Arrangement in the United States entered into after the Closing Date. 
 “New
York UCC” has the meaning set forth in Section 5.8(b) of the Base Indenture. 
 “Nomination Record
Date” has the meaning set forth in Section 11.1(b) of the Base Indenture. 
 “Non-Perfected IP” means
Securitization IP other than Core Marks. 
 “Nonrecoverable Advance” means any portion of an Advance previously made and
not previously reimbursed, or proposed to be made, which, together with any then-outstanding Advances, and the interest accrued or that would reasonably be expected to accrue thereon, in the reasonable and good faith judgment of the Servicer or the
Trustee, as applicable, would not be ultimately recoverable from subsequent payments or collections from any funds on deposit in the Collection Account, giving due consideration to allocations and disbursements of funds in such accounts and the
limited assets of the Securitization Entities. 
 “Non-Securitization Entities” means the Dunkin’ Entities and their
Affiliates from time to time other than the Securitization Entities. 
 “Non-Securitization Licensing Restrictive
Covenants” means the following covenants, which will be agreed to by each of the Licensees to the licenses granted to a Non-Securitization Entity: 

(a) Licensee covenants and agrees, that, notwithstanding the terms of the grant of rights it receives pursuant to this License Agreement to
use the Securitization IP, Licensee shall not itself, nor permit a third party to (whether by way of license, sublicense or otherwise) use the Securitization IP (i) to grant franchise agreements (including, for the avoidance of doubt, master
franchise agreements, area development agreements, SDAs or documents that have a substantially similar legal effect) under the Brands (x) in the United States, the United Kingdom or Mexico; or (y) in any Covered Jurisdiction (other than
the United States, the United Kingdom or Mexico) unless a Securitization Entity receives an Arms-Length Royalty for such use of the Securitization IP in such Covered Jurisdiction; or (ii) operate Licensee-owned PODs under the Brands in any
Covered Jurisdiction, other than (x) in order to test new menu items and operational or procedural systems and for other research and development purposes; or (y) pursuant to the payment of an Arms-Length Royalty to a Securitization
Entity. The activities described in the foregoing sections (i) and (ii) are referred to as the “Restricted Activities.” 

  
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 (b) The Licensee may use or permit a third party to (whether by way of license, sublicense or
otherwise), use the Securitization IP (x) to manufacture, sell, distribute, import or export products or services under the Brands or (y) for the business of franchising the Brands, including exploiting and authorizing the use of the
Securitization IP in connection with goods and services offered, sold or purchased in connection with such franchising, other than the Restricted Activities, pursuant to the terms of the License Agreement; provided, however, that the
applicable IP Holder or Master Issuer receives an Arms-Length Royalty for any such use of the Securitization IP. Notwithstanding the foregoing, Licensee shall not be required to remit an Arms-Length Royalty to the applicable IP Holder or Master
Issuer in connection with any such use of the Securitization IP if such use by the Licensee itself or by way of a license, a sublicense or otherwise either (i) generates no more in Royalties or Other Compensation than $100,000 individually on
an annual basis, or (ii) generates Royalties or Other Compensation of more than $100,000 on an annual basis individually and no more than $2,500,000 on an annual basis, taken together with all other uses for which an Arms-Length Royalty is not
payable pursuant to this clause (ii); provided that Licensee shall not be required to remit an Arms-Length Royalty to the applicable IP Holder or Master Issuer in connection with royalty-free licenses that are granted in the ordinary course
of business for uses that are determined by the Manager in its reasonable discretion to be consistent with the types of royalty-free permissions and grants that have been permitted by the licensor or its Affiliates prior to the date of this License
Agreement, including, without limitation, to market, promote or advertise the Brands. 
 “Note Owner” means, with respect
to a Book-Entry Note, the Person who is the beneficial owner of such Book-Entry Note, as reflected on the books of the Clearing Agency that holds such Book-Entry Note, or on the books of a Person maintaining an account with such Clearing Agency
(directly or as an indirect participant, in accordance with the rules of such Clearing Agency). 
 “Note Owner Certificate”
has the meaning specified in Section 11.5(b) of the Base Indenture. 
 “Note Rate” means, with respect to any
Series or any Class of any Series of Notes, the annual rate at which interest (other than contingent additional interest) accrues on the Notes of such Series or such Class of such Series of Notes (or the formula on the basis of which such
rate will be determined) as stated in the applicable Series Supplement. 
 “Note Register” means the register maintained
pursuant to Section 2.5(a) of the Base Indenture, providing for the registration of the Notes and transfers and exchanges thereof, subject to such reasonable regulations as the Master Issuer may prescribe. 

“Noteholder” and “Holder” means the Person in whose name a Note is registered in the Note Register. 

“Notes” has the meaning specified in the recitals to the Base Indenture. 

“Notes Discharge Date” means, with respect to any Class or Series of Notes, the first date on which such Class or Series of
Notes is no longer Outstanding. 

  
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 “Obligations” means (a) all principal, interest and premium, if any, at any
time and from time to time, owing by the Master Issuer on the Notes or owing by the Guarantors pursuant to the Guarantee and Collateral Agreement, (b) the payment and performance of all other obligations, covenants and liabilities of the Master
Issuer or the Guarantors arising under the Indenture, the Notes, any other Indenture Document or the Servicing Agreement or of the Guarantors under the Guarantee and Collateral Agreement and (c) the obligation of the Master Issuer to pay to the
Trustee all fees and expenses payable to the Trustee under the Indenture and the other Related Documents to which it is a party and all Mortgage Recordation Fees when due and payable as provided in the Indenture. 

“Officer’s Certificate” means a certificate signed by an Authorized Officer of the party delivering such certificate.

 “Ongoing Practice” means, in respect of any action or inaction, practices, standards and procedures that are at least as
favorable or beneficial as the practices, standards and procedures of any Non-Securitization Entity as performed with respect to any comparable restaurant brand or restaurant concept owned or operated by such Non-Securitization Entity. 

“Opinion of Counsel” means a written opinion from legal counsel who is reasonably acceptable to the Trustee and the Control
Party. The counsel may be an employee of, or counsel to, the Securitization Entities, DBGI, DBI, the Manager or the Back-Up Manager, as the case may be. 

“Optional Scheduled Principal Prepayments” means, with respect to any Series or Class or Tranche of Notes, principal payments
thereon designated as “Optional Scheduled Principal Prepayments” under the applicable Series Supplement. 

“Outstanding” means, with respect to the Notes, as of any time, all of the Notes of any one or more Series, as the case may
be, theretofore authenticated and delivered under the Indenture except: 
 (i) Notes theretofore canceled by the Registrar or
delivered to the Registrar for cancellation; 
 (ii) Notes, or portions thereof, for whose payment or redemption funds in the
necessary amount are on deposit in the appropriate account and are available for payment of such Notes or portions thereof; 

(iii) Notes in exchange for, or in lieu of which other Notes have been authenticated and delivered pursuant to the Indenture,
unless proof reasonably satisfactory to the Trustee is presented that any such Notes are held by a holder in due course or protected purchaser for value; 

(iv) Notes that have been defeased in accordance with the Base Indenture; and 

(v) Notes alleged to have been mutilated, destroyed, lost or stolen for which replacement Notes have been issued as provided in
the Indenture. 

  
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 provided that, (A) in determining whether the Noteholders of the requisite
Outstanding Principal Amount have given any request, demand, authorization, direction, notice, consent, waiver or vote under the Indenture, the following Notes shall be disregarded and deemed not to be Outstanding: (x) Notes owned by the
Securitization Entities or any other obligor upon the Notes or any Affiliate of any of them and (y) Notes held in any accounts with respect to which the Manager or any Affiliate thereof exercises discretionary voting authority; provided,
further, that in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent, waiver or vote, only Notes as described under clause (x) or (y) above that a Trust
Officer actually knows to be so owned shall be so disregarded; and (B) Notes owned in the manner indicated in clause (x) or (y) above that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to
the satisfaction of the Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not a Securitization Entity or any other obligor or the Manager, an Affiliate thereof, or an account for which the Manager or an
Affiliate of the Manager exercises discretionary voting authority. 
 “Outstanding Principal Amount” means, with respect to
each Series of Notes, the amount calculated in accordance with the applicable Series Supplement, which amount with respect to any Series of Class A-1 Notes may include outstanding amounts under swingline or letter of credit subfacilities
thereunder. 
 “Owned PODs” means certain Dunkin’ Donuts and Baskin-Robbins restaurants that are owned and operated by
Non-Securitization Entities that are (i) located in the United States and certain foreign countries for the purpose of testing new menu items and operational or procedural systems and for other research and development purposes or (ii) for
other purposes pursuant to arm’s length agreements with one of the Franchise Holders. 
 “Owned Property Other
Amounts” means, with respect to any Owned Real Property, any amounts payable by any Securitization Entity in connection with the ownership of such Owned Real Property including, without limitation, management fees, brokerage fees, insurance
fees, utilities costs and insurance proceeds required to be reinvested in such Owned Real Property. 
 “Owned Real
Property” means real property (including the land, buildings and fixtures) that is held in a fee by a Securitization Entity. 

“Patents” means proprietary rights in or arising from the United States and non-U.S. patents (including, during the term of
the patent, the inventions claimed thereunder), patent disclosures, industrial designs, inventions (whether or not patentable or reduced to practice), invention disclosures, and applications, divisions, continuations, continuations-in-part,
provisionals, reexaminations and reissues for any of the foregoing. 
 “Paying Agent” has the meaning specified in
Section 2.5(a) of the Base Indenture. 
 “Payment Systems” means the FAST System and the EFTPay System. 

“PBGC” means the Pension Benefit Guaranty Corporation established under Section 4002 of ERISA. 

  
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 “Pension Plan” means any “employee pension benefit plan,” as such term
is defined in Section 3(2) of ERISA, that is subject to Title IV of ERISA and to which any company in the same Controlled Group as the Master Issuer has liability, including any liability by reason of having been a substantial employer
within the meaning of Section 4063 of ERISA for any time within the preceding five (5) years or by reason of being deemed to be a contributing sponsor under Section 4069 of ERISA. 

“Permitted Asset Dispositions” has the meaning set forth in Section 8.16 of the Base Indenture. 

“Permitted Lien” means (a) Liens for (i) Taxes, assessments or other governmental charges not delinquent or
(ii) Taxes, assessments or other charges being contested in good faith and by appropriate proceedings and with respect to which adequate reserves have been established, and are being maintained, in accordance with GAAP, (b) all Liens
created or permitted under the Related Documents in favor of the Trustee for the benefit of the Secured Parties, (c) Liens existing on the Closing Date, which shall be released on such date; provided that (i) with respect to any
unreleased Liens on trademarks in the United Arab Emirates and Korea in connection with the Prior Securitization Transaction, including certain Core Marks in such jurisdictions, such Liens shall be released shortly after the Closing Date and
(ii) with respect to any unreleased Liens on Securitization IP in other Foreign Countries in connection with the Prior Securitization Transaction, that the Master Issuer shall use its best efforts to obtain the release of such Liens promptly
following Actual Knowledge of such unreleased Liens, (d) encumbrances in the nature of (i) a ground lessor’s fee interest, (ii) zoning restrictions, (iii) easements, (iv) covenants, conditions, restrictions and other
similar matters of record in respect of real property, which do not in the aggregate impair in any material respect the conduct of the business of the Securitization Entities taken as a whole on the use of real property, (v) landlords’ and
lessors’ Liens on rented premises, (vi) restrictions on transfers or assignment of leases, which in each case do not detract from the value of the encumbered property or impair the use thereof in the business of any Securitization Entity,
(vii) contractual transfer restrictions in existence on the Closing Date and thereafter any such contractual transfer restriction so long as the inclusion of such contractual transfer restriction in any contract entered into on behalf of any
Securitization Entity by the Manager would not constitute a breach by the Manager of the Management Agreement, (viii) the interest of a lessee in property leased to a Franchisee, (ix) any encumbrance on Securitization IP created by
entering into any Franchise Arrangement, any Third-Party License Agreement, the IP License Agreements, or other non-exclusive licenses of Securitization IP (A) granted in the ordinary course of business, (B) that when effected on behalf of
any Securitization Entity by the Manager would not constitute a breach by the Manager of the Management Agreement and (C) that would not reasonably expected to materially and adversely impact the Securitization IP (taken as a whole), and
(x) Liens constituting (i) purchase money security interests (including mortgages, conditional sales, capitalized leases, synthetic leases and any other title retention or deferred purchase devices) in real property, interests in leases or
tangible personal property (other than inventory) existing or created on the date on which such property is acquired or within sixty (60) days thereafter and (ii) the renewal, extension or refunding of any security interest referred to in
the foregoing subsection (i) of this clause (x) in an amount not to exceed the amount thereof remaining unpaid immediately prior to such renewal, extension or refunding; provided, however, that each such security interest
shall attach solely to the particular item of property so acquired, and the principal amount of Indebtedness 

  
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(including Indebtedness in respect of Capitalized Lease Obligations and synthetic lease obligations) secured thereby shall not exceed the cost (including all such Indebtedness secured thereby,
whether or not assumed) of such item of property, (e) deposits or pledges made (i) in connection with casualty insurance maintained in accordance with the Related Documents, (ii) to secure the performance of bids, tenders, contracts
or leases, (iii) to secure statutory obligations or surety or appeal bonds or (iv) to secure indemnity, performance or other similar bonds in the ordinary course of business of any Securitization Entity, (f) Liens of carriers,
warehouses, mechanics and similar Liens, and Liens arising automatically upon the entry against any Securitization Entity of a judgment for the payment of money not constituting an Event of Default under Section 9.2(h) or 9.2(k),
in each case (i) in existence less than forty-five (45) days from the date of creation thereof or (ii) being contested in good faith by any Securitization Entity in appropriate proceedings (so long as such Securitization Entity shall,
in accordance with GAAP, have set aside on its books adequate reserves with respect thereto), (g) restrictions under federal, state or foreign securities laws on the transfer of securities, (h) any Liens arising under law or pursuant to
documentation governing permitted accounts in connection with the Securitization Entities’ cash management system and (i) Liens securing Cash Management Obligations. 

“Person” means an individual, corporation (including a business trust), partnership, limited liability partnership, limited
liability company, joint venture, association, joint stock company, trust, unincorporated association or government or any agency or political subdivision thereof. 

“Plan” means (i) any “employee benefit plan” (as defined in Section 3(3) of ERISA that is subject to
Title I of ERISA, (ii) any “plan” (as defined in Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code and (iii) any entity whose underlying assets are deemed to include assets of a plan
described in clause (i) or (ii) for purposes of Title I of ERISA and/or Section 4975 of the Code. 

“POD” means a “point of distribution”. 

“Post-ARD Contingent Interest” means any Senior Notes Quarterly Post-ARD Contingent Interest, Senior Subordinated Notes
Quarterly Post-ARD Contingent Interest and Subordinated Notes Quarterly Post-ARD Contingent Interest. 
 “Post-Default Capped
Trustee Expenses” has the meaning set forth in the definition of “Post-Default Capped Trustee Expenses Amount.” 

“Post-Default Capped Trustee Expenses Amount” means an amount equal to the lesser of (a) all reasonable expenses payable
by the Master Issuer to the Trustee pursuant to the Indenture (excluding Mortgage Recordation Fees) after the occurrence and during the continuation of an Event of Default in connection with any obligations of the Trustee in connection with such
Event of Default that are in excess of the Capped Securitization Operating Expense Amount (“Post-Default Capped Trustee Expenses”) and (b) the amount by which (i) $100,000 exceeds (ii) the aggregate amount of
Post-Default Capped Trustee Expenses previously paid on each Weekly Allocation Date that occurred in the annual period (measured from the Closing Date to the anniversary thereof and from each anniversary thereof to the next succeeding anniversary

  
 51 

 
thereof) in which such Weekly Allocation Date occurs. For the avoidance of doubt, Mortgage Recordation Fees shall not be considered Trustee expenses for purposes of determining the Post-Default
Capped Trustee Expenses Amount. 
 “Potential Manager Termination Event” means any occurrence or event which, with the
giving of notice, the passage of time or both, would constitute a Manager Termination Event. 
 “Potential Rapid Amortization
Event” means any occurrence or event which, with the giving of notice, the passage of time or both, would constitute a Rapid Amortization Event; provided that any occurrence or event which, with the giving of notice, the passage of
time or both, would constitute a Rapid Amortization Event as described in clause (e) of the definition of Rapid Amortization Event, shall not constitute a Potential Rapid Amortization Event. 

“Pre-Closing Date Litigation Liabilities” means any liability incurred or arising in connection with the Covered Assets
relating to the existing litigation matters set forth in Schedule 1.1(c) to the Representations and Warranties Agreement. 

“Prepayment Premium” means, with respect to any Series of Notes, the premium to be paid on any prepayment of principal with
respect to such Series of Notes, identified as a “Prepayment Premium” pursuant to the applicable Series Supplement. 

“Prime Lease” means any lease entered into by any Real Estate Holder as tenant, and a third-party landlord, as landlord. 

“Prime Leased Property” means those parcels of real property and any Improvements thereon leased pursuant to any Prime Lease.

 “Prime Lease Other Amounts” means, with respect to any Prime Lease, any amounts, other than rent, payable by any
Securitization Entity to any third-party landlord or otherwise pursuant to the terms of such Prime Lease including, without limitation, management fees, brokerage fees, insurance fees, utilities costs and insurance proceeds required to be reinvested
in the related Prime Leased Property. 
 “Prime Rate” means the rate of interest publicly announced from time to time by a
commercial bank mutually agreed upon by the Manager and the Servicer as its reference rate, base rate or prime rate. 
 “Principal
Release Amount” means, with respect to any Series and any Quarterly Payment Date on which the related Series Non-Amortization Test is satisfied, unless the Master Issuer has elected to make the related Senior Notes Scheduled Principal
Payment, the Senior Notes Quarterly Scheduled Principal Amounts with respect to such Series that have been allocated to the Senior Notes Principal Payment Account pursuant to the Priority of Payments since the immediately preceding Quarterly Payment
Date. 
 “Principal Terms” has the meaning specified in Section 2.3 of the Base Indenture. 

“Prior Securitization Transaction” means the securitization transaction contemplated by, and the transactions entered into in
connection with, the Base Indenture, dated as of May 26, 

  
 52 

 
2006, by and among DB Master Finance LLC, Dunkin’ Donuts Franchised Restaurants LLC, Baskin-Robbins Franchised Shops LLC, Togo’s Franchised Eateries LLC, DD IP Holder LLC, BR IP Holder
LLC and Citibank, N.A., a national banking association, as trustee and securities intermediary. 
 “Priority of Payments”
means the allocation and payment obligations described in Section 5.11 and Section 5.12 of this Base Indenture as supplemented by the allocation and payment obligations with respect to each Series of Notes described in each
Series Supplement. 
 “pro forma event” has the meaning set forth in Section 14.18 of the Base Indenture.

 “Proceeding” means any suit in equity, action at law or other judicial or administrative proceeding. 

“Proceeds” has the meaning specified in Section 9-102(a)(64) of the applicable UCC. 

“Product Sourcing Advance” has the meaning specified in the Management Agreement. 

“Product Sourcing Arrangements” means any agreement or other arrangement, including the Silver Pail Sourcing Agreement, to
manufacture Products for sale to a Securitization Entity for re-sale to Franchisees. 
 “Product Sourcing Assets” means
with respect to each Franchise Holder, (i) the Existing Product Sourcing Arrangements and all Product Sourcing Proceeds thereon; (ii) the New Product Sourcing Arrangements and all Product Sourcing Proceeds thereon; (iii) all rights to
enter into New Product Sourcing Arrangements; and (iv) any and all other property of every nature, now or hereafter transferred, mortgaged, pledged, or assigned as security for payment or performance of any obligation of any Person to such
Franchise Holder under the Product Sourcing Arrangements and all guarantees of such obligations and the rights evidenced by or reflected in the Product Sourcing Arrangements (the items described in clauses (i) through (iv) of this
paragraph together with all payments, proceeds and accrued and future rights to payment thereon. 
 “Product Sourcing
Obligations” means all amounts payable by or on behalf of the Securitization Entities under or in connection with the Product Sourcing Arrangements. 

“Product Sourcing Proceeds” means the gross revenues attributable to the sale of any Products, including any Ice Cream
Products, by any Securitization Entity to any Franchisee. 
 “Products” means any good (as defined in section 2-105 of the
New York UCC) produced for use in any POD pursuant to a Product Sourcing Arrangement, including, without limitation, any Ice Cream Products. 

“Protected Purchaser” has the meaning specified in Section 8-303 of the UCC. 

“PTO” means the U.S. Patent and Trademark Office and any successor U.S. Federal office. 

  
 53 

 “Qualified Institution” means a depository institution organized under the laws
of the United States of America or any state thereof or incorporated under the laws of a foreign jurisdiction with a branch or agency located in the United States of America or any state thereof and subject to supervision and examination by federal
or state banking authorities that at all times has the Required Rating and, in the case of any such institution organized under the laws of the United States of America, whose deposits are insured by the FDIC; provided that, for the avoidance
of doubt, on the Closing Date, Citibank, N.A and Barclays Bank PLC are deemed to meet the aforementioned criteria with respect to being a “Qualified Institution.” 

“Qualified Institutional Buyer” or “QIB” means a Person who is a “qualified institutional buyer”
as defined in Rule 144A. 
 “Qualified Purchaser” or “QP” means a Person who is a “qualified
purchaser” within the meaning of Section 2(a)(51) of the 1940 Act. 
 “Qualified Trust Institution” means an
institution organized under the laws of the United States of America or any state thereof or incorporated under the laws of a foreign jurisdiction with a branch or agency located in the United States of America or any state thereof and subject to
supervision and examination by federal or state banking authorities that at all times (i) is authorized under such laws to act as a trustee or in any other fiduciary capacity, (ii) has capital, surplus and undivided profits of not less
than $200,000,000 as set forth in its most recent published annual report of condition and (iii) has a long term deposits rating of not less than “Baa2” by Moody’s and “BBB” by S&P. 

“Quarterly Calculation Date” means the date two (2) Business Days prior to each Quarterly Payment Date. Any reference to
a Quarterly Calculation Date relating to a Quarterly Payment Date means the Quarterly Calculation Date occurring in the same calendar month as the Quarterly Payment Date and any reference to an Quarterly Calculation Date relating to a Quarterly
Collection Period means the Quarterly Collection Period most recently ended on or prior to the related Quarterly Payment Date. 

“Quarterly Collection Period” means each period commencing on and including the first day of a Quarterly Fiscal Period and
ending on but excluding the first day of the immediately following Quarterly Fiscal Period. The first Quarterly Collection Period will be from the Cut-Off Date to and including March 28, 2015. 

“Quarterly Compliance Certificate” has the meaning specified in Section 4.1(d) of the Base Indenture. 

“Quarterly Fiscal Period” means the following quarterly fiscal periods of the Securitization Entities: (a) with respect
to each of the Securitization Entities’ 52-week fiscal years, four 13-week quarters of the Securitization Entities and (b) with respect to each of the Securitization Entities’ 53-week fiscal years, three 13-week quarters followed by
one 14-week quarter. The last day of the fourth Quarterly Fiscal Period of each fiscal year of the Securitization Entities is the last Saturday in December. References to “weeks” mean the Securitization Entities’ fiscal weeks, which
commence on and include each Sunday of a week and end on but exclude Sunday of the following week. 

  
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 “Quarterly Noteholder’s Report” means, with respect to any Series of Notes,
a statement substantially in the form of an Exhibit C to the applicable Series Supplement, including the Manager’s statement specified in such exhibit. 

“Quarterly Payment Date” means, unless otherwise specified in any Series Supplement for the related Series of Notes, the 20th day of each of the following calendar months: February, May, August and November, or if such date is not a Business Day, the next succeeding Business Day, commencing on May 20, 2015. Any
reference to a Quarterly Collection Period relating to a Quarterly Payment Date means the Quarterly Collection Period most recently ended prior to such Quarterly Payment Date, and any reference to an Interest Accrual Period relating to a Quarterly
Payment Date means the Interest Accrual Period most recently ended prior to such Quarterly Payment Date. 
 “QIB/QP” means
a Person who is both a QIB and a QP. 
 “Rabobank” means Coöperatieve Centrale Raiffeisen-Boerenleenbank, B.A.,
“Rabobank Nederland,” New York Branch. 
 “Rapid Amortization DSCR Threshold” means a DSCR equal to 1.20x. 

“Rapid Amortization Event” has the meaning specified in Section 9.1 of the Base Indenture. 

“Rapid Amortization Period” means the period commencing on the date on which a Rapid Amortization Event occurs and ending on
the earlier to occur of the waiver of the occurrence of such Rapid Amortization Event in accordance with Section 9.7 of the Base Indenture and the date on which there are no Notes Outstanding. 

“Rating Agency” with respect to any Series of Notes, has the meaning specified in the applicable Series Supplement. 

“Rating Agency Condition” means, with respect to any Outstanding Series of Notes and any event or action to be taken or
proposed to be taken requiring satisfaction of the Rating Agency Condition in the Indenture or in any other Related Document, a condition that is satisfied if the Manager has notified the Master Issuer, the Servicer and the Trustee in writing that
the Manager has provided each Rating Agency and the Servicer with a written notification setting forth in reasonable detail such event or action and has actively solicited (by written request and by request via email and telephone) a Rating Agency
Confirmation from each Rating Agency, and each Rating Agency has either provided the Manager with a Rating Agency Confirmation with respect to such event or action or informed the Manager that it declines to review such event or action;
provided that: 
 (i) except in connection with the issuance of Additional Notes, as to which the conditions of
clause (ii) below will apply in all cases, the Rating Agency Condition in respect of any Rating Agency will be required to be satisfied in connection with any such event or action only if the Manager determines in its sole discretion
(and provides an Officer’s Certificate to the Trustee evidencing such determination) that the policies of such Rating Agency permit it to deliver such Rating Agency Confirmation; 

  
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 (ii) the Rating Agency Condition will not be required to be satisfied in respect
of any Rating Agency if the Manager provides an Officer’s Certificate (along with copies of all written requests for such Rating Agency Confirmation and copies of all related email correspondence) to the Master Issuer, the Servicer and the
Trustee certifying that: 
 (a) the Manager has not received any response from such Rating Agency after the Manager has
repeated such active solicitation (by request via telephone and by email) on or about the tenth Business Day and the fifteenth Business Day following the date of delivery of the initial solicitation; 

(b) the Manager has no reason to believe that such event or action would result in such Rating Agency withdrawing its credit
ratings on such Outstanding Series of Notes or assigning credit ratings on such Outstanding Series of Notes below the lower of (1) the then-current credit ratings on such Outstanding Series of Notes or (2) the initial credit ratings
assigned to such Outstanding Series of Notes by such Rating Agency (in each case, without negative implications); and 
 (c)
solely in connection with any issuance of Additional Notes, either: 
 (1) at least one Rating Agency has provided a Rating
Agency Confirmation; or 
 (2) each Rating Agency has rated the Additional Notes no lower than the lower of (x) the
then-current credit rating assigned by such Rating Agency or (y) the initial credit rating assigned by such Rating Agency (in each case, without negative implications) to each Outstanding Series of Notes ranking on the same priority as the
Additional Notes, or, if no Outstanding Series of Notes ranks on the same priority as such Additional Notes, the Control Party shall have provided its written consent to the issuance of such Additional Notes. 

“Rating Agency Confirmation” means, with respect to any Outstanding Series of Notes, a confirmation from the Rating Agencies
that a proposed event or action will not result in (i) a withdrawal of its credit ratings on such Outstanding Series of Notes or (ii) the assignment of credit ratings on such Outstanding Series of Notes below the lower of (A) the
then-current credit ratings on such Outstanding Series of Notes or (B) the initial credit ratings assigned to such Outstanding Series of Notes by such Rating Agency (in each case, without negative implications). 

“Rating Agency Notification” means, with respect to any prospective action or occurrence, a written notification to the
Rating Agencies for each Series of Notes Outstanding setting forth in reasonable detail such action or occurrence. 
 “Reacquired
POD” means a POD reacquired by a Non-Securitization Entity for financial and other reasons until such time as such restaurants are re-franchised to third party franchisees. 

“Real Estate Assets” means any real property interests owned by a Real Estate Holder. 

  
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 “Real Estate Holder Advances” means, in the event sufficient funds are not
available in the Real Estate Obligations Account to pay any Real Estate Obligation, the Manager may, but is not obligated to, make an advance to fund such Real Estate Holder Obligation to the extent that it reasonably expects to be reimbursed for
such advances from the proceeds of future Franchisee Lease Payments, it being understood and agreed that any such advances shall not constitute Manager Advances. Each Real Estate Holder Advance shall be repaid solely from Franchisee Lease Payments
received in the Real Estate Obligations Account after the date of such Real Estate Holder Advance in accordance with Section 5.10(c) of the Base Indenture. 

“Real Estate Holders” means DB Real Estate Holder I, DB Real Estate Holder II and any Additional Real Estate Holders. 

“Real Estate Obligations” means the amount of Owned Property Other Amounts, rent and Prime Lease Other Amounts owed by any
Securitization Entity, whether to any third-party landlord or otherwise, in connection with any Prime Leased Property or any Owned Real Property. 

“Real Estate Obligations Account” means the account maintained in the name of the Master Issuer and pledged to the Trustee
into which the Manager causes amounts to be deposited pursuant to Section 5.10(c) of the Base Indenture or any successor account established for the Master Issuer by the Manager for such purpose pursuant to the Base Indenture and the
Management Agreement, including any investment accounts related thereto into which funds are transferred for investment purposes pursuant to Section 5.1(b) of the Base Indenture. 

“Record Date” means, with respect to any Quarterly Payment Date (i) the close of business on the last Business Day of
the calendar month immediately preceding the calendar month in which such Quarterly Payment Date occurs or (ii) in the case of a Noteholder of a Definitive Note, fifteen (15) days (without regard to whether such day is a Business Day)
prior to the applicable Quarterly Payment Date. 
 “Refranchising Asset Disposition” means any resale, transfer or other
disposition of a Franchise Arrangement or Franchised POD Lease that results in the replacement of a Franchise Arrangement or Franchised POD Lease with one or more New Franchise Arrangements or New Franchised POD Leases, including, without
limitation, any resale, transfer, termination or creation (or combination thereof) of a Securitization Entity’s interest in a Franchise Arrangement or Franchised POD Lease. 

“Registrar” has the meaning specified in Section 2.5(a) of the Base Indenture. 

“Related Documents” means the Indenture, the Notes, the Guarantee and Collateral Agreement, each Account Control Agreement,
the Management Agreement, any Sub-Management Arrangement, the Servicing Agreement, the Back-Up Management Agreement, any Series Hedge Agreement, the Contribution Agreements, any agreement pursuant to which Future Contributed Assets are contributed
to the Securitization Entities, any Variable Funding Note Purchase Agreement, each other note purchase agreement pursuant to which Notes are purchased, the IP License Agreements, any Enhancement Agreement, the Charter Documents, the Letter of Credit
Reimbursement Agreement and any additional document identified as a “Related Document” in the Series Supplement for any Series of Notes Outstanding and any other material agreements entered into, or certificates delivered, pursuant to the
foregoing documents. 

  
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 “Reorganization” means, with respect to any Multiemployer Plan, the condition
that such plan is in reorganization within the meaning of Section 4241 of ERISA. 
 “Reportable Event” means any
“reportable event,” as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Single Employer Plan (other than an event for which the 30-day notice period is waived). 

“Representations and Warranties Agreement” means the Representations and Warranties Agreement, dated as of the Closing Date,
by and among the Manager and the Covered Securitization Entities. 
 “Repurchased POD” means a POD reacquired by a
Securitization Entity for financial and other reasons until such time as such POD is re-franchised to third-party franchisees. 

“Required Rating” means (i) a short-term certificate of deposit rating from Moody’s of “P-2” and from
S&P of at least “A-2” and (ii) a long-term unsecured debt rating of not less than “Baa3” by Moody’s and “BBB-” by S&P. 

“Requirements of Law” means, with respect to any Person or any of its property, the certificate of incorporation or articles
of association and by-laws, limited liability company agreement, partnership agreement or other organizational or governing documents of such Person or any of its property, and any law, treaty, rule or regulation, or determination of any arbitrator
or Governmental Authority, in each case applicable to, or binding upon, such Person or any of its property or to which such Person or any of its property is subject, whether federal, state, local or foreign (including, without limitation, usury
laws, the Federal Truth in Lending Act and retail installment sales acts). 
 “Residual Amount” means for any Weekly
Allocation Date with respect to any Quarterly Collection Period the amount, if any, by which the amount allocated to the Collection Account on such Weekly Allocation Date exceeds the sum of the amounts to be paid and/or allocated on such Weekly
Allocation Date pursuant to priorities (i) through (xxviii) of the Priority of Payments. 
 “Retained
Collections” means, with respect to any specified period of time, the amount equal to (i) Collections received over such period minus without duplication (ii) the Excluded Amounts over such period. 

“Retained Collections Contribution” means, with respect to any Quarterly Collection Period, an equity contribution made to
the Master Issuer at any time prior to the Final Series Legal Final Maturity Date to be included in Net Cash Flow in accordance with Section 5.16 of the Base Indenture, which for all purposes of the Related Documents, except as otherwise
specified therein, will be treated as Retained Collections received during such Quarterly Collection Period. 

  
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 “Royalties or Other Compensation” means the royalties, fees or other
compensation equivalent to market-rate compensation, as determined by the Manager in its reasonable discretion and accounting for related transactions, without regard to the actual royalties, fees or compensation that are paid to or received by
Licensee for any particular activity, license, sublicense or other agreement. 
 “Rule 144A” means Rule 144A under the 1933
Act. 
 “S&P” or “Standard & Poor’s” means Standard & Poor’s Ratings
Services, a division of The McGraw-Hill Companies, Inc., or any successor thereto. 
 “Scheduled Principal Payments” means,
with respect to any Series or any Class of any Series of Notes, any payments scheduled to be made pursuant to the applicable Series Supplement that reduce the amount of principal Outstanding with respect to such Series or Class on a
periodic basis that are identified as “Scheduled Principal Payments” in the applicable Series Supplement. 
 “Scheduled
Principal Payments Deficiency Event” means, with respect to any Quarterly Collection Period, as of the last Weekly Allocation Date with respect to such Quarterly Collection Period, the occurrence of the following event: the amount of funds
on deposit in the Senior Notes Principal Payment Account after the last Weekly Allocation Date with respect to such Quarterly Collection Period is less than the aggregate amount of Senior Notes Quarterly Scheduled Principal Amounts due and payable
on all such Senior Notes for the next succeeding Quarterly Payment Date. 
 “Scheduled Principal Payments Deficiency
Notice” has the meaning specified in Section 4.1(e) of the Base Indenture. 
 “SDA” means a store
development agreement. 
 “SEC” means the United States Securities and Exchange Commission. 

“Secured Parties” means the Noteholders and the Trustee in its individual capacity, together with their respective successors
and assigns. 
 “Securities Act” means the Securities Act of 1933, as amended. 

“Securities Intermediary” has the meaning set forth in Section 5.8(a) of the Base Indenture. 

“Securitization Entities” means, collectively, the Master Issuer and the Guarantors, and each subsidiary thereof that is
joined as a guarantor in accordance with the terms of the Base Indenture and the Guarantee and Collateral Agreement. 

“Securitization Entity Insurance Proceeds” means any amounts received upon settlement of a claim filed under any insurance
policy maintained by the Securitization Entities in accordance with the Base Indenture. 

  
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 “Securitization IP” means, collectively, the Closing Date IP and any
After-Acquired Securitization IP, but excluding the Excluded IP. 
 “Securitization Operating Expense Account” has the
meaning set forth in Section 5.6 of the Base Indenture. 
 “Securitization Operating Expenses” means all
expenses incurred by the Securitization Entities and payable to third parties in connection with the maintenance and operation of the Securitization Entities and the transactions contemplated by the Related Documents to which they are a party (other
than those paid for from a Concentration Account or the Real Estate Obligations Accounts as provided for herein), including (i) accrued and unpaid taxes (other than United States federal, state, local and foreign taxes based on income, profits
or capital, including franchise, excise, withholding or similar taxes), filing fees and registration fees payable by the Securitization Entities to any federal, state, local or foreign Governmental Authority; (ii) fees and expenses payable to
(A) the Trustee under the Indenture or the other Related Documents to which it is a party (excluding Mortgage Recordation Fees), (B) the Back-Up Manager as Back-Up Manager Fees, (C) the Rating Agencies, (D) independent certified
public accountants (including, for the avoidance of doubt, any incremental auditor costs) or external legal counsel and (E) any stock exchange on which the Notes may be listed; (iii) the indemnification obligations of the Securitization
Entities under the Related Documents to which they are a party (including any interest thereon at the Advance Interest Rate, if applicable); and (iv) independent director and manager fees. 

“Senior ABS Leverage Ratio” means, as of any date of determination, the ratio of (a)(i) the aggregate principal amount of
each Series of Senior Notes Outstanding (provided that, with respect to each Series of Class A-1 Notes Outstanding, the aggregate principal amount of each such Series of Senior Notes will be deemed
to be the Class A-1 Notes Maximum Principal Amount for each such Series) as of the end of the most recently ended Quarterly Fiscal Period less (ii) the sum of (x) the cash and cash equivalents
of the Securitization Entities credited to the Senior Notes Interest Reserve Account and the Cash Trap Reserve Account as of the end of the most recently ended Quarterly Fiscal Period, (y) the cash and cash equivalents of the Securitization
Entities maintained in the Management Accounts as of the end of the most recently ended Quarterly Fiscal Period that, pursuant to a Weekly Manager’s Certificate delivered on or prior to such date, will be paid to the Manager or constitute the
Residual Amount on the next succeeding Weekly Allocation Date and (z) the available amount of the Interest Reserve Letter of Credit with respect to the Senior Notes as of the end of the most recently ended Quarterly Fiscal Period to
(b) Net Cash Flow for the preceding four Quarterly Collection Periods most recently ended as of such date and for which financial statements have been prepared. The Senior ABS Leverage Ratio shall be calculated in accordance with
Section 14.18(b) of the Base Indenture. 
 “Senior Debt” means the issuance of Indebtedness under the Indenture
by the Master Issuer that by its terms (through its alphabetical designation as “Class A” pursuant to the Series Supplement applicable to such Indebtedness) is senior in the right to receive interest and principal on such Indebtedness to
the right to receive interest and principal on any Senior Subordinated Notes or Subordinated Notes. 

  
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 “Senior Interest Allocation Shortfall” has the meaning set forth in
Section 5.12(a) of the Base Indenture. 
 “Senior Noteholder” means any Holder of Senior Notes of any Series.

 “Senior Notes” or “Class A Notes” means any Series or Class of any Series of Notes issued
that are designated as “Class A” and identified as “Senior Notes” in the applicable Series Supplement that constitute Senior Debt. 

“Senior Notes Accrued Quarterly Interest Amount” means, for each Weekly Allocation Date with respect to a Quarterly
Collection Period, and with respect to any Senior Notes Outstanding, the amount identified as “Senior Notes Accrued Quarterly Interest Amount” in the applicable Series Supplement. 

“Senior Notes Accrued Quarterly Post-ARD Contingent Interest Amount” means, for each Weekly Allocation Date with respect to a
Quarterly Collection Period an amount equal to the lesser of (a) the sum of (i) the product of (1) the Weekly Accrual Percentage for the applicable Weekly Collection Period and (2) the Senior Notes Aggregate Quarterly Post-ARD
Contingent Interest and (ii) the Carryover Senior Notes Accrued Quarterly Post-ARD Contingent Interest Amount for such Weekly Allocation Date and (b) the amount, if any, by which (i) Senior Notes Aggregate Quarterly Post-ARD
Contingent Interest exceeds (ii) the aggregate amount previously allocated to the Senior Notes Post-ARD Contingent Interest Account with respect to Senior Notes Quarterly Post-ARD Contingent Interest on each preceding Weekly Allocation Date
with respect to the Quarterly Collection Period. 
 “Senior Notes Accrued Quarterly Scheduled Principal Amount” means with
respect to each Quarterly Payment Date, the aggregate amounts identified as the “Senior Notes Accrued Quarterly Scheduled Principal Amount” in the applicable Series Supplement. 

“Senior Notes Aggregate Quarterly Post-ARD Contingent Interest” means, for any Interest Accrual Period, with respect to all
Senior Notes Outstanding, the aggregate amount of Senior Notes Quarterly Post-ARD Contingent Interest accrued on all such Senior Notes with respect to such Interest Accrual Period. 

“Senior Notes Interest Payment Account” has the meaning set forth in Section 5.6 of the Base Indenture. 

“Senior Notes Interest Reserve Account” means account no. entitled “Citibank, N.A. f/b/o DB Master Finance LLC,
Senior Notes Interest Reserve Account”, which account is maintained by the Trustee pursuant to Section 5.2(a) of the Base Indenture or any successor securities account maintained pursuant to Section 5.2(a) of the Base
Indenture. 
 “Senior Notes Interest Reserve Account Deficiency Amount” means, as of any date of determination the excess,
if any, of the Senior Notes Interest Reserve Amount over the sum of (a) the amount on deposit in the Senior Notes Interest Reserve Account and (b) the amount available under any Interest Reserve Letter of Credit relating to the Senior
Notes. 

  
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 “Senior Notes Interest Reserve Amount” means, with respect to any Quarterly
Payment Date (and any Weekly Allocation Date related thereto), the Senior Notes Quarterly Interest Amount due on the next Quarterly Payment Date (assuming that amounts available under the Variable Funding Note Purchase Agreements at such time (after
giving effect to any commitment reductions on such date) are fully drawn); provided that, with respect to the first Interest Accrual Period following the Closing Date, the Senior Notes Interest Reserve Amount will be an amount equal to
$24,150,000. 
 “Senior Notes Post-ARD Contingent Interest Account” has the meaning set forth in Section 5.6 of
the Base Indenture 
 “Senior Notes Principal Payment Account” has the meaning set forth in Section 5.6 of the
Base Indenture. 
 “Senior Notes Quarterly Interest” means, for any Interest Accrual Period, with respect to all Senior
Notes Outstanding, the aggregate Senior Notes Accrued Quarterly Interest Amount due and payable on all such Senior Notes with respect to such Interest Accrual Period. 

“Senior Notes Quarterly Interest Amount” means with respect to each Quarterly Payment Date, the aggregate amounts identified
as the “Senior Notes Quarterly Interest Amount” in the applicable Series Supplement. 
 “Senior Notes Quarterly Interest
Shortfall Amount” has the meaning set forth in Section 5.12(b) of the Base Indenture. 
 “Senior Notes
Quarterly Post-ARD Contingent Interest” means, for any Interest Accrual Period, with respect to any Class of Senior Notes Outstanding, the aggregate amount of interest accrued with respect to such Interest Accrual Period on each such Class
of Senior Notes that is identified as “Senior Notes Quarterly Post-ARD Contingent Interest” in the applicable Series Supplement; provided that if, on any Weekly Allocation Date or other date of determination, the actual amount of
any such interest cannot be ascertained, an estimate of such interest will be used to calculate the Senior Notes Quarterly Post-ARD Contingent Interest for such Weekly Allocation Date or other date of determination in accordance with the terms and
provisions of the applicable Series Supplement; provided further that any amount identified as “Senior Notes Quarterly Interest Amount” in any Series Supplement will under no circumstances be deemed to constitute “Senior Notes
Quarterly Post-ARD Contingent Interest.” 
 “Senior Notes Quarterly Scheduled Principal Amounts” means, with respect
to any Class of Senior Notes Outstanding, any Scheduled Principal Payments with respect to such Class of Senior Notes. 
 “Senior
Notes Quarterly Scheduled Principal Deficiency Amount” means, as of any date of determination, the aggregate amount, if any, of due and unpaid Senior Notes Quarterly Scheduled Principal Amounts on each Class of Senior Notes Outstanding with
respect to each Quarterly Payment Date prior to such date of determination. 
 “Senior Subordinated Debt” means the
issuance of Indebtedness under the Indenture by the Master Issuer that by its terms (through its alphabetical designation as “Class B” through 

  
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“Class L” pursuant to the Series Supplement applicable to such Indebtedness) (i) is senior in the right to receive interest and principal on such Indebtedness to the right to
receive interest and principal on any Subordinated Notes and (ii) subordinates the right to receive interest and principal on such Indebtedness to the right to receive interest and principal on any Senior Notes. 

“Senior Subordinated Noteholder” means any Holder of Senior Subordinated Notes of any Series. 

“Senior Subordinated Notes” means any issuance of Notes under the Indenture by the Master Issuer that are part of a Class
with an alphanumerical designation that contains any letter from “B” through “L” of the alphabet. 
 “Senior
Subordinated Notes Accrued Quarterly Interest Amount” means, for each Weekly Allocation Date with respect to a Quarterly Collection Period and any Senior Subordinated Notes, the amount defined in the applicable Series Supplement. 

“Senior Subordinated Notes Accrued Quarterly Post-ARD Contingent Interest Amount” means, for each Weekly Allocation Date with
respect to a Quarterly Collection Period and any Senior Subordinated Notes, the amount defined in the applicable Series Supplement. 

“Senior Subordinated Notes Accrued Quarterly Scheduled Principal Amount” means, for each Weekly Allocation Date with respect
to any Quarterly Collection Period and any Senior Subordinated Notes, the amount defined in the applicable Series Supplement. 

“Senior Subordinated Notes Interest Payment Account” has the meaning set forth in Section 5.6 of the Base
Indenture. 
 “Senior Subordinated Notes Interest Reserve Account” means an account established and maintained by the
Trustee pursuant to Section 5.3(a) of the Base Indenture or any successor securities account maintained pursuant to Section 5.3(a) of the Base Indenture. 

“Senior Subordinated Notes Interest Reserve Account Deficiency Amount” means, as of any date of determination, the excess, if
any, of the Senior Subordinated Notes Interest Reserve Amount over the sum of (a) the amount on deposit in the Senior Subordinated Notes Interest Reserve Account and (b) the amount available under any Interest Reserve Letter of Credit
relating to the Senior Subordinated Notes. 
 “Senior Subordinated Notes Interest Reserve Amount” means, with respect to
any Quarterly Payment Date (and any Weekly Allocation Date related thereto), an amount equal to the Senior Subordinated Notes Quarterly Interest Amount due on the next Quarterly Payment Date. 

“Senior Subordinated Notes Post-ARD Contingent Interest Account” has the meaning set forth in Section 5.6 of the
Base Indenture. 
 “Senior Subordinated Notes Principal Payment Account” has the meaning set forth in
Section 5.6 of the Base Indenture. 

  
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 “Senior Subordinated Notes Quarterly Interest Amount” means, with respect to
each Quarterly Payment Date, the aggregate amount of interest due and payable, with respect to the related Interest Accrual Period, on the Senior Subordinated Notes that is identified as “Senior Subordinated Notes Quarterly Interest
Amount” in the applicable Series Supplement (other than any Post-ARD Contingent Interest); provided, that any amount identified as “Post-ARD Contingent Interest” in any Series Supplement shall under no circumstances be deemed
to constitute part of the “Senior Subordinated Notes Quarterly Interest Amount.” 
 “Senior Subordinated Notes Quarterly
Post-ARD Contingent Interest” means, for any Interest Accrual Period, with respect to any Class of Senior Subordinated Notes Outstanding, the aggregate amount of interest accrued with respect to such Interest Accrual Period on each such
Class of Senior Subordinated Notes that is identified as “Senior Subordinated Notes Quarterly Post-ARD Contingent Interest” in the applicable Series Supplement; provided that if, on any Weekly Allocation Date or other date of
determination, the actual amount of any such interest cannot be ascertained, an estimate of such interest will be used to calculate the Senior Subordinated Notes Quarterly Post-ARD Contingent Interest for such Weekly Allocation Date or other date of
determination in accordance with the terms and provisions of the applicable Series Supplement; provided further that any amount identified as a “Senior Subordinated Notes Quarterly Interest Amount” in any Series Supplement will under no
circumstances be deemed to constitute “Senior Subordinated Notes Quarterly Post-ARD Contingent Interest.” 
 “Senior
Subordinated Notes Quarterly Scheduled Principal Amounts” means, with respect to any Class of Senior Subordinated Notes Outstanding, any Scheduled Principal Payments with respect to such Class of Senior Subordinated Notes. 

“Senior Subordinated Notes Quarterly Scheduled Principal Deficiency Amount” means, as of any date of determination, the
aggregate amount, if any, of due and unpaid Senior Subordinated Notes Quarterly Scheduled Principal Amounts on each Class of Senior Subordinated Notes Outstanding with respect to each Quarterly Payment Date prior to such date of determination. 

“Series 2015-1 Class A-1 Note Purchase Agreement” means the Class A-1 Note Purchase Agreement, dated as of the
Closing Date, executed in connection with the issuance of the Series 2015-1 Class A-1 Notes. 
 “Series 2015-1 Legal Final
Maturity Date” has the meaning set forth in the Series 2015-1 Supplement. 
 “Series 2015-1 Notes” means the Notes
issued pursuant to the Series 2015-1 Supplement to the Base Indenture, dated as of the date hereof, by and between the Master Issuer and the Trustee. 

“Series Account” means any account or accounts established pursuant to a Series Supplement for the benefit of a Series of
Notes (or any Class thereof). 
 “Series Anticipated Repayment Date” means, with respect to any Series of Notes, or Class
or Tranche thereunder, the “Anticipated Repayment Date” as set forth in the related Series Supplement, which will be the Series Anticipated Repayment Date for such Series of Notes, or Class or Tranche thereunder, as adjusted pursuant to
the terms of the applicable Series Supplement. 

  
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 “Series Closing Date” means, with respect to any Series of Notes, the date of
issuance of such Series of Notes, as specified in the applicable Series Supplement. 
 “Series Defeasance Date” has the
meaning set forth in Section 12.1(c) of the Base Indenture. 
 “Series Distribution Account” means, with
respect to any Series of Notes or any Class of any Series of Notes, an account established to receive distributions to be paid to the Noteholders of such Class or such Series of Notes pursuant to the applicable Series Supplement. 

“Series Hedge Agreement” means, with respect to any Series of Notes, the relevant Swap Contract, if any, described in the
applicable Series Supplement. 
 “Series Hedge Counterparty” means, with respect to any series of Notes, the relevant Hedge
Counterparty, if any, described in the applicable Series Supplement. 
 “Series Hedge Payment Amount” means all amounts
payable by the Master Issuer under a Series Hedge Agreement including any termination payment payable by the Master Issuer. 

“Series Hedge Receipts” means all amounts received by the Securitization Entities under a Series Hedge Agreement. 

“Series Legal Final Maturity Date” means, with respect to any Series, the “Legal Final Maturity Date” set forth in
the related Series Supplement. 
 “Series Non-Amortization Test” means, with respect to any Series or Class of Notes, the
test specified in the applicable Series Supplement or, if not specified therein, means a test that will be satisfied on any Quarterly Payment Date if the DBI Leverage Ratio is less than or equal to 5.00x as of the Quarterly Calculation Date
immediately preceding such Quarterly Payment Date. 
 “Series Obligations” means, with respect to a Series of Notes,
(a) all principal, interest, premiums, make-whole payments and Series Hedge Payment Amounts, at any time and from time to time, owing by the Master Issuer on such Series of Notes or owing by the Guarantors pursuant to the Guarantee and
Collateral Agreement on such Series of Notes and (b) the payment and performance of all other obligations, covenants and liabilities of the Master Issuer or the Guarantors arising under the Indenture, the Notes or any other Indenture Document,
in each case, solely with respect to such Series of Notes. 
 “Series of Notes” or “Series” means each
series of Notes issued and authenticated pursuant to the Base Indenture and the applicable Series Supplement. 
 “Series
Supplement” means a supplement to the Base Indenture complying (to the extent applicable) with the terms of Section 2.3 of the Base Indenture. 

  
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 “Servicer” means Midland Loan Services, a division of PNC Bank, National
Association, as servicer under the Servicing Agreement, and any successor thereto. 
 “Servicer Termination Event” has the
meaning set forth in the Servicing Agreement. 
 “Services” has the meaning set forth in the Management Agreement. 

“Servicing Agreement” means the Servicing Agreement, dated as of the Closing Date, by and among the Master Issuer, the other
Securitization Entities party thereto, the Manager, the Servicer and the Trustee, as amended, supplemented or otherwise modified from time to time. 

“Servicing Fees” has the meaning set forth in the Servicing Agreement. 

“Servicing Standard” has the meaning set forth in the Servicing Agreement. 

“Silver Pail Sourcing Agreement” means the Silver Pail Dairy Ice Cream Manufacturing Agreement, dated as of February 26,
2013, by and between DB UK Limited and Silver Pail Dairy, Ltd., as amended, supplemented or otherwise modified from time to time. 

“Single Employer Plan” means any Pension Plan that is covered by Title IV of ERISA, but that is not a Multiemployer
Plan. 
 “Software” means proprietary rights in computer programs, including in both source code and object code therefor,
together with related documentation and explanatory materials and databases, including any Copyrights, Patents and Trade Secrets therein. 

“Solvent” means with respect to any Persons as of any date of determination, (i) the fair value of the assets of such
Persons, when taken as a whole, will exceed their debts and liabilities, including contingent liabilities; (ii) the present fair saleable value of the property of such Persons, when taken as a whole, will be greater than the amount that will be
required to pay the probable liability of their debts and other liabilities as such debts and other liabilities become absolute and matured; (iii) such Persons, taken as a whole, do not intend to, and do not believe that they will, incur debts
or liabilities beyond their ability to pay such debts and liabilities as they mature; and (iv) such Persons, taken as a whole, will not have unreasonably small capital with which to conduct the business in which they are engaged as such
business is presently conducted and is proposed to be conducted after such date of determination, and no Event of Bankruptcy has occurred with respect to any such Persons. 

“Specified Bankruptcy Opinion Provisions” means the provisions contained in the legal opinion(s) delivered in connection with
the issuance of each Series of Notes relating to the non-substantive consolidation of the Securitization Entities with any of DBI or DBGI. 

“Specified Country” means, for the identified brands, the following listed countries: (i) for the Dunkin’ Donuts
Brand: United States, Korea, Philippines, Saudi Arabia, and Germany; (ii) for the Baskin-Robbins Brand: United States, Korea, Japan, Saudi Arabia and the United Arab Emirates. 

  
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 “Subclass” means, with respect to any Class of any Series of Notes, any one of
the subclasses of Notes of such Class as specified in the applicable Series Supplement. 
 “Sub-Management Arrangement”
means an arrangement whereby the Manager engages any other Person to perform certain of its duties under the Management 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-Managers” means the U.K.
Sub-Manager, the Ad Fund Administrator and any other sub-managers from time to time appointed by the Manager in compliance with the Management Agreement. 

“Subordinated Debt” means any issuance of Indebtedness under the Indenture by the Master Issuer that by its terms (through
its alphabetical designation as “Class M” through “Class Z” pursuant to the Series Supplement applicable to such Indebtedness) subordinates the right to receive interest and principal on such Indebtedness to the right to receive
interest and principal on any Senior Notes or Senior Subordinated Notes. 
 “Subordinated Debt Provisions” means, with
respect to the issuance of any Series of Notes that includes Subordinated Debt, the terms of such Subordinated Debt will include the following provisions: (a) if there is an Extension Period in effect with respect to the Senior Debt issued on
the Closing Date, the principal of any Subordinated Debt will not be permitted to be repaid out of the Priority of Payments unless such Senior Debt is no longer Outstanding, (b) if the Senior Debt issued on the Closing Date is refinanced on or
prior to the Series Anticipated Repayment Date of such Senior Debt and any such Subordinated Debt having a Series Anticipated Repayment Date on or before the Series Anticipated Repayment Date of such Senior Debt is not refinanced on or prior to the
Series Anticipated Repayment Date of such Senior Debt, such Subordinated Debt will begin to amortize on the date that the Senior Debt is refinanced pursuant to a scheduled principal payment schedule to be set forth in the applicable Series
Supplement and (c) if the Senior Debt issued on the Closing Date is not refinanced on or prior to the Quarterly Payment Date following the seventh anniversary of the Closing Date, such Subordinated Debt will not be permitted to be refinanced.

 “Subordinated Noteholders” means, collectively, the holders of any Subordinated Notes. 

“Subordinated Notes” means any issuance of Notes under the Indenture by the Master Issuer that are part of a Class with an
alphanumerical designation that contains any letter from “M” through “Z” of the alphabet. 
 “Subordinated Notes
Accrued Quarterly Interest Amount” means, for each Weekly Allocation Date with respect to a Quarterly Collection Period and any Subordinated Notes, the amount defined in the applicable Series Supplement. 

“Subordinated Notes Accrued Quarterly Post-ARD Contingent Interest Amount” means, for each Weekly Allocation Date with
respect to a Quarterly Collection Period and any Subordinated Notes, the amount defined in the applicable Series Supplement. 

  
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 “Subordinated Notes Accrued Quarterly Scheduled Principal Amount” means, for
each Weekly Allocation Date with respect to any Quarterly Collection Period and any Subordinated Notes, the amount defined in the applicable Series Supplement. 

“Subordinated Notes Interest Payment Account” has the meaning set forth in Section 5.6 of the Base Indenture.

 “Subordinated Notes Quarterly Interest Shortfall” has the meaning set forth in Section 5.12(k) of the Base
Indenture. 
 “Subordinated Notes Post-ARD Contingent Interest Account” has the meaning set forth in
Section 5.6 of the Base Indenture. 
 “Subordinated Notes Principal Payment Account” has the meaning set forth
in Section 5.6 of the Base Indenture. 
 “Subordinated Notes Quarterly Interest Amount” means, for any Interest
Accrual Period, with respect to any Class of Subordinated Notes Outstanding, the aggregate amount of interest due and payable, with respect to such Interest Accrual Period, on such Class of Subordinated Notes that is identified as a
“Subordinated Notes Quarterly Interest Amount” in the applicable Series Supplement; provided that if, on any Weekly Allocation Date or other date of determination, the actual amount of any such interest, fees or expenses cannot be
ascertained, an estimate of such interest, fees or expenses will be used to calculate the Subordinated Notes Quarterly Interest Amount for such Weekly Allocation Date or other date of determination in accordance with the terms and provisions of the
applicable Series Supplement; provided further that any amount identified as “Subordinated Notes Quarterly Post-ARD Contingent Interest” in any Series Supplement will under no circumstances be deemed to constitute a “Subordinated
Notes Quarterly Interest Amount”. 
 “Subordinated Notes Quarterly Post-ARD Contingent Interest” means, for any
Interest Accrual Period, with respect to any Class of Subordinated Notes Outstanding, the aggregate amount of interest accrued with respect to such Interest Accrual Period on each such Class of Subordinated Notes that is identified as
“Subordinated Notes Quarterly Post-ARD Contingent Interest” in the applicable Series Supplement; provided that if, on any Weekly Allocation Date or other date of determination, the actual amount of any such interest cannot be ascertained,
an estimate of such interest will be used to calculate the Subordinated Notes Quarterly Post-ARD Contingent Interest for such Weekly Allocation Date or other date of determination in accordance with the terms and provisions of the applicable Series
Supplement; provided, further, that any amount identified as “Subordinated Notes Quarterly Interest Amount” in any Series Supplement will under no circumstances be deemed to constitute “Subordinated Notes Quarterly Post-ARD Contingent
Interest.” 
 “Subordinated Notes Quarterly Scheduled Principal Amounts” means, with respect to any Class of
Subordinated Notes Outstanding, any Scheduled Principal Payments with respect to such Class of Subordinated Notes. 
 “Subordinated
Notes Quarterly Scheduled Principal Deficiency Amount” means, as of any date of determination, the aggregate amount, if any, of due and unpaid Subordinated Notes Quarterly Scheduled Principal Amounts on each Class of Subordinated Notes
Outstanding with respect to each Quarterly Payment Date prior to such date of determination. 

  
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 “Subsidiary” means, with respect to any Person (herein referred to as the
“parent”), any corporation, partnership, limited liability company, association or other business entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the
ordinary voting power or more than 50% of the general partnership interests are, at the time any determination is being made, owned, controlled or held by the parent or (b) that is, at the time any determination is being made, otherwise
controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. 

“Successor Manager” means any successor to the Manager selected by the Control Party (at the direction of the Controlling
Class Representative) upon the resignation or removal of the Manager pursuant to the terms of the Management Agreement. 

“Successor Manager Transition Expenses” means all costs and expenses incurred by a Successor Manager in connection with the
termination, removal and replacement of the Manager under the Management Agreement. 
 “Successor Servicer Transition
Expenses” means all costs and expenses incurred by a successor Servicer in connection with the termination, removal and replacement of the Servicer under the Servicing Agreement. 

“Supplement” means a supplement to the Base Indenture complying (to the extent applicable) with the terms of
Article XIII of the Base Indenture. 
 “Supplemental Management Fee” means for each Weekly Allocation Date with
respect to any Quarterly Collection Period the sum of (A) the amount by which, with respect to such Quarterly Collection Period, (i) the expenses incurred or other amounts charged by the Manager since the beginning of such Quarterly
Collection Period in connection with the performance of the Manager’s obligations under the Management Agreement, approved in writing by the Control Party acting at the direction of the Controlling Class Representative, exceeds
(ii) the Weekly Management Fees received and to be received by the Manager on such Weekly Allocation Date and each preceding Weekly Allocation Date with respect to such Quarterly Collection Period, plus (B) the Accrued Tax Amount,
approved in writing by the Control Party (with such approval not to be unreasonably withheld). 
 “SVC Administration
Expenses” means all expenditures in respect of the administration of the SVC Program. 
 “SVC Program” means the
stored value card operations for the Dunkin’ Donuts Brand and the Baskin-Robbins Brand. 
 “SVC Program Agreement”
means the SVC Program Agreement, dated as of the Closing Date by and among the Master Issuer, DD Franchisor, BR Franchisor and SVC. 

“SVC Receipts” means collectively, all amounts paid in connection with the sale or reloading of stored value cards. 

  
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 “Swap Contract” means (a) any and all rate swap transactions, basis swaps,
credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond
price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination
of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related
confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other
master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement. 

“Swap Termination Value” means, in respect of one or more swap contracts, after taking into account the effect of any legally
enforceable netting agreement relating to such swap contracts, (a) for any date on or after the date such swap contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and
(b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such swap contracts, as determined based upon one or more mid-market or other readily available quotations provided by any
recognized dealer in such swap contracts. 
 “Tax” means (i) any United States federal, state, local or foreign
income, gross receipts, license, payroll, employment, excise, severance, stamp, occupation, premium, environmental, customs duties, capital stock, profits, documentary, property, franchise, withholding, social security (or similar), unemployment,
disability, escheat obligation, real property, personal property, sales, use, transfer, registration, value added, alternative or add-on minimum, or other tax of any kind whatsoever, including any interest, penalty, fine, assessment or addition
thereto and (ii) any transferee liability in respect of any items described in clause (i) above. 
 “Tax Lien Reserve
Amount” means any funds contributed by DBI or a Subsidiary thereof to satisfy Liens filed by the Internal Revenue Service pursuant to Section 6323 of the Code against any Securitization Entity. 

“Tax Opinion” means an opinion of tax counsel of nationally recognized standing in the United States experienced in such
matters to be delivered in connection with the issuance of each new Series of Notes to the effect that, for United States federal income tax purposes, (a) the issuance of such new Series of Notes will not affect adversely the United States
federal income tax characterization of any Series of Notes Outstanding or Class thereof that was (based upon an Opinion of Counsel) treated as debt at the time of their issuance, (b) each Securitization Entity organized in the United States in
existence as of the date of the delivery of such opinion, and each other direct or indirect Subsidiary of the Master Issuer organized in the United States in existence as of the date of delivery of such opinion (i) will as of the date of
issuance be treated as a disregarded entity and (ii) will not as of the date of issuance be classified as a corporation or as an association or publicly traded partnership taxable as a corporation and (c) such new Series of Notes will as
of the date of issuance be treated as debt. 

  
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 “Tax Payment Deficiency” means any Tax liability of DBI (or, if DBI is not the
taxable parent entity of any Securitization Entity, such other taxable parent entity) (including Taxes imposed under Treasury Regulation Section 1.1502-6 (or any similar provision of state, local or foreign law)) attributable to the operations
of the Securitization Entities or their direct or indirect Subsidiaries that the Manager determines cannot be satisfied by DBI (or such other taxable parent entity) from its available funds. 

“Tax Lien Reserve Account” has the meaning set forth in Section 8.36 of the Base Indenture. 

“Third-Party License Agreements” means collectively, all license agreements (excluding all Franchise Documents and Product
Sourcing Arrangements) entered into by a Securitization Entity pursuant to which such Securitization Entity will license Securitization IP to a third-party licensee for the production and/or sale of goods and services. 

“Threshold DSCR” means, with respect to any Permitted Asset Disposition, Indemnification Amount or any Insurance/Condemnation
Proceeds, the DSCR as of the Quarterly Payment Date occurring in the month of May immediately preceding the date of (i) in the case of any Permitted Asset Disposition or Insurance/Condemnation Proceeds, the receipt by a Securitization Entity
of, respectively, the Net Cash Proceeds with respect to the applicable Permitted Asset Disposition or the applicable Insurance/Condemnation Proceeds, or (ii) in the case of an Indemnification Amount, the date that the applicable
Non-Securitization Entity 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 May thereafter, the Threshold DSCR shall be deemed to be greater than 2.75x. 

“Trademark” means proprietary rights in or arising from all United States, state and non-U.S. trademarks, service marks,
trade names, trade dress, designs, logos, slogans and other indicia of source or origin, whether registered or unregistered, registrations and pending applications to register the foregoing, internet domain names, and all goodwill of any business
connected with the use of or symbolized thereby. 
 “Trade Secrets” means trade secrets and other confidential or
proprietary information, including with respect to recipes, unpatented inventions, operating procedures, know how, procedures and formulas for preparing food and beverage products, specifications for certain food and beverage products, inventory
methods, customer service methods and financial control methods, and training techniques. 
 “Tranche” means, with respect
to any Class of Notes, any one of the tranches of Notes of such Class as specified in the applicable Series Supplement 

“Transaction Expenses” means all expenses and fees incurred in connection with the consummation of the transactions
contemplated by the Indenture and application of the proceeds of the Notes, including, without limitation, professional, financing and accounting fees, costs and expenses, transfer taxes and any premiums, fees, discounts, expenses and losses (and
any 

  
 71 

 
amortization thereof) payable in connection with a tender offer for and redemption or prepayment of Indebtedness (including amortization or write offs of debt issuance or deferred financing
costs, premiums and prepayment penalties). 
 “Trust Officer” means any officer within the corporate trust department of
the Trustee, including any Vice President, Assistant Vice President or Assistant Treasurer of the Corporate Trust Office, or any trust officer, or any officer customarily performing functions similar to those performed by the person who at the time
will be such officers, in each case having direct responsibility for the administration of this Indenture, and also any officer to whom any corporate trust matter is referred because of his knowledge of and familiarity with a particular subject.

 “Trustee” means the party named as such in the Indenture until a successor replaces it in accordance with the applicable
provisions of the Indenture and thereafter means the successor serving thereunder. On the Closing Date, the Trustee shall be Citibank, N.A., a national banking association. 

“Trustee Accounts” has the meaning set forth in Section 5.8(a) of the Base Indenture. 

“UCC” means the Uniform Commercial Code as in effect from time to time in the specified jurisdiction or any applicable
jurisdiction, as the case may be. 
 “U.K. Concentration Account” means account no., which account is maintained in the
name of the U.K. Franchisor and pledged to the Trustee into which the Manager causes amounts to be deposited pursuant to Section 5.10(a) of the Base Indenture or any successor account established for the U.K. Franchisor by the Manager
for such purpose pursuant to the Base Indenture and the Management Agreement, including any investment accounts related thereto into which funds are transferred for investment purposes pursuant to Section 5.1(b) of the Base Indenture.

 “U.K. Franchise Arrangement” means each Franchise Arrangement in the United Kingdom. 

“U.K. Franchisor” means BR UK Franchising LLC, a Delaware limited liability company, and its successors and assigns. 

“U.K. Franchisor IP Sublicense Agreement” means the Amendment to the U.K. Franchisor IP Sublicense Agreement dated as of
December 3, 2010 between the Master Issuer and the Former U.K. Franchisor, as amended, supplemented or otherwise modified from time to time. 

“U.K. Holdco” means Dunkin’ Brands International Holdings, Ltd., and its successors and assigns. 

“U.K. Intercompany Note” means that certain promissory note issued by U.K. Holdco to DBI in the initial principal amount of
approximately $30,000,000. 

  
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 “U.K. Sub-Manager” or “DB UK Limited” means Dunkin Brands (UK)
Limited, together with its permitted successors and assigns in such capacity. 
 “Unassigned Franchisee Lease” means as of
any date, those subleases entered into by any Franchisee, as tenant or subtenant, and any Former Contributor, as landlord or sub-landlord related to the Unassigned Prime Leases as of such date. 

“Unassigned Franchisee Lease Amounts” means all rent or any other payments due under or in connection with an Unassigned
Franchisee Lease. 
 “Unassigned Prime Leases” means, as of any date, those leases entered into prior to the Closing Date
by any Former Contributor, as tenant, and a third-party landlord, as landlord for which consent to transfer such leases to a Securitization Entity has not been obtained. 

“United States” or “U.S.” means the United States of America, its fifty states and the District of Columbia.

 “Unrestricted Cash” means as of any date, unrestricted cash and Eligible Investments owned by the Non-Securitization
Entities that are not, and are not presently required under the terms of any agreement or other arrangement binding any Non-Securitization Entity on such date to be, (a) pledged to or held in one or more accounts under the control of one or
more creditors of any Non-Securitization Entity or (b) otherwise segregated from the general assets of the Non-Securitization Entities, in one or more special accounts or otherwise, for the purpose of securing or providing a source of payment
for Indebtedness or other obligations that are or from time to time may be owed to one or more creditors of the Non-Securitization Entities. It is agreed that cash and Eligible Investments held in ordinary deposit or security accounts and not
subject to any existing or contingent restrictions on transfer by any Non-Securitization Entity will not be excluded from Unrestricted Cash by reason of setoff rights or other Liens created by law or by applicable account agreements in favor of the
depositary institutions or security intermediaries. 
 “U.S. Concentration Account” means account no., which account is
maintained in the name of the Master Issuer and pledged to the Trustee into which the Manager causes amounts to be deposited pursuant to Section 5.10(a) of the Base Indenture or any successor account established for the Master Issuer by
the Manager for such purpose pursuant to the Base Indenture and the Management Agreement, including any investment accounts related thereto into which funds are transferred for investment purposes pursuant to Section 5.1(b) of the Base
Indenture. 
 “U.S. Dollars” or “$” refers to lawful money of the United States of America. 

“U.S. Franchise Arrangement” means each Franchise Arrangement in the United States. 

“U.S. System Sales” means the Dunkin’ Donuts U.S. Sales plus the Baskin-Robbins U.S. Sales. 

“Variable Funding Note Purchase Agreement” means any note purchase agreement entered into by the Master Issuer in connection
with the issuance of Class A-1 Notes that is identified as a “Variable Funding Note Purchase Agreement” in the applicable Series Supplement. 

  
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 “Warm Back-Up Management Duties” has the meaning set forth in the Back-Up
Management Agreement. 
 “Warm Back-Up Management Trigger Event” means the occurrence and continuation of (i) any
event that causes a Cash Trapping Period to begin and that continues for at least two (2) consecutive Quarterly Calculation Dates or (ii) a Rapid Amortization Event, provided that any Rapid Amortization Event pursuant to clause
(ii) of the definition thereof shall not be a Warm Back-Up Management Trigger Event unless such Rapid Amortization Event has not been cured within six (6) months from the date of such Rapid Amortization Event, in each case, that has not
been waived or approved by the Controlling Class Representative. 
 “Weekly Accrual Percentage” means 10.0%. 

“Weekly Allocation Date” means the sixth (6th) Business Day
following the last day of each Weekly Collection Period, commencing on February 9, 2015. 
 “Weekly Collection Period”
means each weekly period commencing at 12:00 a.m. (New York City time) on each Sunday and ending at 11:59:59 p.m. (New York City time) on each Saturday of the immediately following week, except that the first such period will be from 12:00 a.m.
(New York City time) on the Cut-Off Date to 11:59:59 p.m. (New York City time) on January 31, 2015. 
 “Weekly Management
Fee” has the meaning set forth in the Management Agreement. 
 “Weekly Manager’s Certificate” has the meaning
specified in Section 4.1(a) of the Base Indenture. 
 “Welfare Plan” means any “employee welfare benefit
plan” as such term is defined in Section 3(1) of ERISA. 
 “Whitewave Foods Agreement” means the Dunkin Donuts
Licensing, Manufacturing, Marketing and Distribution Agreement, dated as of May 16, 2013, between Creamer Nation, LLC, DBI and The White Wave Foods Company. 

“Workout Fees” has the meaning set forth in the Servicing Agreement. 

  
 74EX-4.2

 Exhibit 4.2 

Execution Version 
  

 
 DB MASTER FINANCE LLC, 

as Master Issuer, 
 and

 CITIBANK, N.A., 

as Trustee and Series 2015-1 Securities Intermediary 

SERIES 2015-1 SUPPLEMENT 

Dated as of January 26, 2015 

to 
 BASE INDENTURE

 Dated as of January 26, 2015 
  

 
 $100,000,000 Series 2015-1 Variable
Funding Senior Notes, Class A-1 
 $750,000,000 Series 2015-1 3.262% Fixed Rate Senior Secured Notes, Class A-2-I 

$1,750,000,000 Series 2015-1 3.980% Fixed Rate Senior Secured Notes, Class A-2-II 

 
  

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
		
	PRELIMINARY STATEMENT	  	 	1	  
		
	 DESIGNATION
	  	 	1	  
		
	ARTICLE I DEFINITIONS	  	 	1	  
		
	 ARTICLE II INITIAL ISSUANCE, INCREASES AND DECREASES OF SERIES 2015-1 CLASS A-1 OUTSTANDING PRINCIPAL AMOUNT
	  	 	2	  
				
		 	Section 2.1	  	Procedures for Issuing and Increasing the Series 2015-1 Class A-1 Outstanding Principal Amount	  	 	2	  
		 	Section 2.2	  	Procedures for Decreasing the Series 2015-1 Class A-1 Outstanding Principal Amount	  	 	3	  
		
	 ARTICLE III SERIES 2015-1 ALLOCATIONS; PAYMENTS
	  	 	5	  
				
		 	Section 3.1	  	Allocations with Respect to the Series 2015-1 Notes	  	 	5	  
		 	Section 3.2	  	Application of Weekly Collections on Weekly Allocation Dates to the Series 2015-1 Notes; Quarterly Payment Date Applications	  	 	5	  
		 	Section 3.3	  	Certain Distributions from Series 2015-1 Distribution Accounts	  	 	5	  
		 	Section 3.4	  	Series 2015-1 Class A-1 Interest and Certain Fees	  	 	6	  
		 	Section 3.5	  	Series 2015-1 Class A-2 Interest	  	 	7	  
		 	Section 3.6	  	Payment of Series 2015-1 Note Principal	  	 	8	  
		 	Section 3.7	  	Series 2015-1 Class A-1 Distribution Account	  	 	15	  
		 	Section 3.8	  	Series 2015-1 Class A-2 Distribution Account	  	 	16	  
		 	Section 3.9	  	Trustee as Securities Intermediary	  	 	16	  
		 	Section 3.10	  	Manager	  	 	18	  
		 	Section 3.11	  	Replacement of Ineligible Accounts	  	 	18	  
		
	 ARTICLE IV FORM OF SERIES 2015-1 NOTES
	  	 	19	  
				
		 	Section 4.1	  	Issuance of Series 2015-1 Class A-1 Notes	  	 	19	  
		 	Section 4.2	  	Issuance of Series 2015-1 Class A-2 Notes	  	 	20	  
		 	Section 4.3	  	Transfer Restrictions of Series 2015-1 Class A-1 Notes	  	 	21	  
		 	Section 4.4	  	Transfer Restrictions of Series 2015-1 Class A-2 Notes	  	 	24	  
		 	Section 4.5	  	Section 3(c)(7) Procedures	  	 	30	  
		 	Section 4.6	  	Note Owner Representations and Warranties	  	 	33	  
		 	Section 4.7	  	Limitation on Liability	  	 	35	  
		
	 ARTICLE V GENERAL
	  	 	35	  
				
		 	Section 5.1	  	Information	  	 	35	  
		 	Section 5.2	  	Exhibits	  	 	36	  
		 	Section 5.3	  	Ratification of Base Indenture	  	 	36	  
		 	Section 5.4	  	Certain Notices to the Rating Agencies	  	 	36	  
		 	Section 5.5	  	Prior Notice by Trustee to the Controlling Class Representative and Control Party	  	 	36	  
		 	Section 5.6	  	Counterparts	  	 	36	  

  
 i 

									
			Section 5.7		Governing Law		 	37	  
			Section 5.8		Amendments		 	37	  
			Section 5.9		Termination of Series Supplement		 	37	  
			Section 5.10		Entire Agreement		 	37	  
			
	 ANNEXES
						
			
	 Annex A
		Series 2015-1 Supplemental Definitions List				
			
	 EXHIBITS
						
			
	 Exhibit A-1-1:
		Form of Series 2015-1 Class A-1 Advance Note				
	 Exhibit A-1-2:
		Form of Series 2015-1 Class A-1 Swingline Note				
	 Exhibit A-1-3:
		Form of Series 2015-1 Class A-1 L/C Note				
	 Exhibit A-2-1:
		Form of Rule 144A Global Series 2015-1 Class A-2-I Note				
	 Exhibit A-2-2:
		Form of Rule 144A Global Series 2015-1 Class A-2-II Note				
	 Exhibit A-2-3:
		Form of Temporary Regulation S Global Series 2015-1 Class A-2-I Note				
	 Exhibit A-2-4:
		Form of Temporary Regulation S Global Series 2015-1 Class A-2-II Note				
	 Exhibit A-2-5:
		Form of Permanent Regulation S Global Series 2015-1 Class A-2-I Note				
	 Exhibit A-2-6:
		Form of Permanent Regulation S Global Series 2015-1 Class A-2-II Note				
	 Exhibit B-1:
		Form of Transferee Certificate				
	 Exhibit B-2:
		Form of Transferee Certificate				
	 Exhibit B-3:
		Form of Transferee Certificate				
	 Exhibit B-4:
		Form of Transferee Certificate				
	 Exhibit C:
		Form of Quarterly Noteholder’s Report				
	 Exhibit D:
		Important Section 3(c)(7) Notice				

  
 ii 

 SERIES 2015-1 SUPPLEMENT, dated as of January 26, 2015 (this “Series
Supplement”), by and between DB MASTER FINANCE LLC, a Delaware limited liability company (the “Master Issuer”) and CITIBANK, N.A., a national banking association, as trustee (in such capacity, the
“Trustee”) and as Series 2015-1 Securities Intermediary, to the Base Indenture, dated as of the date hereof, by and between the Master Issuer and CITIBANK, N.A., as Trustee and as Securities Intermediary (as amended, modified or
supplemented from time to time, exclusive of Series Supplements, the “Base Indenture”). 
 PRELIMINARY STATEMENT 

WHEREAS, Sections 2.2 and 13.1 of the Base Indenture provide, among other things, that the Master Issuer and the Trustee
may at any time and from time to time enter into a Series Supplement to the Base Indenture for the purpose of authorizing the issuance of one or more Series of Notes (as defined in Annex A of the Base Indenture) upon satisfaction of the
conditions set forth therein; and 
 WHEREAS, all such conditions have been met for the issuance of the Series of Notes authorized
hereunder. 
 NOW, THEREFORE, the parties hereto agree as follows: 

DESIGNATION 
 There is
hereby created a Series of Notes to be issued pursuant to the Base Indenture and this Series Supplement, and such Series of Notes shall be designated as Series 2015-1 Notes. On the Series 2015-1 Closing Date, two Classes of Notes of such Series
shall be issued: (a) Series 2015-1 Variable Funding Senior Notes, Class A-1 (as referred to herein, the “Series 2015-1 Class A-1 Notes”) and (b) Series 2015-1 Senior Notes, Class A-2 (as referred to herein,
the “Series 2015-1 Class A-2 Notes”). The Series 2015-1 Class A-1 Notes shall be issued in three subclasses: (i) Series 2015-1 Class A-1 Advance Notes (as referred to herein, the “Series 2015-1
Class A-1 Advance Notes”), (ii) Series 2015-1 Class A-1 Swingline Notes (as referred to herein, the “Series 2015-1 Class A-1 Swingline Notes”), and (iii) Series 2015-1 Class A-1 L/C Notes (as
referred to herein, the “Series 2015-1 Class A-1 L/C Notes”). The Series 2015-1 Class A-2 Notes shall be issued in two subclasses: (i) Series 2015-1 3.262% Fixed Rate Senior Secured Notes, Class A-2-I (as
referred to herein, the “Series 2015-1 Class A-2-I Notes”) and (ii) Series 2015-1 3.980% Fixed Rate Senior Secured Notes, Class A-2-II (as referred to herein, the “Series 2015-1 Class A-2-II Notes).
For purposes of the Indenture, the Series 2015-1 Class A-1 Notes and the Series 2015-1 Class A-2 Notes shall be deemed to be “Senior Notes”. 

ARTICLE I 

DEFINITIONS 
 All
capitalized terms used herein (including in the preamble and the recitals hereto) shall have the meanings assigned to such terms in the Series 2015-1 Supplemental Definitions List attached hereto as Annex A (the “Series 2015-1
Supplemental Definitions List”) as such Series 2015-1 Supplemental Definitions List may be amended, supplemented or otherwise modified from time to time in accordance with the terms hereof. All capitalized terms not otherwise

 
defined therein shall have the meanings assigned thereto in the Base Indenture Definitions List attached to the Base Indenture as Annex A thereto, as such Base Indenture Definitions
List may be amended, supplemented or otherwise modified from time to time in accordance with the terms of the Base Indenture. Unless otherwise specified herein, all Article, Exhibit, Section or Subsection references herein shall refer to Articles,
Exhibits, Sections or Subsections of the Base Indenture or this Series Supplement (as indicated herein). Unless otherwise stated herein, as the context otherwise requires or if such term is otherwise defined in the Base Indenture, each capitalized
term used or defined herein shall relate only to the Series 2015-1 Notes and not to any other Series of Notes issued by the Master Issuer. 

ARTICLE II 
 INITIAL
ISSUANCE, INCREASES AND DECREASES OF 
 SERIES 2015-1 CLASS A-1 OUTSTANDING PRINCIPAL AMOUNT 

Section 2.1 Procedures for Issuing and Increasing the Series 2015-1 Class A-1 Outstanding Principal Amount. 

(a) Subject to satisfaction of the conditions precedent to the making of Series 2015-1 Class A-1 Advances set forth in the Series 2015-1
Class A-1 Note Purchase Agreement, (i) on the Series 2015-1 Closing Date, the Master Issuer may cause the Series 2015-1 Class A-1 Initial Advance Principal Amount to become outstanding by drawing ratably, at par, the initial principal
amounts of the Series 2015-1 Class A-1 Advance Notes corresponding to the aggregate amount of the Series 2015-1 Class A-1 Advances made on the Series 2015-1 Closing Date (the “Series 2015-1 Class A-1 Initial Advance”)
and (ii) on any Business Day during the Series 2015-1 Class A-1 Commitment Term that does not occur during a Cash Trapping Period, the Master Issuer may increase the Series 2015-1 Class A-1 Outstanding Principal Amount (such increase
referred to as an “Increase”), by drawing ratably (or as otherwise set forth in the Series 2015-1 Class A-1 Note Purchase Agreement), at par, additional principal amounts on the Series 2015-1 Class A-1 Advance Notes
corresponding to the aggregate amount of the Series 2015-1 Class A-1 Advances made on such Business Day; provided that at no time may the Series 2015-1 Class A-1 Outstanding Principal Amount exceed the Series 2015-1 Class A-1
Notes Maximum Principal Amount. The Series 2015-1 Class A-1 Initial Advance and each Increase shall be made in accordance with the provisions of Sections 2.02 and 2.03 of the Series 2015-1 Class A-1 Note Purchase
Agreement and shall be ratably (except as otherwise set forth in the Series 2015-1 Class A-1 Note Purchase Agreement) allocated among the Series 2015-1 Class A-1 Noteholders (other than the Series 2015-1 Class A-1 Subfacility
Noteholders in their capacity as such) as provided therein. Proceeds from the Series 2015-1 Class A-1 Initial Advance and each Increase shall be paid as directed by the Master Issuer in the applicable Series 2015-1 Class A-1 Advance
Request or as otherwise set forth in the Series 2015-1 Class A-1 Note Purchase Agreement. Upon receipt of written notice from the Master Issuer or the Series 2015-1 Class A-1 Administrative Agent of the Series 2015-1 Class A-1 Initial
Advance and any Increase, the Trustee shall indicate in its books and records the amount of the Series 2015-1 Class A-1 Initial Advance or such Increase, as applicable. 

(b) Subject to satisfaction of the applicable conditions precedent set forth in the Series 2015-1 Class A-1 Note Purchase Agreement, on
the Series 2015-1 Closing Date, the 

  
 2 

 
Master Issuer may cause (i) the Series 2015-1 Class A-1 Initial Swingline Principal Amount to become outstanding by drawing, at par, the initial principal amounts of the Series 2015-1
Class A-1 Swingline Notes corresponding to the aggregate amount of the Series 2015-1 Class A-1 Swingline Loans made on the Series 2015-1 Closing Date pursuant to Section 2.06 of the Series 2015-1 Class A-1 Note Purchase
Agreement (the “Series 2015-1 Class A-1 Initial Swingline Loan”) and (ii) the Series 2015-1 Class A-1 Initial Aggregate Undrawn L/C Face Amount to become outstanding by drawing, at par, the initial principal amounts
of the Series 2015-1 Class A-1 L/C Notes corresponding to the aggregate Undrawn L/C Face Amount of the Letters of Credit issued on the Series 2015-1 Closing Date pursuant to Section 2.07 of the Series 2015-1 Class A-1 Note
Purchase Agreement; provided that at no time may the Series 2015-1 Class A-1 Outstanding Principal Amount exceed the Series 2015-1 Class A-1 Notes Maximum Principal Amount. The procedures relating to increases in the Series 2015-1
Class A-1 Outstanding Subfacility Amount (each such increase referred to as a “Subfacility Increase”) through borrowings of Series 2015-1 Class A-1 Swingline Loans and issuance or incurrence of Series 2015-1 Class A-1
L/C Obligations are set forth in the Series 2015-1 Class A-1 Note Purchase Agreement. Upon receipt of written notice from the Master Issuer or the Series 2015-1 Class A-1 Administrative Agent of the issuance of the Series 2015-1
Class A-1 Initial Swingline Principal Amount and the Series 2015-1 Class A-1 Initial Aggregate Undrawn L/C Face Amount and any Subfacility Increase, the Trustee shall indicate in its books and records the amount of each such issuance and
Subfacility Increase. 
 Section 2.2 Procedures for Decreasing the Series 2015-1 Class A-1 Outstanding Principal Amount.

 (a) Mandatory Decrease. Whenever a Series 2015-1 Class A-1 Excess Principal Event shall have occurred, then, on or before
3:00 p.m. (New York City time) on the fourth Business Day immediately following the date on which the Manager or the Master Issuer obtains knowledge of such Series 2015-1 Class A-1 Excess Principal Event, the Master Issuer shall deposit in
the Series 2015-1 Class A-1 Distribution Account the amount of funds referred to in the next sentence and shall direct the Trustee in writing to distribute such funds in accordance with Section 4.02 of the Series 2015-1
Class A-1 Note Purchase Agreement. Such written direction of the Master Issuer shall include a report that will provide for the distribution of (i) funds sufficient to decrease the Series 2015-1 Class A-1 Outstanding Principal Amount
by the lesser of (x) the amount necessary, so that after giving effect to such decrease of the Series 2015-1 Class A-1 Outstanding Principal Amount on such date, no such Series 2015-1 Class A-1 Excess Principal Event shall exist and
(y) the amount that would decrease the Series 2015-1 Class A-1 Outstanding Principal Amount to zero (each decrease of the Series 2015-1 Class A-1 Outstanding Principal Amount pursuant to this Section 2.2(a), or any other
required payment of principal in respect of the Series 2015-1 Class A-1 Notes pursuant to Section 3.6 of this Series Supplement, a “Mandatory Decrease”), plus (ii) any associated Series 2015-1
Class A-1 Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 2015-1 Class A-1 Note Purchase Agreement). Such Mandatory Decrease shall be allocated among the Series 2015-1 Class A-1
Noteholders in accordance with the order of distribution of principal payments set forth in Section 4.02 of the Series 2015-1 Class A-1 Note Purchase Agreement. Upon obtaining knowledge of such a Series 2015-1 Class A-1 Excess
Principal Event, the Master Issuer promptly, but in any event within two (2) Business Days, shall deliver written notice (which may be given by facsimile or e-mail of a .pdf or similar file) of the need
for 

  
 3 

 
any such Mandatory Decreases to the Trustee and the Series 2015-1 Class A-1 Administrative Agent. In connection with any Mandatory Decrease, the Master Issuer shall reimburse the Trustee,
the Servicer and the Manager, as applicable, for any unreimbursed Advances and Manager Advances (in each case, with interest thereon at the Advance Interest Rate). 

(b) Voluntary Decrease. Except as provided in Section 2.2(d), on any Business Day, the Master Issuer may decrease the
Series 2015-1 Class A-1 Outstanding Principal Amount (each such decrease of the Series 2015-1 Class A-1 Outstanding Principal Amount pursuant to this Section 2.2(b), a “Voluntary Decrease”) by depositing in the
Series 2015-1 Class A-1 Distribution Account not later than 10:00 a.m. (New York City time) on the date specified as the decrease date in the prior written notice referred to below and providing a written report to the Trustee directing
the Trustee to distribute in accordance with the order of distribution of principal payments set forth in Section 4.02 of the Series 2015-1 Class A-1 Note Purchase Agreement (i) an amount (subject to the last sentence of this
Section 2.2(b)) up to the Series 2015-1 Class A-1 Outstanding Principal Amount equal to the amount of such Voluntary Decrease, plus (ii) any associated Series 2015-1 Class A-1 Breakage Amounts incurred as a result
of such decrease (calculated in accordance with the Series 2015-1 Class A-1 Note Purchase Agreement); provided that to the extent the deposit into the Series 2015-1 Class A-1 Distribution Account described above is made after
3:00 p.m. (New York City time) on any Business Day, the same shall be deemed to be deposited on the following Business Day; provided, further, that (x) in the case of Eurodollar Advances or CP Advances, the Master Issuer
shall provide written notice no later than 12:00 p.m. (New York City time) at least three (3) Business Days prior to such Voluntary Decrease and (y) in the case of Base Rate Advances, the Master Issuer shall provide written notice no later
than 12:00 p.m. (New York City time) at least one (1) Business Day prior to such Voluntary Decrease, in each case to each Series 2015-1 Class A-1 Investor and the Series 2015-1 Class A-1 Administrative Agent; provided,
further, that the Master Issuer shall provide written notice to the Trustee of any Voluntary Decrease no later than 12:00 p.m. (New York City time) at least one (1) Business Day prior to such Voluntary Decrease. Each such Voluntary
Decrease shall be in a minimum principal amount as provided in the Series 2015-1 Class A-1 Note Purchase Agreement. In connection with any Voluntary Decrease, the Master Issuer shall reimburse the Trustee, the Servicer and the Manager, as
applicable, for any unreimbursed Advances and Manager Advances (in each case, with interest thereon at the Advance Interest Rate). 
 (c)
Upon distribution to the Series 2015-1 Class A-1 Noteholders of principal of the Series 2015-1 Class A-1 Advance Notes in connection with each Decrease, the Trustee shall indicate in its books and records such Decrease. 

(d) The Series 2015-1 Class A-1 Note Purchase Agreement sets forth additional procedures relating to decreases in the Series 2015-1
Class A-1 Outstanding Subfacility Amount (each such decrease, together with any Voluntary Decrease or Mandatory Decrease allocated to the Series 2015-1 Class A-1 Subfacility Noteholders, referred to as a “Subfacility
Decrease”) through (i) borrowings of Series 2015-1 Class A-1 Advances to repay Series 2015-1 Class A-1 Swingline Loans and Series 2015-1 Class A-1 L/C Obligations or (ii) optional prepayments of Series 2015-1
Class A-1 Swingline Loans on same day notice. Upon receipt of written notice from the Master Issuer or the Series 2015-1 Class A-1 Administrative Agent of any Subfacility Decrease, the Trustee shall indicate in its books and records the
amount of such Subfacility Decrease. 

  
 4 

 ARTICLE III 

SERIES 2015-1 ALLOCATIONS; PAYMENTS 

With respect to the Series 2015-1 Notes only, the following shall apply: 

Section 3.1 Allocations with Respect to the Series 2015-1 Notes. On the Series 2015-1 Closing Date, $650,000 of the net proceeds
from the initial sale of the Series 2015-1 Notes will be deposited into the Senior Notes Interest Reserve Account and the remainder of the net proceeds from the sale of the Series 2015-1 Notes will be paid to, or at the direction of, the Master
Issuer. 
 Section 3.2 Weekly Allocation Date Applications; Quarterly Payment Date Applications. On each Weekly Allocation Date,
the Master Issuer (or the Manager on its behalf) shall instruct the Trustee in writing to allocate from the Collection Account all amounts relating to the Series 2015-1 Notes pursuant to, and to the extent that funds are available therefor in
accordance with the provisions of, the Priority of Payments. 
 Section 3.3 Certain Distributions from Series 2015-1 Distribution
Accounts. On each Quarterly Payment Date, based solely upon the most recent Quarterly Noteholder’s Report, the Trustee shall, in accordance with Section 6.1 of the Base Indenture, remit (i) to the Series 2015-1
Class A-1 Noteholders from the Series 2015-1 Class A-1 Distribution Account, the amounts withdrawn from the Senior Notes Interest Payment Account, Class A-1 Notes Commitment Fees Account and Senior Notes Principal Payment Account,
pursuant to Section 5.12(a), (d) or (h), as applicable, of the Base Indenture, and deposited in the Series 2015-1 Class A-1 Distribution Account for the payment of interest and fees and, to the extent applicable,
principal on such Quarterly Payment Date and (ii) to the Series 2015-1 Class A-2 Noteholders from the Series 2015-1 Class A-2 Distribution Account, the amounts withdrawn from the Senior Notes Interest Payment Account and Senior Notes
Principal Payment Account, as applicable, pursuant to Section 5.12(a) or (h), as applicable, of the Base Indenture, and deposited in the Series 2015-1 Class A-2 Distribution Account for the payment of interest and, to the
extent applicable, principal on such Quarterly Payment Date. 
 Notwithstanding anything to the contrary herein or in the Base Indenture,
except as (i) provided under Section 3.6(f) or (ii) explicitly directed by the Master Issuer (or the Manager on its behalf) with respect to payments of Quarterly Scheduled Principal Amounts made under
Section 3.6(c)(ii) following the satisfaction of the Series 2015-1 Non-Amortization Test, each payment in respect of the Series 2015-1 Class A-2 Notes shall be distributed between the Tranches
in accordance with (A) such amounts due with respect to interest on, principal of or otherwise with respect to such Tranches as provided hereunder or (B) if not otherwise provided hereunder, the Tranche Percentage of such payment amount
applicable to each such Tranche; provided that, in each case, any shortfall in such payment amount shall be allocated based on the Tranche Percentage applicable to each such Tranche; provided, further, that all distributions to
Noteholders of a Tranche shall be ratably allocated among the Noteholders within each applicable Tranche based on their respective portion of the Series 2015-1 Outstanding Principal Amount of such Tranche. 

  
 5 

 Section 3.4 Series 2015-1 Class A-1 Interest and Certain Fees. 

(a) Series 2015-1 Class A-1 Note Rate and L/C Fees. From and after the Series 2015-1 Closing Date, the applicable portions of the
Series 2015-1 Class A-1 Outstanding Principal Amount will accrue (i) interest at the Series 2015-1 Class A-1 Note Rate and (ii) L/C Quarterly Fees at the applicable rates provided therefor in the Series 2015-1 Class A-1 Note
Purchase Agreement. Such accrued interest and fees will be due and payable in arrears on each Quarterly Payment Date from amounts that are made available for payment thereof (i) on any related Weekly Allocation Date in accordance with the
Priority of Payments and (ii) on such Quarterly Payment Date in accordance with Section 5.12 of the Base Indenture, commencing on May 20, 2015; provided that in any event all accrued but unpaid interest and fees shall be
paid in full on the Series 2015-1 Legal Final Maturity Date, on any Series 2015-1 Prepayment Date with respect to a prepayment in full of the Series 2015-1 Class A-1 Notes or on any other day on which all of the Series 2015-1 Class A-1
Outstanding Principal Amount is required to be paid in full. To the extent any such amount is not paid when due, such unpaid amount will accrue interest at the Series 2015-1 Class A-1 Note Rate. 

(b) Undrawn Commitment Fees. From and after the Series 2015-1 Closing Date, Undrawn Commitment Fees will accrue as provided in the
Series 2015-1 Class A-1 Note Purchase Agreement. Such accrued fees will be due and payable in arrears on each Quarterly Payment Date, from amounts that are made available for payment thereof (i) on any related Weekly Allocation Date in
accordance with the Priority of Payments and (ii) on such Quarterly Payment Date in accordance with Section 5.12 of the Base Indenture, commencing on May 20, 2015. To the extent any such amount is not paid when due, such unpaid
amount will accrue interest at the Series 2015-1 Class A-1 Note Rate. 
 (c) Series 2015-1 Class A-1 Post-Renewal Date
Contingent Interest. From and after the Series 2015-1 Class A-1 Notes Renewal Date, if the Series 2015-1 Final Payment has not been made, additional interest will accrue on the Series 2015-1 Class A-1 Outstanding Principal Amount
(excluding any Undrawn L/C Face Amounts included therein) at an annual rate equal to 5.00% per annum (the “Series 2015-1 Class A-1 Post-Renewal Date Contingent Interest Rate”) in addition to the regular interest that will
continue to accrue at the Series 2015-1 Class A-1 Note Rate. Any Series 2015-1 Class A-1 Post-Renewal Date Contingent Interest will be due and payable on any applicable Quarterly Payment Date, as and when amounts are made available for
payment thereof (i) on any related Weekly Allocation Date in accordance with the Priority of Payments and (ii) on such Quarterly Payment Date in accordance with Section 5.12 of the Base Indenture, in the amount so made
available, and failure to pay any Series 2015-1 Class A-1 Post-Renewal Date Contingent Interest in excess of available amounts in accordance with the foregoing will not be an Event of Default and interest will not accrue on any unpaid portion
thereof. 
 (d) Series 2015-1 Class A-1 Initial Interest Accrual Period. The initial Interest Accrual Period for the Series
2015-1 Class A-1 Notes shall commence on the Series 2015-1 Closing Date and end on (but exclude) May 14, 2015. 

  
 6 

 Section 3.5 Series 2015-1 Class A-2 Interest. 

(a) Series 2015-1 Class A-2 Note Rate. From the Series 2015-1 Closing Date until the Series 2015-1 Class A-2 Outstanding
Principal Amount with respect to a Tranche has been paid in full, the Series 2015-1 Class A-2 Outstanding Principal Amount with respect to such Tranche (after giving effect to all payments of principal made to Noteholders as of the first day of
each Interest Accrual Period, or if such day is not a Quarterly Payment Date, as of the following Quarterly Payment Date, and also giving effect to repurchases and cancellations and Optional Scheduled Principal Prepayments of Series 2015-1
Class A-2 Notes during such Interest Accrual Period) will accrue interest at the Series 2015-1 Class A-2 Note Rate. Such accrued interest will be due and payable in arrears on each Quarterly Payment Date, from amounts that are made
available for payment thereof (i) on any related Weekly Allocation Date in accordance with the Priority of Payments and (ii) on such Quarterly Payment Date in accordance with Section 5.12 of the Base Indenture, commencing on
May 20, 2015; provided that in any event all accrued but unpaid interest shall be due and payable in full on the Series 2015-1 Legal Final Maturity Date, on any Series 2015-1 Prepayment Date with respect to a prepayment in full of any
Tranche of the Series 2015-1 Class A-2 Notes or on any other day on which all of the Series 2015-1 Class A-2 Outstanding Principal Amount is required to be paid in full. To the extent any interest accruing at the Series 2015-1
Class A-2 Note Rate is not paid when due, such unpaid interest will accrue interest at the Series 2015-1 Class A-2 Note Rate. All computations of interest at the Series 2015-1 Class A-2 Note Rate shall be made on the basis of a year
of 360 days and twelve 30-day months. 
 (b) Series 2015-1 Class A-2 Quarterly Post-ARD Contingent Interest. 

(i) Post-ARD Contingent Interest. From and after the Series 2015-1 Anticipated Repayment Date, as applicable to each Tranche of Series
2015-1 Class A-2 Notes, until the Series 2015-1 Class A-2 Outstanding Principal Amount with respect to such Tranche has been paid in full, additional interest (“Series 2015-1 Class A-2 Quarterly Post-ARD Contingent
Interest”) will accrue on the applicable Series 2015-1 Class A-2 Notes at an annual interest rate (the “Series 2015-1 Class A-2 Quarterly Post-ARD Contingent Interest Rate”) equal to the rate determined by the
Servicer to be the greater of (A) 5.00% per annum and (B) a rate equal to the amount, if any, by which (a) the sum of (x) the yield to maturity (adjusted to a quarterly bond-equivalent basis) on such Series 2015-1 Anticipated Repayment Date of the United States Treasury Security having a term closest to 10 years, plus (y) 5.00%, plus (z) (1) with respect to the Series
2015-1 Class A-2-I Notes, 3.262% and (2) with respect to the Series 2015-1 Class A-2-II Notes, 3.980%, exceeds (b) the Series 2015-1 Class A-2 Note Rate with respect to such Tranche. All computations of Series 2015-1 Class A-2 Quarterly Post-ARD Contingent Interest shall be made on the
basis of a 360-day year and twelve 30-day months; provided that no Series 2015-1 Class A-2 Quarterly Post-ARD Contingent Interest shall accrue on any Tranche that has been defeased pursuant to Section 3.6(m). 

(ii) Payment of Series 2015-1 Class A-2 Quarterly Post-ARD Contingent Interest. Any Series 2015-1 Class A-2 Quarterly
Post-ARD Contingent Interest will be due and payable on any applicable Quarterly Payment Date as and when amounts are made available for payment thereof (i) on any related Weekly Allocation Date in accordance with the Priority of Payments and
(ii) on such Quarterly Payment Date in accordance with Section 5.12 of 

  
 7 

 
the Base Indenture, in the amount so available. For the avoidance of doubt, Series 2015-1 Class A-2 Quarterly Post-ARD Contingent Interest shall accrue and be payable in addition to the
interest accrued on the applicable Tranche at the applicable Series 2015-1 Class A-2 Note Rate. The failure to pay any Series 2015-1 Class A-2 Quarterly Post-ARD Contingent Interest in excess of
available amounts in accordance with the foregoing (including on the Series 2015-1 Legal Final Maturity Date) will not be an Event of Default and interest will not accrue on any unpaid portion thereof. 

(c) Series 2015-1 Class A-2 Initial Interest Accrual Period. The initial Interest Accrual Period for the Series 2015-1
Class A-2 Notes shall commence on the Series 2015-1 Closing Date and end on (but exclude) May 20, 2015. 
 Section 3.6
Payment of Series 2015-1 Note Principal. 
 (a) Series 2015-1 Notes Principal Payment at Legal Maturity. The Series 2015-1
Outstanding Principal Amount shall be due and payable on the Series 2015-1 Legal Final Maturity Date. The Series 2015-1 Outstanding Principal Amount is not prepayable, in whole or in part, except as set forth in this Section 3.6 and, in
respect of the Series 2015-1 Class A-1 Outstanding Principal Amount, Section 2.2 of this Series Supplement. 
 (b)
Series 2015-1 Anticipated Repayment. The “Series 2015-1 Anticipated Repayment Date” means, (i) with respect to the Series 2015-1
Class A-2-I Notes, the Quarterly Payment Date occurring in February 2019 and (ii) with respect to the Series 2015-1 Class A-2-II Notes, the Quarterly Payment Date occurring in February 2022. The
initial Series 2015-1 Class A-1 Notes Renewal Date will be the Quarterly Payment Date occurring in February, 2020, unless extended as provided below in this Section 3.6(b). 

(i) First Extension Election. Subject to the conditions set forth in Section 3.6(b)(iii) of this Series Supplement, the
Manager shall have the option to elect (the “Series 2015-1 First Extension Election”) to extend the Series 2015-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in February, 2021 by delivering written
notice to the Administrative Agent, the Trustee and the Control Party no later than the Quarterly Payment Date occurring in February, 2020 to the effect that the conditions precedent to such Series 2015-1 First Extension Election have been
satisfied. 
 (ii) Second Extension Election. Subject to the conditions set forth in Section 3.6(b)(iii) of this Series
Supplement, if the Series 2015-1 First Extension Election has been made and become effective, the Manager shall have the option to elect (the “Series 2015-1 Second Extension Election”) to extend the Series 2015-1 Class A-1
Notes Renewal Date to the Quarterly Payment Date occurring in February, 2022 by delivering written notice to the Administrative Agent, the Trustee and the Control Party no later than the Quarterly Payment Date occurring in February, 2021 to the
effect that the conditions precedent to such Series 2015-1 Second Extension Election have been satisfied. 
 (iii) Conditions Precedent
to Extension Elections. It shall be a condition to the extensions of the Series 2015-1 Class A-1 Notes Renewal Date that, in the case of Section 3.6(b)(i), on the Quarterly Payment Date occurring in February, 2020, or in the
case of 

  
 8 

 
Section 3.6(b)(ii), on the Quarterly Payment Date occurring in February, 2021 (a) either the rating assigned to the Series 2015-1 Class A-2 Notes by Standard &
Poor’s has not been downgraded below “BBB” or withdrawn or that such downgrade or withdrawal was caused primarily by the bankruptcy, insolvency or other financial difficulty experienced by any entity other than an Affiliate of DBI and
(b) all Class A-1 Extension Fees shall have been paid on or prior to such Quarterly Payment Date. Any notice given pursuant to Section 3.6(b)(i) or (ii) of this Series Supplement shall be irrevocable;
provided that if the conditions set forth in this Section 3.6(b)(iii) are not met as of the applicable extension date, the election set forth in such notice shall automatically be deemed ineffective. For the avoidance of doubt, no
consent of the Trustee or the Administrative Agent shall be necessary for the effectiveness of the Series 2015-1 Extension Elections. 
 (c)
Payment of Accrued Quarterly Scheduled Principal Amount, Quarterly Scheduled Principal Amounts and Quarterly Scheduled Principal Deficiency Amounts. 

(i) Accrued Quarterly Scheduled Principal Amounts will be allocated on each Weekly Allocation Date (other than in respect of amounts paid
pursuant to Section 3.6(f)(ii)) in accordance with the Priority of Payments, in the amount so available, and failure to pay any Accrued Quarterly Scheduled Principal Amounts in excess of available amounts in accordance with the foregoing
will not be an Event of Default. 
 (ii) Quarterly Scheduled Principal Amounts will be due and payable on each Quarterly Payment Date
(other than in respect of amounts paid pursuant to Section 3.6(f)(ii)) in accordance with Section 5.12 of the Base Indenture, in the amount so available, and failure to pay any Quarterly Scheduled Principal Amounts in excess
of available amounts in accordance with the foregoing will not be an Event of Default; provided that Quarterly Scheduled Principal Amounts will only be due and payable on a Quarterly Payment Date if (i) the Series 2015-1 Non-Amortization
Test is not satisfied with respect to such Quarterly Payment Date; provided that the Series 2015-1 Non-Amortization Test shall only apply so long as no Rapid Amortization Event shall have occurred and be continuing and (ii) such
Quarterly Payment Date is prior to the Series 2015-1 Anticipated Repayment Date, as applicable; provided, further that if the Series 2015-1 Non-Amortization Test is satisfied, the Master Issuer
may, at its option, pay all or any part of such Quarterly Scheduled Principal Amounts with respect to any or all of the Tranches on such Quarterly Payment Date. 

(iii) On each Weekly Allocation Date and each Quarterly Payment Date, the Quarterly Scheduled Principal Deficiency Amount, if any, with
respect to such Quarterly Payment Date will be allocated or due and payable, respectively, as and when amounts are made available for payment thereof (i) on any related Weekly Allocation Date in accordance with the Priority of Payments and
(ii) on such Quarterly Payment Date in accordance with Section 5.12 of the Base Indenture, in the amount so available, and failure to pay any Quarterly Scheduled Principal Deficiency Amounts in excess of available amounts in
accordance with the foregoing will not be an Event of Default. 

  
 9 

 (d) Series 2015-1 Notes Mandatory Payments of Principal. 

(i) During any Rapid Amortization Period, principal payments shall be due and payable on each Quarterly Payment Date on the applicable
Classes of Series 2015-1 Notes as and when amounts are made available for payment thereof (i) on any related Weekly Allocation Date in accordance with the Priority of Payments and (ii) on such Quarterly Payment Date in accordance with
Section 5.12 of the Base Indenture, in the amount so available, together with any Series 2015-1 Class A-2 Make-Whole Prepayment Premium required to be paid in connection therewith pursuant to Section 3.6(e) of this
Series Supplement; provided, for avoidance of doubt, that it shall not constitute an Event of Default if any such Series 2015-1 Class A-2 Make-Whole Prepayment Premium is not paid because insufficient funds are available to pay such
Series 2015-1 Class A-2 Make-Whole Prepayment Premium, in accordance with the Priority of Payments. Such payments shall be ratably allocated among the Series 2015-1 Noteholders within each applicable Class and Tranche, as applicable, based on
their respective portion of the Series 2015-1 Outstanding Principal Amount of such Class and Tranche, as applicable (or, in the case of the Series 2015-1 Class A-1 Noteholders, in accordance with the order of distribution of principal payments
set forth in Section 4.02 of the Series 2015-1 Class A-1 Note Purchase Agreement). 
 (ii) During any Series 2015-1
Class A-1 Notes Amortization Period, principal payments shall be due and payable on each Quarterly Payment Date on the applicable Series 2015-1 Class A-1 Notes as and when amounts are made available for payment thereof (i) on any
related Weekly Allocation Date in accordance with the Priority of Payments and (ii) on such Quarterly Payment Date in accordance with Section 5.12 of the Base Indenture, in the amount so available. Such payments shall be allocated
among the Series 2015-1 Class A-1 Noteholders, in accordance with the order of distribution of principal payments set forth in Section 4.02 of the Series 2015-1 Class A-1 Note Purchase Agreement. For the avoidance of doubt, no
Series 2015-1 Class A-2 Make-Whole Prepayment Premium will be due in connection with any principal payments on the Series 2015-1 Class A-1 Notes. 

(e) Series 2015-1 Class A-2 Make-Whole Prepayment Premium Payments. In connection with any mandatory prepayment of any Series
2015-1 Class A-2 Notes made during a Rapid Amortization Period pursuant to Section 3.6(d)(i) or in connection with any Asset Disposition Proceeds pursuant to Section 3.6(j), or in connection with any optional prepayment
of any Series 2015-1 Class A-2 Notes or a Tranche made pursuant to Section 3.6(f)(i) (each, a “Series 2015-1 Class A-2 Prepayment”), in each case prior to the applicable Series 2015-1 Anticipated Repayment
Date, the Master Issuer shall pay, in the manner described herein, the Series 2015-1 Class A-2 Make-Whole Prepayment Premium to the Series 2015-1 Class A-2 Noteholders with respect to the principal portion of the applicable Series 2015-1
Prepayment Amount; provided that no such Series 2015-1 Class A-2 Make-Whole Prepayment Premium shall be payable in connection with (A) (i) with respect to the Series 2015-1 Class A-2-I
Notes, prepayments made on or after the Quarterly Payment Date in the 15th month prior to the Series 2015-1 Anticipated Repayment Date, as applicable and (ii) with respect to the Series 2015-1 Class A-2-II Notes, prepayments made on or after the Quarterly Payment Date in the 36th month prior to the Series 2015-1 Anticipated Repayment Date, as applicable (the “Make-Whole End Date”), (B) any prepayment funded by Indemnification Amounts or Insurance/Condemnation Proceeds and (C) Quarterly
Scheduled Principal Amounts (including those paid at the option of 

  
 10 

 
the Master Issuer when the Series 2015-1 Non-Amortization Test has been satisfied and any Optional Scheduled Principal Prepayment) or Quarterly Scheduled Principal Deficiency Amounts. 

(f) Optional Prepayment of Series 2015-1 Class A-2 Notes. 

(i) Subject to Section 3.6(e) and (g) of this Series Supplement, the Master Issuer shall have the option to prepay
both or either of the Tranches in whole on any Business Day or in part on any Quarterly Payment Date or on any date a mandatory prepayment may be made and that is specified as the Series 2015-1 Prepayment Date in the applicable Prepayment Notices;
provided that the Master Issuer shall not make any optional prepayment in part of any Tranche pursuant to this Section 3.6(f)(i) in a principal amount for any single prepayment of less than $5,000,000 on any Quarterly Payment Date
(except that any such prepayment may be in a principal amount less than such amount if effected on the same day as any partial mandatory prepayment or repayment pursuant to this Series Supplement); provided, further, that no such
optional prepayment may be made unless (i) the amount on deposit in the Senior Notes Principal Payment Account (including amounts to be transferred from the Cash Trap Reserve Account) that is allocable to the Tranches to be prepaid is
sufficient to pay the principal amount of the Tranches to be prepaid and any Series 2015-1 Class A-2 Make-Whole Prepayment Premium required pursuant to Section 3.6(e), in each case, payable on the relevant Series 2015-1 Prepayment
Date; (ii) the amount on deposit in the Senior Notes Interest Payment Account that is allocable to the Outstanding Principal Amount of the Tranches to be prepaid is sufficient to pay (A) the Class A-2 Quarterly Interest to but
excluding the relevant Series 2015-1 Prepayment Date relating to the Outstanding Principal Amount of the Tranches to be prepaid (other than any Post-ARD Contingent Interest) and (B) only if such optional prepayment is a prepayment of the Series
2015-1 Class A-2 Notes in whole, (x) the Series 2015-1 Class A-2 Quarterly Post-ARD Contingent Interest and (y) all Securitization Operating Expenses, to the extent attributable to the Series 2015-1 Class A-2 Notes or, in
each case, such amounts have been deposited to the Series 2015-1 Class A-2 Distribution Account pursuant to Section 3.6(h)); and (iii) the Master Issuer shall reimburse the Trustee, the Servicer and the Manager, as applicable,
for any unreimbursed Advances and Manager Advances (in each case, with interest thereon at the Advance Interest Rate). The Master Issuer may prepay a Series of Notes in full at any time regardless of the number of prior optional prepayments or any
minimum payment requirement. 
 (ii) Subject to Section 3.6(g) of this Series Supplement, the Master Issuer shall have the
option to prepay one or more future Quarterly Scheduled Principal Amounts with respect to both or either of the Tranches (each, an “Optional Scheduled Principal Prepayment”) in full on any Quarterly Payment Date (each, a
“Scheduled Principal Prepayment Date”); provided that such Optional Scheduled Principal Prepayment is accompanied by the Series 2015-1 Class A-2 Scheduled Principal Prepayment Premium. 

(g) Notices of Prepayments. The Master Issuer shall give prior written notice (each, a “Prepayment Notice”)
(i) at least fifteen (15) Business Days but not more than twenty (20) Business Days prior to any Series 2015-1 Prepayment Date and (ii) at least three (3) Business Days prior to any Scheduled Principal Prepayment Date with
respect to the Series 2015-1 Class A-2 Notes pursuant to Section 3.6(f)(ii) of this Series Supplement, to each Series 2015-1 Noteholder affected by the applicable Series 2015-1 Prepayment or Optional Scheduled

  
 11 

 
Principal Prepayment, each of the Rating Agencies, the Servicer, the Control Party and the Trustee; provided that at the request of the Master Issuer, such notice to the affected Series
2015-1 Noteholders shall be given by the Trustee in the name and at the expense of the Master Issuer. In connection with any such Prepayment Notice, the Master Issuer shall provide a written report to the Trustee directing the Trustee to distribute
such prepayment in accordance with the applicable provisions of Section 3.6(k) of this Series Supplement. With respect to each such Series 2015-1 Prepayment or Optional Scheduled Principal Prepayment, the related Prepayment Notice shall,
in each case, specify (A) the Series 2015-1 Prepayment Date or Scheduled Principal Prepayment Date on which such prepayment will be made, which in all cases shall be a Business Day, (B) the Series 2015-1 Prepayment Amount or amount of such
Optional Scheduled Principal Prepayment and (C) the date on which the applicable Series 2015-1 Class A-2 Make-Whole Prepayment Premium, if any, or Series 2015-1 Class A-2 Scheduled Principal Prepayment Premium to be paid in connection
therewith will be calculated, which calculation date shall be no earlier than the fifth Business Day before such Series 2015-1 Prepayment Date or Scheduled Principal Prepayment Date (the “Series 2015-1 Make-Whole Premium Calculation
Date”). The Master Issuer shall have the option, by written notice to the Trustee, the Servicer, the Control Party, the Rating Agencies and the affected Noteholders, to withdraw, or amend the Series 2015-1 Prepayment Date or the Scheduled
Principal Prepayment Date set forth in any Prepayment Notice relating to an optional prepayment at any time up to the second Business Day before the Series 2015-1 Prepayment Date or the Scheduled Principal Prepayment Date, as the case may be, set
forth in such Prepayment Notice. Any such optional prepayment and Prepayment Notice may, in the Master Issuer’s discretion, be subject to the satisfaction of one or more conditions precedent. The Master Issuer shall have the option to provide
in any Prepayment Notice that the payment of the amounts set forth in Section 3.6(f) and the performance of the Master Issuer’s obligations with respect to such optional prepayment may be performed by another Person. All Prepayment
Notices shall be (i) transmitted by facsimile or email to (A) each affected Series 2015-1 Noteholder to the extent such Series 2015-1 Noteholder has provided a facsimile number or email address to the Trustee and (B) each of the
Rating Agencies, the Servicer and the Trustee and (ii) sent by registered mail to each affected Series 2015-1 Noteholder. For the avoidance of doubt, a Voluntary Decrease or a Subfacility Decrease in respect of the Series 2015-1 Class A-1
Notes is governed by Section 2.2 of this Series Supplement and not by this Section 3.6. A Prepayment Notice may be revoked by the Master Issuer if the Trustee receives written notice of such revocation no later than
12:00 p.m. (New York City time) two (2) Business Days prior to the applicable Series 2015-1 Prepayment Date or Scheduled Principal Prepayment Date. The Master Issuer shall give written notice of such revocation to the Servicer, and at the
request of the Master Issuer, the Trustee shall forward the notice of revocation to the Series 2015-1 Noteholders. 
 (h) Series 2015-1
Prepayments. On each Series 2015-1 Prepayment Date with respect to any Series 2015-1 Prepayment, the Series 2015-1 Prepayment Amount and the Series 2015-1 Class A-2 Make-Whole Prepayment Premium, if any, and any associated Series 2015-1
Class A-1 Breakage Amounts applicable to such Series 2015-1 Prepayment shall be due and payable. On each Scheduled Principal Prepayment Date with respect to each Optional Scheduled Principal Prepayment, the amount of such Optional Scheduled
Principal Prepayment and the Series 2015-1 Class A-2 Scheduled Principal Prepayment Premium applicable to such Optional Scheduled Principal Prepayment amount shall be due and payable. The Master Issuer shall pay the Series 2015-1 Prepayment
Amount together with the applicable Series 2015-1 Class A-2 

  
 12 

 
Make-Whole Prepayment Premium, if any, and any associated Series 2015-1 Class A-1 Breakage Amounts applicable to such Series 2015-1 Prepayment, or the amount of any Optional Scheduled
Principal Prepayment and the applicable Series 2015-1 Class A-2 Scheduled Principal Prepayment Premium, by, to the extent not already deposited therein pursuant to Section 3.6(f) of this Series Supplement, depositing such amounts in
the applicable Series 2015-1 Distribution Account on or prior to the related Series 2015-1 Prepayment Date or Scheduled Principal Prepayment Date, as applicable, to be distributed in accordance with Section 3.6(k) of this Series
Supplement. 
 (i) Prepayment Premium Not Payable. For the avoidance of doubt, there is no Series 2015-1 Class A-2 Make-Whole
Prepayment Premium payable as a result of (i) the application of Indemnification Amounts or Insurance/Condemnation Proceeds allocated to the Series 2015-1 Class A-2 Notes pursuant to clause (i) of the Priority of Payments,
(ii) the payment of any Quarterly Scheduled Principal Amounts (including those paid at the election of the Master Issuer when the Series 2015-1 Non-Amortization Test has been satisfied) or Quarterly Scheduled Principal Deficiency Amounts
(iii) any Optional Scheduled Principal Prepayment and (iv) any prepayment on or after the Make-Whole End Date. 
 (j)
Indemnification Amounts; Insurance/Condemnation Proceeds; Asset Disposition Proceeds. Any Indemnification Amounts, Insurance/Condemnation Proceeds or Asset Disposition Proceeds allocated to the Senior Notes Principal Payment Account in
accordance with Section 5.11(i) of the Base Indenture shall be withdrawn from the Senior Notes Principal Payment Account in accordance with Section 5.12(h) of the Base Indenture and deposited in the applicable Series 2015-1
Distribution Accounts and used to prepay first, if a Series 2015-1 Class A-1 Notes Amortization Period is continuing, the Series 2015-1 Class A-1 Notes (in accordance with the order of distribution of principal payments set forth in
Section 4.02 of the Series 2015-1 Class A-1 Note Purchase Agreement), second, the Series 2015-1 Class A-2 Notes (to be allocated between the Tranches in accordance with the Tranche Percentage) and third, provided
that clause first does not apply, the Series 2015-1 Class A-1 Notes (in accordance with the order of distribution of principal payments set forth in Section 4.02 of the Series 2015-1 Class A-1 Note Purchase Agreement),
on the Quarterly Payment Date immediately succeeding such deposit. In connection with any prepayment made with Indemnification Amounts or Insurance/Condemnation Proceeds pursuant to this Section 3.6(j), the Master Issuer shall not be
obligated to pay any prepayment premium. The Master Issuer shall, however, be obligated to pay any applicable Series 2015-1 Class A-2 Make-Whole Prepayment Premium required to be paid pursuant to Section 3.6(e) of this Series
Supplement in connection with any prepayment made with Asset Disposition Proceeds pursuant to this Section 3.6(j); provided, for avoidance of doubt, that it shall not constitute an Event of Default if any such Series 2015-1
Class A-2 Make-Whole Prepayment Premium is not paid because insufficient funds are available to pay such Series 2015-1 Class A-2 Make-Whole Prepayment Premium, in accordance with the Priority of Payments. 

(k) Series 2015-1 Prepayment Distributions. 

(i) On the Series 2015-1 Prepayment Date for each Series 2015-1 Prepayment to be made pursuant to this Section 3.6 in respect of
the Series 2015-1 Class A-1 Notes, the Trustee shall, in accordance with Section 6.1 of the Base Indenture (except that 

  
 13 

 
notwithstanding anything to the contrary therein, references to the distributions being made on a Quarterly Payment Date shall be deemed to be references to distributions made on such Series
2015-1 Prepayment Date and references to the Record Date shall be deemed to be references to the Prepayment Record Date) and based solely upon the applicable written report provided to the Trustee pursuant to Section 3.6(g) of this
Series Supplement, wire transfer to the Series 2015-1 Class A-1 Noteholders of record on the applicable Prepayment Record Date, in accordance with the order of distribution of principal payments set forth in Section 4.02 of the
Series 2015-1 Class A-1 Note Purchase Agreement, the amount deposited in the Series 2015-1 Class A-1 Distribution Account pursuant to this Section 3.6, if any, in order to repay the applicable portion of the Series 2015-1
Class A-1 Outstanding Principal Amount and pay all accrued and unpaid interest thereon up to such Series 2015-1 Prepayment Date and any associated Series 2015-1 Class A-1 Breakage Amounts incurred as a result of such prepayment. 

(ii) On the Series 2015-1 Prepayment Date for each Series 2015-1 Prepayment or the Scheduled Principal Prepayment Date for each Optional
Scheduled Principal Prepayment to be made pursuant to this Section 3.6 in respect of the Series 2015-1 Class A-2 Notes, the Trustee shall, in accordance with Section 6.1 of the Base Indenture (except that notwithstanding
anything to the contrary therein, references to the distributions being made on a Quarterly Payment Date shall be deemed to be references to distributions made on such Series 2015-1 Prepayment Date and references to the Record Date shall be deemed
to be references to the Prepayment Record Date) and based solely upon the applicable written report provided to the Trustee pursuant to Section 3.6(g) of this Series Supplement, wire transfer to the applicable Series 2015-1
Class A-2 Noteholders of record on the preceding Prepayment Record Date the amount deposited in the Series 2015-1 Class A-2 Distribution Account pursuant to this Section 3.6 with respect to such Series 2015-1 Prepayment, if
any, in order to repay the applicable portion of the Series 2015-1 Class A-2 Outstanding Principal Amount and pay all accrued and unpaid interest thereon up to such Series 2015-1 Prepayment Date or Scheduled Principal Prepayment Date and any
Series 2015-1 Class A-2 Make-Whole Prepayment Premium or Series 2015-1 Class A-2 Scheduled Principal Prepayment Premium due to Series 2015-1 Class A-2 Noteholders payable on such date. 

(l) Series 2015-1 Notices of Final Payment. The Master Issuer shall notify the Trustee, the Servicer and each of the Rating Agencies on
or before the Prepayment Record Date preceding the Series 2015-1 Prepayment Date that will be the Series 2015-1 Final Payment Date; provided, however, that with respect to any Series 2015-1 Final Payment that is made in connection with
any mandatory or optional prepayment in full, the Master Issuer shall not be obligated to provide any additional notice to the Trustee or the Rating Agencies of such Series 2015-1 Final Payment beyond the notice required to be given in connection
with such prepayment pursuant to Section 3.6(g) of this Series Supplement. The Trustee shall provide any written notice required under this Section 3.6(l) to each Person in whose name a Series 2015-1 Note is registered at the
close of business on such Prepayment Record Date of the Series 2015-1 Prepayment Date that will be the Series 2015-1 Final Payment Date. Such written notice to be sent to the Series 2015-1 Noteholders shall be made at the expense of the Master
Issuer and shall be mailed by the Trustee within five (5) Business Days of receipt of notice from the Master Issuer indicating that the Series 2015-1 Final Payment will be made and shall specify that such Series 2015-1 Final Payment will be
payable only upon presentation and surrender of the Series 2015-1 Notes and shall specify the place where the Series 2015-1 Notes may be presented and surrendered for such Series 2015-1 Final Payment. 

  
 14 

 (m) Tranche Defeasance. The Master Issuer, solely in connection with an optional
prepayment in full, a mandatory prepayment in full or a redemption in full of a particular Tranche (the “Defeased Tranche”) as provided hereunder, may terminate all of its Obligations under the Indenture and all Obligations of the
Guarantors under the Guarantee and Collateral Agreement in respect of such Tranche; provided that the conditions set forth under Section 12.1(c) (other than the conditions set forth under Section 12.1(c)(ii)) of the
Base Indenture with respect to the Defeased Tranche have been satisfied; provided that no amounts in respect of the Class A-1 Notes or the other Tranche shall be required to be paid in accordance with Section 12.1(c)(i)(1) of
the Base Indenture. 
 Section 3.7 Series 2015-1 Class A-1 Distribution Account. 

(a) Establishment of Series 2015-1 Class A-1 Distribution Account. The Master Issuer has established with the Trustee the Series
2015-1 Class A-1 Distribution Account in the name of the Trustee for the benefit of the Series 2015-1 Class A-1 Noteholders, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series
2015-1 Class A-1 Noteholders. The Series 2015-1 Class A-1 Distribution Account shall be an Eligible Account. Initially, the Series 2015-1 Class A-1 Distribution Account will be established with the Trustee. 

(b) Series 2015-1 Class A-1 Distribution Account Constitutes Additional Collateral for Series 2015-1 Class A-1 Notes. In
order to secure and provide for the repayment and payment of the Obligations with respect to the Series 2015-1 Class A-1 Notes, the Master Issuer hereby grants a security interest in and assigns, pledges, grants, transfers and sets over to the
Trustee, for the benefit of the Series 2015-1 Class A-1 Noteholders, all of the Master Issuer’s rights, title and interests in and to the following (whether now or hereafter existing or acquired): (i) the Series 2015-1 Class A-1
Distribution Account, including any security entitlement with respect thereto; (ii) all funds and other property (including, without limitation, Financial Assets) on deposit therein from time to time; (iii) all certificates and
instruments, if any, representing or evidencing any or all of the Series 2015-1 Class A-1 Distribution Account or the funds on deposit therein from time to time; (iv) all interest, dividends, cash, instruments and other property from time
to time received, receivable or otherwise distributed in respect of or in exchange for the Series 2015-1 Class A-1 Distribution Account or the funds on deposit therein from time to time; and (v) all proceeds of any and all of the
foregoing, including, without limitation, cash (the items in the foregoing clauses (i) through (v) are referred to, collectively, as the “Series 2015-1 Class A-1 Distribution Account Collateral”). 

(c) Termination of Series 2015-1 Class A-1 Distribution Account. On or after the date on which (1) all accrued and unpaid
interest on and principal of all Outstanding Series 2015-1 Class A-1 Notes have been paid, (2) all Undrawn L/C Face Amounts have expired or have been cash collateralized in accordance with the terms of the Series 2015-1 Class A-1 Note
Purchase Agreement (after giving effect to the provisions of Section 4.04 of the Series 2015-1 Class A-1 Note Purchase Agreement), (3) all fees and expenses and other amounts then due and payable under the Series 2015-1
Class A-1 Note Purchase Agreement have been paid and (4) all 

  
 15 

 
Series 2015-1 Class A-1 Commitments have been terminated in full, the Trustee, acting in accordance with the written instructions of the Master Issuer (or the Manager on its behalf), shall
withdraw from the Series 2015-1 Class A-1 Distribution Account all amounts on deposit therein for distribution pursuant to the Priority of Payments. 

Section 3.8 Series 2015-1 Class A-2 Distribution Account. 

(a) Establishment of Series 2015-1 Class A-2 Distribution Account. The Master Issuer has established with the Trustee the Series
2015-1 Class A-2 Distribution Account in the name of the Trustee for the benefit of the Series 2015-1 Class A-2 Noteholders, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series
2015-1 Class A-2 Noteholders. The Series 2015-1 Class A-2 Distribution Account shall be an Eligible Account. Initially, the Series 2015-1 Class A-2 Distribution Account will be established with the Trustee. 

(b) Series 2015-1 Class A-2 Distribution Account Constitutes Additional Collateral for Series 2015-1 Class A-2 Notes. In
order to secure and provide for the repayment and payment of the Obligations with respect to the Series 2015-1 Class A-2 Notes, the Master Issuer hereby grant a security interest in and assign, pledge, grant, transfer and set over to the
Trustee, for the benefit of the Series 2015-1 Class A-2 Noteholders, all of the Master Issuer’s right, title and interest in and to the following (whether now or hereafter existing or acquired): (i) the Series 2015-1 Class A-2
Distribution Account, including any security entitlement with respect thereto; (ii) all funds and other property (including, without limitation, Financial Assets) on deposit therein from time to time; (iii) all certificates and
instruments, if any, representing or evidencing any or all of the Series 2015-1 Class A-2 Distribution Account or the funds on deposit therein from time to time; (iv) all interest, dividends, cash, instruments and other property from time
to time received, receivable or otherwise distributed in respect of or in exchange for the Series 2015-1 Class A-2 Distribution Account or the funds on deposit therein from time to time; and (v) all proceeds of any and all of the
foregoing, including, without limitation, cash (the items in the foregoing clauses (i) through (v) are referred to, collectively, as the “Series 2015-1 Class A-2 Distribution Account Collateral”). 

(c) Termination of Series 2015-1 Class A-2 Distribution Account. On or after the date on which all accrued and unpaid interest on
and principal of all Outstanding Series 2015-1 Class A-2 Notes have been paid, the Trustee, acting in accordance with the written instructions of the Master Issuer (or the Manager on its behalf), shall withdraw from the Series 2015-1
Class A-2 Distribution Account all amounts on deposit therein for distribution pursuant to the Priority of Payments. 

Section 3.9 Trustee as Securities Intermediary. 

(a) The Trustee or other Person holding the Series 2015-1 Distribution Accounts shall be the “Series 2015-1 Securities
Intermediary”. If the Series 2015-1 Securities Intermediary in respect of any Series 2015-1 Distribution Account is not the Trustee, the Master Issuer shall obtain the express agreement of such other Person to the obligations of the Series
2015-1 Securities Intermediary set forth in this Section 3.9. 

  
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 (b) The Series 2015-1 Securities Intermediary agrees that: 

(i) The Series 2015-1 Distribution Accounts are accounts to which Financial Assets will or may be credited; 

(ii) The Series 2015-1 Distribution Accounts are “securities accounts” within the meaning of Section 8-501 of the New York UCC
and the Series 2015-1 Securities Intermediary qualifies as a “securities intermediary” under Section 8-102(a) of the New York UCC; 

(iii) All securities or other property (other than cash) underlying any Financial Assets credited to any Series 2015-1 Distribution Account
shall be registered in the name of the Series 2015-1 Securities Intermediary, indorsed to the Series 2015-1 Securities Intermediary or in blank or credited to another securities account maintained in the name of the Series 2015-1 Securities
Intermediary, and in no case will any Financial Asset credited to any Series 2015-1 Distribution Account be registered in the name of the Master Issuer, payable to the order of the Master Issuer or specially indorsed to the Master Issuer; 

(iv) All property delivered to the Series 2015-1 Securities Intermediary pursuant to this Series Supplement will be promptly credited to the
appropriate Series 2015-1 Distribution Account; 
 (v) Each item of property (whether investment property, security, instrument or cash)
credited to any Series 2015-1 Distribution Account shall be treated as a Financial Asset; 
 (vi) If at any time the Series 2015-1
Securities Intermediary shall receive any entitlement order from the Trustee (including those directing transfer or redemption of any Financial Asset) relating to the Series 2015-1 Distribution Accounts, the Series 2015-1 Securities Intermediary
shall comply with such entitlement order without further consent by the Master Issuer, any other Securitization Entity or any other Person; 

(vii) The Series 2015-1 Distribution Accounts shall be governed by the laws of the State of New York, regardless of any provision of any
other agreement. For purposes of all applicable UCCs, the State of New York shall be deemed to the Series 2015-1 Securities Intermediary’s jurisdiction and the Series 2015-1 Distribution Accounts (as well as the “security
entitlements” (as defined in Section 8-102(a)(17) of the New York UCC) related thereto) shall be governed by the laws of the State of New York; 

(viii) The Series 2015-1 Securities Intermediary has not entered into, and until termination of this Series Supplement will not enter into,
any agreement with any other Person relating to the Series 2015-1 Distribution Accounts and/or any Financial Assets credited thereto pursuant to which it has agreed to comply with “entitlement orders” (as defined in
Section 8-102(a)(8) of the New York UCC) of such other Person, and the Series 2015-1 Securities Intermediary has not entered into, and until the termination of this Series Supplement will not enter into, any agreement with the Master Issuer
purporting to limit or condition the obligation of the Series 2015-1 Securities Intermediary to comply with entitlement orders as set forth in Section 3.9(b)(vi) of this Series Supplement; and 

  
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 (ix) Except for the claims and interest of the Trustee, the Secured Parties and the
Securitization Entities in the Series 2015-1 Distribution Accounts, neither the Series 2015-1 Securities Intermediary nor, in the case of the Trustee, any Trust Officer knows of any claim to, or interest in, any Series 2015-1 Distribution Account or
any Financial Asset credited thereto. If the Series 2015-1 Securities Intermediary or, in the case of the Trustee, a Trust Officer has actual knowledge of the assertion by any other person of any Lien, encumbrance or adverse claim (including any
writ, garnishment, judgment, warrant of attachment, execution or similar process) against any Series 2015-1 Distribution Account or any Financial Asset carried therein, the Series 2015-1 Securities Intermediary will promptly notify the Trustee, the
Manager, the Servicer and the Master Issuer thereof. 
 (c) At any time after the occurrence and during the continuation of an Event of
Default, the Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Series 2015-1 Distribution Accounts and in all proceeds thereof, and shall (acting at the direction of the Control Party (at the
direction of the Controlling Class Representative)) be the only Person authorized to originate entitlement orders in respect of the Series 2015-1 Distribution Accounts; provided, however, that at all other times the Master Issuer shall
be authorized to instruct the Trustee to originate entitlement orders in respect of the Series 2015-1 Distribution Accounts. 

Section 3.10 Manager. Pursuant to the Management Agreement, the Manager has agreed to provide certain reports, notices,
instructions and other services on behalf of the Master Issuer. The Series 2015-1 Noteholders by their acceptance of the Series 2015-1 Notes consent to the provision of such reports and notices to the Trustee by the Manager in lieu of the Master
Issuer. Any such reports and notices that are required to be delivered to the Series 2015-1 Noteholders hereunder will be made available on the Trustee’s website in the manner set forth in Section 4.4 of the Base Indenture. 

Section 3.11 Replacement of Ineligible Accounts. If, at any time, either of the Series 2015-1 Class A-1 Distribution Account
or the Series 2015-1 Class A-2 Distribution Account shall cease to be an Eligible Account (each, a “Series 2015-1 Ineligible Account”), the Master Issuer shall (i) within five (5) Business Days of obtaining knowledge
thereof, notify the Control Party thereof and (ii) within ninety (90) days of obtaining actual knowledge thereof, (A) establish, or cause to be established, a new account that is an Eligible Account in substitution for such Series
2015-1 Ineligible Account, (B) following the establishment of such new Eligible Account, transfer or, with respect to the Trustee Accounts maintained at the Trustee, instruct the Trustee in writing to transfer all cash and investments from such
Series 2015-1 Ineligible Account into such new Eligible Account and (C) pledge, or cause to be pledged, such new Eligible Account to the Trustee for the benefit of the Secured Parties and, if such new Eligible Account is not established with
the Trustee, cause such new Eligible Account to be subject to an Account Control Agreement in form and substance reasonably acceptable to the Control Party and the Trustee. 

  
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 ARTICLE IV 

FORM OF SERIES 2015-1 NOTES 

Section 4.1 Issuance of Series 2015-1 Class A-1 Notes. (a) The Series 2015-1 Class A-1 Advance Notes will be issued
in the form of definitive notes in fully registered form without interest coupons, substantially in the form set forth in Exhibit A-1-1 hereto, and will be issued to the Series 2015-1 Class A-1 Noteholders (other than the Series 2015-1
Class A-1 Subfacility Noteholders) pursuant to and in accordance with the Series 2015-1 Class A-1 Note Purchase Agreement and shall be duly executed by the Master Issuer and authenticated by the Trustee in the manner set forth in
Section 2.4 of the Base Indenture. Other than in accordance with this Series Supplement and the Series 2015-1 Class A-1 Note Purchase Agreement, the Series 2015-1 Class A-1 Advance Notes will not be permitted to be transferred,
assigned, exchanged or otherwise pledged or conveyed by such Series 2015-1 Class A-1 Noteholders. The Series 2015-1 Class A-1 Advance Notes shall bear a face amount equal in the aggregate to up to the Series 2015-1 Class A-1 Notes
Maximum Principal Amount as of the Series 2015-1 Closing Date, and shall be initially issued in an aggregate outstanding principal amount equal to the Series 2015-1 Class A-1 Initial Advance Principal Amount pursuant to
Section 2.1(a) of this Series Supplement. The Trustee shall record any Increases or Decreases with respect to the Series 2015-1 Class A-1 Outstanding Principal Amount such that, subject to Section 4.1(d) of this Series
Supplement, the principal amount of the Series 2015-1 Class A-1 Advance Notes that are Outstanding accurately reflects all such Increases and Decreases. The Series 2015-1 Class A-1 Swingline Notes will be issued in the form of definitive
notes in fully registered form without interest coupons, substantially in the form set forth in Exhibit A-1-2 hereto, and will be issued to the Swingline Lender pursuant to and in accordance with the Series 2015-1 Class A-1 Note Purchase
Agreement and shall be duly executed by the Master Issuer and authenticated by the Trustee in the manner set forth in Section 2.4 of the Base Indenture. Other than in accordance with this Series Supplement and the Series 2015-1
Class A-1 Note Purchase Agreement, the Series 2015-1 Class A-1 Swingline Notes will not be permitted to be transferred, assigned, exchanged or otherwise pledged or conveyed by the Swingline Lender. The Series 2015-1 Class A-1
Swingline Note shall bear a face amount equal in the aggregate to up to the Swingline Commitment as of the Series 2015-1 Closing Date, and shall be initially issued in an aggregate outstanding principal amount equal to the Series 2015-1
Class A-1 Initial Swingline Principal Amount pursuant to Section 2.1(b)(i) of this Series Supplement. The Trustee shall record any Subfacility Increases or Subfacility Decreases with respect to the Swingline Loans such that, subject
to Section 4.1(d) of this Series Supplement, the aggregate principal amount of the Series 2015-1 Class A-1 Swingline Notes that is Outstanding accurately reflects all such Subfacility Increases and Subfacility Decreases. 

(b) The Series 2015-1 Class A-1 L/C Notes will be issued in the form of definitive notes in fully registered form without interest
coupons, substantially in the form set forth in Exhibit A-1-3 hereto, and will be issued to the L/C Provider pursuant to and in accordance with the Series 2015-1 Class A-1 Note Purchase Agreement and shall be duly executed by the Master
Issuer and authenticated by the Trustee in the manner set forth in Section 2.4 of the Base Indenture. Other than in accordance with this Series Supplement and the Series 2015-1 Class A-1 Note Purchase Agreement, the Series 2015-1
Class A-1 L/C Notes will not be permitted to be transferred, assigned, exchanged or otherwise pledged or conveyed by the 

  
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L/C Provider. The Series 2015-1 Class A-1 L/C Notes shall bear a face amount equal in the aggregate to up to the L/C Commitment as of the Series 2015-1 Closing Date, and shall be initially
issued in an aggregate amount equal to the Series 2015-1 Class A-1 Initial Aggregate Undrawn L/C Face Amount pursuant to Section 2.1(b)(ii) of this Series Supplement. The Trustee shall record any Subfacility Increases or Subfacility
Decreases with respect to Undrawn L/C Face Amounts or Unreimbursed L/C Drawings, as applicable, such that, subject to Section 4.1(d) of this Series Supplement, the aggregate amount of the Series 2015-1 Class A-1 L/C Notes that is
Outstanding accurately reflects all such Subfacility Increases and Subfacility Decreases. All Undrawn L/C Face Amounts shall be deemed to be “principal” outstanding under the Series 2015-1 Class A-1 L/C Note for all purposes of the
Indenture and the other Related Documents other than for purposes of accrual of interest. 
 (c) For the avoidance of doubt, notwithstanding
that the aggregate face amount of the Series 2015-1 Class A-1 Notes will exceed the Series 2015-1 Class A-1 Notes Maximum Principal Amount, at no time will the principal amount actually outstanding of the Series 2015-1 Class A-1
Advance Notes, the Series 2015-1 Class A-1 Swingline Notes and the Series 2015-1 Class A-1 L/C Notes in the aggregate exceed the Series 2015-1 Class A-1 Notes Maximum Principal Amount. 

(d) The Series 2015-1 Class A-1 Notes may have such letters, numbers or other marks of identification and such legends or endorsements
placed thereon as may be required to comply with the rules of any securities exchange or as may, consistently herewith, be determined by the Authorized Officers executing such Series 2015-1 Class A-1 Notes, as evidenced by their execution of
the Series 2015-1 Class A-1 Notes. The Series 2015-1 Class A-1 Notes may be produced in any manner, all as determined by the Authorized Officers executing such Series 2015-1 Class A-1 Notes, as evidenced by their execution of such
Series 2015-1 Class A-1 Notes. The initial sale of the Series 2015-1 Class A-1 Notes is limited to Persons who have executed the Series 2015-1 Class A-1 Note Purchase Agreement. The Series 2015-1 Class A-1 Notes may be resold
only to the Master Issuer, its Affiliates, and Persons who are QPs and who are not Competitors (except that Series 2015-1 Class A-1 Notes may be resold to Persons who are QPs and Competitors with the written consent of the Master Issuer) in
compliance with the terms of the Series 2015-1 Class A-1 Note Purchase Agreement. 
 Section 4.2 Issuance of Series 2015-1
Class A-2 Notes. The Series 2015-1 Class A-2 Notes in the aggregate may be offered and sold in the Series 2015-1 Class A-2 Initial Principal Amount on the Series 2015-1 Closing Date by the Master Issuer pursuant to the Series
2015-1 Class A-2 Note Purchase Agreement. The Series 2015-1 Class A-2 Notes will be resold initially only to the Master Issuer or its Affiliates or (A) in each case, to Persons who are not Competitors, (B) in the United States,
to Persons who are both QIBs and QPs in reliance on Rule 144A and (C) outside the United States, to QPs who are neither a U.S. person (as defined in Regulation S) (a “U.S. Person”) nor a U.S. resident
(within the meaning of the Investment Company Act) (a “U.S. Resident”) in reliance on Regulation S. The Series 2015-1 Class A-2 Notes may thereafter be transferred in reliance on Rule 144A and/or Regulation S and in
accordance with the procedure described herein. The Series 2015-1 Class A-2 Notes will be Book-Entry Notes and DTC will be the Depository for the Series 2015-1 Class A-2 Notes. The Applicable Procedures shall be applicable to transfers of
beneficial interests in the Series 2015-1 Class A-2 Notes. The Series 2015-1 Class A-2 Notes shall be issued in minimum denominations of $50,000 and integral multiples of $1,000 in excess thereof. 

  
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 (a) Rule 144A Global Notes. The Series 2015-1 Class A-2 Notes offered and sold
in their initial distribution in reliance upon Rule 144A will be issued in the form of one or more global notes in fully registered form, without coupons, substantially in the form set forth in Exhibit A-2-1 hereto, registered in the
name of Cede & Co. (“Cede”), as nominee of DTC, and deposited with the Trustee, as custodian for DTC (collectively, for purposes of this Section 4.2 and Section 4.4, the “Rule 144A
Global Notes”). The aggregate initial principal amount of the Rule 144A Global Notes may from time to time be increased or decreased by adjustments made on the records of the Trustee, as custodian for DTC, in connection with a
corresponding decrease or increase in the aggregate initial principal amount of the corresponding class of Temporary Regulation S Global Notes or Permanent Regulation S Global Notes, as hereinafter provided. 

(b) Temporary Regulation S Global Notes and Permanent Regulation S Global Notes. Any Series 2015-1 Class A-2 Notes
offered and sold on the Series 2015-1 Closing Date in reliance upon Regulation S will be issued in the form of one or more global notes in fully registered form, without coupons, substantially in the form set forth in Exhibit A-2-2
hereto, registered in the name of Cede, as nominee of DTC, and deposited with the Trustee, as custodian for DTC, for credit to the respective accounts at DTC of the designated agents holding on behalf of Euroclear or Clearstream. Until such time as
the Restricted Period shall have terminated with respect to any Series 2015-1 Class A-2 Note, such Series 2015-1 Class A-2 Notes shall be referred to herein collectively, for purposes of this Section 4.2 and
Section 4.4, as the “Temporary Regulation S Global Notes”. After such time as the Restricted Period shall have terminated, the Temporary Regulation S Global Notes shall be exchangeable, in whole or in part, for
interests in one or more permanent global notes in registered form without interest coupons, substantially in the form set forth in Exhibit A-2-3 hereto, as hereinafter provided (collectively, for purposes of this Section 4.2 and
Section 4.4, the “Permanent Regulation S Global Notes”). The aggregate principal amount of the Temporary Regulation S Global Notes or the Permanent Regulation S Global Notes may from time to time be
increased or decreased by adjustments made on the records of the Trustee, as custodian for DTC, in connection with a corresponding decrease or increase of aggregate principal amount of the corresponding Rule 144A Global Notes, as hereinafter
provided. 
 (c) Definitive Notes. The Series 2015-1 Global Notes shall be exchangeable in their entirety for one or more definitive
notes in registered form, without interest coupons (collectively, for purposes of this Section 4.2 and Section 4.4 of this Series Supplement, the “Definitive Notes”) pursuant to Section 2.13 of
the Base Indenture and this Section 4.2(c) in accordance with their terms and, upon complete exchange thereof, such Series 2015-1 Global Notes shall be surrendered for cancellation at the applicable Corporate Trust Office. 

Section 4.3 Transfer Restrictions of Series 2015-1 Class A-1 Notes. 

(a) Subject to the terms of the Indenture and the Series 2015-1 Class A-1 Note Purchase Agreement, the holder of any Series 2015-1
Class A-1 Advance Note may transfer the same in whole or in part, in an amount equivalent to an authorized denomination, by surrendering such Series 2015-1 Class A-1 Advance Note at the applicable Corporate Trust

  
 21 

 
Office, with the form of transfer endorsed on it duly completed and executed by, or accompanied by a written instrument of transfer in form satisfactory to the Master Issuer and the Registrar by,
the holder thereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the
Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, and accompanied by a certificate
substantially in the form of Exhibit B-1 hereto; provided that if the holder of any Series 2015-1 Class A-1 Advance Note transfers, in whole or in part, its interest in any Series 2015-1 Class A-1 Advance Note pursuant to
(i) an Assignment and Assumption Agreement substantially in the form of Exhibit B to the Series 2015-1 Class A-1 Note Purchase Agreement or (ii) an Investor Group Supplement substantially in the form of Exhibit C to the
Series 2015-1 Class A-1 Note Purchase Agreement, then such Series 2015-1 Class A-1 Noteholder will not be required to submit a certificate substantially in the form of Exhibit B-1 hereto upon transfer of its interest in such Series
2015-1 Class A-1 Advance Note. In exchange for any Series 2015-1 Class A-1 Advance Note properly presented for transfer, the Master Issuer shall execute and the Trustee shall promptly authenticate and deliver or cause to be authenticated
and delivered in compliance with applicable law, to the transferee at such office, or send by mail (at the risk of the transferee) to such address as the transferee may request, Series 2015-1 Class A-1 Advance Notes for the same aggregate
principal amount as was transferred. In the case of the transfer of any Series 2015-1 Class A-1 Advance Note in part, the Master Issuer shall execute and the Trustee shall promptly authenticate and deliver or cause to be authenticated and
delivered to the transferor at such office, or send by mail (at the risk of the transferor) to such address as the transferor may request, Series 2015-1 Class A-1 Notes for the aggregate principal amount that was not transferred. No transfer of
any Series 2015-1 Class A-1 Advance Note shall be made unless the request for such transfer is made by the Series 2015-1 Class A-1 Noteholder at such office. Neither the Master Issuer nor the Trustee shall be liable for any delay in
delivery of transfer instructions and each may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of transferred Series 2015-1 Class A-1 Advance Notes, the Trustee shall recognize the holders of
such Series 2015-1 Class A-1 Advance Note as Series 2015-1 Class A-1 Noteholders. 
 (b) Subject to the terms of the Indenture and
the Series 2015-1 Class A-1 Note Purchase Agreement, the Swingline Lender may transfer the Series 2015-1 Class A-1 Swingline Notes in whole but not in part by surrendering such Series 2015-1 Class A-1 Swingline Notes at the applicable
Corporate Trust Office, with the form of transfer endorsed on it duly completed and executed by, or accompanied by a written instrument of transfer in form satisfactory to the Master Issuer and the Registrar by, the holder thereof or his attorney
duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the STAMP or such other “signature
guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, and accompanied by an assignment agreement pursuant to Section 9.17(d) of the Series 2015-1 Class A-1 Note Purchase
Agreement. In exchange for any Series 2015-1 Class A-1 Swingline Note properly presented for transfer, the Master Issuer shall execute and the Trustee shall promptly authenticate and deliver or cause to be authenticated and delivered in
compliance with applicable law, to the transferee at such office, or send by mail (at the risk of the transferee) to such address as the transferee may request, a Series 2015-1 Class A-1 Swingline Note for the same aggregate principal amount as
was transferred. No transfer of any 

  
 22 

 
Series 2015-1 Class A-1 Swingline Note shall be made unless the request for such transfer is made by the Swingline Lender at such office. Neither the Master Issuer nor the Trustee shall be
liable for any delay in delivery of transfer instructions and each may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of any transferred Series 2015-1 Class A-1 Swingline Note, the Trustee shall
recognize the holder of such Series 2015-1 Class A-1 Swingline Note as a Series 2015-1 Class A-1 Noteholder. 
 (c) Subject to the
terms of the Indenture and the Series 2015-1 Class A-1 Note Purchase Agreement, the L/C Provider may transfer any Series 2015-1 Class A-1 L/C Note in whole or in part, in an amount equivalent to an authorized denomination, by surrendering
such Series 2015-1 Class A-1 L/C Note at the applicable Corporate Trust Office, with the form of transfer endorsed on it duly completed and executed by, or accompanied by a written instrument of transfer in form satisfactory to the Master
Issuer and the Registrar by, the holder thereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include
membership or participation in the STAMP or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, and accompanied by an assignment agreement pursuant to
Section 9.17(e) of the Series 2015-1 Class A-1 Note Purchase Agreement. In exchange for any Series 2015-1 Class A-1 L/C Note properly presented for transfer, the Master Issuer shall execute and the Trustee shall promptly
authenticate and deliver or cause to be authenticated and delivered in compliance with applicable law, to the transferee at such office, or send by mail (at the risk of the transferee) to such address as the transferee may request, Series 2015-1
Class A-1 L/C Notes for the same aggregate principal amount as was transferred. In the case of the transfer of any Series 2015-1 Class A-1 L/C Note in part, the Master Issuer shall execute and the Trustee shall promptly authenticate and
deliver or cause to be authenticated and delivered to the transferor at such office, or send by mail (at the risk of transferor) to such address as the transferor may request, Series 2015-1 Class A-1 L/C Notes for the aggregate principal amount
that was not transferred. No transfer of any Series 2015-1 Class A-1 L/C Note shall be made unless the request for such transfer is made by the L/C Provider at such office. Neither the Master Issuer nor the Trustee shall be liable for any delay
in delivery of transfer instructions and each may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of any transferred Series 2015-1 Class A-1 L/C Note, the Trustee shall recognize the holder of
such Series 2015-1 Class A-1 L/C Note as a Series 2015-1 Class A-1 Noteholder. 
 (d) Each Series 2015-1 Class A-1 Note shall
bear the following legend: 
 THE ISSUANCE AND SALE OF THIS SERIES 2015-1 CLASS A-1 NOTE (“THIS NOTE”) HAS NOT BEEN AND WILL NOT BE
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT JURISDICTION, AND THE MASTER ISSUER HAS NOT BEEN REGISTERED UNDER THE
INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “INVESTMENT COMPANY ACT”). THIS NOTE AND ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY TO PERSONS WHO ARE NOT COMPETITORS (AS DEFINED IN THE INDENTURE),
UNLESS THE MASTER ISSUER GIVES 

  
 23 

 
WRITTEN CONSENT TO SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER, AND IN ACCORDANCE WITH THE PROVISIONS OF THE CLASS A-1 NOTE PURCHASE AGREEMENT, DATED AS OF JANUARY 26, 2015 BY AND AMONG THE MASTER
ISSUER, DUNKIN’ BRANDS, INC., AS THE MANAGER, THE GUARANTORS, THE CONDUIT INVESTORS, THE COMMITTED NOTE PURCHASERS, THE FUNDING AGENTS AND COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK, B.A., “RABOBANK NEDERLAND”, NEW YORK
BRANCH, AS L/C PROVIDER, SWINGLINE LENDER AND ADMINISTRATIVE AGENT. 
 The required legend set forth above shall not be removed from the Series 2015-1
Class A-I Notes except as provided herein. 
 Section 4.4 Transfer Restrictions of Series 2015-1 Class A-2 Notes. 

(a) A Series 2015-1 Global Note may not be transferred, in whole or in part, to any Person other than DTC or a nominee thereof, or to a
successor Depository or to a nominee of a successor Depository, and no such transfer to any such other Person may be registered; provided, however, that this Section 4.4(a) shall not prohibit any transfer of a Series 2015-1
Class A-2 Note that is issued in exchange for a Series 2015-1 Global Note in accordance with Section 2.8 of the Base Indenture and shall not prohibit any transfer of a beneficial interest in a Series 2015-1 Global Note effected in
accordance with the other provisions of this Section 4.4. 
 (b) The transfer by a Series 2015-1 Note Owner holding a beneficial
interest in a Series 2015-1 Class A-2 Note in the form of a Rule 144A Global Note to a Person who wishes to take delivery thereof in the form of a beneficial interest in the Rule 144A Global Note shall be made upon the deemed
representation of the transferee that it is purchasing for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a QIB/QP and not a Competitor, and is aware that the sale to
it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Master Issuer as such transferee has requested pursuant to Rule 144A or has determined not to request such information and that
it is aware that the transferor is relying upon its foregoing representations in order to claim the exemption from registration provided by Rule 144A. 

(c) If a Series 2015-1 Note Owner holding a beneficial interest in a Series 2015-1 Class A-2 Note in the form of a Rule 144A Global
Note wishes at any time to exchange its interest in such Rule 144A Global Note for an interest in the Temporary Regulation S Global Note, or to transfer such interest to a Person who wishes to take delivery thereof in the form of a
beneficial interest in the Temporary Regulation S Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this Section 4.4(c). Upon receipt by the
Registrar, at the applicable Corporate Trust Office, of (i) written instructions given in accordance with the Applicable Procedures from a Clearing Agency Participant directing the Registrar to credit or cause to be credited to a specified
Clearing Agency Participant’s account a beneficial interest in the Temporary Regulation S Global Note, in a principal amount equal to that of the beneficial interest in such Rule 144A Global Note to be so exchanged or transferred,
(ii) a written order given in accordance with the Applicable Procedures containing information regarding the account of the Clearing Agency Participant (and the 

  
 24 

 
Euroclear or Clearstream account, as the case may be) to be credited with, and the account of the Clearing Agency Participant to be debited for, such beneficial interest and (iii) a
certificate in substantially the form set forth in Exhibit B-2 hereto given by the Series 2015-1 Series 2015-1 Note Owner holding such beneficial interest in such Rule 144A Global Note, the Registrar shall instruct the Trustee, as
custodian of DTC, to reduce the principal amount of the Rule 144A Global Note, and to increase the principal amount of the Temporary Regulation S Global Note, by the principal amount of the beneficial interest in such Rule 144A Global
Note to be so exchanged or transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (which shall be the Clearing Agency Participant for Euroclear or Clearstream or both, as the case may be) a
beneficial interest in the Temporary Regulation S Global Note having a principal amount equal to the amount by which the principal amount of such Rule 144A Global Note was reduced upon such exchange or transfer. 

(d) If a Series 2015-1 Note Owner holding a beneficial interest in a Rule 144A Global Note wishes at any time to exchange its interest in
such Rule 144A Global Note for an interest in the Permanent Regulation S Global Note, or to transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in the Permanent Regulation S
Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this Section 4.4(d). Upon receipt by the Registrar, at the applicable Corporate Trust Office, of
(i) written instructions given in accordance with the Applicable Procedures from a Clearing Agency Participant directing the Registrar to credit or cause to be credited to a specified Clearing Agency Participant’s account a beneficial
interest in the Permanent Regulation S Global Note in a principal amount equal to that of the beneficial interest in such Rule 144A Global Note to be so exchanged or transferred, (ii) a written order given in accordance with the
Applicable Procedures containing information regarding the account of the Clearing Agency Participant (and the Euroclear or Clearstream account, as the case may be) to be credited with, and the account of the Clearing Agency Participant to be
debited for, such beneficial interest and (iii) a certificate in substantially the form of Exhibit B-3 hereto given by the Series 2015-1 Note Owner holding such beneficial interest in such Rule 144A Global Note, the Registrar shall
instruct the Trustee, as custodian of DTC, to reduce the principal amount of such Rule 144A Global Note, and to increase the principal amount of the Permanent Regulation S Global Note, by the principal amount of the beneficial interest in
such Rule 144A Global Note to be so exchanged or transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (which shall be the Clearing Agency Participant for Euroclear or Clearstream or
both, as the case may be) a beneficial interest in the Permanent Regulation S Global Note having a principal amount equal to the amount by which the principal amount of such Rule 144A Global Note was reduced upon such exchange or transfer.

 (e) If a Series 2015-1 Note Owner holding a beneficial interest in a Temporary Regulation S Global Note or a Permanent
Regulation S Global Note wishes at any time to exchange its interest in such Temporary Regulation S Global Note or such Permanent Regulation S Global Note for an interest in the Rule 144A Global Note, or to transfer such interest
to a Person who wishes to take delivery thereof in the form of a beneficial interest in the Rule 144A Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this
Section 4.4(e). Upon receipt by the Registrar, at the applicable Corporate Trust Office, of (i) written instructions given in accordance 

  
 25 

 
with the Applicable Procedures from a Clearing Agency Participant directing the Registrar to credit or cause to be credited to a specified Clearing Agency Participant’s account a beneficial
interest in the Rule 144A Global Note in a principal amount equal to that of the beneficial interest in such Temporary Regulation S Global Note or such Permanent Regulation S Global Note, as the case may be, to be so exchanged or
transferred, (ii) a written order given in accordance with the Applicable Procedures containing information regarding the account of the Clearing Agency Participant (and the Euroclear or Clearstream account, as the case may be) to be credited
with, and the account of the Clearing Agency Participant to be debited for, such beneficial interest and (iii) with respect to a transfer of a beneficial interest in such Temporary Regulation S Global Note (but not such Permanent
Regulation S Global Note), a certificate in substantially the form set forth in Exhibit B-4 hereto given by such Series 2015-1 Note Owner holding such beneficial interest in such Temporary Regulation S Global Note, the Registrar
shall instruct the Trustee, as custodian of DTC, to reduce the principal amount of such Temporary Regulation S Global Note or such Permanent Regulation S Global Note, as the case may be, and to increase the principal amount of the
Rule 144A Global Note, by the principal amount of the beneficial interest in such Temporary Regulation S Global Note or such Permanent Regulation S Global Note to be so exchanged or transferred, and to credit or cause to be credited
to the account of the Person specified in such instructions (which shall be the Clearing Agency Participant for DTC) a beneficial interest in the Rule 144A Global Note having a principal amount equal to the amount by which the principal amount
of such Temporary Regulation S Global Note or such Permanent Regulation S Global Note, as the case may be, was reduced upon such exchange or transfer. 

(f) In the event that a Series 2015-1 Global Note or any portion thereof is exchanged for Series 2015-1 Class A-2 Notes other than Series
2015-1 Global Notes, such other Series 2015-1 Class A-2 Notes may in turn be exchanged (upon transfer or otherwise) for Series 2015-1 Class A-2 Notes that are not Series 2015-1 Global Notes or for a beneficial interest in a Series 2015-1
Global Note (if any is then outstanding) only in accordance with such procedures as may be adopted from time to time by the Master Issuer and the Registrar, which shall be substantially consistent with the provisions of Section 4.4(a)
through Section 4.4(e) and Section 4.4(g) of this Series Supplement (including the certification requirement intended to ensure that transfers and exchanges of beneficial interests in a Series 2015-1 Global Note comply with
Rule 144A or Regulation S under the Securities Act, as the case may be) and any Applicable Procedures. 
 (g) Until the
termination of the Restricted Period with respect to any Series 2015-1 Class A-2 Note, interests in the Temporary Regulation S Global Notes representing such Series 2015-1 Class A-2 Note may be held only through Clearing Agency
Participants acting for and on behalf of Euroclear and Clearstream; provided that this Section 4.4(g) shall not prohibit any transfer in accordance with Section 4.4(d) of this Series Supplement. After the expiration of
the applicable Restricted Period, interests in the Permanent Regulation S Global Notes may be transferred without requiring any certifications other than those set forth in this Section 4.4. 

(h) The Rule 144A Global Notes, the Temporary Regulation S Global Notes and the Permanent Regulation S Global Notes shall bear
the following legend: 

  
 26 

 THE ISSUANCE AND SALE OF THIS SERIES 2015-1 CLASS A-2 NOTE HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT JURISDICTION, AND DB MASTER FINANCE LLC (THE “MASTER ISSUER”) HAS NOT BEEN REGISTERED
UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE OR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE MASTER ISSUER OR AN AFFILIATE THEREOF, (B) IN
THE UNITED STATES, TO EITHER AN INITIAL PURCHASER OR A SUBSEQUENT TRANSFEREE WHO IS NOT A COMPETITOR AND IS BOTH A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE 1933 ACT (“RULE 144A”) AND A
“QUALIFIED PURCHASER” (WITHIN THE MEANING OF THE 1940 ACT), ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL PURCHASER OR SUBSEQUENT TRANSFEREE EXERCISES SOLE INVESTMENT DISCRETION OR (C) OUTSIDE
THE UNITED STATES, TO AN INITIAL PURCHASER OR A SUBSEQUENT TRANSFEREE WHO IS NOT A COMPETITOR AND IS A QUALIFIED PURCHASER AND NEITHER A “U.S. PERSON” AS DEFINED IN REGULATION S UNDER THE 1933 ACT (“REGULATION S”) NOR A
“U.S. RESIDENT” AS DEFINED FOR PURPOSES OF THE 1940 ACT, ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL PURCHASER OR SUBSEQUENT TRANSFEREE EXERCISES SOLE INVESTMENT DISCRETION, EACH OF WHICH IS A
QUALIFIED PURCHASER, AND NONE OF WHICH ARE A U.S. PERSON OR A U.S. RESIDENT, IN OFFSHORE TRANSACTIONS IN RELIANCE ON REGULATION S, AND, IN EACH CASE, IN COMPLIANCE WITH THE CERTIFICATIONS AND OTHER REQUIREMENTS SPECIFIED IN THE INDENTURE REFERRED TO
HEREIN AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OR THE UNITED STATES AND ANY OTHER RELEVANT JURISDICTION. 
 BY ITS ACQUISITION OR ACCEPTANCE HEREOF,
THE HOLDER (IF NOT THE MASTER ISSUER OR AN AFFILIATE OF THE MASTER ISSUER) REPRESENTS THAT (A) IT IS NOT A COMPETITOR AND IS (X) A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A AND A “QUALIFIED PURCHASER”
(WITHIN THE MEANING OF THE 1940 ACT) OR (Y) A “QUALIFIED PURCHASER” (WITHIN THE MEANING OF THE 1940 ACT) AND NEITHER A U.S. RESIDENT NOR A U.S. PERSON AND IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION, AS APPLICABLE, (B) IT
IS ACTING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER PERSON WHICH IS NOT A COMPETITOR AND IS EITHER (X) A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER OR (Y) A QUALIFIED PURCHASER AND NEITHER A U.S. RESIDENT NOR A U.S.
PERSON, AS APPLICABLE, AND IN EACH CASE WITH RESPECT TO WHICH IT EXERCISES SOLE INVESTMENT DISCRETION, (C) IT AND EACH ACCOUNT FOR WHICH IT IS PURCHASING WILL HOLD AND TRANSFER AT LEAST THE MINIMUM DENOMINATION OF NOTES, (D) IT UNDERSTANDS
THAT THE MASTER ISSUER MAY RECEIVE A LIST OF PARTICIPANTS HOLDING POSITIONS IN ITS NOTES FROM ONE OR MORE BOOK-ENTRY DEPOSITORIES, (E) IT WILL PROVIDE NOTICE OF THE TRANSFER RESTRICTIONS TO ANY SUBSEQUENT TRANSFEREES, (F) IT IS NOT A
BROKER-

  
 27 

 
DEALER OF THE TYPE DESCRIBED IN PARAGRAPH (a)(1)(ii) OF RULE 144A WHICH OWNS AND INVESTS ON A DISCRETIONARY BASIS LESS THAN $25,000,000 IN SECURITIES OF ISSUERS THAT ARE NOT AFFILIATED WITH IT,
(G) IT IS NOT A PARTICIPANT-DIRECTED EMPLOYEE PLAN, SUCH AS A 401(k) PLAN, OR ANY OTHER TYPE OF PLAN REFERRED TO IN PARAGRAPH (a)(1)(i)(D) OR (a)(1)(i)(E) OF RULE 144A, OR A TRUST FUND REFERRED TO IN PARAGRAPH (a)(1)(i)(F) OF RULE 144A
THAT HOLDS THE ASSETS OF SUCH A PLAN, (H) IT IS NOT FORMED FOR THE PURPOSE OF INVESTING IN THE MASTER ISSUER (EXCEPT WHERE EACH BENEFICIAL OWNER IS (X) BOTH A QUALIFIED PURCHASER AND A QUALIFIED INSTITUTIONAL BUYER OR (Y) A QUALIFIED
PURCHASER AND NEITHER A U.S. RESIDENT NOR A U.S. PERSON, AS APPLICABLE), AND (I) IF IT IS A COMPANY EXCEPTED FROM THE DEFINITION OF “INVESTMENT COMPANY” BY SECTION 3(c)(1) OR SECTION 3(c)(7) OF THE 1940 ACT, OR A SECTION 7(d)
FOREIGN INVESTMENT COMPANY RELYING ON SECTION 3(c)(1) OR SECTION 3(c)(7) OF THE 1940 ACT WITH RESPECT TO ITS U.S. HOLDERS, AND WAS FORMED ON OR BEFORE APRIL 30, 1996, IT HAS RECEIVED THE NECESSARY CONSENT FROM ITS BENEFICIAL OWNERS AS REQUIRED
BY THE 1940 ACT. 
 THE INITIAL PURCHASERS AND EACH SUBSEQUENT TRANSFEREE (IF NOT THE MASTER ISSUER OR AN AFFILIATE OF THE MASTER ISSUER) TAKING DELIVERY OF
THIS NOTE OR AN INTEREST IN THIS NOTE WILL BE DEEMED TO HAVE MADE THE APPLICABLE REPRESENTATIONS AND AGREEMENTS REFERRED TO IN THE INDENTURE. THE INITIAL PURCHASERS AND EACH SUBSEQUENT TRANSFEREE TAKING DELIVERY OF THIS NOTE OR AN INTEREST IN THIS
NOTE IN THE FORM OF AN INTEREST IN A [TEMPORARY REGULATION S GLOBAL NOTE] [RULE 144A GLOBAL NOTE] OR [PERMANENT REGULATION S GLOBAL NOTE] WILL BE REQUIRED TO DELIVER A TRANSFER CERTIFICATE IN THE FORM REQUIRED BY THE INDENTURE AND WILL BE REQUIRED
TO MAKE THE APPLICABLE REPRESENTATIONS AND AGREEMENTS REFERRED TO IN THE INDENTURE. 
 ANY TRANSFER OF THIS NOTE IN VIOLATION OF THE FOREGOING WILL BE OF NO
FORCE AND EFFECT AND WILL BE VOID AB INITIO AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE INITIAL PURCHASERS OR SUBSEQUENT TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE MASTER ISSUER, THE TRUSTEE OR ANY INTERMEDIARY. 

IF THIS NOTE WAS ACQUIRED IN THE UNITED STATES, AND THE HOLDER IS DETERMINED TO BE A COMPETITOR OR NOT TO HAVE BEEN BOTH A QUALIFIED INSTITUTIONAL BUYER AND A
QUALIFIED PURCHASER AT THE TIME OF ACQUISITION OF THIS NOTE, THE MASTER ISSUER HAS THE RIGHT TO REQUIRE SUCH HOLDER TO SELL THIS NOTE TO A PURCHASER WHO IS NOT A COMPETITOR AND IS BOTH A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER. THE
MASTER ISSUER ALSO HAS THE RIGHT TO REFUSE TO HONOR A TRANSFER TO A PERSON WHO IS NOT BOTH A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER OR WHO IS A COMPETITOR. 

  
 28 

 IF THIS NOTE WAS ACQUIRED OUTSIDE THE UNITED STATES, AND THE HOLDER IS DETERMINED TO BE A
COMPETITOR OR NOT TO HAVE BEEN A QUALIFIED PURCHASER AND NEITHER A “U.S. PERSON” NOR A “U.S. RESIDENT” AT THE TIME OF ACQUISITION OF THIS NOTE, THE MASTER ISSUER HAS THE RIGHT TO REQUIRE SUCH HOLDER TO SELL THIS NOTE TO A
PURCHASER WHO IS NOT A COMPETITOR AND IS A QUALIFIED PURCHASER AND NEITHER A “U.S. PERSON” NOR A “U.S. RESIDENT.” THE MASTER ISSUER ALSO HAS THE RIGHT TO REFUSE TO HONOR A TRANSFER TO A PERSON WHO IS NOT A QUALIFIED PURCHASER AND
NEITHER A “U.S. PERSON” NOR A “U.S. RESIDENT” OR WHO IS A COMPETITOR. 
 (i) The Series 2015-1 Class A-2 Notes
Temporary Regulation S Global Notes shall also bear the following legend: 
 UNTIL 40 DAYS AFTER THE ORIGINAL ISSUE DATE OF THE NOTES
(THE “RESTRICTED PERIOD”) IN CONNECTION WITH THE OFFERING OF THE NOTES IN THE UNITED STATES FROM OUTSIDE OF THE UNITED STATES, THE SALE, PLEDGE OR TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN CONDITIONS AND RESTRICTIONS. THE HOLDER
HEREOF, BY PURCHASING OR OTHERWISE ACQUIRING THIS NOTE, ACKNOWLEDGES THAT SUCH HOLDER IS A QUALIFIED PURCHASER, THE MASTER ISSUER OR AN AFFILIATE OF THE MASTER ISSUER, AND THAT THIS NOTE HAS NOT BEEN REGISTERED UNDER THE 1933 ACT AND AGREES FOR THE
BENEFIT OF THE MASTER ISSUER THAT THIS NOTE MAY BE TRANSFERRED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY TO A QUALIFIED PURCHASER, THE MASTER ISSUER OR AN AFFILIATE OF THE MASTER ISSUER AND IN COMPLIANCE WITH THE 1933 ACT AND OTHER APPLICABLE
LAWS OF THE STATES, TERRITORIES AND POSSESSIONS OF THE UNITED STATES GOVERNING THE OFFER AND SALE OF SECURITIES, AND PRIOR TO THE EXPIRATION OF THE RESTRICTED PERIOD, ONLY (I) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE
1933 ACT OR (II) PURSUANT TO AND IN ACCORDANCE WITH RULE 144A UNDER THE 1933 ACT. 
 (j) The Series 2015-1 Global Notes issued in
connection with the Series 2015-1 Class A-2 Notes shall bear the following legend: 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF
THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (“DTC”), A NEW YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK 10004, OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN
WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. UNLESS
THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE MASTER ISSUER OR THE 

  
 29 

 
NOTE REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER, CEDE &
CO., HAS AN INTEREST HEREIN. 
 (k) The required legends set forth above shall not be removed from the applicable Series 2015-1
Class A-2 Notes except as provided herein. The legend required for a Rule 144A Global Note may be removed from such Rule 144A Global Note if there is delivered to the Master Issuer and the Registrar such satisfactory evidence, which
may include an Opinion of Counsel, as may be reasonably required by the Master Issuer that neither such legend nor the restrictions on transfer set forth therein are required to ensure that transfers of such Rule 144A Global Note will not
violate the registration requirements of the Securities Act. Upon provision of such satisfactory evidence, the Trustee at the direction of the Master Issuer (or the Manager on its behalf), shall authenticate and deliver in exchange for such
Rule 144A Global Note a Series 2015-1 Class A-2 Note or Series 2015-1 Class A-2 Notes having an equal aggregate principal amount that does not bear such legend. If such a legend required for a Rule 144A Global Note has been
removed from a Series 2015-1 Class A-2 Note as provided above, no other Series 2015-1 Class A-2 Note issued in exchange for all or any part of such Series 2015-1 Class A-2 Note shall bear such legend, unless the Master Issuer has
reasonable cause to believe that such other Series 2015-1 Class A-2 Note is a “restricted security” within the meaning of Rule 144 under the Securities Act and instructs the Trustee to cause a legend to appear thereon. 

Section 4.5 Section 3(c)(7) Procedures. 

(a) The following provisions are not intended to, and do not, preclude the Master Issuer from relying on any exception from registration as an
“investment company” under the 1940 Act or from any exclusion as an “investment company” pursuant to Section 3(c)(7) of the 1940 Act. No adverse inferences shall be drawn from the inclusion of the foregoing provisions with
respect to any such other exception or exclusion. 
 (b) The Master Issuer shall, upon two (2) Business Days’ prior written
notice, cause the Registrar to send, and the Registrar hereby agrees to send on at least an annual basis, a notice from the Master Issuer to DTC in substantially the form of Exhibit D hereto (the “Important Section 3(c)(7)
Notice”), with a request that DTC forward each such notice to the relevant DTC participants for further delivery to the Series 2015-1 Note Owners. If DTC notifies the Master Issuer or the Registrar that it will not forward such notices, the
Master Issuer will request DTC to deliver to the Master Issuer a list of all DTC participants holding an interest in the Series 2015-1 Notes and the Registrar and Paying Agent will send the Important Section 3(c)(7) Notice directly to such
participants. 
 (c) The Master Issuer will take the following steps in connection with the Series 2015-1 Notes: 

  
 30 

 (i) The Master Issuer will direct DTC to include the “3c7” marker in the DTC
20-character security descriptor and the 48-character additional descriptor for the Rule 144A Global Note in order to indicate that sales are limited to QIB/QPs. 

(ii) The Master Issuer will direct DTC to cause each physical DTC deliver order ticket delivered by DTC to purchasers to contain the DTC
20-character security descriptor; and will direct DTC to cause each DTC deliver order ticket delivered by DTC to purchasers in electronic form to contain the “3c7” indicator and a related user manual for participants, which will contain a
description of the relevant restrictions. 
 (iii) The Master Issuer will instruct DTC to send an Important Section 3(c)(7) Notice to
all DTC participants in connection with the initial offering of the Series 2015-1 Notes. 
 (iv) The Master Issuer will advise DTC that it
is a Section 3(c)(7) issuer and will request DTC to include the Rule 144A Global Note in DTC’s “Reference Directory” of Section 3(c)(7) offerings and provide such participants with an Important Section 3(c)(7)
Notice. 
 (v) The Master Issuer will from time to time request DTC to deliver to the Master Issuer a list of all DTC participants holding
an interest in the Rule 144A Global Note and provide such participants with an Important Section 3(c)(7) Notice. 
 (vi) The
Master Issuer will direct Euroclear to include the “144A/3(c)(7)” marker in the name for the Rule 144A Global Note included in the Euroclear securities database in order to indicate that sales are limited to QIB/QPs. 

(vii) The Master Issuer will direct Euroclear to cause each daily securities balance report and each daily securities transaction report
delivered to Euroclear participants to contain the indicator “144A/3(c)(7)” in the name for the Rule 144A Global Note. 

(viii) The Master Issuer will direct Euroclear to include a description of the Section 3(c)(7) restrictions for the Rule 144A
Global Note in its New Issues Acceptance Guide. 
 (ix) The Master Issuer will instruct Euroclear to send an Important Section 3(c)(7)
Notice to all Euroclear participants holding positions in the Rule 144A Global Note at least once every calendar year, substantially in the form of Exhibit D hereto. 

(x) The Master Issuer will from time to time request Euroclear to deliver to the Master Issuer a list of all Euroclear participants holding
an interest in the Rule 144A Global Note and provide such participants with notification substantially in the form of Exhibit D hereto. 

(xi) The Master Issuer will direct Clearstream to include the “144A/3(c)(7)” marker in the name for the Rule 144A Global Note
included in the Clearstream securities database in order to indicate that sales are limited to QIB/QPs. 

  
 31 

 (xii) The Master Issuer will direct Clearstream to cause each daily portfolio report and each
daily settlement report delivered to Clearstream participants to contain the indicator “144A/3(c)(7)” in the name for the Rule 144A Global Note. 

(xiii) The Master Issuer will direct Clearstream to include a description of the Section 3(c)(7) restrictions in its Customer Handbook.

 (xiv) The Master Issuer will instruct Clearstream to send an Important Section 3(c)(7) Notice to all Clearstream participants
holding positions in the Rule 144A Global Note at least once every calendar year, substantially in the form of Exhibit D hereto. 

(xv) The Master Issuer will from time to time request Clearstream to deliver to the Master Issuer a list of all Clearstream participants
holding an interest in any series of Rule 144A Global Note and provide such participants with notification substantially in the form of Exhibit D hereto. 

(xvi) The Master Issuer will request Clearstream to include a “3(c)(7)” marker in the name for the Rule 144A Global Note
included in the list of securities accepted in the Clearstream securities’ database made available to Clearstream participants. 
 (d)
The Master Issuer shall request third-party vendors that provide information on the Series 2015-1 Notes to include on screens maintained by such vendors appropriate legends regarding Rule 144A and Section 3(c)(7) restrictions. Without
limiting the foregoing: 
 (i) the Master Issuer will request Bloomberg, L.P. to include the following on each Bloomberg screen containing
information about the Series 2015-1 Notes: 
 (A) The “Note Box” on the bottom of the “Security Display”
page describing the Series 2015-1 Notes should state: “Iss’d Under 144A/3c7”. 
 (B) The “Security
Display” page should have a flashing red indicator stating “See Other Available Information”. 
 (C) Such
indicator should link to an “Additional Security Information” page, which should state that the Series 2015-1 Notes “are being offered in reliance on the exemption from registration under Rule 144A to Persons that are both
(i) qualified institutional buyers (as defined in Rule 144A under the Securities Act) and (ii) qualified purchasers (as defined under Section 2(a)(51) under the Investment Company Act of 1940)”. 

(ii) the Master Issuer will request Reuters Group plc to input the following information in its system with respect to the Series 2015-1
Notes: 
 (A) The security name field at the top of the Reuters Instrument Code screen should include a “144A-3c7”
notation. 

  
 32 

 (B) A <144A3c7Disclaimr> indicator should appear on the right side of the
Reuters Instrument Code screen. 
 (C) Such indicator should link to a disclaimer screen on which the following language
will appear: “These securities may be sold or transferred only to persons who are both (i) qualified institutional buyers (as defined in Rule 144A under the Securities Act), and (ii) qualified purchasers (as defined under
Section 2(a)(51) under the U.S. Investment Company Act of 1940)”. 
 (e) The Master Issuer shall cause the “CUSIP”
number obtained for the Series 2015-1 Notes to have an attached “fixed field” that contains “3c7” and “144A” indicators. 

Section 4.6 Note Owner Representations and Warranties. Each Person who becomes a Note Owner of a beneficial interest in a Series
2015-1 Note pursuant to the Offering Memorandum will be deemed to represent, warrant and agree on the date such Person acquires any interest in any Series 2015-1 Note as follows: 

(a) With respect to any sale of Series 2015-1 Notes pursuant to Rule 144A, it is a QIB/QP pursuant to Rule 144A and
Section 2(a)(51) of the Investment Company Act, and is aware that any sale of Series 2015-1 Notes to it will be made in reliance on Rule 144A. Its acquisition of Series 2015-1 Notes in any such sale will be for its own account or for the
account of another QIB/QP. 
 (b) With respect to any sale of Series 2015-1 Notes pursuant to Regulation S, at the time the buy order for
such Series 2015-1 Notes was originated, it was outside the United States to a Person who is a QP and neither a U.S. Person nor a U.S. Resident, and was not purchasing for the account or benefit of a U.S. Person or a
U.S. Resident. 
 (c) It is not a broker-dealer of the type described in paragraph (a)(1)(ii) of Rule 144A which owns and
invests on a discretionary basis less than $25,000,000 in securities of unaffiliated issuers. 
 (d) It has not been formed for the purpose
of investing in the Series 2015-1 Notes, except where each beneficial owner is a QIB/QP (for Series 2015-1 Notes acquired in the United States) or a QP and neither a U.S. Person nor a U.S. Resident (for Series 2015-1 Notes acquired outside
the United States). 
 (e) It will, and each account for which it is purchasing will, hold and transfer at least the minimum denomination of
Series 2015-1 Notes. 
 (f) It understands that the Master Issuer, the Manager and the Servicer may receive a list of participants holding
positions in the Series 2015-1 Notes from one or more book-entry depositories. 
 (g) It understands that the Manager, the Master Issuer and
the Servicer may receive (i) a list of Note Owners that have requested access to the Trustee’s password-protected website or that have voluntarily registered as a Note Owner with the Trustee and (ii) copies of Noteholder confirmations
of representations and warranties executed to obtain access to the Trustee’s password-protected website. 

  
 33 

 (h) It will provide to each person to whom it transfers Series 2015-1 Notes notices of any
restrictions on transfer of such Series 2015-1 Notes. 
 (i) It is not a participant-directed employee plan, such as a 401(k) plan, or any
other type of plan referred to in paragraph (a)(1)(i)(D) or (a)(1)(i)(E) of Rule 144A, or a trust fund referred to in paragraph (a)(1)(i)(F) of Rule 144A that holds the assets of such a plan. 

(j) If it is a Section 3(c)(1) or Section 3(c)(7) investment company, or a Section 7(d) foreign investment company relying on
Section 3(c)(1) or Section 3(c)(7) of the Investment Company Act with respect to its U.S. holders, and was formed on or before April 30, 1996, it has received the necessary consent from its beneficial owners as required by the
1940 Act. 
 (k) It understands that (i) the Series 2015-1 Notes are being offered in a transaction not involving any public offering
in the United States within the meaning of the Securities Act, (ii) the Series 2015-1 Notes have not been registered under the Securities Act, (iii) such Series 2015-1 Notes may be offered, resold, pledged or otherwise transferred only
(A) to the Master Issuer or an Affiliate of the Master Issuer, (B) in the United States to a Person who the seller reasonably believes is a QIB and who is a QP in a transaction meeting the requirements of Rule 144A and who is not a
Competitor, (C) outside the United States to a Person who is a QP and neither a U.S. Person nor a U.S. Resident in a transaction meeting the requirements of Regulation S and who is not a Competitor or (D) to a Person that is
a QP and not a Competitor in a transaction exempt from the registration requirements of the Securities Act and the applicable securities laws of any state of the United States and any other jurisdiction, in each such case in accordance with the
Indenture and any applicable securities laws of any state of the United States and (iv) it will, and each subsequent holder of a Series 2015-1 Note is required to, notify any subsequent purchaser of a Series 2015-1 Note of the resale
restrictions set forth in clause (iii) above. 
 (l) It understands that the certificates evidencing the Rule 144A Global
Notes will bear legends substantially similar to those set forth in Section 4.4(h) of this Series Supplement. 
 (m) It
understands that the certificates evidencing the Temporary Regulation S Global Notes will bear legends substantially similar to those set forth in Section 4.4(i) of this Series Supplement. 

(n) It understands that the certificates evidencing the Permanent Regulation S Global Notes will bear legends substantially similar to
those set forth in Section 4.4(j) of this Series Supplement. 
 (o) Either (i) it is neither a Plan (including, without
limitation, an entity whose underlying assets include “plan assets” by reason of a Plan’s investment in the entity or otherwise) nor a governmental, church, non-U.S. or other plan which is subject to any Similar Law or (ii) its
acquisition, holding and disposition of the Series 2015-1 Notes (or any interest 

  
 34 

 
therein) will not constitute a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or, in the case of a governmental, church, non-U.S. or other
plan, a non-exempt violation under any Similar Law. 
 (p) It understands that any subsequent transfer of the Series 2015-1 Notes or any
interest therein is subject to certain restrictions and conditions set forth in the Indenture and it agrees to be bound by, and not to resell, pledge or otherwise transfer the Series 2015-1 Notes or any interest therein except in compliance with,
such restrictions and conditions and the Securities Act. 
 (q) It is not a Competitor. 

Section 4.7 Limitation on Liability. None of the Master Issuer, the Trustee or any Paying Agent shall have any responsibility or
liability for any aspects of the records maintained by DTC or its nominee or any of the Agent Members relating to or for payments made thereby on account of beneficial interests in a Rule l44A Global Note or a Regulation S Global Note. None of
the Master Issuer, the Trustee or the Paying Agent shall have any responsibility or liability with respect to any records maintained by the Noteholder with respect to the beneficial holders thereof or payments made thereby on account of beneficial
interests held therein. 
 ARTICLE V 

GENERAL 

Section 5.1 Information. On or before each Quarterly Payment Date, the Master Issuer shall furnish, or cause to be furnished, a
Quarterly Noteholder’s Report with respect to the Series 2015-1 Notes to the Trustee, substantially in the form of Exhibit C hereto, setting forth, inter alia, the following information with respect to such Quarterly Payment
Date: 
 (i) the total amount available to be distributed to Series 2015-1 Noteholders on such Quarterly Payment Date; 

(ii) the amount of such distribution allocable to the payment of interest on each Class and Tranche of the Series 2015-1 Notes; 

(iii) the amount of such distribution allocable to the payment of principal of each Class and Tranche of the Series 2015-1 Notes; 

(iv) the amount of such distribution allocable to the payment of any Series 2015-1 Class A-2 Make-Whole Prepayment Premium or Series
2015-1 Class A-2 Scheduled Principal Prepayment Premium, if any, on each Tranche; 
 (v) the amount of such distribution allocable to
the payment of any fees or other amounts due to the Series 2015-1 Class A-1 Noteholders; 
 (vi) whether, to the Actual Knowledge of
the Master Issuer, any Potential Rapid Amortization Event, Rapid Amortization Event, Default, Event of Default, Potential Manager Termination Event or Manager Termination Event has occurred as of the related Quarterly Calculation Date or any Cash
Trapping Period is in effect, as of such Quarterly Calculation Date; 

  
 35 

 (vii) the DSCR for such Quarterly Payment Date and the three Quarterly Payment Dates immediately
preceding such Quarterly Payment Date; 
 (viii) the number of franchised PODs as of the last day of the preceding Quarterly Collection
Period; 
 (ix) the amount of Dunkin’ Donuts U.S. Sales as of the last day of the related Quarterly Collection Period; and 

(x) the amount on deposit in the Senior Notes Interest Reserve Account (and the availability under any Interest Reserve Letter of Credit
relating to the Senior Notes) and the amount on deposit in the Cash Trap Reserve Account, if any, in each case as of the close of business on the last Business Day of the preceding Quarterly Collection Period. 

Any Series 2015-1 Noteholder may obtain copies of each Quarterly Noteholder’s Report in accordance with the procedures set forth in
Section 4.4 of the Base Indenture. 
 Section 5.2 Exhibits. The annexes, exhibits and schedules attached hereto and
listed on the table of contents hereto supplement the annexes, exhibits and schedules included in the Base Indenture. 
 Section 5.3
Ratification of Base Indenture. As supplemented by this Series Supplement, the Base Indenture is in all respects ratified and confirmed and the Base Indenture as so supplemented by this Series Supplement shall be read, taken and construed as
one and the same instrument. 
 Section 5.4 Certain Notices to the Rating Agencies. The Master Issuer shall provide to each
Rating Agency a copy of each Opinion of Counsel and Officer’s Certificate delivered to the Trustee pursuant to this Series Supplement or any other Related Document. 

Section 5.5 Prior Notice by Trustee to the Controlling Class Representative and Control Party. Subject to Section 10.1
of the Base Indenture, the Trustee agrees that it shall not exercise any rights or remedies available to it as a result of the occurrence of a Rapid Amortization Event or an Event of Default until after the Trustee has given prior written notice
thereof to the Controlling Class Representative and the Control Party and obtained the direction of the Control Party (subject to Section 11.4(e) of the Base Indenture, at the direction of the Controlling Class Representative). 

Section 5.6 Counterparts. This Series Supplement may be executed in any number of counterparts, each of which so executed shall be
deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. 

  
 36 

 Section 5.7 Governing Law. THIS SERIES SUPPLEMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 Section 5.8 Amendments. This Series
Supplement may not be modified or amended except in accordance with the terms of the Base Indenture. 
 Section 5.9 Termination of
Series Supplement. This Series Supplement shall cease to be of further effect when (i) all Outstanding Series 2015-1 Notes theretofore authenticated and issued have been delivered (other than destroyed, lost, or stolen Series 2015-1 Notes
that have been replaced or paid) to the Trustee for cancellation and all Letters of Credit have expired, have been cash collateralized in full pursuant to the terms of the Series 2015-1 Class A-1 Note Purchase Agreement or are deemed to no
longer be outstanding in accordance with Section 4.04 of the Series 2015-1 Class A-1 Note Purchase Agreement, (ii) all fees and expenses and other amounts under the Series 2015-1 Class A-1 Note Purchase Agreement have been
paid in full and all Series 2015-1 Class A-1 Commitments have been terminated, (iii) the Master Issuer has paid all sums payable hereunder and, without duplication (iv) the conditions set forth in Section 12.1(c) of the
Base Indenture have been satisfied with respect to the Series 2015-1 Notes; provided that any provisions of this Series Supplement required for the Series 2015-1 Final Payment to be made shall survive until the Series 2015-1 Final Payment is
paid to the Series 2015-1 Noteholders. 
 Section 5.10 Entire Agreement. This Series Supplement, together with the exhibits and
schedules hereto and the other Indenture Documents, contains a final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto
with respect to the subject matter hereof, superseding all previous oral statements and other writings with respect thereto. 
 [Signature
Pages Follow] 

  
 37 

 IN WITNESS WHEREOF, each of the Master Issuer, the Trustee and the Series 2015-1 Securities
Intermediary has caused this Series Supplement to be duly executed by its respective duly authorized officer as of the day and year first written above. 
  

					
	 DB MASTER FINANCE LLC, as Master Issuer

		
	 By:
		  

			 Name:

			Title:

 [2015-1 Series Supplement] 

 
					
	 CITIBANK, N.A., in its capacity as Trustee and as Series 2015-1 Securities Intermediary

		
	By:		  

			Name:
			Title:

 [2015-1 Series Supplement] 

 ANNEX A 

SERIES 2015-1 

SUPPLEMENTAL DEFINITIONS LIST 

“Accrued Quarterly Scheduled Principal Amount” means, for each Weekly Allocation Date with respect to any Quarterly
Collection Period, an amount equal to the lesser of (a) the sum of (i) the product of (1) the Weekly Accrual Percentage for such Weekly Collection Period and (2) the Quarterly Scheduled Principal Amount for the Quarterly Payment
Date in the next succeeding Quarterly Collection Period and (ii) the Accrued Quarterly Scheduled Principal Shortfall Amount for such Weekly Allocation Date and (b) the amount, if any, by which (i) the Quarterly Scheduled Principal
Amount for the Quarterly Payment Date in the next succeeding Quarterly Collection Period exceeds (ii) the aggregate amount previously allocated to the Senior Notes Principal Payment Account with respect to the Series 2015-1 Senior Notes on each
preceding Weekly Allocation Date (or prefunded on tzhe Closing Date) with respect to such Quarterly Collection Period. For purposes of the Base Indenture, the Accrued Quarterly Scheduled Principal Amount shall be deemed to be a “Senior Notes
Accrued Quarterly Scheduled Principal Amount”. 
 “Accrued Quarterly Scheduled Principal Shortfall Amount” means,
(a) for the first Weekly Allocation Date with respect to any Quarterly Collection Period, zero, and (b) for any other Weekly Allocation Date with respect to such Quarterly Collection Period the amount, if any, by which (i) the amount
allocated to the Senior Notes Principal Payment Account with respect to Accrued Quarterly Scheduled Principal Amounts on the immediately preceding Weekly Allocation Date with respect to such Quarterly Collection Period was less than (ii) the
Accrued Quarterly Scheduled Principal Amount for such immediately preceding Weekly Allocation Date. 
 “Acquiring Committed Note
Purchaser” has the meaning set forth in Section 9.17(a) of the Series 2015-1 Class A-1 Note Purchase Agreement. 

“Acquiring Investor Group” has the meaning set forth in Section 9.17(c) of the Series 2015-1 Class A-1 Note
Purchase Agreement. 
 “Administrative Agent” has the meaning set forth in the preamble to the Series 2015-1 Class A-1
Note Purchase Agreement. For purposes of the Base Indenture, the “Administrative Agent” shall be deemed to be a “Class A-1 Administrative Agent”. 

“Administrative Agent Fees” has the meaning set forth in the Series 2015-1 Class A-1 VFN Fee Letter. 

“Advance Request” has the meaning set forth in Section 7.03(d) of the Series 2015-1 Class A-1 Note Purchase
Agreement. 
 “Affected Person” has the meaning set forth in Section 3.05 of the Series 2015-1 Class A-1 Note Purchase Agreement. 

 “Agent Members” means members of, or participants in, DTC. 

“Aggregate Unpaids” has the meaning set forth in Section 5.01 of the Series 2015-1 Class A-1 Note Purchase
Agreement. 
 “Application” means an application, in such form as the applicable L/C Issuing Bank may specify from time to
time, requesting such L/C Issuing Bank to issue a Letter of Credit. 
 “Assignment and Assumption Agreement” has the
meaning set forth in Section 9.17(a) of the Series 2015-1 Class A-1 Note Purchase Agreement. 
 “Base
Rate” has the meaning set forth in Section 1.02 of the Series 2015-1 Class A-1 Note Purchase Agreement. 
 “Base
Rate Advance” has the meaning set forth in Section 1.02 of the Series 2015-1 Class A-1 Note Purchase Agreement. 

“Borrowing” has the meaning set forth in Section 2.02(c) of the 2015-1 Class A-1 Note Purchase Agreement.

 “Breakage Amount” has the meaning set forth in Section 3.06 of the Series 2015-1 Class A-1 Note
Purchase Agreement. 
 “Cede” has the meaning set forth in Section 4.2(a) of the Series 2015-1 Supplement. 

“Class A-1 Accrued Quarterly Commitment Fee Shortfall” means (a) for the first Weekly Allocation Date with respect to
any Quarterly Collection Period, zero, and (b) for any other Weekly Allocation Date with respect to such Quarterly Collection Period the amount, if any, by which (i) the aggregate amount allocated to the
Class A-1 Notes Commitment Fees Account with respect to the Series 2015-1 Class A-1 Notes on each preceding Weekly Allocation Date with respect to such Quarterly Collection Period was less than
(ii) the aggregate Class A-1 Notes Accrued Quarterly Commitment Fee Amounts for all such preceding Weekly Allocation Dates. 

“Class A-1 Amendment Expenses” means “Amendment Costs” as defined in, and payable pursuant to,
Section 9.05(a)(ii) of the Series 2015-1 Class A-1 Note Purchase Agreement. 
 “Class A-1 Daily Interest
Amount” means, for any day during any Interest Accrual Period, the sum of the following amounts: 
 (a) with respect
to any Eurodollar Advance outstanding on such day, the result of (i) the product of (x) the Eurodollar Rate in effect for such Interest Accrual Period and (y) the principal amount of such Series 2015-1 Class A-1 Advance
outstanding as of the close of business on such day divided by (ii) 360; plus 
 (b) with respect to any Base
Rate Advance outstanding on such day, the result of (i) the product of (x) the Base Rate in effect for such day and (y) the principal amount of such Series 2015-1 Class A-1 Advance outstanding as of the close of business on such
day divided by (ii) 360; plus 

 (c) with respect to any CP Advance outstanding on such day, the result of
(i) the product of (x) the CP Rate in effect for such Interest Accrual Period and (y) the principal amount of such Series 2015-1 Class A-1 Advance outstanding as of the close of business on such day divided by (ii) 360;
plus  
 (d) with respect to any Swingline Loans or Unreimbursed L/C Drawings outstanding on such day, the result of
(i) the product of (x) the Base Rate in effect for such day and (y) the principal amount of such Series 2015-1 Class A-1 Swingline Loans and Unreimbursed L/C Drawings outstanding as of the close of business on such day divided by
(ii) 360; plus  
 (e) with respect to any Undrawn L/C Face Amounts outstanding on such day, the L/C Quarterly
Fees that accrue thereon for such day. 
 “Class A-1 Estimated Quarterly Commitment Fee” means, with respect to any
Interest Accrual Period, an amount equal to the sum of (a) the product of (i) the Estimated Daily Commitment Fees Amount for such Interest Accrual Period and (ii) the number of days in such Interest Accrual Period, and (b) the
amount of any Class A-1 Quarterly Commitment Fees Shortfall Amount with respect to the Series 2015-1 Class A-1 Notes (as determined pursuant to Section 5.12(e) of the Base Indenture) for the immediately preceding Interest
Accrual Period together with Additional Class A-1 Notes Commitment Fees Shortfall Interest (as determined pursuant to Section 5.12(e) of the Base Indenture) on such Class A-1 Quarterly Commitment Fees Shortfall Amount. 

“Class A-1 Estimated Quarterly Interest” means, with respect to each Interest Accrual Period, an amount equal to the sum of
(a) the product of (i) the Estimated Class A-1 Daily Interest Amount for such Interest Accrual Period and (ii) the number of days in such Interest Accrual Period, and (b) the amount of any Senior Notes Quarterly
Interest Shortfall Amount with respect to the Series 2015-1 Class A-1 Notes (as determined pursuant to Section 5.12(b) of the Base Indenture) for the immediately preceding Interest Accrual Period (together with Additional Senior
Notes Interest Shortfall Interest (as determined pursuant to Section 5.12(c) of the Base Indenture) on such Senior Notes Quarterly Interest Shortfall Amount. 

“Class A-1 Extension Fees” means the fees payable pursuant to the Series 2015-1 Class A-1 VFN Fee Letter in connection
with the extension of a Commitment Termination Date. 
 “Class A-1 Final Interest Adjustment Amount” means, for any
Interest Accrual Period, the result (whether a positive or negative number) of (a) the aggregate of the Class A-1 Daily Interest Amounts for each day in such Interest Accrual Period minus (b) the aggregate amount allocated
pursuant to clauses (i), (iii) and (iv) (to the extent such amounts under clause (iii) were allocated with respect to amounts calculated under clause (i) or (iv)) of the defined term
“Senior Notes Accrued Quarterly Interest Amount” in respect of such Interest Accrual Period, in each case without duplication. For purposes of the Base Indenture, the “Class A-1 Final Interest Adjustment Amount” for any Interest
Accrual Period shall be deemed to be a “Class A-1 Interest Adjustment Amount” for such Interest Accrual Period. 

 “Class A-1 Interim Interest Adjustment Amount” means, with respect to any
Interest Accrual Period, as of any date of determination prior to the ending of such Interest Accrual Period, the result (if positive) of (a) the expected aggregate of the Class A-1 Daily Interest Amounts for each day in such Interest
Accrual Period as of such date of determination, as determined by the Manager in accordance with the Managing Standard minus (b) the aggregate amount allocated pursuant to clauses (i), (iii) and (iv) (to
the extent such amounts under clause (iii) were allocated with respect to amounts calculated under clauses (i) or (iv) and without duplication) of the defined term “Senior Notes Accrued Quarterly Interest
Amount” in respect of such Interest Accrual Period. 
 “Class A-1 Notes Accrued Quarterly Commitment Fee Amount”
means, for each Weekly Allocation Date with respect to a Quarterly Collection Period and the Interest Accrual Period beginning during such Quarterly Collection Period (except as provided for in clause (iv) below, with respect to the
Interest Accrual Period ending in such Quarterly Collection Period), an amount equal to the sum of 
 (i) the lesser of (A) the
product of (1) the Weekly Accrual Percentage for such Weekly Collection Period and (2) the Class A-1 Estimated Quarterly Commitment Fee for such Interest Accrual Period and (B) the amount, if any, by which, (1) the
Class A-1 Estimated Quarterly Commitment Fee exceeds (2) the aggregate amount previously allocated pursuant to this clause (i) and clause (ii) (to the extent such amounts under clause (ii) were allocated
with respect to amounts calculated under this clause (i)) on each preceding Weekly Allocation Date during such Quarterly Collection Period plus the absolute value of any allocated but unpaid negative Commitment Fee Final Adjustment
Amount; 
 (ii) the Class A-1 Accrued Quarterly Commitment Fee Shortfall for such Weekly Allocation Date; 

(iii) if such Weekly Allocation Date is the twelfth or thirteenth Weekly Allocation Date in such Quarterly Collection Period, the Commitment
Fee Interim Adjustment Amount, if positive, with respect to such Interest Accrual Period; and 
 (iv) if such Weekly Allocation Date is
the last Weekly Allocation Date in the Interest Accrual Period ending in such Quarterly Collection Period, the Commitment Fee Final Adjustment Amount, if positive, with respect to such Interest Accrual Period. 

For purposes of the Base Indenture, the “Class A-1 Notes Accrued Quarterly Commitment Fee Amount” shall be deemed to be the
“Class A-1 Notes Accrued Quarterly Commitment Fee Amount”. 
 “Class A-1 Notes Other Amounts” means the amounts
identified as “Breakage Amounts”, Indemnified Liabilities”, “Applicable Agent Indemnified Liabilities”, “Increased Capital Costs”, Increased Costs”, “Increased Tax Costs”, “Pre-Closing
Costs”, “Other Post-Closing Expenses” or “Out-of-Pocket Expenses” in the Series 2015-1 Class A-1 Note Purchase Agreement. For purposes of the Base Indenture, the “Class A-1 Notes Other Amounts” shall be deemed
to be “Class A-1 Notes Other Amounts”. 

 “Class A-1 Taxes” has the meaning set forth in Section 3.08(a) of
the Series 2015-1 Class A-1 Note Purchase Agreement. 
 “Class A-1 Quarterly Commitment Fee Amount” means, for any
Interest Accrual Period, with respect to all Outstanding Series 2015-1 Class A-1 Notes, the Undrawn Commitment Fees due and payable on all such Outstanding Series 2015-1 Class A-1 Notes with respect to such Interest Accrual Period. For
purposes of the Base Indenture, the “Class A-1 Quarterly Commitment Fee Amount” shall be deemed to be a “Class A-1 Quarterly Commitment Fee Amount”. 

“Class A-2 Quarterly Interest” means, with respect to any Interest Accrual Period, an amount equal to the sum of (i) the
accrued interest at the Series 2015-1 Class A-2 Note Rate on the Series 2015-1 Class A-2 Outstanding Principal Amount, calculated based on a 360-day year of twelve 30-day months, and (ii) the amount of any Senior Notes Quarterly
Interest Shortfall Amount with respect to the Series 2015-1 Class A-2 Notes (as determined pursuant to Section 5.12(b) of the Base Indenture), for the immediately preceding Interest Accrual Period together with Additional Senior
Notes Interest Shortfall Interest (as determined pursuant to Section 5.12(c) of the Base Indenture) on such Senior Notes Quarterly Interest Shortfall Amount. 

“Commercial Paper” has the meaning set forth in Section 1.02 of the Series 2015-1 Class A-1 Note Purchase
Agreement. 
 “Commitment Amount” has the meaning set forth in Section 1.02 of the Series 2015-1 Class A-1
Note Purchase Agreement. 
 “Commitments” has the meaning set forth in Section 1.02 of the Series 2015-1
Class A-1 Note Purchase Agreement. 
 “Commitment Fee Final Adjustment Amount” means, for any Interest Accrual Period,
the result (whether a positive or negative number) of (a) the aggregate of the Daily Commitment Fees Amounts for each day in such Interest Accrual Period minus (b) the aggregate amount allocated pursuant to clauses (i),
(ii), and (iii) of the defined term “Class A-1 Notes Accrued Quarterly Commitment Fee Amount” in respect of such Interest Accrual Period. For purposes of the Base Indenture, the “Commitment Fee Final Adjustment
Amount” shall be deemed to be the “Class A-1 Commitment Fee Adjustment Amount”. 
 “Commitment Fee Interim Adjustment
Amount” means, with respect to any Interest Accrual Period, as of any date of determination prior to the ending of such Interest Accrual Period, the result (if positive) of (a) the expected aggregate of the Daily Commitment Fees
Amounts for each day in such Interest Accrual Period as of such date of determination, as determined by the Manager in accordance with the Managing Standard minus (b) the aggregate amount allocated pursuant to clauses (i),
(ii), and (iii) of the defined term “Class A-1 Notes Accrued Quarterly Commitment Fee Amount” in respect of such Interest Accrual Period. 

 “Commitment Percentage” has the meaning set forth in Section 1.02 of
the Series 2015-1 Class A-1 Note Purchase Agreement. 
 “Commitment Term” has the meaning set forth in
Section 1.02 of the Series 2015-1 Class A-1 Note Purchase Agreement. 
 “Commitment Termination Date” has
the meaning set forth in Section 1.02 of the Series 2015-1 Class A-1 Note Purchase Agreement. 
 “Committed Note
Purchaser” has the meaning set forth in the preamble to the Series 2015-1 Class A-1 Note Purchase Agreement. 

“Committed Note Purchaser Percentage” has the meaning set forth in Section 1.02 of the Series 2015-1
Class A-1 Note Purchase Agreement. 
 “Conduit Assignee” has the meaning set forth in Section 1.02 of the
Series 2015-1 Class A-1 Note Purchase Agreement. 
 “Conduit Investors” has the meaning set forth in the preamble to
the Series 2015-1 Class A-1 Note Purchase Agreement. 
 “Confidential Information” for purposes of the Series 2015-1
Class A-1 Note Purchase Agreement, has the meaning set forth in Section 9.11 of the Series 2015-1 Class A-1 Note Purchase Agreement. 

“CP Advance” has the meaning set forth in Section 1.02 of the Series 2015-1 Class A-1 Note Purchase
Agreement. 
 “CP Funding Rate” has the meaning set forth in Section 1.02 of the Series 2015-1 Class A-1
Note Purchase Agreement. 
 “CP Rate” has the meaning set forth in Section 1.02 of the Series 2015-1
Class A-1 Note Purchase Agreement. 
 “Daily Commitment Fees Amount” means, for any day during any Interest Accrual
Period, the Undrawn Commitment Fees that accrue for such day. 
 “Daily Post-Renewal Date Contingent Interest Amount”
means, for any day during any Interest Accrual Period commencing on or after the Series 2015-1 Class A-1 Notes Renewal Date, the sum of (a) the result of (i) the product of (x) the Series 2015-1 Class A-1 Post-Renewal Date
Contingent Interest Rate and (y) the Series 2015-1 Class A-1 Outstanding Principal Amount (excluding any Base Rate Advances and Undrawn L/C Face Amounts included therein) as of the close of business on such day divided by (ii) 360 and
(b) the result of (i) the product of (x) the Series 2015-1 Class A-1 Post-Renewal Date Contingent Interest Rate and (y) any Base Rate Advances included in the Series 2015-1 Class A-1 Outstanding Principal Amount as of
the close of business on such day divided by (ii) 365 or 366, as applicable. 

 “Decrease” has the meaning set forth in Section 1.02 of the Series
2015-1 Class A-1 Note Purchase Agreement. 
 “Defaulting Administrative Agent Event” has the meaning set forth in
Section 5.07(b) of the Series 2015-1 Class A-1 Note Purchase Agreement. 
 “Defaulting Investor” has the
meaning set forth in Section 1.02 of the Series 2015-1 Class A-1 Note Purchase Agreement. 
 “Definitive
Notes” has the meaning set forth in Section 4.2(c) of the Series 2015-1 Supplement. 
 “DTC” means The
Depository Trust Company and any successor thereto. 
 “Eligible Conduit Investor” has the meaning set forth in
Section 1.02 of the Series 2015-1 Class A-1 Note Purchase Agreement. 
 “Estimated Class A-1 Daily Interest
Amount” means (a) for the first Interest Accrual Period, the Class A-1 Daily Interest Amount as of the Closing Date and (b) for any other Interest Accrual Period, the Class A-1 Daily Interest Amount for the first day of
the Quarterly Collection Period during which such Interest Accrual Period commenced. 
 “Estimated Daily Commitment Fees
Amount” means (a) for the first Interest Accrual Period, the Daily Commitment Fees Amount as of the Closing Date and (b) for any other Interest Accrual Period, the Daily Commitment Fees Amount for the first day of the Quarterly
Collection Period during which such Interest Accrual Period commenced. 
 “Eurodollar Advance” has the meaning set forth in
Section 1.02 of the Series 2015-1 Class A-1 Note Purchase Agreement. 
 “Eurodollar Business Day” has the
meaning set forth in Section 1.02 of the Series 2015-1 Class A-1 Note Purchase Agreement. 
 “Eurodollar Funding
Rate” has the meaning set forth in Section 1.02 of the Series 2015-1 Class A-1 Note Purchase Agreement. 

“Eurodollar Funding Rate (Reserve Adjusted)” has the meaning set forth in Section 1.02 of the Series 2015-1
Class A-1 Note Purchase Agreement. 
 “Eurodollar Interest Accrual Period” has the meaning set forth in
Section 1.02 of the Series 2015-1 Class A-1 Note Purchase Agreement. 
 “Eurodollar Rate” has the meaning
set forth in Section 1.02 of the Series 2015-1 Class A-1 Note Purchase Agreement. 
 “Eurodollar Reserve
Percentage” has the meaning set forth in Section 1.02 of the Series 2015-1 Class A-1 Note Purchase Agreement. 

 “Eurodollar Tranche” has the meaning set forth in Section 1.02 of
the Series 2015-1 Class A-1 Note Purchase Agreement. 
 “Federal Funds Rate” means, for any specified period, a
fluctuating interest rate per annum equal for each day during such period to the weighted average of the overnight federal funds rates as published in Federal Reserve Board Statistical Release H.15(519) or any successor or substitute publication
selected by the Administrative Agent (or, if such day is not a Business Day, for the next preceding Business Day), or if, for any reason, such rate is not available on any day, the rate determined, in the reasonable opinion of the Administrative
Agent, to be the rate at which overnight federal funds are being offered in the national federal funds market at 9:00 a.m. (New York City time). 

“Fitch” means Fitch, Inc., doing business as Fitch Ratings, or any successor thereto. 

“F.R.S. Board” means the Board of Governors of the Federal Reserve System. 

“Funding Agent” has the meaning set forth in the preamble to the Series 2015-1 Class
A-1 Note Purchase Agreement. 
 “Important Section 3(c)(7) Notice” has the
meaning set forth in Section 4.5(b) of the Series 2015-1 Supplement. 
 “Increase” has the meaning set forth in
Section 2.1(a) of the Series 2015-1 Supplement. 
 “Initial Purchaser” means, collectively, Guggenheim
Securities LLC, Barclays Capital Inc., Goldman, Sachs & Co., J.P. Morgan Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith, Inc. and Morgan Stanley & Co, LLC. 

“Investor” has the meaning set forth in Section 1.02 of the Series 2015-1 Class A-1 Note Purchase Agreement.

 “Investor Group” has the meaning set forth in Section 1.02 of the Series 2015-1 Class A-1 Note Purchase
Agreement. 
 “Investor Group Increase Amount” has the meaning set forth in Section 1.02 of the Series 2015-1
Class A-1 Note Purchase Agreement. 
 “Investor Group Principal Amount” has the meaning set forth in
Section 1.02 of the Series 2015-1 Class A-1 Note Purchase Agreement. 
 “Investor Group Supplement” has
the meaning set forth in Section 9.17(c) of the Series 2015-1 Class A-1 Note Purchase Agreement. 
 “L/C
Commitment” has the meaning set forth in Section 1.02 of the Series 2015-1 Class A-1 Note Purchase Agreement. 

“L/C Issuing Bank” has the meaning set forth in Section 2.07(g) of the Series 2015-1 Class A-1 Note Purchase
Agreement. 

 “L/C Quarterly Fees” has the meaning set forth in Section 2.07(d) of
the Series 2015-1 Class A-1 Note Purchase Agreement. 
 “L/C Obligations” has the meaning set forth in
Section 1.02 of the Series 2015-1 Class A-1 Note Purchase Agreement. 
 “L/C Provider” has the meaning set
forth in Section 1.02 of the Series 2015-1 Class A-1 Note Purchase Agreement. 
 “L/C Reimbursement
Amount” has the meaning set forth in Section 2.08(a) of the Series 2015-1 Class A-1 Note Purchase Agreement. 

“Lender Party” has the meaning set forth in Section 1.02 of the Series 2015-1 Class A-1 Note Purchase
Agreement. 
 “Letter of Credit” has the meaning set forth in Section 2.07(a) of the Series 2015-1
Class A-1 Note Purchase Agreement. 
 “Make-Whole End Date” has the meaning set forth in Section 3.6(e) of
the Series 2015-1 Supplement. 
 “Mandatory Decrease” has the meaning set forth in Section 2.2(a) of the Series
2015-1 Supplement. 
 “Margin Stock” means “margin stock” as defined in Regulation U of the F.R.S. Board, as
amended from time to time. 
 “Maximum Investor Group Principal Amount” means, as to each Investor Group existing on the
Series 2015-1 Closing Date, the amount set forth on Schedule I to the Series 2015-1 Class A-1 Note Purchase Agreement as such Investor Group’s Maximum Investor Group Principal Amount or, in the case of any other Investor Group,
the amount set forth as such Investor Group’s Maximum Investor Group Principal Amount in the Assignment and Assumption Agreement or Investor Group Supplement by which the members of such Investor Group become parties to the Series 2015-1
Class A-1 Note Purchase Agreement, in each case, as such amount may be (i) reduced pursuant to Section 2.05 of the Series 2015-1 Class A-1 Note Purchase Agreement or (ii) increased or reduced by any Assignment and
Assumption Agreement or Investor Group Supplement entered into by the members of such Investor Group in accordance with the terms of the Series 2015-1 Class A-1 Note Purchase Agreement. 

“Non-Excluded Taxes” has the meaning set forth in Section 3.08(a) of the Series 2015-1 Class A-1 Note
Purchase Agreement. 
 “Non-Funding Committed Notes Purchaser” has the meaning set forth in Section 2.02(a) of
the Series 2015-1 Class A-1 Note Purchase Agreement. 
 “Offering Memorandum” means the Offering Memorandum for the
offering of the Series 2015-1 Class A-2 Notes, dated January 22, 2015, prepared by the Master Issuer. 

 “Official Body” has the meaning set forth in the definition of “Change in
Law”. 
 “Outstanding Series 2015-1 Class A-1 Notes” means, with respect to the Series 2015-1 Class A-1
Notes, all Series 2015-1 Class A-1 Notes theretofore authenticated and delivered under the Base Indenture, except: 

(i) Series 2015-1 Class A-1 Notes theretofore canceled by the Registrar or delivered to the Registrar for cancellation;

 (ii) Series 2015-1 Class A-1 Notes, or portions thereof, for whose payment or redemption funds in the necessary
amount have been theretofore irrevocably deposited in the Series 2015-1 Class A-1 Distribution Account and are available for payment of such Series 2015-1 Class A-1 Notes and the Commitments with respect to which have terminated;
provided that if such Series 2015-1 Class A-1 Notes or portions thereof are to be redeemed, notice of such redemption has been duly given pursuant to the Indenture or provision therefore reasonably satisfactory to the Trustee has been
made; 
 (iii) Series 2015-1 Class A-1 Notes that have been defeased in accordance with Section 12.1 of the
Base Indenture; 
 (iv) Series 2015-1 Class A-1 Notes in exchange for, or in lieu of which other Series 2015-1
Class A-1 Notes have been authenticated and delivered pursuant to the Indenture, unless proof reasonably satisfactory to the Trustee is presented that any such Series 2015-1 Class A-1 Notes are held by a holder in due course or protected
purchaser; and 
 (v) Series 2015-1 Class A-1 Notes alleged to have been mutilated, destroyed, lost or stolen for which
replacement Series 2015-1 Class A-1 Notes have been issued as provided in the Indenture. 
 “Outstanding Series 2015-1
Class A-2 Notes” means, with respect to the Series 2015-1 Class A-2 Notes, all Series 2015-1 Class A-2 Notes theretofore authenticated and delivered under the Base Indenture, except: 

(i) Series 2015-1 Class A-2 Notes theretofore canceled by the Registrar or delivered to the Registrar for cancellation;

 (ii) Series 2015-1 Class A-2 Notes, or portions thereof, for whose payment or redemption funds in the necessary
amount have been theretofore irrevocably deposited in the Series 2015-1 Class A-2 Distribution Account and are available for payment of such Series 2015-1 Class A-2 Notes; provided that if such Series 2015-1 Class A-2 Notes or
portions thereof are to be redeemed, notice of such redemption has been duly given pursuant to the Indenture or provision therefore reasonably satisfactory to the Trustee has been made; 

(iii) Series 2015-1 Class A-2 Notes that have been defeased in accordance with Section 12.1 of the Base
Indenture; 

 (iv) Series 2015-1 Class A-2 Notes in exchange for, or in lieu of which
other Series 2015-1 Class A-2 Notes have been authenticated and delivered pursuant to the Indenture, unless proof reasonably satisfactory to the Trustee is presented that any such Series 2015-1 Class A-2 Notes are held by a holder in due
course or protected purchaser; and 
 (v) Series 2015-1 Class A-2 Notes alleged to have been mutilated, destroyed, lost
or stolen for which replacement Series 2015-1 Class A-2 Notes have been issued as provided in the Indenture; 
 provided that (A) in
determining whether the Noteholders of the requisite Outstanding Principal Amount have given any request, demand, authorization, direction, notice, consent, waiver or vote under the Indenture, the following Series 2015-1 Class A-2 Notes shall
be disregarded and deemed not to be Outstanding: (x) Series 2015-1 Class A-2 Notes owned by the Securitization Entities or any other obligor upon the Series 2015-1 Class A-2 Notes or any Affiliate of any of them and (y) Series
2015-1 Class A-2 Notes held in any accounts with respect to which the Manager or any Affiliate thereof exercises discretionary voting authority; provided, further, that in determining whether the Trustee shall be protected in
relying upon any such request, demand, authorization, direction, notice, consent, waiver or vote, only Series 2015-1 Class A-2 Notes as described under clause (x) or (y) above that a Trust Officer actually knows to be so
owned shall be so disregarded; and (B) Series 2015-1 Class A-2 Notes owned in the manner indicated in clause (x) or (y) above that have been pledged in good faith may be regarded as Outstanding if the pledgee
establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Series 2015-1 Class A-2 Notes and that the pledgee is not a Securitization Entity or any other obligor or the Manager, an Affiliate thereof,
or an account for which the Manager or an Affiliate of the Manager exercises discretionary voting authority. 
 “Outstanding Series
2015-1 Notes” means, collectively, all Outstanding Series 2015-1 Class A-1 Notes and all Outstanding Series 2015-1 Class A-2 Notes. 

“Permanent Regulation S Global Notes” has the meaning set forth in Sections 4.2(b) of the Series 2015-1
Supplement. 
 “Prepayment Notice” has the meaning set forth in Section 3.6(g) of the Series 2015-1 Supplement.

 “Prepayment Record Date” means, with respect to the date of any Series 2015-1 Prepayment, the last day of the calendar
month immediately preceding the date of such Series 2015-1 Prepayment unless such last day is less than ten (10) Business Days prior to the date of such Series 2015-1 Prepayment, in which case the “Prepayment Record Date” will be the
last day of the second calendar month immediately preceding the date of such Series 2015-1 Prepayment. 
 “Prime Rate”
means the rate of interest publicly announced from time to time by a commercial bank mutually agreed upon by the Manager and the Servicer as its reference rate, base rate or prime rate. 

 “Program Support Agreement” has the meaning set forth in
Section 1.02 of the Series 2015-1 Class A-1 Note Purchase Agreement. 
 “Program Support Provider” has the
meaning set forth in Section 1.02 of the Series 2015-1 Class A-1 Note Purchase Agreement. 
 “Quarterly Scheduled
Principal Amount” means, with respect to any Quarterly Payment Date, (i) with respect to the Series 2015-1 Class A-2-I Notes, $1,875,000 and (ii) with respect to the Series 2015-1 Class A-2-II Notes, $4,375,000;
provided that amounts paid to the Class A-2 Noteholders in respect of the Series 2015-1 Class A-2 Outstanding Principal Amount (x) in respect of amounts allocated pursuant to clause (i)(D) of the Priority of Payments
shall reduce the respective Quarterly Scheduled Principal Amounts pro rata, (y) as optional prepayments pursuant to Section 3.6(f)(i), shall reduce the respective Quarterly Scheduled Principal Amounts with respect to the applicable
Tranche ratably based on the Outstanding Principal Amount of such optional prepayment or (z) as Optional Scheduled Principal Prepayments pursuant to Section 3.6(f)(ii) shall reduce such Quarterly Scheduled Principal Amounts prepaid
to zero. Series 2015-1 Class A-2 Notes that are cancelled pursuant to Section 2.14 of the Base Indenture shall reduce the applicable Quarterly Scheduled Principal Amounts ratably based on the Outstanding Principal Amount of such Series
2015-1 Class A-2 Notes. For purposes of the Base Indenture, Quarterly Scheduled Principal Amounts shall be deemed to be “Scheduled Principal Payments”. 

“Quarterly Scheduled Principal Deficiency Amount” means, as of any date of determination, the amount, if any, of due and
unpaid Quarterly Scheduled Principal Amount with respect to each Quarterly Payment Date prior to such date of determination. 

“Rabobank” means Coöperatieve Centrale Raiffeisen-Boerenleenbank, B.A., “Rabobank Nederland,” New York Branch.

 “Rating Agencies” means S&P and any successor or successors thereto. Solely with respect to the Class A-2
Notes, in the event that at any time the rating agencies rating the Series 2015-1 Class A-2 Notes do not include S&P, references to rating categories of S&P in this Series Supplement shall be deemed instead to be references to the
equivalent categories of such other rating agency as then is rating the Notes as of the most recent date on which such other rating agency and S&P published ratings for the type of security in respect of which such alternative rating agency is
used. 
 “Refunding Date” has the meaning set forth in Section 2.06(f) of the Series 2015-1 Class A-1 Note
Purchase Agreement. 
 “Regulation S” means Regulation S promulgated under the Securities Act. 

“Regulation S Global Notes” means, collectively, the Temporary Regulation S Global Notes and the Permanent
Regulation S Global Notes. 
 “Reimbursement Obligation” has the meaning set forth in Section 1.02 of the
Series 2015-1 Class A-1 Note Purchase Agreement. 

 “Restricted Period” means, with respect to any Series 2015-1 Class A-2
Notes sold pursuant to Regulation S, the period commencing on such Series 2015-1 Closing Date and ending on the 40th day after the Series 2015-1 Closing Date. 

“Rule 144A Global Notes” has the meaning set forth in Section 4.2(a) of the Series 2015-1 Supplement. 

“Rule 144A” means Rule 144A promulgated under the Securities Act. 

“Sale Notice” has the meaning set forth in Section 9.18(b) of the Series 2015-1 Class A-1 Note Purchase
Agreement. 
 “Senior Notes Accrued Quarterly Interest Amount” means, for each Weekly Allocation Date with respect to a
Quarterly Collection Period and the Interest Accrual Period beginning during such Quarterly Collection Period (except as provided for in clause (v) below, with respect to the Interest Accrual Period ending in such Quarterly Collection
Period), an amount equal to the sum of 
 (i) the lesser of (A) the product of (1) the Weekly Accrual Percentage for such
Weekly Collection Period and (2) the Class A-1 Estimated Quarterly Interest for such Interest Accrual Period and (B) the amount, if any, by which (1) the Class A-1 Estimated Quarterly Interest for such Interest Accrual
Period exceeds (2) the aggregate amount previously allocated pursuant to this clause (i) and clause (iii) (to the extent such amounts under clause (iii) were allocated with respect to amounts calculated under
this clause (i), without duplication) on each preceding Weekly Allocation Date during such Quarterly Collection Period plus the absolute value of any allocated but unpaid negative Class A-1 Final Interest Adjustment Amount; 

(ii) the lesser of (A) the product of (1) the Weekly Accrual Percentage for such Weekly Collection Period and
(2) the Class A-2 Quarterly Interest for such Interest Accrual Period and (B) the amount by which (1) the Class A-2 Quarterly Interest for such Interest Accrual Period exceeds (2) the aggregate amount previously
allocated pursuant to this clause (ii) and clause (iii) (to the extent such amounts under clause (iii) were allocated with respect to amounts calculated under this clause (ii), without duplication) on each
preceding Weekly Allocation Date during such Quarterly Collection Period; 
 (iii) the Senior Notes Accrued Quarterly Interest Shortfall
for such Weekly Allocation Date; 
 (iv) if such Weekly Allocation Date is the twelfth or thirteenth Weekly Allocation Date in such Quarterly
Collection Period, the Class A-1 Interim Interest Adjustment Amount, if positive, with respect to such Interest Accrual Period; and 

(v) if such Weekly Allocation Date is the last Weekly Allocation Date in the Interest Accrual Period ending in such Quarterly Collection
Period, the Class A-1 Final Interest Adjustment Amount, if positive, with respect to such Interest Accrual Period. 

 For purposes of the Base Indenture, the “Senior Notes Accrued Quarterly Interest
Amount” shall be deemed to be a “Senior Notes Accrued Quarterly Interest Amount”. 
 “Senior Notes Accrued Quarterly
Interest Shortfall” means (a) for the first Weekly Allocation Date with respect to any Quarterly Collection Period, zero, and (b) for any other Weekly Allocation Date with respect to such Quarterly Collection Period the amount, if
any, by which (i) the aggregate amount allocated to the Senior Notes Interest Payment Account with respect to the Senior Notes on each preceding Weekly Allocation Date with respect to such Quarterly Collection Period was less than (ii) the
aggregate Senior Notes Accrued Quarterly Interest Amount for all such preceding Weekly Allocation Dates. 
 “Series 2015-1
Anticipated Repayment Date” has the meaning set forth in Section 3.6(b) of the Series 2015-1 Supplement. For purposes of the Base Indenture, the “Series 2015-1 Anticipated Repayment Date” shall be deemed to be an
“Anticipated Repayment Date”. 
 “Series 2015-1 Available Senior Notes Interest Reserve Account Amount” means,
when used with respect to any date, the sum of (a) the amount on deposit in the Senior Notes Interest Reserve Account pursuant to Section 3.2(d) of the Series 2015-1 Supplement after giving effect to any withdrawals therefrom on
such date with respect to the Series 2015-1 Senior Notes pursuant to Section 5.12 of the Base Indenture and (b) the undrawn face amount of any Interest Reserve Letters of Credit issued for the benefit of the Trustee for the benefit
of the Senior Noteholders outstanding on such date after giving effect to any draws thereon on such date with respect to the Series 2015-1 Senior Notes pursuant to Section 5.12 of the Base Indenture. 

“Series 2015-1 Class A-1 Administrative Agent” has the meaning set forth in the preamble to the Series 2015-1
Class A-1 Note Purchase Agreement. For purposes of the Base Indenture, the “Series 2015-1 Class A-1 Administrative Agent” shall be deemed to be a “Class A-1 Administrative Agent” 

“Series 2015-1 Class A-1 Administrative Expenses” means, for any Weekly Allocation Date, the aggregate amount of any
Administrative Agent Fees and Class A-1 Amendment Expenses then due and payable and not previously paid and, if the following Quarterly Payment Date is a Series 2015-1 Class A-1 Notes Renewal Date, the amount of any Class A-1
Extension Fees due and payable on such Quarterly Payment Date. For purposes of the Base Indenture, the “Series 2015-1 Class A-1 Administrative Expenses” shall be deemed to be “Class A-1 Notes Administrative Expenses”. 

“Series 2015-1 Class A-1 Advance” has the meaning set forth in the recitals to the Series 2015-1 Class A-1 Note
Purchase Agreement. 
 “Series 2015-1 Class A-1 Advance Notes” has the meaning set forth in “Designation” in
the Series 2015-1 Supplement. 
 “Series 2015-1 Class A-1 Advance Request” has the meaning set forth under
“Advance Request” in this Annex A. 
 “Series 2015-1 Class A-1 Allocated Payment Reduction Amount” has the
meaning set forth in Section 2.05(b)(iv) of the Series 2015-1 Class A-1 Note Purchase Agreement. 

 “Series 2015-1 Class A-1 Breakage Amount” has the meaning set forth under
“Breakage Amount” in this Annex A. 
 “Series 2015-1 Class A-1 Commitments” has the meaning set forth under
“Commitments” in this Annex A. 
 “Series 2015-1 Class A-1 Commitment Term” has the meaning set forth under
“Commitment Term” in this Annex A. 
 “Series 2015-1 Class A-1 Distribution Account” means account no.
entitled “Citibank, N.A. f/b/o DB Master Finance LLC, Series 2015-1 – Series 2015-1 Distribution Account” maintained by the Trustee pursuant to Section 3.7(a) of the Series 2015-1 Supplement or any successor securities
account maintained pursuant to Section 3.7(a) of the Series 2015-1 Supplement. 
 “Series 2015-1 Class A-1
Distribution Account Collateral” has the meaning set forth in Section 3.7(b) of the Series 2015-1 Supplement. 

“Series 2015-1 Class A-1 Excess Principal Event” shall be deemed to have occurred if, on any date, the Series 2015-1
Class A-1 Outstanding Principal Amount exceeds the Series 2015-1 Class A-1 Notes Maximum Principal Amount. 
 “Series
2015-1 Class A-1 Initial Advance” has the meaning set forth in Section 2.1(a) of the Series 2015-1 Supplement. 

“Series 2015-1 Class A-1 Initial Advance Principal Amount” means the aggregate initial outstanding principal amount of
the Series 2015-1 Class A-1 Advance Notes corresponding to the aggregate amount of the Series 2015-1 Class A-1 Initial Advances made on the Series 2015-1 Closing Date pursuant to Section 2.1(a) of the Series 2015-1 Supplement,
which is $0. 
 “Series 2015-1 Class A-1 Initial Aggregate Undrawn L/C Face Amount” means the aggregate initial
outstanding principal amount of the Series 2015-1 Class A-1 L/C Note of the L/C Provider corresponding to the aggregate Undrawn L/C Face Amounts of the Letters of Credit issued on the Series 2015-1 Closing Date pursuant to
Section 2.07 of the Series 2015-1 Class A-1 Note Purchase Agreement, which is $26,339,345.48. 
 “Series 2015-1
Class A-1 Initial Swingline Loan” has the meaning set forth in Section 2.1(b) of the Series 2015-1 Supplement. 

“Series 2015-1 Class A-1 Initial Swingline Principal Amount” means the aggregate initial outstanding principal amount of
the Series 2015-1 Class A-1 Swingline Notes corresponding to the aggregate amount of the Swingline Loans made on the Series 2015-1 Closing Date pursuant to Section 2.06 of the Series 2015-1 Class A-1 Note Purchase Agreement,
which is $0. 
 “Series 2015-1 Class A-1 Investor” has the meaning set forth under “Investor” in this Annex
A. 

 “Series 2015-1 Class A-1 L/C Notes” has the meaning set forth in
“Designation” in the Series 2015-1 Supplement. 
 “Series 2015-1 Class A-1 L/C Obligations” has the meaning
set forth under “L/C Obligations” in this Annex A. 
 “Series 2015-1 Class A-1 Noteholder” means the Person
in whose name a Series 2015-1 Class A-1 Note is registered in the Note Register. 
 “Series 2015-1 Class A-1 Note Purchase
Agreement” means the Class A-1 Note Purchase Agreement, dated as of January 26, 2015, by and among the Master Issuer, the Guarantors, the Manager, the Series 2015-1 Class A-1 Investors, the Series 2015-1 Class A-1
Noteholders and Rabobank, as administrative agent thereunder, pursuant to which the Series 2015-1 Class A-1 Noteholders have agreed to purchase the Series 2015-1 Class A-1 Notes from the Master Issuer, subject to the terms and conditions
set forth therein, as amended, supplemented or otherwise modified from time to time. For purposes of the Base Indenture, the “Series 2015-1 Class A-1 Note Purchase Agreement” shall be deemed to be a “Variable Funding Note
Purchase Agreement”. 
 “Series 2015-1 Class A-1 Note Rate” means, for any day, (a) with respect to that
portion of the Series 2015-1 Class A-1 Outstanding Principal Amount resulting from Series 2015-1 Class A-1 Advances that bear interest on such day at the CP Rate in accordance with Section 3.01 of the Series 2015-1
Class A-1 Note Purchase Agreement, the CP Rate in effect for such day; (b) with respect to that portion of the Series 2015-1 Class A-1 Outstanding Principal Amount resulting from Series 2015-1 Class A-1 Advances that bear
interest on such day at the Eurodollar Rate in accordance with Section 3.01 of the Series 2015-1 Class A-1 Note Purchase Agreement, the Eurodollar Rate in effect for the Eurodollar Interest Accrual Period that includes such day;
(c) with respect to that portion of the Series 2015-1 Class A-1 Outstanding Principal Amount resulting from Series 2015-1 Class A-1 Advances that bear interest on such day at the Base Rate in accordance with Section 3.01
of the Series 2015-1 Class A-1 Note Purchase Agreement, the Base Rate in effect for such day; (d) with respect to that portion of the Series 2015-1 Class A-1 Outstanding Principal Amount consisting of Swingline Loans or Unreimbursed
L/C Drawings outstanding on such day, the Base Rate in effect for such day; and (e) with respect to any other amounts that any Related Document provides is to bear interest by reference to the Series 2015-1 Class A-1 Note Rate, the Base
Rate in effect for such day; in each case, computed on the basis of a year of 360 (or, in the case of the Base Rate, 365 or 366, as applicable) days and the actual number of days elapsed; provided, however, that the Series 2015-1
Class A-1 Note Rate will in no event be higher than the maximum rate permitted by applicable law. 
 “Series 2015-1
Class A-1 Notes” has the meaning set forth in “Designation” in the Series 2015-1 Supplement. 
 “Series
2015-1 Class A-1 Notes Amortization Event” means the circumstance in which the Outstanding Principal Amount of the Series 2015-1 Class A-1 Notes is not paid in full or otherwise refinanced in full (which refinancing may also
include an extension thereof) on or prior to the Series 2015-1 Class A-1 Notes Renewal Date. For purposes of the Base Indenture, a “Series 2015-1 Class A-1 Notes Amortization Event” shall be deemed to be a “Class A-1 Notes
Amortization Event”. 

 “Series 2015-1 Class A-1 Notes Amortization Period” means the period
commencing on the date on which a Series 2015-1 Class A-1 Notes Amortization Event occurs and ending on the date on which there are no Series 2015-1 Class A-1 Notes Outstanding. For purposes of the Base Indenture, a “Series 2015-1
Class A-1 Notes Amortization Period” shall be deemed to be a “Class A-1 Notes Amortization Period”. 
 “Series
2015-1 Class A-1 Notes Maximum Principal Amount” means $100,000,000, as such amount may be reduced pursuant to Section 2.05 of the Series 2015-1 Class A-1 Note Purchase Agreement. 

“Series 2015-1 Class A-1 Notes Renewal Date” means (i) the Quarterly Payment Date in February, 2020, (ii) if
the date in clause (i) is extended at such time until the Quarterly Payment Date in February, 2021, the Quarterly Payment Date in February, 2021 and (iii) if the date in clause (ii) is extended at such time until the Quarterly Payment
Date in February, 2022, the Quarterly Payment Date in February, 2022, in each case pursuant to Section 3.6(b) of this Series Supplement). For purposes of the Base Indenture, the “Series 2015-1 Class A-1 Notes Renewal Date”
shall be deemed to be a “Class A-1 Notes Renewal Date”. 
 “Series 2015-1 Class A-1 Outstanding Principal
Amount” means, when used with respect to any date, an amount equal to (a) the Series 2015-1 Class A-1 Initial Advance Principal Amount, if any, minus (b) the amount of principal payments (whether pursuant to a
Decrease, a prepayment, a redemption or otherwise) made on the Series 2015-1 Class A-1 Advance Notes on or prior to such date plus (c) any Increases in the Series 2015-1 Class A-1 Outstanding Principal Amount pursuant to
Section 2.1 of the Series 2015-1 Supplement resulting from Series 2015-1 Class A-1 Advances made on or prior to such date and after the Series 2015-1 Closing Date plus (d) any Series 2015-1 Class A-1 Outstanding
Subfacility Amount on such date; provided that at no time may the Series 2015-1 Class A-1 Outstanding Principal Amount exceed the Series 2015-1 Class A-1 Notes Maximum Principal Amount. For purposes of the Base Indenture, the
“Series 2015-1 Class A-1 Outstanding Principal Amount” shall be deemed to be an “Outstanding Principal Amount”. 

“Series 2015-1 Class A-1 Outstanding Subfacility Amount” means, when used with respect to any date, the aggregate
principal amount of any Series 2015-1 Class A-1 Swingline Notes and Series 2015-1 Class A-1 L/C Notes outstanding on such date (after giving effect to Subfacility Increases or Subfacility Decreases therein to occur on such date pursuant to
the terms of the Series 2015-1 Class A-1 Note Purchase Agreement or the Series 2015-1 Supplement). 
 “Series 2015-1
Class A-1 Post-Renewal Date Contingent Interest” means, for any Interest Accrual Period commencing on or after the Series 2015-1 Class A-1 Notes Renewal Date, an amount equal to the sum of the aggregate of the Daily Post-Renewal
Date Contingent Interest Amounts for each day in such Interest Accrual Period. For purposes of the Base Indenture, Series 2015-1 Class A-1 Post-Renewal Date Contingent Interest shall be deemed to be “Senior Notes Quarterly Post-ARD
Contingent Interest”. 

 “Series 2015-1 Class A-1 Post-Renewal Date Contingent Interest Rate” has
the meaning set forth in Section 3.4(c) of the Series 2015-1 Supplement. 
 “Series 2015-1 Class A-1
Prepayment” means any prepayment in respect of the Series 2015-1 Class A-1 Notes. 
 “Series 2015-1 Class A-1
Subfacility Noteholder” means the Person in whose name a Series 2015-1 Class A-1 Swingline Note or Series 2015-1 Class A-1 L/C Note is registered in the Note Register. 

“Series 2015-1 Class A-1 Swingline Loan” has the meaning set forth under “Swingline Loan” in this Annex A.

 “Series 2015-1 Class A-1 Swingline Notes” has the meaning set forth in “Designation” of the Series 2015-1
Supplement. 
 “Series 2015-1 Class A-1 VFN Fee Letter” means the Fee Letter, dated as of the Series 2015-1 Closing
Date, by and among the Master Issuer, the Guarantors, the Manager, the Conduit Investors, the Committed Note Purchasers, the Funding Agents, the L/C Provider, the Swingline Lender, and the Administrative Agent, as the same may be amended,
supplemented or otherwise modified from time to time pursuant to the terms thereof. 
 “Series 2015-1 Class A-2 Distribution
Account” means account no. entitled “Citibank, N.A. f/b/o DB Master Finance LLC, Series 2015-1 – Series 2015-2 Distribution Account” maintained by the Trustee pursuant to Section 3.8(a) of the Series 2015-1
Supplement or any successor securities account maintained pursuant to Section 3.8(a) of the Series 2015-1 Supplement. 

“Series 2015-1 Class A-2 Distribution Account Collateral” has the meaning set forth in Section 3.8(b) of the
Series 2015-1 Supplement. 
 “Series 2015-1 Class A-2 Initial Principal Amount” means the aggregate initial
outstanding principal amount of the Series 2015-1 Class A-2 Notes, which is $2,500,000,000. 
 “Series 2015-1 Class A-2
Make-Whole Prepayment Premium” means, with respect to a Series 2015-1 Class A-2 Prepayment, an amount (not less than zero) calculated by the Manager on behalf of the Master Issuer equal to (A) if such Series 2015-1 Class A-2
Prepayment occurs prior to the relevant Make-Whole End Date with respect to the applicable Tranche (i) the discounted present value as of the relevant Series 2015-1 Make-Whole Premium Calculation Date of all future installments of interest
(excluding any interest required to be paid on the related Series 2015-1 Prepayment Date) on and principal of such Series 2015-1 Class A-2 Notes that the Master Issuer would otherwise be required to pay on such Series 2015-1 Class A-2
Notes (or such portion thereof to be prepaid), from the applicable Series 2015-1 Prepayment Date to and including the Make-Whole End Date with respect to such Tranche, assuming payments of Quarterly Scheduled Principal Amounts are made pursuant to
the then-applicable schedule of payments (giving effect to any ratable reductions in the Quarterly Scheduled Principal Amounts due to optional and mandatory prepayments, including prepayments in connection with a Rapid Amortization Event and
cancellations of repurchased Notes prior to the date of such repayment 

 
and assuming that Quarterly Scheduled Principal Amounts are to be made with respect to such Series 2015-1 Class A-2 Notes on each Quarterly Payment Date prior to such Make-Whole End Date;
provided that no future prepayments are to be made in connection with a Rapid Amortization Event) and the entire remaining unpaid principal amount of the Series 2015-1 Class A-2 Notes or portion thereof is paid on such Make-Whole End
Date minus (ii) the Outstanding Principal Amount of such Series 2015-1 Class A-2 Notes (or portion thereof) being prepaid or (B) if such Series 2015-1 Class A-2 Prepayment occurs on or after the Make-Whole End Date with
respect to the applicable Tranche, zero. For the purposes of the calculation of the discounted present value in clause (A)(i) above, such present value shall be determined by the Manager, on behalf of the Master Issuer, using a discount rate
equal to the sum of: (x) the yield to maturity (adjusted to a quarterly bond-equivalent basis), on the Series 2015-1 Make-Whole Premium Calculation Date, of the United States Treasury Security having a maturity closest to the relevant
Make-Whole End Date plus (y) 0.50%. For purposes of the Base Indenture, “Series 2015-1 Class A-2 Make-Whole Prepayment Premium” shall be deemed to be a “Prepayment Premium”, and shall be deemed to be “unpaid
premiums and make-whole prepayment premiums” for purposes of the Priority of Payments. 
 “Series 2015-1 Class A-2
Noteholder” means the Person in whose name a Series 2015-1 Class A-2 Note is registered in the Note Register. 

“Series 2015-1 Class A-2 Note Purchase Agreement” means the Purchase Agreement, dated as of January 22, 2015, by
and among Guggenheim Securities, LLC, on behalf of itself and as representative of the Initial Purchasers, the Master Issuer, the Guarantors and the Manager, as amended, supplemented or otherwise modified from time to time. 

“Series 2015-1 Class A-2 Note Rate” means (i) with respect to the Series
2015-1 Class A-2-I Notes, the Series 2015-1 Class A-2-I Note Rate and (ii) with respect to the Series 2015-1 Class A-2-II, the Series 2015-1
Class A-2-II Note Rate. 
 “Series 2015-1 Class A-2-I Note Rate” means 3.262% per annum. 

“Series 2015-1 Class A-2-II Note Rate” means 3.980% per annum. 

“Series 2015-1 Class A-2 Notes” has the meaning specified in “Designation” of the Series 2015-1 Supplement.

 “Series 2015-1 Class A-2 Outstanding Principal Amount” means, when used with respect to any date, an amount equal
to (a) the Series 2015-1 Class A-2 Initial Principal Amount, minus (b) the aggregate amount of principal payments (whether a Quarterly Scheduled Principal Amount, a prepayment, a purchase and cancellation, a redemption or
otherwise) made to Series 2015-1 Class A-2 Noteholders with respect to Series 2015-1 Class A-2 Notes on or prior to such date. For purposes of the Base Indenture, the “Series 2015-1 Class A-2 Outstanding Principal Amount”
shall be deemed to be an “Outstanding Principal Amount”. 
 “Series 2015-1 Class A-2 Prepayment” has the
meaning set forth in Section 3.6(e) of the Series 2015-1 Supplement. 

 “Series 2015-1 Class A-2 Quarterly Post-ARD Contingent Interest” has the
meaning set forth in Section 3.5(b)(i). For purposes of the Base Indenture, Series 2015-1 Class A-2 Quarterly Post-ARD Contingent Interest shall be deemed to be “Senior Notes Quarterly Post-ARD Contingent Interest”. 

“Series 2015-1 Class A-2 Quarterly Post-ARD Contingent Interest Rate” has the meaning set forth in
Section 3.5(b)(i) of the Series 2015-1 Supplement. 
 “Series 2015-1 Class A-2 Scheduled Principal Prepayment
Premium” means, with respect to any Optional Scheduled Principal Prepayment, an amount, calculated by the Manager on behalf of the Master Issuer, equal to: (i) the sum of the discounted present values as of the applicable Scheduled
Principal Prepayment Date of (A) all future installments of interest on what would otherwise be required to be paid on each Quarterly Scheduled Principal Amount being prepaid, from the Scheduled Principal Prepayment Date to and including each
Quarterly Payment Date on which such Quarterly Scheduled Principal Amounts were otherwise due (“Scheduled Principal Payment Due Date”) and (B) each Quarterly Scheduled Principal Amount that would otherwise be required to be
paid on the Scheduled Principal Payment Due Date minus (ii) the sum of Quarterly Scheduled Principal Amounts being prepaid. The discount rates for the purposes of clause (i) above will equal the sum of: (x) the yields to maturity
(adjusted to a quarterly bond-equivalent basis), determined as of a date no more than five (5) Business Days prior to the Scheduled Principal Prepayment Date, of the United States Treasury Securities having maturities closest to each applicable
Scheduled Principal Payment Due Date plus (y) 0.50%. For purposes of the Base Indenture, “Series 2015-1 Class A-2 Scheduled Principal Prepayment Premium” shall be deemed to be a “Prepayment Premium”, and shall be deemed
to be “unpaid premiums and make-whole prepayment premiums” for purposes of the Priority of Payments. 
 “Series 2015-1
Closing Date” means January 26, 2015. For purposes of the Base Indenture the Series 2015-1 Closing Date shall be deemed a “Series Closing Date”. 

“Series 2015-1 Distribution Accounts” means, collectively, the Series 2015-1 Class A-1 Distribution Account and the
Series 2015-1 Class A-2 Distribution Account. For purposes of the Base Indenture, the Series 2015-1 Distribution Accounts shall be deemed to be “Series Distribution Accounts”. 

“Series 2015-1 Extension Elections” means, collectively, the Series 2015-1 First Extension Election and the Series 2015-1
Second Extension Election. 
 “Series 2015-1 Final Payment” means the payment of all accrued and unpaid interest on and
principal of all Outstanding Series 2015-1 Notes, the expiration or cash collateralization in accordance with the terms of the Series 2015-1 Class A-1 Note Purchase Agreement of all Undrawn L/C Face Amounts (after giving effect to the
provisions of Section 4.04 of the Series 2015-1 Class A-1 Note Purchase Agreement), the payment of all fees and expenses and other amounts then due and payable under the Series 2015-1 Class A-1 Note Purchase Agreement and the
termination in full of all Series 2015-1 Class A-1 Commitments. 

 “Series 2015-1 Final Payment Date” means the date on which the Series 2015-1
Final Payment is made. 
 “Series 2015-1 First Extension Election” has the meaning set forth in
Section 3.6(b)(i) of the Series 2015-1 Supplement. 
 “Series 2015-1 Global Notes” means, collectively, the
Regulation S Global Notes and the Rule 144A Global Notes. 
 “Series 2015-1 Ineligible Account” has the meaning
set forth in Section 3.11 of the Series 2015-1 Supplement. 
 “Series 2015-1 Interest Reserve Release Event”
means (i) any reduction in the Outstanding Principal Amount of the Series 2015-1 Class A-2 Notes or (ii) any reduction in the Series 2015-1 Class A-1 Notes Maximum Principal Amount; provided that immediately prior to such
reduction there is no Senior Notes Interest Reserve Account Deficiency Amount outstanding. For purposes of the Base Indenture, the “Series 2015-1 Interest Reserve Release Event” shall be deemed to be an “Interest Reserve Release
Event”. 
 “Series 2015-1 Legal Final Maturity Date” means the Quarterly Payment Date occurring in February 2045. For
purposes of the Base Indenture, the “Series 2015-1 Legal Final Maturity Date” shall be deemed to be a “Series Legal Final Maturity Date”. 

“Series 2015-1 Make-Whole Premium Calculation Date” has the meaning set forth in Section 3.6(g) of the Series
2015-1 Supplement. 
 “Series 2015-1 Non-Amortization Test” means a test that will be satisfied on any Quarterly Payment
Date up to and including the Series 2015-1 Anticipated Repayment Date, as applicable, only if the DBI Leverage Ratio is less than or equal to 5.00x as calculated on the Quarterly Calculation Date immediately preceding such Quarterly Payment Date.
For purposes of the Base Indenture, the “Series 2015-1 Non-Amortization Test” shall be deemed to be a “Series Non-Amortization Test”. 

“Series 2015-1 Noteholders” means, collectively, the Series 2015-1 Class A-1 Noteholders and the Series 2015-1
Class A-2 Noteholders. 
 “Series 2015-1 Note Owner” means, with respect to a Series 2015-1 Note that is a Book-Entry
Note, the Person who is the beneficial owner of such Book-Entry Note, as reflected on the books of the Clearing Agency that holds such Book-Entry Note, or on the books of a Person maintaining an account with such Clearing Agency (directly or as an
indirect participant, in accordance with the rules of such Clearing Agency). 
 “Series 2015-1 Notes” means, collectively,
the Series 2015-1 Class A-1 Notes and the Series 2015-1 Class A-2 Notes. 
 “Series 2015-1 Outstanding Principal
Amount” means, with respect to any date, the sum of the Series 2015-1 Class A-1 Outstanding Principal Amount, plus the Series 2015-1 Class A-2 Outstanding Principal Amount. 

 “Series 2015-1 Prepayment” means a Series 2015-1 Class A-1 Prepayment, a
Series 2015-1 Class A-2 Prepayment or any other prepayment pursuant to Section 3.6(j) of this Series Supplement, as applicable. 

“Series 2015-1 Prepayment Amount” means the aggregate principal amount of the applicable Class of Notes to be prepaid on any
Series 2015-1 Prepayment Date, together with all accrued and unpaid interest thereon to such date. 
 “Series 2015-1 Prepayment
Date” means the date on which any prepayment on the Series 2015-1 Class A-1 Notes or the Series 2015-1 Class A-2 Notes is made pursuant to Section 3.6(d)(i), Section 3.6(d)(ii),
Section 3.6(f)(i) or Section 3.6(j) of this Series Supplement, which shall be, with respect to any Series 2015-1 Prepayment pursuant to Section 3.6(f)(i) of this Series Supplement, the date specified as such in
the applicable Prepayment Notice and, with respect to any Series 2015-1 Prepayment in connection with a Rapid Amortization Period or Asset Disposition Proceeds, the immediately succeeding Quarterly Payment Date. 

“Series 2015-1 Second Extension Election” has the meaning set forth in Section 3.6(b)(ii) of the Series 2015-1
Supplement. 
 “Series 2015-1 Securities Intermediary” has the meaning set forth in Section 3.9(a) of the
Series 2015-1 Supplement. 
 “Series 2015-1 Senior Noteholders” means, collectively, the Series 2015-1 Class A-1
Noteholders and the Series 2015-1 Class A-2 Noteholders. 
 “Series 2015-1 Senior Notes” means, collectively, the
Series 2015-1 Class A-1 Notes and the Series 2015-1 Class A-2 Notes. 
 “Series 2015-1 Senior Notes Quarterly Interest
Amount” means, with respect to each Quarterly Payment Date, the aggregate amount of Senior Notes Accrued Quarterly Interest Amounts with respect to the related Interest Accrual Period, on the Series 2015-1 Notes (other than any Senior Notes
Quarterly Post-ARD Contingent Interest); provided that any amount deemed to be “Senior Notes Quarterly Post-ARD Contingent Interest”, “Series 2015-1 Class A-1 Notes Administrative Expenses”, “Class A-1 Notes
Other Amounts”, or “Class A-1 Quarterly Commitment Fee Amount” for purposes of the Base Indenture shall under no circumstances be deemed to constitute part of the “Series 2015-1 Senior Notes Quarterly Interest Amount”. For
purposes of the Base Indenture, the “Series 2015-1 Senior Notes Quarterly Interest Amount” shall be deemed to be a “Senior Notes Quarterly Interest Amount”. 

“Series 2015-1 Supplement” means the Series 2015-1 Supplement, dated as of the Series 2015-1 Closing Date by and among the
Master Issuer, the Trustee and the Series 2015-1 Securities Intermediary, as amended, supplemented or otherwise modified from time to time. 

“Series 2015-1 Supplemental Definitions List” has the meaning set forth in Article I of the Series 2015-1 Supplement.

 “Similar Law” means any federal, state, local, or non-U.S. law that is substantially similar to the provisions of
Section 406 of ERISA or Section 4975 of the Code. 

 “Specified Rating Agencies” means any of Standard & Poor’s,
Moody’s or Fitch, as applicable. 
 “STAMP” has the meaning set forth in Section 4.3(a) of the Series
2015-1 Supplement. 
 “Subfacility Decrease” has the meaning set forth in Section 2.2(d) of the Series 2015-1
Supplement. 
 “Subfacility Increase” has the meaning set forth in Section 2.1(b) of the Series 2015-1
Supplement. 
 “Swingline Commitment” has the meaning set forth in Section 1.02 of the Series 2015-1
Class A-1 Note Purchase Agreement. 
 “Swingline Lender” has the meaning set forth in Section 1.02 of the
Series 2015-1 Class A-1 Note Purchase Agreement. 
 “Swingline Loan Request” has the meaning set forth in
Section 2.06(b) of the Series 2015-1 Class A-1 Note Purchase Agreement. 
 “Swingline Loans” has the
meaning set forth in Section 2.06(a) of the Series 2015-1 Class A-1 Note Purchase Agreement. 
 “Swingline
Participation Amount” has the meaning set forth in Section 2.06(f) of the Series 2015-1 Class A-1 Note Purchase Agreement. 

“Temporary Regulation S Global Notes” has the meaning set forth in Section 4.2(b) of the Series 2015-1
Supplement. 
 “Tranche” means each of (i) the Series 2015-1 Class A-2-I Notes and (ii) the Series 2015-1
Class A-2-II Notes. For purposes of the Base Indenture, each of the Series 2015-1 Class A-2-I Notes and the Series 2015-1 Class A-2-II Notes shall be deemed to be a “Tranche” of the Class A-2 Notes. 

“Tranche Percentage” means, with respect to any date of determination, (i) with respect to the Tranche consisting of the
Series 2015-1 Class A-2-I Notes, the quotient of the Outstanding Principal Amount of the Series 2015-1 Class A-2-I Notes divided by the Outstanding Principal Amount of the Series 2015-1 Class A-2 Notes, and (ii) with respect to
the Tranche consisting of the Series 2015-1 Class A-2-II Notes, the quotient of the Outstanding Principal Amount of the Series 2015-1 Class A-2-II Notes divided by the Outstanding Principal Amount of the Series 2015-1 Class A-2 Notes.

 “Undrawn Commitment Fees” has the meaning set forth in Section 3.02 of the Series 2015-1 Class A-1 Note
Purchase Agreement. 
 “Undrawn L/C Face Amounts” has the meaning set forth in Section 1.02 of the Series
2015-1 Class A-1 Note Purchase Agreement. 

 “Unreimbursed L/C Drawings” has the meaning set forth in
Section 1.02 of the Series 2015-1 Class A-1 Note Purchase Agreement. 
 “U.S. Person” has the meaning set
forth in Section 4.2 of the Series 2015-1 Supplement. 
 “U.S. Resident” has the meaning set forth in
Section 4.2 of the Series 2015-1 Supplement. 
 “Voluntary Decrease” has the meaning set forth in
Section 2.2(b) of the Series 2015-1 Supplement.

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