Document:

Exhibit 4.2

          

  

  

  

  
    EXECUTION VERSION

    
      

      

       

      
        

    

     

    

    JACK IN THE BOX FUNDING, LLC

      as a Master Issuer

     

    and

     

    CITIBANK, N.A.,

      as Trustee and Securities Intermediary

     

    
      

      

       
        

      

      

    

    FIRST SUPPLEMENT

      Dated as of February 11, 2022

      to the

      BASE INDENTURE

      Dated as of July 8, 2019

     

    
      
        

       

      

      

    

    Asset Backed Notes

      (Issuable in Series)

     

     

    

    
      
        

    

    
      FIRST SUPPLEMENT TO BASE INDENTURE

       

      FIRST SUPPLEMENT, dated as of February 11, 2022 (this “First Supplement”), to the Base Indenture, dated as of July 8, 2019, is by and among JACK IN THE BOX FUNDING, 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 securities intermediary (in such capacity, the “Securities Intermediary”).

       

      PRELIMINARY STATEMENT

       

      WHEREAS, the Master Issuer and the Trustee entered into the Base Indenture, dated as of July 8, 2019 (the “Base Indenture”);

       

      WHEREAS, Section 13.02(a) of the Base Indenture provides, among other things, that the Master Issuer and the Trustee, with the written consent of the Control Party (at the direction of the
        Controlling Class Representative), may at any time, and from time to time, make amendments, waivers and other modifications to the Base Indenture;

       

      WHEREAS, the Master Issuer has duly authorized the execution and delivery of this First Supplement;

       

      WHEREAS, the Control Party is willing to provide its written consent (in accordance with the terms and conditions of the Base Indenture) to the execution of this First Supplement and;

      

      

      WHEREAS, the Master Issuer wishes to amend the Base Indenture as set forth herein effective as of the date hereof.

       

      NOW, THEREFORE, in consideration of the provisions, covenants and the mutual agreements herein contained, the parties hereto agree as follows:

       

      ARTICLE I

        DEFINITIONS

       

      Unless otherwise defined herein, all capitalized terms used herein (including in the preamble and the recitals hereto) shall have the meanings assigned to such terms in the Base Indenture
        Definitions List attached to the Base Indenture as Annex A thereto (the “Base Indenture Definitions List”).

       

      
        
          

      

      
        ARTICLE II

          AMENDMENTS

         

        Section 2.1.          The Base Indenture is being amended by (i) deleting the stricken text (indicated in the same manner as the following example: stricken
              text) and adding the inserted text (indicated in the same manner as the following example: inserted text) as set forth on the pages of the draft Indenture attached hereto as Exhibit A.

         

        ARTICLE III

          GENERAL

         

        Section 3.1.          Conditions to Effectiveness. The provisions of this First Supplement shall be effective upon execution and delivery of this instrument by the parties hereto, with the
          consent of the Control Party, the delivery of the Opinion of Counsel described in Section 13.03 of the Base Indenture and the delivery of the Officer’s Certificate and Opinion of Counsel described in Section 14.03 of the Base
          Indenture.

         

        Section 3.2.          Effect on Base Indenture. Subject to the satisfaction of the conditions precedent set forth in Section 3.1 hereto, upon the date hereof (i) the Base Indenture
          shall be amended in accordance herewith, (ii) this First Supplement shall form part of the Base Indenture for all purposes and (iii) the parties and each Noteholder shall be bound by the Base Indenture, as so amended. Except as expressly set
          forth or contemplated in this First Supplement, the terms and conditions of the Base Indenture shall remain in place and shall not be altered, amended or changed in any manner whatsoever, except by any further amendment to the Base Indenture made
          in accordance with the terms of the Base Indenture, as amended by this First Supplement.

         

        Section 3.3.          Binding Effect. This First Supplement shall inure to the benefit of and be binding on the respective successors and assigns of the parties hereto, each Noteholder and
          each other Secured Party.

         

        Section 3.4.          Counterparts. This First 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.

         

        Section 3.5.          Governing Law. THIS FIRST SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE
            OF NEW YORK.

         

        
          
            

        

        
          Section 3.6.          Electronic Signatures and Transmission. For purposes of this Supplement, any reference to “written” or “in writing” means any form of written communication,
            including, without limitation, electronic signatures, and any such written communication may be transmitted by Electronic Transmission. “Electronic Transmission” means any form of communication not directly involving the physical transmission
            of paper, including the use of, or participation in, one or more electronic networks or databases (including one or more distributed electronic networks or databases), that creates a record that may be retained, retrieved and reviewed by a
            recipient thereof and that may be directly reproduced in paper form by such a recipient through an automated process. The Trustee is authorized to accept written instructions, directions, reports, notices or other communications delivered by
            Electronic Transmission and shall not have any duty or obligation to verify or confirm that the Person sending instructions, directions, reports, notices or other communications or information by Electronic Transmission is, in fact, a Person
            authorized to give such instructions, directions, reports, notices or other communications or information on behalf of the party purporting to send such Electronic Transmission, and the Trustee shall not have any liability for any losses,
            liabilities, costs or expenses incurred or sustained by any party as a result of such reliance upon or compliance with such instructions, directions, reports, notices or other communications or information to the Trustee, including, without
            limitation, the risk of the Trustee acting on unauthorized instructions, notices, reports or other communications or information, and the risk of interception and misuse by third parties (except to the extent such action results from gross
            negligence, willful misconduct or fraud by the Trustee). Any requirement in the Indenture that a document is to be signed or authenticated by “manual signature” or similar language shall not be deemed to prohibit signature to be by facsimile or
            electronic signature and shall not be deemed to prohibit delivery thereof by Electronic Transmission. Notwithstanding anything to the contrary in this Supplement, any and all communications (both text and attachments) by or from the Trustee
            that the Trustee in its sole discretion deems to contain confidential, proprietary and/or sensitive information and sent by Electronic Transmission will be encrypted. The recipient of the Electronic Transmission will be required to complete a
            one-time registration process.

           

          Section 3.7.          Amendments. This First Supplement may not be modified or amended except in accordance with the terms of the Base Indenture.

           

          Section 3.8.          Trustee and Securities Intermediary. The Trustee and the Securities Intermediary assume no responsibility for the correctness of the recitals contained herein,
            which shall be taken as the statements of the Master Issuer and neither the Trustee nor the Securities Intermediary shall be responsible or accountable in any way whatsoever for or with respect to the validity, execution or sufficiency of this
            First Supplement and makes no representation with respect thereto.  In entering into this First Supplement, the Trustee and the Securities Intermediary shall be entitled to the benefit of every provision of the Base Indenture relating to the
            conduct of or affecting the liability of or affording protection to the Trustee or the Securities Intermediary.

           

          ARTICLE IV

            REPRESENTATIONS AND WARRANTIES

           

          The Master Issuer represents and warrants to the Trustee and the Control Party that this First Supplement has been duly and validly executed and delivered by such party and constitutes its
            legal, valid and binding obligation, enforceable against such party in accordance with its terms.

           

          [Remainder of Page Intentionally Left Blank]

           

          
            
              

          

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

             

            
              	
                       

                    	JACK IN THE BOX FUNDING,

                    
	
                       

                    	LLC, as Master Issuer 
	
                       

                    	
                       

                    	 
	
                       

                    	By:	/s/Michael J. Snider                   

                      
	 	 	Name: Michael J. Snider

                      Title:   Assistant Secretary

            

             

            

          

        

      

    

    

  

  
    
      

  

  
    

    

     

    CITIBANK, N.A.,

      not in its individual capacity but solely as Trustee and Securities Intermediary

     

    By:   /s/Jacqueline Suarez          

    Name: Jacqueline Suarez

    Title: Senior Trust Officer

  

   

  

  
    
      

  

  
    CONSENT OF CONTROL PARTY AND

      CONTROLLING CLASS REPRESENTATIVE:

     

    In accordance with Section 2.4 of the Servicing Agreement,

    Midland Loan Services, a division of PNC Bank, National

    Association, as Control Party and in its capacity as Control Party to

    exercise the rights of the Controlling Class Representative

    (pursuant to Section 11.01(a) of the Base

    Indenture), hereby consents to the execution and delivery by the

    Master Issuer and the Trustee of this First Supplement to the

    Base Indenture.

     

    MIDLAND LOAN SERVICES,

      A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

      

      

      

      

      By:  /s/David A. Eckels

                Name: David A. Eckels

                Title: Senior Vice President

     

    
      
        

    

    
      EXHIBIT A

      

      

      FORM OF AMENDED BASE INDENTURE

    

  

   

  

   

  

   

  

  
    
      

  

  
    CONFORMED VERSION

    THROUGH FIRST SUPPLEMENT, DATED FEBRUARY 11, 2022

     

    

    

     

     

    Dated as of July 8, 2019

     

    Base Indenture

     

    

    

     

    between

     

    Jack in the Box Funding, LLC,

    as Master Issuer,

     

    and

     

    Citibank, N.A.,

    as Trustee and Securities Intermediary

     

    

    

    
      
        

    

     
      

      

       

      TABLE OF CONTENTS

    

  

   

  

  
    	 	Page

          
	 	 
	
            Article I DEFINITIONS AND INCORPORATION BY REFERENCE

          	1

          
	
            Section 1.01

          	
            Definitions

          	
            1

          
	
            Section 1.02

          	
            Cross-References

          	
            1

          
	
            Section 1.03

          	
            Accounting Terms; Accounting and Financial Determinations; No Duplication

          	
            1

          
	
            Section 1.04

          	
            Rules of Construction

          	
            2

          
	 	 	 
	
            Article II THE NOTES

          	3

          
	
            Section 2.01

          	
            Designation and Terms of Notes

          	
            3

          
	
            Section 2.02

          	
            Notes Issuable in Series

          	
            4

          
	
            Section 2.03

          	
            Series Supplement for Each Series

          	
            8

          
	
            Section 2.04

          	
            Execution and Authentication

          	
            910

          
	
            Section 2.05

          	
            Registrar and Paying Agent

          	
            1011

          
	
            Section 2.06

          	
            Paying Agent to Hold Money in Trust

          	
            11

          
	
            Section 2.07

          	
            Noteholder List

          	
            12

          
	
            Section 2.08

          	
            Transfer and Exchange

          	
            1213

          
	
            Section 2.09

          	
            Persons Deemed Owners

          	
            1314

          
	
            Section 2.10

          	
            Replacement Notes

          	
            1314

          
	
            Section 2.11

          	
            Treasury Notes

          	
            1415

          
	
            Section 2.12

          	
            Book-Entry Notes

          	
            1415

          
	
            Section 2.13

          	
            Definitive Notes

          	
            1516

          
	
            Section 2.14

          	
            Cancellation

          	
            1617

          
	
            Section 2.15

          	
            Principal and Interest

          	
            17

          
	
            Section 2.16

          	
            Tax Treatment

          	
            1718

          
	
            Section 2.17

          	
            Tax Withholding

          	
            1718

          
	 	 	 
	
            Article III SECURITY

          	18

          
	
            Section 3.01

          	
            Grant of Security Interest

          	
            18

          
	
            Section 3.02

          	
            Certain Rights and Obligations of the Master Issuer Unaffected

          	
            20

          
	
            Section 3.03

          	
            Performance of Collateral Transaction Documents

          	
            21

          
	
            Section 3.04

          	
            Stamp, Other Similar Taxes and Filing Fees

          	
            2122

          
	
            Section 3.05

          	
            Authorization to File Financing Statements

          	
            2122

          
	 	 	 
	
            Article IV REPORTS

          	22

          
	
            Section 4.01

          	
            Reports and Instructions to Trustee

          	
            22

          
	
            Section 4.02

          	
            Rule 144A Information

          	
            24

          
	
            Section 4.03

          	
            Reports, Financial Statements and Other Information to Noteholders

          	
            24

          
	
            Section 4.04

          	
            Manager

          	
            25

          
	
            Section 4.05

          	
            No Constructive Notice

          	
            2526

          

    

    

    
      
        

    

    

    

    	
            Article V ALLOCATION AND APPLICATION OF COLLECTIONS

          	
            2526

          
	
            Section 5.01

          	
            Administration of Accounts and Additional Accounts

          	
            2526

          
	
            Section 5.02

          	
            Management Accounts and Additional Accounts

          	
            26

          
	
            Section 5.03

          	
            Senior Notes Interest Reserve Account

          	
            2728

          
	
            Section 5.04

          	
            Senior Subordinated Notes Interest Reserve Account

          	
            2829

          
	
            Section 5.05

          	
            Cash Trap Reserve Account

          	
            2829

          
	
            Section 5.06

          	
            Collection Account

          	
            2930

          
	
            Section 5.07

          	
            Collection Account Administrative Accounts

          	
            2930

          
	
            Section 5.08

          	
            Hedge Payment Account

          	
            3132

          
	
            Section 5.09

          	
            Trustee as Securities Intermediary

          	
            32

          
	
            Section 5.10

          	
            Establishment of Series Accounts; Legacy Accounts

          	
            3334

          
	
            Section 5.11

          	
            Deposits, Withdrawals and Collections

          	
            3334

          
	
            Section 5.12

          	
            Application of Weekly Collections on Weekly Allocation Dates

          	
            3941

          
	
            Section 5.13

          	
            Quarterly Payment Date Applications

          	
            4445

          
	
            Section 5.14

          	
            Determination of Quarterly Interest

          	
            5657

          
	
            Section 5.15

          	
            Determination of Quarterly Principal

          	
            5657

          
	
            Section 5.16

          	
            Prepayment of Principal

          	
            5658

          
	
            Section 5.17

          	
            Retained Collections Contributions

          	
            5658

          
	
            Section 5.18

          	
            Interest Reserve Letters of Credit

          	
            5758

          
	
            Section 5.19

          	
            Replacement of Ineligible Accounts

          	
            5860

          
	
            Section 5.20

          	
            Instructions and Directions

          	
            5860

          
	 	 	 
	
            Article VI DISTRIBUTIONS

          	
            5960

          
	
            Section 6.01

          	
            Distributions in General

          	
            5960

          
	 	 	 
	
            Article VII REPRESENTATIONS AND WARRANTIES

          	
            5961

          
	
            Section 7.01

          	
            Existence and Power

          	
            6061

          
	
            Section 7.02

          	
            Company and Governmental Authorization

          	
            6061

          
	
            Section 7.03

          	
            No Consent

          	
            6062

          
	
            Section 7.04

          	
            Binding Effect

          	
            6062

          
	
            Section 7.05

          	
            Litigation

          	
            6062

          
	
            Section 7.06

          	
            ERISA

          	
            6162

          
	
            Section 7.07

          	
            Tax Filings and Expenses

          	
            6163

          
	
            Section 7.08

          	
            Disclosure

          	
            6163

          
	
            Section 7.09

          	
            1940 Act

          	
            6263

          
	
            Section 7.10

          	
            Regulations T, U and X

          	
            6263

          
	
            Section 7.11

          	
            Solvency

          	
            6263

          
	
            Section 7.12

          	
            Ownership of Equity Interests; Subsidiaries

          	
            6264

          
	
            Section 7.13

          	
            Security Interests

          	
            6264

          
	
            Section 7.14

          	
            Related Documents

          	
            6365

          
	
            Section 7.15

          	
            Non-Existence of Other Agreements

          	
            6365

          
	
            Section 7.16

          	
            Compliance with Contractual Obligations and Laws

          	
            6465

          
	
            Section 7.17

          	
            Other Representations

          	
            6466

          
	
            Section 7.18

          	
            No Employees

          	
            6466

          
	
            Section 7.19

          	
            Insurance

          	
            6466

          
	
            Section 7.20

          	
            Environmental Matters

          	
            6466

          
	
            Section 7.21

          	
            Intellectual Property

          	
            6567

          

    

    

    
      
        

    

    

    

    	
            Article VIII COVENANTS

          	
            6668

          
	
            Section 8.01

          	
            Payment of Notes

          	
            6668

          
	
            Section 8.02

          	
            Maintenance of Office or Agency

          	
            6668

          
	
            Section 8.03

          	
            Payment and Performance of Obligations

          	
            6768

          
	
            Section 8.04

          	
            Maintenance of Existence

          	
            6769

          
	
            Section 8.05

          	
            Compliance with Laws

          	
            6769

          
	
            Section 8.06

          	
            Inspection of Property; Books and Records

          	
            6769

          
	
            Section 8.07

          	
            Actions under the Collateral Transaction Documents and Related Documents

          	
            6870

          
	
            Section 8.08

          	
            Notice of Defaults and Other Events

          	
            6971

          
	
            Section 8.09

          	
            Notice of Material Proceedings

          	
            6971

          
	
            Section 8.10

          	
            Further Requests

          	
            6971

          
	
            Section 8.11

          	
            Further Assurances

          	
            6971

          
	
            Section 8.12

          	
            Liens

          	
            7173

          
	
            Section 8.13

          	
            Other Indebtedness

          	
            7173

          
	
            Section 8.14

          	
            Bankruptcy Proceedings

          	
            7173

          
	
            Section 8.15

          	
            Mergers

          	
            7173

          
	
            Section 8.16

          	
            Asset Dispositions

          	
            7274

          
	
            Section 8.17

          	
            Acquisition of Assets

          	
            7476

          
	
            Section 8.18

          	
            Dividends, Officers’ Compensation, etc

          	
            7476

          
	
            Section 8.19

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

          	
            7476

          
	
            Section 8.20

          	
            Charter Documents

          	
            7577

          
	
            Section 8.21

          	
            Investments

          	
            7577

          
	
            Section 8.22

          	
            No Other Agreements

          	
            7577

          
	
            Section 8.23

          	
            Other Business

          	
            7577

          
	
            Section 8.24

          	
            Maintenance of Separate Existence

          	
            7678

          
	
            Section 8.25

          	
            Covenants Regarding the Securitization IP

          	
            7779

          
	
            Section 8.26

          	
            1940 Act

          	
            7880

          
	
            Section 8.27

          	
            Real Property

          	
            7880

          
	
            Section 8.28

          	
            No Employees

          	
            7981

          
	
            Section 8.29

          	
            Insurance

          	
            7981

          
	
            Section 8.30

          	
            Litigation

          	
            7981

          
	
            Section 8.31

          	
            Environmental

          	
            7981

          
	
            Section 8.32

          	
            Enhancements

          	
            7981

          
	
            Section 8.33

          	
            Series Hedge Agreements; Derivatives Generally

          	
            7981

          
	
            Section 8.34

          	
            Additional Securitization Entity

          	
            8082

          
	
            Section 8.35

          	
            Subordinated Notes Repayments

          	
            8183

          
	
            Section 8.36

          	
            Tax Lien Reserve Amount

          	
            8183

          
	
            Section 8.37

          	
            Mortgages

          	
            8183

          
	
            Section 8.38

          	
            Required Balance

          	
            8284

          
	
            Section 8.39

          	
            Modification of Contributed Assets

          	
            8284

          

    

    

    
      
        

    

    

    

    	
            Article IX REMEDIES

          	
            8284

          
	
            Section 9.01

          	
            Rapid Amortization Events

          	
            8284

          
	
            Section 9.02

          	
            Events of Default

          	
            8385

          
	
            Section 9.03

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

          	
            8688

          
	
            Section 9.04

          	
            Waiver of Appraisal, Valuation, Stay and Right to Marshaling

          	
            8991

          
	
            Section 9.05

          	
            Limited Recourse

          	
            9092

          
	
            Section 9.06

          	
            Optional Preservation of the Securitized Assets

          	
            9092

          
	
            Section 9.07

          	
            Waiver of Past Events

          	
            9092

          
	
            Section 9.08

          	
            Control by the Control Party

          	
            9092

          
	
            Section 9.09

          	
            Limitation on Suits

          	
            9193

          
	
            Section 9.10

          	
            Unconditional Rights of Holders to Receive Payment

          	
            9193

          
	
            Section 9.11

          	
            The Trustee May File Proofs of Claim

          	
            9193

          
	
            Section 9.12

          	
            Undertaking for Costs

          	
            9294

          
	
            Section 9.13

          	
            Restoration of Rights and Remedies

          	
            9294

          
	
            Section 9.14

          	
            Rights and Remedies Cumulative

          	
            9294

          
	
            Section 9.15

          	
            Delay or Omission Not Waiver

          	
            9294

          
	
            Section 9.16

          	
            Waiver of Stay or Extension Laws

          	
            9395

          
	 	 	 
	
            Article X THE TRUSTEE

          	
            9395

          
	
            Section 10.01

          	
            Duties of the Trustee

          	
            9395

          
	
            Section 10.02

          	
            Rights of the Trustee

          	
            9698

          
	
            Section 10.03

          	
            Individual Rights of the Trustee

          	
            99101

          
	
            Section 10.04

          	
            Notice of Events of Default and Defaults

          	
            99101

          
	
            Section 10.05

          	
            Compensation and Indemnity

          	
            99101

          
	
            Section 10.06

          	
            Replacement of the Trustee

          	
            100102

          
	
            Section 10.07

          	
            Successor Trustee by Merger, etc

          	
            101103

          
	
            Section 10.08

          	
            Eligibility Disqualification

          	
            101103

          
	
            Section 10.09

          	
            Appointment of Co-Trustee or Separate Trustee

          	
            101104

          
	
            Section 10.10

          	
            Representations and Warranties of Trustee

          	
            102105

          
	 	 	 
	
            Article XI CONTROLLING CLASS REPRESENTATIVE AND CONTROL PARTY

          	
            103105

          
	
            Section 11.01

          	
            Controlling Class Representative

          	
            103105

          
	
            Section 11.02

          	
            Resignation or Removal of the Controlling Class Representative

          	
            105107

          
	
            Section 11.03

          	
            Expenses and Liabilities of the Controlling Class Representative

          	
            106108

          
	
            Section 11.04

          	
            Control Party

          	
            106109

          
	
            Section 11.05

          	
            Note Owner List

          	
            107110

          
	 	 	 
	
            Article XII DISCHARGE OF INDENTURE

          	
            108110

          
	
            Section 12.01

          	
            Termination of the Master Issuer’s and Guarantors’ Obligations

          	
            108110

          
	
            Section 12.02

          	
            Application of Trust Money

          	
            111114

          
	
            Section 12.03

          	
            Repayment to the Master Issuer

          	
            111114

          
	
            Section 12.04

          	
            Reinstatement

          	
            111114

          

    

    

    
      
        

    

    

    

    	
            Article XIII AMENDMENTS

          	
            112114

          
	
            Section 13.01

          	
            Without Consent of the Control Party, the Controlling Class Representative or the Noteholders

          	
            112114

          
	
            Section 13.02

          	
            With Consent of the Controlling Class Representative or the Noteholders

          	
            114117

          
	
            Section 13.03

          	
            Supplements

          	
            116118

          
	
            Section 13.04

          	
            Revocation and Effect of Consents

          	
            116119

          
	
            Section 13.05

          	
            Notation on or Exchange of Notes

          	
            116119

          
	
            Section 13.06

          	
            The Trustee to Sign Amendments, etc

          	
            116119

          
	
            Section 13.07

          	
            Amendments and Fees

          	
            116119

          
	
            Section 13.08

          	
            Amendments to Certain Related Documents

          	
            117119

          
	 	 	 
	
            Article XIV MISCELLANEOUS

          	
            121125

          
	
            Section 14.01

          	
            Notices

          	
            121125

          
	
            Section 14.02

          	
            Communication by Holders With Other Holders

          	
            124127

          
	
            Section 14.03

          	
            Officer’s Certificate as to Conditions Precedent

          	
            124127

          
	
            Section 14.04

          	
            Statements Required in Certificate

          	
            124128

          
	
            Section 14.05

          	
            Rules by the Trustee

          	
            125128

          
	
            Section 14.06

          	
            Benefits of Indenture

          	
            125128

          
	
            Section 14.07

          	
            Payment on Business Day

          	
            125128

          
	
            Section 14.08

          	
            Governing Law

          	
            125128

          
	
            Section 14.09

          	
            Successors

          	
            125128

          
	
            Section 14.10

          	
            Severability

          	
            125128

          
	
            Section 14.11

          	
            Counterpart Originals

          	
            125128

          
	
            Section 14.12

          	
            Table of Contents, Headings, etc

          	
            125129

          
	
            Section 14.13

          	
            No Bankruptcy Petition Against the Securitization Entities

          	
            125129

          
	
            Section 14.14

          	
            Recording of Indenture

          	
            126129

          
	
            Section 14.15

          	
            Waiver of Jury Trial

          	
            126129

          
	
            Section 14.16

          	
            Submission to Jurisdiction; Waivers

          	
            126129

          
	
            Section 14.17

          	
            Permitted Asset Dispositions; Release of Collateral

          	
            126130

          
	
            Section 14.18

          	
            Calculation of Holdco Leverage Ratio and Senior ABS Leverage Ratio

          	
            127130

          
	
            Section 14.19

          	
            Instructions and Directions on Behalf of the Master Issuer

          	
            128131

          
	
            Section 14.20

          	
            Electronic Signatures and Transmission

          	
            131

          

    

    

    
      	
              ANNEXES

            	 	 
	
              Annex A

            	
              --

            	
              Base Indenture Definitions List

            
	 	 	 
	
              EXHIBITS

            	 	 
	
              Exhibit A

            	
              --

            	
              Weekly Manager’s Certificate

            
	
              Exhibit B-1

            	
              --

            	
              Form of Notice of Grant of Security Interest in Trademarks

            
	
              Exhibit B-2

            	
              --

            	
              Form of Notice of Grant of Security Interest in Patents

            
	
              Exhibit B-3

            	
              --

            	
              Form of Grant of Security Interest in Copyrights

            
	
              Exhibit C-1

            	
              --

            	
              Form of Supplemental Notice of Grant of Security Interest in Trademarks

            
	
              Exhibit C-2

            	
              --

            	
              Form of Supplemental Notice of Grant of Security Interest in Patents

            
	
              Exhibit C-3

            	
              --

            	
              Form of Supplemental Grant of Security Interest in Copyrights

            

       

    
      
        

    

    
      

      

      	
              Exhibit D

            	
              --

            	
              Form of Investor Request Certification

            
	
              Exhibit E

            	
              --

            	
              Form of CCR Election Notice

            
	
              Exhibit F

            	
              --

            	
              Nomination for Controlling Class Representative

            
	
              Exhibit G

            	
              --

            	
              Ballot for Controlling Class Representative

            
	
              Exhibit H

            	
              --

            	
              Form of CCR Acceptance Letter

            
	
              Exhibit I

            	
              --

            	
              Form of Note Owner Certificate

            
	
              Exhibit J

            	
              --

            	
              Form of Mortgage

            
	
              Exhibit K

            	
              --

            	
              Form of Ad Hoc CCR Ballot

            
	 	 	 
	
              SCHEDULES

            	 	 
	
              Schedule 7.13(a)

            	
              --

            	
              Non-Perfected Liens

            
	
              Schedule 7.19

            	
              --

            	
              Insurance

            

    

  

   

  

  
    
      

  

  
  
    BASE INDENTURE, dated as of July 8, 2019, by and among JACK IN THE BOX FUNDING, 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 securities intermediary (in such capacity, the “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 any Series Supplement; 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 (or registered in the case of Uncertificated Notes) 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

     

    Definitions.  (a)  Capitalized terms used herein and not otherwise defined herein (including the preamble and the recitals hereto) shall have the meanings assigned to such terms in thethis 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.

     

    (b)          Any terms used in the Indenture (including without limitation, for purposes of Article III) that are defined in the UCC shall be construed
      and defined as set forth in the UCC, unless otherwise defined in the Indenture.

     

    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.

     

    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.

    
      1

      
        

    

    
      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 means, as applicable, such Person or 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;

       

      (g)          reference to any Related Document or other contract or agreement means such Related Document, contract or agreement as amended
        and restated, amended, supplemented or otherwise modified from time to time, but if applicable, only if such amendment, supplement or modification is permitted by the Indenture and the other applicable Related Documents;

       

      (h)          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”;

       

      (i)          the use of Subclass designations, Tranche designations or other designations to differentiate Note characteristics within a
        Class will not alter priority of the requirement to pay among the Class pro rata unless expressly provided for in the Series Supplement for a Subclass or Tranche of such Class;

       

      (j)          if (i) any funds deposited to an Account are to be paid or allocated, or any action described in a Weekly Manager’s Certificate
        is to be taken, on  (or prior to) the “following Weekly Allocation Date,” on the “Weekly Allocation Date immediately following” or on the “immediately following Weekly Allocation Date,” such payment, allocation or action shall occur on (or prior
        to, if applicable) the Weekly Allocation Date related to the Weekly Collection Period in which such deposit occurs or to the Weekly Allocation Date to which the Weekly Manager’s Certificate relates, as applicable, and (ii) an action or event is to
        occur with respect to a Four-Week Fiscal Period immediately preceding a Weekly Allocation Date, such action or event shall occur with respect to the most recent Four-Week Fiscal Period ending prior to such Weekly Allocation Date;

      
        2

        
          

      

      
        (k)          if any payment is due, or any action described in the Quarterly Noteholders’ Report is to be taken, on (or prior to) the
          “related Quarterly Payment Date,” on the “following Quarterly Payment Date,” on the “immediately succeeding Quarterly Payment Date,” on the “next succeeding Quarterly Payment Date” or on the “immediately following Quarterly Payment Date,” such
          payment shall be due, or such action shall occur, as applicable, either (i) on (or prior to, if applicable) the Quarterly Payment Date related to the Quarterly Collection Period in which such payment accrues or to the Quarterly Payment Date to
          which such Quarterly Noteholders’ Report relates or (ii) on the Quarterly Payment Date related to the applicable Quarterly Calculation Date on which such payment is calculated; and

         

        (l)          references to (i) the “preceding Weekly Collection Period” mean the most recent Weekly Collection Period ending prior to the
          indicated date, (ii) the “immediately preceding Quarterly Collection Period” mean the most recent Quarterly Collection Period ending prior to the indicated date and (iii) the “immediately preceding Quarterly Calculation Date” mean the most recent
          Quarterly Calculation Date.; and

         

        (m)          so long as Midland
              Loan Services, a division of PNC Bank, National Association, is the Control Party and Servicer, any rights to indemnification, exculpation, indemnities or other protections provided to (i) the Servicer hereunder shall also be available to
              Midland Loan Services, a division of PNC Bank, National Association, as the Control Party and (ii) the Control Party hereunder shall also be available to Midland Loan Services, a division of PNC Bank, National Association, as the Servicer.

         

        Article II

          

          

          THE NOTES

         

        Designation and Terms of Notes.  (a)  Each Series of Notes shall be substantially in the form specified in the Series Supplement for such Series
          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
          Series Supplement for such Series 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 any Authorized Officer of the
          Master Issuer executing such Notes, as evidenced by execution of such Notes by such Authorized Officer.  All Notes of any Series shall, except as specified in the Series Supplement for such Series and in thethis 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 (or registration, in the case of Uncertificated Notes), all in accordance with the terms and provisions of this Base
          Indenture and the Series Supplement for such Series.  The aggregate principal amount of Notes which may be authenticated and delivered (or with respect to Uncertificated
              Notes, registered) under this Base Indenture is unlimited.  The Notes of each Series shall be issued in the denominations set forth in the Series Supplement for such Series.

         

        
          3

          
            

        

         
        (b)          Class A-1 Notes.  Any Series of Notes that includes Class A-1 Notes may include within the related Variable Funding Note Purchase
          Agreement any terms, provisions, forms and other matters that affect the Class A-1 Notes (other than the form of Class A-1 Notes, which will be an exhibit to the Series Supplement for such Series).  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 A-1 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 the Class A-1 Notes of any Series Outstanding, the relevant amount of each such Class A-1 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 the greater of (1) the Class A-1 Notes Maximum Principal Amount for such Class A-1 Notes (after giving effect to any cancelled commitments) and (2) the Outstanding Principal Amount of
          such Class A-1 Notes;

         

        (ii)          for purposes of any provisions of any Indenture Document relating to termination, discharge or the like, such Class A-1 Notes
          of a Series shall continue to be deemed Outstanding unless and until both (x) all commitments to extend credit under such Variable Funding Note Purchase Agreement have been terminated thereunder and (y) the Outstanding Principal Amount of such
          Class A-1 Notes 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 (1) has failed to make a payment required to be made by it under
          the terms of the Variable Funding Note Purchase Agreement, (2) has provided written notification that it does not intend to make a payment required to be made by it thereunder when due or (3) has become the subject of an Event of Bankruptcy.

         

        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.  A
          Series of Notes may include separate Classes, Subclasses or Tranches as set forth in the Series Supplement for such Series.  Any reference to a Series shall, unless the context requires otherwise, also include any Class, Subclass or Tranche of
          such Series. Any Series of Class A-1 Notes may be uncertificated if provided for in the Series Supplement applicable to such Class A-1 Notes.

         

        (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 time (other than with respect to Uncertificated Notes, which may from time to time be registered in accordance with this Base Indenture and the
              related Series Supplement), 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 three (3) 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 may be delivered at the end of such Business Day and shall
          be revocable by the Master Issuer upon notice to the Trustee no later than 5:00 p.m. (Eastern 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:

        
          4

          
            

        

         
          (i)          a Company Order authorizing and directing the authentication and delivery (or with respect to Uncertificated Notes, registration) 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 2.03 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), written confirmation from the Manager that the Rating Agency Condition with respect to the issuance of such Additional Notes is
            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 6.50x after giving pro forma
            effect to the issuance of such Additional Notes and any repayment of existing Indebtedness from such Additional Notes;

           

          (B)          the Holdco Leverage Ratio is less than or equal to 7.00x after giving pro forma effect to the issuance of such Additional
            Notes and any repayment of existing Indebtedness from such Additional Notes;

           

          (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;

           

          
            5

            
              

          

        

      

      (F)          the New Series Pro Forma DSCR is greater than or equal to 2.00x;

       

      (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 (if any) as are required under this Base Indenture or the Series Supplement for such Series;

       

      (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 (or with respect to Uncertificated Notes, registration) of such new Series of Notes provided in this Base Indenture, the Series Supplement for such Series 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 Notes, the terms of any such new Series of Notes include the Subordinated
        Notes 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 date of any Class of Senior Notes then Outstanding; provided, that the legal final maturity date
          of any new Class A-1 Notes may be prior to the legal final maturity date of any Class of Senior Notes (other than Class A-1 Notes that will not be
        simultaneously repaid) then Outstanding;

       

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

      
        6

        
          

      

      
        (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 one (1) year and one (1) day after 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
          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; 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 5.07(a) and such accounts are subject to an Account Control Agreement in accordance with the terms herein;

         

        provided that none of the conditions set forth in the foregoing clauses (A), (B), (C), (E), (F), (G), (H), (M), (N),
          and (O) of this clause (vi) shall apply and no Officer’s Certificates shall be required to include such representations under this clause (vi), in each case, 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;

         

        (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 12.01(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, supported by one or more Officer’s Certificates, addressed to the Trustee and the Control
          Party, subject to customary assumptions and qualifications, and in a form reasonably acceptable to the Control Party, dated the applicable Series Closing Date, substantially to the effect that:

         

        (A)          all of the instruments described in this Section 2.02(b) furnished to the Trustee and the Control Party conform to the
          requirements of this Base Indenture and the Series Supplement for such Series (or to the extent applicable, any Variable Funding Note Purchase Agreement) and the new Series of Notes is permitted to be authenticated (or registered, in the case of Uncertificated Notes) by the Trustee pursuant to the terms of this Base Indenture and the Series Supplement for such Series (or to the extent applicable, any
          Variable Funding Note Purchase Agreement);

        
          7

          
            

        

        
          (B)          the Series Supplement for such Series and any Variable Funding Note Purchase Agreement have been duly authorized, executed
            and delivered by the Master Issuer and constitute valid and binding agreements of the Master Issuer, enforceable against the Master Issuer in accordance with their 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 (or registered, in the case of Uncertificated Notes) by the Trustee, such Notes will be 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 remain perfected or recorded as of such date to the extent required by this Base Indenture and the Guarantee and Collateral Agreement and such Lien and security interests as of such date extend to any assets transferred to the
            Securitization Entities through the date of the issuance of such new Series of Notes;

           

          (F)          based on a reasoned analysis, (i) in the event of a bankruptcy or insolvency of a Non-Securitization Entity no
            Securitization Entity would be substantively consolidated with such Non-Securitization Entity and (ii) as of the applicable Series Closing Date, each transfer of Collateral to any Securitization Entity pursuant to a Contribution  Agreement
            would be treated as a “true sale” or absolute transfer;

           

          (G)          neither the execution and delivery by each Securitization Entity of the Indenture Documents to which it is a party nor the
            performance by such Securitization Entity of its obligations under such Indenture Documents: (i) conflicts with the Charter Documents of such Securitization Entity, (ii) constitutes a violation of, or a default under, any material agreement to
            which such Securitization Entity 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 such Securitization Entity (which order and decree may be set forth in
            a schedule to such opinion);

           

          (H)          neither the execution and delivery by the Master Issuer of such Notes (or registration, in the case of Uncertificated Notes) and the Series Supplement for such Series (and, to the extent applicable, any Variable Funding Note Purchase Agreement) nor the performance
            by the Master Issuer of its obligations under each of such Notes and the Series Supplement for such Series (and, to the extent applicable, any Variable Funding Note Purchase Agreement):  (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;

           

          
            8

            
              

          

           
          (I)          unless such Notes are being offered pursuant to a registration statement that has been declared effective under the 1933
            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 1933 Act;

           

          (J)          unless the issuance of the Notes requires otherwise, thethis Base Indenture is not required to be qualified under the United States Trust Indenture Act of 1939, as amended; and

           

          (K)          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 in all material respects 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 2.02(b), the Trustee shall authenticate and deliver (or register, in the case of Uncertificated Notes), 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 2.02 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 Notes, Senior Subordinated Notes or Subordinated Notes of any Series of
            Notes Outstanding; 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 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.  Subject to Section
              2.02(d), Additional Notes may be issued for any purpose consistent with the Related Documents, including acquisitions by the Securitization Entities.

           

          Series Supplement for Each Series .  In conjunction with the issuance of a new Series, the parties hereto shall execute a Series Supplement
            (and, in the case such Series includes Class A-1 Notes, a Variable Funding Note Purchase Agreement), which document(s) 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 new Series of Notes or, to the extent applicable, each Class, Subclass or
            Tranche of such new Series of Notes;

          
            9

            
              

          

          
            (c)          the Note Rate with respect to such new Series of Notes or, to the extent applicable, each Class, Subclass or Tranche of
              such new Series and the applicable default rate;

             

            (d)          the Series Closing Date;

             

            (e)          the Series Anticipated Repayment Date with respect to such new Series of Notes or, to the extent applicable, each Class,
              Subclass or Tranche of such new Series of Notes, if any;

             

            (f)          the Series Legal Final Maturity Date;

             

            (g)          the principal amortization schedule with respect to such new Series of Notes or, to the extent applicable, each Class,
              Subclass or Tranche of such new Series of Notes, if any;

             

            (h)          each Rating Agency rating such new Series of Notes, or, to the extent applicable, each Class, Subclass or Tranche of such
              new Series of Notes;

             

            (i)          the name of the Clearing Agency, if any, for such new Series of Notes or, to the extent applicable, each Class, Subclass
              or tranche of such new Series of Notes;

             

            (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 new Series will be issued in multiple Classes, Subclasses or Tranches, and the rights and
              priorities of each such Class, Subclass or Tranche, if any;

             

            (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 may be issued as either Definitive Notes, Uncertificated Notes or Book-Entry Notes and any limitations imposed thereon;

             

            (o)          whether the Notes of such Series include Senior Notes, Senior Subordinated Notes and/or Subordinated Notes;

             

            (p)          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;

             

            (q)          the terms of any related Enhancement and the Enhancement Provider thereof, if any;

             

            (r)          the terms of any related Series Hedge Agreement and the applicable Hedge Counterparty, if any; and

            
              10

              
                

            

            
              (s)          any other relevant terms of such Series of Notes (all such terms, the “Principal Terms” of such Series);

               

              provided, the Series Supplement for any Series of Notes may alter the terms of this Base Indenture solely as those terms apply to the terms of such Series.

               

              Execution and Authentication.  (a)  The Notes (other than
                    Uncertificated Notes) shall, upon issuance pursuant to Section 2.02, 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, scanned 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 (other than Uncertificated Notes) of any particular Series (issued pursuant to Section 2.02) executed by the Master Issuer to the Trustee for authentication,
                together with one or more Company Orders for the authentication and delivery (or registration, in the case of Uncertificated Notes) of such Notes, and the
                Trustee, in accordance with such Company Order and this Base Indenture, shall authenticate and deliver such Notes (or registration, in the case of Uncertificated Notes).

               

              (c)          No Note (other than Uncertificated Notes) 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.  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 (other than Uncertificated Notes) 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 14.03) 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.

              
                11

                
                  

              

              
                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 (or de-registration, in the case of Uncertificated Notes) (the “Registrar”) and (ii) appoint a paying agent (which
                  shall satisfy the eligibility criteria set forth in Section 10.08(a)) (the “Paying Agent”) at whose office or agency Notes  (or evidence of ownership of
                      Uncertificated 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 (and stated interest) 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.

                 

                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 2.06, 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;

                 

                (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 set forth in Section 10.08. at the time of its appointment; and

                
                  12

                  
                    

                

                
                  (v)          comply with all requirements of the Code and other applicable Requirements of 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 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.

                   

                  Noteholder List.  (a)  The Trustee shall 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 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 Series Supplement for such Series, the Trustee, after having been adequately indemnified by Note Owners satisfying the requirements set
                    forth in Section 11.05(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.

                  
                    13

                    
                      

                  

                  
                    (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.

                     

                    Transfer and Exchange.  (a)  Upon surrender for registration of transfer of any Note (or as set forth in any Series Supplement with respect to the transfer and registration or de-registration of any Uncertificated Notes) at the office or agency of the Registrar, if the
                      requirements of Section 2.08(f) and Section 8‐401(a) of the New York UCC are met, the Master Issuer shall (except in the case of Uncertificated Notes) 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, Tranche or Subclass) and a like original aggregate principal amount of the Notes so transferred.  At the option of any Noteholder, Notes may be exchanged (or de-registered) for other Notes (or in the case of an exchange for Uncertificated Notes, registered) of

                      the same Series and Class (and, if applicable, Tranche or Subclass) 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 2.08(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 (other than Uncertificated Notes), the Trustee shall authenticate and deliver to the Noteholder, the Notes (other than Uncertificated 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) (other than Uncertificated Notes) 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 and the Registrar 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.

                     

                    (c)          All Notes issued and authenticated upon any registration of transfer or exchange of the Notes (including the transfer of Uncertificated 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 2.08 notwithstanding, (i) the Master Issuer or the Registrar shall not be required (A) to
                      issue, register the transfer of or exchange (or registration or de-registration) any Note for a period beginning at the opening of business fifteen
                      (15) days preceding the selection of any Note for redemption and ending at the close of business on the day of the mailing of the relevant notice of redemption or (B) to register the transfer of or exchange any Note so selected for
                      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 2.05(a) or as otherwise set forth in a Series Supplement with respect to Uncertificated Notes.

                     

                    
                      14

                      
                        

                    

                    (e)          Unless otherwise provided in the Series Supplement for such Series, no service charge shall be payable for any registration of
                      transfer or exchange (or de-registration) 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 (or de-registration) of

                      Notes.

                     

                    (f)          Unless otherwise provided in the Series Supplement for such Series, 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 Series Supplement for such Series or, to the extent applicable, any Variable Funding Note Purchase Agreement) shall be effected only if the conditions
                      set forth in such Series Supplement for such Series and, to the extent applicable, any Variable Funding Note Purchase Agreement are satisfied.  Notwithstanding any other provision of this Section 2.08 and except as otherwise provided
                      in Section 2.13 or any applicable Series Supplement with respect to Uncertificated Notes, the typewritten Note or Notes representing Book-Entry Notes for
                      any Series, Class, Subclass or Tranche may be transferred, in whole but not in part, only to another nominee of the Clearing Agency for such Series, Class, Subclass or Tranche, or to a successor Clearing Agency for such Series, Class,
                      Subclass or Tranche selected or approved by the Master Issuer or to a nominee of such successor Clearing Agency, only if in accordance with this Section 2.08 and Section 2.12.

                     

                    Persons Deemed Owners.  Prior to due presentment for registration of transfer of any Note,
                          the (or any other transfer or de-registration of Uncertificated Notes), 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 permitted pursuant to this Base Indenture, the Series Supplement for such Series or any Variable
                      Funding Note Purchase Agreement and, to the extent applicable, the rules of a Clearing Agency), 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.

                     

                    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 2.08(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.  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.

                    
                      15

                      
                        

                    

                    
                      (b)          Upon the issuance of any replacement Note (or registration of
                            Uncertificated Notes) 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 (or registration of
                            Uncertificated Notes) 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 Series Supplement for such Series).

                       

                      (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.

                       

                      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, Class, Subclass or Tranche 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.

                       

                      Book-Entry Notes.  (a)  Unless otherwise provided in any Series Supplement (including with respect to Uncertificated Notes) for such Series, the Notes of each Series, Class, Subclass and Tranche, 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 which shall be the Clearing Agency on behalf of such Series, Class, Subclass or Tranche.  The
                        Notes of each Series, Class, Subclass and Tranche shall, unless otherwise provided in the Series Supplement (including with respect to Uncertificated Notes)
                          for such Series, 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, Class, Subclass or Tranche of Notes, except as provided in Section 2.13.  Unless and until definitive, fully registered Notes of any Series or any Class, Subclass or Tranche of any Series (“Definitive

                          Notes”) have been issued to Note Owners pursuant to Section 2.13 (or as otherwise set forth in any applicable Series Supplement with respect to
                            Uncertificated Notes):

                       

                      (i)          the provisions of this Section 2.12 shall be in full force and effect with respect to each such Series, Class,
                        Subclass and/or Tranche;

                       

                      (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 Series Supplement for such Series) as the sole Holder of the Notes, and shall have no obligation to the Note Owners;

                      
                        16

                        
                          

                      

                      
                        (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 Tranche, Subclass, 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 rights granted pursuant to Section 11.05, the rights of Note Owners of each such Series, Class, Subclass or Tranche 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, Class, Subclass or Tranche for distribution to the Note Owners in accordance with the
                          Applicable Procedures of the Clearing Agency; and

                         

                        (v)          subject to the rights of the Servicer and the Controlling Class Representative under the Indenture, and except
                          for the rights granted pursuant to Section 11.05, 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, Subclass or Tranche 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, Class, Subclass or Tranche 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, Class, Subclass or Tranche, unless and until Definitive Notes of
                          such Series, Class, Subclass or Tranche are issued pursuant to Section 2.13 (or as otherwise set forth in any applicable Series Supplement with respect to
                              Uncertificated Notes), 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)          Whenever notice or other communication to the Holders is required under the Indenture, unless and until Definitive Notes shall
                          have been issued to Note Owners pursuant to Section 2.13 (or as otherwise set forth in any applicable Series Supplement with respect to Uncertificated Notes),
                          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.

                        
                          17

                          
                            

                        

                        
                          Definitive Notes.  (a)  The Notes of any Series, Class, Subclass or Tranche of any Series, to the extent provided in the
                            Series Supplement for such Series, upon original issuance, may be issued in the form of Definitive Notes or Uncertificated Notes.  All Class
                            A-1 Notes of any Series, Class, Subclass or Tranche shall be issued in the form of Definitive Notes or Uncertificated Notes.  The Series
                            Supplement for such Series shall set forth the legend relating to the restrictions on transfer of such Definitive Notes (or transfer and de-registration
                                with respect to Uncertificated Notes) and such other restrictions as may be applicable.

                           

                          (b)          With respect to the Notes of any Series, Class, Subclass or Tranche 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 or (ii) after the occurrence of a Rapid Amortization Event, with respect to any Series, Class,
                            Subclass or Tranche of Notes Outstanding, Note Owners holding a beneficial interest in excess of 50% of the aggregate Outstanding Principal Amount of such Series, Class, Subclass or Tranche 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, Class, Subclass or Tranche, through the applicable Clearing Agency Participants, of the occurrence of any such event and of the availability of Definitive Notes (or Uncertificated Notes) to Note Owners of such Series, Class, Subclass or Tranche.  Upon surrender to the Trustee of the Notes of such Series, Class,
                            Subclass or Tranche by the applicable Clearing Agency, accompanied by registration instructions from the applicable Clearing Agency for registration, the Master Issuer shall execute (other than with respect to Uncertificated Notes) 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, Class, Subclass or Tranche 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, Class, Subclass or Tranche of such Series as Noteholders of such Series, Class, Subclass or Tranche of such Series hereunder and under the Series Supplement for such Series.

                          
                            18

                            
                              

                          

                          
                            Cancellation.  The Master Issuer may at any time deliver to the Trustee for cancellation any Notes previously authenticated
                              and delivered (or registered in the case of Uncertificated Notes) hereunder which the Master Issuer or an Affiliate thereof may have
                              acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled (or de-registered) by the Trustee.  Upon the
                              written instruction of the Master Issuer (or the Manager on its behalf), the Trustee shall cancel any repurchased Notes delivered to it by the Master Issuer (or the Manager on its behalf), either in certificated form or
                              through the Applicable Procedures of DTC.  Such cancelled Notes shall not be reissued and upon cancellation shall not be considered outstanding for purposes of calculating the DSCR, the Holdco Leverage Ratio or the Senior ABS
                              Leverage Ratio.  Immediately upon the delivery of any Notes by the Master Issuer to the Trustee for cancellation pursuant to this Section 2.14 (or as
                                  set forth in any applicable Series Supplement with respect to de-registration of Uncertificated Notes), 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 (or de-registration of
                                  Uncertificated Notes).  The Trustee shall cancel (or de-register) 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 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 (or de-registration).  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 (or de-registered) Notes may be reissued.  No provision of this Base Indenture or any Series Supplement that
                              relates to prepayment procedures, penalties, fees, make-whole payments or any other related matters shall be applicable to any Notes cancelled (or
                                  de-registered) pursuant to and in accordance with this Section 2.14.

                             

                            Principal and Interest.  (a)  The principal of and premium, if any, on each Series, Class, Subclass or Tranche of Notes
                              shall be due and payable at the times and in the amounts set forth in the Series Supplement for such Series (and, to the extent applicable, each Variable Funding Note Purchase Agreement) and in accordance with the Priority of
                              Payments.

                             

                            (b)          Each Series, Class, Subclass and Tranche of Notes shall accrue interest as provided in the Series Supplement for such Series
                              (and, to the extent applicable, each Variable Funding Note Purchase Agreement) and such interest shall be due and payable for such Notes 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 2.06(a)(v), except as otherwise provided pursuant to a Variable
                              Funding Note Purchase Agreement and only 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.

                             

                            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 or person 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) (or registration of an Uncertificated Note) 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.

                            
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                              Tax Withholding.  The Trustee, the Paying Agent and the Master Issuer (or other Person responsible for withholding of Taxes) has the
                                  right to withhold on payments with respect to a Note (without any corresponding gross-up) where an applicable party fails to provide the Trustee, the Paying Agent or the Master Issuer, as applicable, with appropriate tax
                                  certifications (which includes, but is not limited to, (i) an IRS 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 IRS Form W-8
                                  and any required attachments, for Persons other than United States persons, or applicable successor form, or the Trustee, the Paying Agent or the Master Issuer  (or other Person responsible for withholding of Taxes) is
                                  otherwise required to so withhold under applicable law.

                               

                              Article III

                                

                                

                                SECURITY

                               

                              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 Master Issuer’s right, title and interest
                                in, to and under all accounts, chattel paper, commercial tort claims, deposit accounts, documents, equipment, fixtures, general intangibles, health-care-insurance receivables, instruments, inventory, securities, securities
                                accounts and other investment property and letter-of-credit rights (in each case, as defined in the New York UCC), including all of the
                                following property to the extent now owned or at any time hereafter acquired by the Master Issuer (collectively, the “Indenture Collateral”):

                               

                              (i)          the limited liability company membership interests and stock owned by the Master Issuer that represent
                                the 100% ownership interest in the Securitization Entities owned by the Master Issuer as set forth on Schedule 4.5 of the Guarantee and Collateral Agreement, together with all claims, rights, privileges, authority and powers
                                of the Master Issuer relating to such Equity Interests or granted to it under the organizational documents of such Securitization Entities, and all additional Equity Interests of any Subsidiary or Additional Securitization
                                Entity from time to time acquired by or issued to the Master Issuer  in any manner, together with all claims, rights, privileges, authority and powers of the Master Issuer relating to any such Equity Interests or granted to
                                it under any organizational document of any such Subsidiary or Additional Securitization Entity formed from time to time;

                               

                              (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)          any and all other property of the Master Issuer now owned or hereafter acquired; and

                               

                              (vii)          all payments, proceeds, supporting obligations and accrued and future rights to payment with respect
                                to the foregoing;

                              
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                                provided that (A) the Indenture Collateral shall exclude the Collateral Exclusions; (B) the Master Issuer shall not be required to pledge more than 65% of the
                                  Equity Interests (and any rights associated with such Equity Interests) of (i) any foreign Subsidiary of the Master Issuer that is a Controlled Foreign Corporation or (ii) any domestic Subsidiary of the Master Issuer,
                                  substantially all of the assets of which are the equity interests of Controlled Foreign Corporations (each, a “Foreign Subsidiary Holding Company”), a corporation for U.S. federal income tax purposes and in no
                                  circumstance will any such foreign Subsidiary that is a Controlled Foreign Corporation or a Foreign Subsidiary Holding Company be required to pledge any assets, serve as Guarantor, or otherwise guarantee the Notes; (C) the
                                  security interest in (1) the Senior Notes Interest Reserve Account and the related property shall only be for the benefit of the Senior Noteholders and the Trustee, in its capacity as trustee for the Senior Noteholders,
                                  (2) the Senior Subordinated Notes Interest Reserve Account and the related property shall only be for the benefit of the Senior Subordinated Noteholders and the Trustee, in its capacity as trustee for the Senior
                                  Subordinated Noteholders and (3) each Series Distribution Account and the related property thereto shall only be for the benefit of the applicable Series (or Class within such Series) Noteholders as set forth in the Series
                                  Supplement for such Series; and (D) any Cash Collateral deposited by any Non-Securitization Entities with the Master Issuer to secure such Non-Securitization Entities’ obligations under any 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 such 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 such Letter of Credit Reimbursement Agreement that such Non-Securitization
                                  Entities have not paid to the Master Issuer in accordance with the terms thereof.

                                 

                                (b)          “Collateral Exclusions” means the following property of the Master Issuer: (i) any lease, sublease, license, or
                                  other contract or permit, in each case if the grant of a Lien or security interest in any of the Master Issuer’s right, title and interest in, to or under such lease, sublease, 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 any rights or interests thereunder) or would require the consent of
                                  a third party (unless such consent has been obtained), (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) 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 Assets, (iii) all Real Estate Assets (other than Securitized Owned Real Property until the occurrence of a Mortgage Recordation Event and
                                  Mortgages are filed on such Securitized Owned Real Property), (iv) the Excluded Amounts, (v) amounts to be paid in respect of the JIB Back-to-Back Lease Obligations and (vi) amounts to be paid in respect of the Restaurant
                                  Operating Expenses; 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 foreign Subsidiary of any of the Master Issuer or the Guarantors that is a Controlled Foreign Corporation or (y) any domestic Subsidiary of any of the Master Issuer or the Guarantors that is a Foreign Subsidiary
                                  Holding Company, corporation for U.S. federal income tax purposes and in no circumstance will any such foreign Subsidiary that is a Controlled Foreign Corporation or a Foreign Subsidiary Holding Company be required to
                                  pledge any assets, serve as Guarantor, or otherwise guarantee the Notes; provided, further, that the security interest in (A) the Senior Notes Interest Reserve
                                  Account and the related property will only be for the benefit of the Senior Noteholders and the Trustee, in its capacity as trustee for the Senior Noteholders, (B) the Senior Subordinated Notes Interest Reserve Account and
                                  the related property will only be for the benefit of the Senior Subordinated Noteholders and the Trustee, in its capacity as trustee for the Senior Subordinated Noteholders and (C) each Series Distribution Account and the
                                  related property thereto will only be for the benefit of the noteholders of the applicable Series (or Class within such Series) as set forth in the applicable Series Supplement. The Trustee, on behalf of the Secured
                                  Parties, acknowledges that it shall have no security interest in any Collateral Exclusions.  The foregoing grant is made in trust to secure the Obligations and to secure compliance with the provisions of this Base
                                  Indenture and the other Indenture Documents to which the Master Issuer is a party.  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, Class, Subclass or Tranche of Notes, as otherwise stated in the Series Supplement for such Series or in the applicable provisions of this Base Indenture).

                                
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                                  (c)          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 each Mortgage in accordance with Section 8.37.

                                   

                                  (d)          The parties hereto agree and acknowledge that (a) each certificated Equity Interest may be held by the Trustee in a
                                    separate custodial account in the name of the Trustee for the benefit of the Secured Parties and (b) each certificated Equity Interest and each Mortgage may be held by a custodian on behalf of the Trustee.

                                   

                                  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 as Manager on behalf of the Securitization Entities, 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 or any Securitization Entity under the Collateral Transaction Documents, (ii) to give as Manager on behalf of the Securitization Entities, in
                                    accordance with the Managing Standard, all consents, requests, notices, directions and approvals, if any, which are required or permitted to be given by any Securitization Entity under any IP License Agreement to which
                                    such Securitization Entity is a party and (iii) as Manager on behalf of the Securitization Entities, 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.

                                  
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                                    (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 and documented out-of-pocket
                                      costs and expenses arising out of or resulting from the security interest granted hereby, whether arising by virtue of any act or omission on the part of the Master Issuer or otherwise, including, without limitation,
                                      the reasonable out-of-pocket costs, expenses and disbursements (including reasonable attorneys’ fees and expenses) incurred by the Trustee or any Secured Party in enforcing the Indenture or any other Related Document
                                      or preserving any of its rights to, or realizing upon, any of the Collateral or, to the extent permitted by applicable law, the Securitized Assets; provided, however, that the foregoing indemnification
                                      shall not extend to any action by the Trustee or any Secured Party which constitutes gross negligence, bad faith or willful misconduct by the Trustee or any Secured Party or any other indemnified Person hereunder.  The
                                      indemnification provided for in this Section 3.02 shall survive the removal of, or a resignation by, any Person as Trustee as well as the termination of this Base Indenture or any Series Supplement.

                                     

                                    Performance of Collateral Transaction Documents.  Upon the occurrence of a default or breach (after giving effect to
                                      any applicable grace or cure periods) by any Person party to (a) a Collateral Transaction Document or (b) a Collateral Business Document (only if a Manager Termination Event or an Event of Default has occurred and is
                                      continuing), promptly following a request from the Trustee to do so and at the 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 Control Party (acting at the direction of the Controlling Class Representative)) may reasonably request to compel or secure the performance and observance by such Person of its
                                      obligations to 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 Control Party (acting at the direction of the Controlling Class Representative)), including, without limitation, the transmission of notices of default and the institution of legal or administrative
                                      actions or proceedings to compel or secure performance by such Person of its obligations thereunder.  If (i) the Master Issuer shall have failed, within ten (10) days of receiving the direction of the Trustee (given at
                                      the direction of the Control Party (at the direction of the Controlling Class Representative)), to take commercially reasonable action to accomplish such directions of the Trustee, (ii) the Master Issuer refuses to
                                      take any such action, as reasonably determined by the Trustee in good faith, or (iii) the Control Party (acting at the direction of the Controlling Class Representative) reasonably determines that such action must be
                                      taken immediately, in any such case the ServicerControl Party (at the direction of
                                          the Controlling Class Representative) may, but shall not be obligated to, take, and the Trustee shall take (if so directed by the Control Party (acting at the direction of the Controlling Class
                                      Representative)), at the expense of the Master Issuer, such previously directed action and any related action permitted under this Base Indenture which the Control Party (acting at the direction of the Controlling
                                      Class Representative) thereafter determines is appropriate (without the need under this provision or any other provision under this Base Indenture to direct the Master Issuer to take such action), on behalf of the
                                      Master Issuer and the Secured Parties.

                                     

                                    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 the Securitized Assets.  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, 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.

                                    
                                      23

                                      
                                        

                                    

                                    
                                      Authorization to File Financing Statements.  (a)  The Master Issuer hereby irrevocably authorizes the Control
                                        Party on behalf of the Secured Parties at any time and from time to time to file or record in any filing office in any applicable jurisdiction financing statements and other filing or recording documents or
                                        instruments with respect to the Indenture Collateral to perfect 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 naming the Trustee as secured party and indicating that the Indenture Collateral includes “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. 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 to the extent the Indenture Collateral includes certain rights of the Master
                                        Issuer as a secured party 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

                                       

                                      Reports and Instructions to Trustee.

                                       

                                      (a)          Weekly Manager’s Certificate.  By 4:30 p.m. (Eastern time) on the Business Day prior to each Weekly
                                        Allocation Date, the Master Issuer shall furnish, or cause the Manager to furnish, to the Trustee and, the Servicer and the Back-Up Manager 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”).  The Weekly
                                        Manager’s Certificate shall be deemed confidential information and shall not be disclosed by the Trustee or, the Servicer or the Back-Up Manager to any Holder or any other Person without the prior written consent of
                                        the Master Issuer or the 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 twenty-one (21) days after the Closing Date.

                                       

                                      (b)          Quarterly Noteholders’ Report.  On or before the third (3rd) Business Day prior to each Quarterly Payment Date, the Master Issuer shall furnish, or cause the Manager to furnish, a Quarterly Noteholders’ Report with respect to each Series of
                                        Notes Outstanding to the Trustee, each Rating Agency with respect to such Series, the Servicer and each Paying Agent, with a copy to the Back-Up Manager.

                                      
                                        24

                                        
                                          

                                      

                                      
                                        (c)          Quarterly Compliance Certificates.  On or before the third (3rd) Business Day prior to each Quarterly Payment Date, the Master Issuer shall deliver, or cause the Manager to deliver, to the Trustee and each Rating Agency with
                                          respect to each Series of Notes Outstanding (with a copy to each of the Servicer, the Manager and the Back-Up Manager) an Officer’s Certificate to the effect that, except as provided in a notice delivered pursuant
                                          to Section 8.08, no Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default has occurred or is continuing (each, a “Quarterly Compliance Certificate”).

                                         

                                        (d)          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 each Rating Agency (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 Series, Class, Subclass or Tranche of Notes that occurred with respect to such Quarterly Collection Period (any such notice, a “Scheduled
                                            Principal Payments Deficiency Notice”).

                                         

                                        (e)          Annual Accountants’ Reports.  Within one hundred twenty (120) days after the end of each fiscal year, commencing with the fiscal year ending on or around September 30, 2019, the Master Issuer shall furnish, or cause to be furnished, to the Trustee, the Servicer and, each Rating Agency and the Back-Up Manager (to the extent the Back-Up Manager is not providing such report) with respect to each Series of Notes Outstanding the reports of the Independent Auditors or the
                                          Back-Up Manager required to be delivered to the Master Issuer by the Manager pursuant to Section 3.3 of the Management Agreement.

                                         

                                        (f)          Securitization Entity Financial Statements.  The Manager on behalf of the Securitization Entities shall
                                          provide to the Trustee, the Servicer, the Back-Up Manager and each Rating Agency with respect to each Series of Notes Outstanding, the following financial statements:

                                         

                                        (i)          within forty-five (45) days after the end of each of the first three (3) fiscal quarters of
                                          each fiscal year (commencing with the fiscal quarter ending September 30, 2019), an unaudited combined consolidated

                                          balance sheet of the Holding Company Guarantor as of the end of such quarter and unaudited combined consolidated statements of income or operations, changes
                                          in members’ equity and cash flows 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

                                         

                                        (ii)          within one hundred twenty (120) days after the end of each fiscal year (commencing with the fiscal year ending on or around September 30, 2019), an audited combined consolidated balance sheet
                                          of the Holding Company Guarantor as of the end of such fiscal year and audited combined consolidated statements of income or operations, changes in members’
                                          equity and cash flows of the Securitization Entities for such fiscal year, setting forth in comparative form (where appropriate) 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.

                                        
                                          25

                                          
                                            

                                        

                                        
                                          (g)          Jack in the Box Inc. Financial Statements.  So long as Jack in the Box Inc. is the Manager, the Master
                                            Issuer shall cause the Manager (on behalf of the Securitization Entities) to provide to the Trustee, the Servicer, the Back-Up Manager and each Rating Agency with respect to each Series of Notes Outstanding the
                                            following financial statements:

                                           

                                          (i)          within forty-five (45) days after the end of each of the first three (3) fiscal quarters of
                                            each fiscal year, an unaudited consolidated balance sheet of Jack in the Box Inc. and its Subsidiaries as of the end of such fiscal quarter and unaudited consolidated statements of income or operations, changes
                                            in stockholder’s equity and cash flows of Jack in the Box Inc. 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

                                           

                                          (ii)          within one hundred and twenty (120) days after the end of each fiscal year, an audited
                                            consolidated balance sheet of Jack in the Box Inc. 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 Jack in the Box Inc. 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 Jack in the Box Inc. 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.

                                           

                                          (iii)          Notwithstanding the foregoing, the obligations set forth in this Section 4.01(g)
                                            may be satisfied by furnishing Jack in the Box Inc.’s Form 10-K or 10-Q, as applicable, filed with the SEC on the timeframe that the SEC shall provide or permit from time to time.

                                           

                                          (h)          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 Jack in the Box Inc. 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.

                                           

                                          (i)          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.  The Trustee and the Paying Agent shall promptly follow any such
                                            written instructions.

                                          
                                            26

                                            
                                              

                                          

                                          
                                            (j)          Copies to Rating Agency.  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 4.01 to each Rating Agency at its address as listed in or otherwise designated pursuant to Section 14.01 or in the
                                              Series Supplement for such Series, including any e-mail address.

                                             

                                            Rule 144A Information.  The Master Issuer agrees to provide to any Holder, and to any prospective purchaser
                                              of Notes designated by such Holder upon the request of such Holder or prospective purchaser, any information required to be provided to such Holder or prospective purchaser to satisfy the conditions set forth
                                              in Rule 144A(d)(4) under the 1933 Act.

                                             

                                            Reports, Financial Statements and Other Information to Noteholders.  Subject to the last paragraph of this Section

                                                4.03, the Trustee shall make this Base Indenture, the Guarantee and Collateral Agreement, the applicable offering circular, each Series Supplement, the Quarterly Noteholders’ Reports, the Quarterly
                                              Compliance Certificates, the financial statements referenced in Section 4.01(f) and Section 4.01(g) and the reports referenced in Section 4.01(e) (collectively, the “Noteholder Materials”)
                                              available to (a) each Rating Agency pursuant to Section 4.01(j) above and (b) the Holders (provided that each Series Supplement and any related offering circular with respect to a Series of Notes shall
                                              only be made available to the Holders (but not to prospective investors) of such Series of Notes), the Servicer, the Manager, the Back-Up Manager and each Rating Agency via the Trustee’s internet website at
                                              www.sf.citidirect.com or such other address as the Trustee may specify from time to time; provided that prospective investors shall not be entitled to access the Trustee’s internet website, but may
                                              request the Noteholder Materials from the Manager or the Trustee in accordance with the requirements of this Section
                                                4.03.  Assistance in using such website can be obtained by calling the Trustee’s customer service desk at 888-855-9695 or such other telephone number as the Trustee may specify from time to time.  Unless
                                              requested by a prospective investor, the Noteholder 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 each Rating Agency) accessing such password-protected area to register as a Holder and to make, for the benefit of the Master Issuer, the applicable representations and
                                              warranties described below in an investor request certification (an “Investor Request Certification” in the form of Exhibit D.  The Trustee may disclaim responsibility for any information
                                              distributed by it for which the Trustee was not the original source.  Each time a Holder 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 Holder 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 shall (or shall request that the Manager) make available, upon reasonable advance notice and at the expense of the requesting party, the Noteholder
                                              Materials to any Holder and to any prospective investor that provides the Trustee with an Investor Request Certification in the form of Exhibit D to the effect that such party (i) is a Holder 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, however, (x) such materials have not been filed or furnished with the SEC and are not
                                              otherwise publicly available and (y) that such party may disclose such information only (A) to (1) those personnel employed by it who need to know such information which have agreed to keep such information
                                              strictly confidential and to use such information only for evaluating such party’s investment or potential investment in the Notes, (2) its attorneys and outside auditors which have agreed to keep such
                                              information strictly confidential and to use such information only for evaluating such party’s investment or possible investment in the Notes, or (3) a regulatory or self-regulatory authority pursuant to
                                              applicable law or regulation or (B) by judicial process; provided, that it may disclose to any and all Persons without limitation of any kind, the tax treatment and tax structure of the transaction and
                                              any related tax strategies to the extent necessary to prevent the transaction from being described as a “confidential transaction” under U.S. Treasury Regulations Section 1.6011-4(b)(3)); and (iv) who is not a Competitor).

                                            
                                              27

                                              
                                                

                                            

                                            
                                              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 Holders 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 Holders 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 Series 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.

                                               

                                              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).

                                               

                                              Article V

                                                

                                                

                                                ALLOCATION AND APPLICATION OF COLLECTIONS

                                               

                                              Administration of Accounts and Additional Accounts.  Each Account
                                                and any additional accounts described in this Article V, as of the Closing Date and at all times thereafter, shall be (A) an Eligible Account, (B) pledged by the Master Issuer or another
                                                Securitization Entity to the Trustee for the benefit of the Secured Parties pursuant to Section 3.01 hereof or Section 3.1 of the Guarantee and Collateral Agreement, (C) except as provided in the
                                                immediately succeeding sentence, if not established with the Trustee or otherwise controlled by the Trustee under the New York UCC, subject to an Account Control Agreement and (D) subject to the jurisdiction
                                                of the State of New York (i) for purposes of the UCC and (ii) for all issues specified in Article 2(1) of the Hague Securities Convention. For any Account required to be subject to an Account Control
                                                Agreement on the Closing Date pursuant to the preceding sentence, such Account shall not be in violation of the requirements to be subject to an Account Control Agreement for a period of sixty (60) days
                                                following the Closing Date, so long as any amounts on deposit in such Account are transferred on a daily basis to an Account meeting the requirements of the prior sentence.

                                              
                                                28

                                                
                                                  

                                              

                                              
                                                Management Accounts and Additional Accounts.

                                                 

                                                (a)          Establishment of the Management Accounts.  The Manager has established and pledged or, in the case
                                                  of 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, if such account has not already been established, will establish with and pledge to the Trustee the following management accounts pursuant to the Management Agreement, each of which shall be an
                                                  Eligible Account and subject to an Account Control Agreement (collectively, the “Management Accounts”):

                                                 

                                                (i)          Securitized Company Restaurant Accounts. One or more accounts maintained in the
                                                  name of JIB Properties or any successor account established for JIB Properties for such purpose pursuant to thethis Base Indenture and the Management Agreement, including any investment accounts related thereto into which funds are transferred for investment purposes
                                                  pursuant to Section 5.02(b) of this Base Indenture (collectively, the “Securitized Company Restaurant Accounts”);

                                                 

                                                (ii)          Franchisor Capital Accounts. One or more accounts maintained in the name of
                                                  the Franchisor into which the Franchisor and any Additional Securitization Entity that from time to time acts as the “franchisor” with respect to New Securitized Franchise Agreements and New Securitized
                                                  Development Agreements entered into by the Additional Securitization Entity may (i) deposit to the Franchisor Capital Accounts the proceeds of capital contributions thereto directed to be made to such
                                                  account necessary to meet large-franchisor exemptions or similar exemptions under applicable franchise laws therein and (ii) disburse funds from the Franchisor Capital Accounts to fund any loan or advance
                                                  made in accordance with Section 8.21 of this Base Indenture (collectively, the “Franchisor Capital Accounts”);

                                                 

                                                (iii)          Concentration Accounts. One or more accounts, and may from time to time establish additional accounts, maintained in the name of the Master Issuer, the Franchisor or JIB Properties, as applicable, or
                                                  any successor account established for the Master Issuer, the Franchisor or JIB Properties, as applicable, for such purpose pursuant to thethis Base Indenture and the Management Agreement, including any investment accounts related thereto into which funds are transferred
                                                  for investment purposes pursuant to Section 5.02(b) of this Base Indenture (the “Concentration Accounts”);

                                                 

                                                (iv)          Asset Disposition Proceeds Account. The account maintained in the name of the
                                                  Master Issuer or any successor account established for the Master Issuer by the Manager for such purpose pursuant to thethis Base Indenture and the Management Agreement, including any investment accounts related thereto into which funds are transferred for investment purposes
                                                  pursuant to Section 5.02(b) of this Base Indenture (collectively, the “Asset Disposition Proceeds Account”);

                                                 

                                                (v)          Insurance Proceeds Account. The account maintained in the name of the Master
                                                  Issuer, into which the Manager is required to cause Insurance/Condemnation Proceeds to be deposited (the “Insurance Proceeds Account”); and

                                                 

                                                (vi)          Additional Management Accounts. From time to time, the Master Issuer or any
                                                  other Securitization Entity (other than the Holding Company Guarantor) may establish additional accounts (each of which shall be an Eligible Account) for the purpose of depositing Collections 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 5.02(b), an “Additional Management Account”).  Each Additional Management Account that is to be a Franchisor Capital Account or a Securitized Company
                                                  Restaurant Account shall be designated as such by the Manager.

                                                
                                                  29

                                                  
                                                    

                                                

                                                
                                                  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 five (5) Business Days after the establishment of such deposit account to cause such deposit account to be subject to an Account Control Agreement.

                                                   

                                                  (b)          Administration of the Management Accounts.  All amounts held in the Management Accounts
                                                    constituting “securities accounts” within the meaning of Section 8-501 of the New York UCC may be invested or reinvested in Eligible Investments by the applicable Securitization Entity (or the Manager on
                                                    its behalf) and such amounts may be transferred by the applicable Securitization Entity (or the Manager on its behalf) into an investment account for the sole purpose of investing in Eligible
                                                    Investments.  Notwithstanding anything herein or in any other Related Document, the applicable Securitization Entity and the 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 or otherwise controlled by the Trustee under the New York UCC).  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. 
                                                    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 5.11.

                                                   

                                                  (d)          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.

                                                   

                                                  (e)          Termination and Amendment.  The Manager, on behalf of the applicable Securitization Entities, shall have the authority to close or otherwise terminate any Management Account and to amend or
                                                        terminate any related Account Control Agreement without the consent of the Control Party, subject to the delivery by the Manager of an Officer’s Certificate to the Control Party and the Trustee (a)
                                                        stating that such account has been closed or is dormant, (b) there are no remaining Collections or other Collateral credited thereto and (c) the Manager has taken reasonable best efforts (including,
                                                        if applicable, notifying third parties) to ensure that no Collections or other Collateral will be deposited to such account thereafter. To the extent any Collections or other Collateral are deposited
                                                        in any such account thereafter, the Manager shall cause such Collections or other Collateral to be transferred within three (3) Business Days (unless such transfer requires an international funds transfer, in which case such funds must be deposited to the applicable account within five (5) Business Days) to an account that is subject to an Account Control Agreement or established with the Trustee.

                                                   

                                                  
                                                    30

                                                    
                                                      

                                                  

                                                  
                                                    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 a Securitization Entity or the Trustee and has pledged such Senior Notes Interest Reserve Account to 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 may also serve as a Franchisor Capital Account.  The Senior Notes Interest Reserve Account shall be an Eligible
                                                      Account.

                                                     

                                                    (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.  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 5.11.

                                                     

                                                    Senior Subordinated Notes Interest Reserve Account.

                                                     

                                                    (a)          Establishment of the Senior Subordinated Notes Interest Reserve Account.  The Master Issuer
                                                      shall, 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 a Securitization Entity or the
                                                      Trustee and shall pledge such Senior Subordinated Notes Interest Reserve Account to 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.  In the absence of
                                                      written investment instructions hereunder, funds on deposit in the Senior Subordinated 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 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.

                                                    
                                                      31

                                                      
                                                        

                                                    

                                                    
                                                      (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 5.11.

                                                       

                                                      Cash Trap Reserve Account.

                                                       

                                                      (a)          Establishment of the Cash Trap Reserve Account.  The Trustee shall establish and maintain
                                                        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.  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
                                                        5.11.

                                                       

                                                      Collection Account.

                                                       

                                                      (a)          Establishment of Collection Account.  On or before the Closing Date, the Trustee shall
                                                        establish 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).

                                                      
                                                        32

                                                        
                                                          

                                                      

                                                      
                                                        (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.  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 5.12.

                                                         

                                                        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, and maintains or will maintain, as applicable, 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. 12205500 entitled “Citibank, N.A. f/b/o Jack in the Box
                                                          Funding, 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”);

                                                         

                                                        (ii)          an account entitled “Citibank, N.A. f/b/o Jack in the Box Funding, 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 Jack in the Box Funding, 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. 12205600 entitled “Citibank, N.A. f/b/o Jack in the Box
                                                          Funding, 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”);

                                                        
                                                          33

                                                          
                                                            

                                                        

                                                        
                                                          (v)          an account no. 12205700 entitled “Citibank, N.A. f/b/o Jack in the Box
                                                            Funding, 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 Jack in the Box Funding, 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 Jack in the Box Funding, 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. 12205800 entitled “Citibank, N.A. f/b/o Jack in the Box
                                                            Funding, LLC, Senior Notes Post-ARD Contingent Interest Account” for the deposit of the Senior Notes Quarterly Post-ARD Contingent Interest Amounts (together with any successor account, the “Senior

                                                              Notes Post-ARD Contingent Interest Account”);

                                                           

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

                                                           

                                                          (x)          an account entitled “Citibank, N.A. f/b/o Jack in the Box Funding, LLC,
                                                            Subordinated Notes Post-ARD Contingent Interest Account” for the deposit of the Subordinated Notes Quarterly Post‐ARD Contingent Interest Amounts (together with any successor account, the “Subordinated

                                                              Notes Post-ARD Contingent Interest Account”); and

                                                           

                                                          (xi)          an account no. 12205900 entitled “Citibank, N.A. f/b/o Jack in the Box
                                                            Funding, 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.  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.

                                                          
                                                            34

                                                            
                                                              

                                                          

                                                          
                                                            (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 to the Collection Account in accordance with Section 5.11.

                                                             

                                                            Hedge Payment Account.

                                                             

                                                            (a)          Establishment of the Hedge Payment Account.  On or before the Series 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.  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 5.11.

                                                             

                                                            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 5.09.

                                                             

                                                            (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;

                                                            
                                                              35

                                                              
                                                                

                                                            

                                                            
                                                              (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;

                                                               

                                                              (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)            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;  For purposes of the Hague Securities Convention, the local law of the jurisdiction of the Trustee as Securities Intermediary is the law 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 5.09(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.

                                                              
                                                                36

                                                                
                                                                  

                                                              

                                                              
                                                                (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.

                                                                 

                                                                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.

                                                                 

                                                                (b)          Legacy Accounts.  In the case of any mandatory or optional redemption in full of
                                                                  any Series, Class, Subclass or Tranche of Notes issued pursuant to this Base Indenture, on the Notes Discharge Date with respect to such Series, Class, Subclass or Tranche 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 Series, Class, Subclass or Tranche of Notes
                                                                  transferred to the applicable distribution account for such Series, Class, Subclass or Tranche of Notes, for application toward the prepayment of such Series, Class, Subclass or Tranche 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 5.10 pursuant to instructions delivered by the Master Issuer to the Trustee.

                                                                 

                                                                Deposits, Withdrawals and Collections.

                                                                 

                                                                (a)          Deposits and Withdrawals to the Management Accounts. The Manager, the Master
                                                                  Issuer, the Franchisor or JIB Properties, as applicable, shall deposit and withdraw available amounts from the respective Management Accounts in accordance with this Section 5.11(a).

                                                                 

                                                                (i)          Deposits to the Securitized Company Restaurant Accounts.  After the Cut-Off Date, theThe Manager (on behalf of JIB
                                                                  Properties) willshall deposit (or cause to be deposited)
                                                                  the following amounts into the Securitized Company Restaurant Accounts (A) all Securitized Company Restaurant Collections within two (2) Business Days following JIB Properties’ receipt
                                                                  thereof; and (B) all proceeds from credit card and debit card processors or armored carrier providers for Securitized Company Restaurant Collections at Securitized Company Restaurants.

                                                                
                                                                  37

                                                                  
                                                                    

                                                                

                                                                
                                                                  (ii)          Withdrawals from the Securitized Company Restaurant Accounts. 

                                                                    The Manager may withdraw available amounts on deposit in the Securitized Company Restaurant Accounts at any time in accordance with the Managing Standard and as otherwise set forth in the
                                                                    Related Documents in order to pay (or to reimburse itself to the extent it has paid) any Restaurant Operating Expenses; provided that, after the occurrence and during the
                                                                    continuance of any Warm Back-Up Management Trigger Event, Cash Trapping Period or Rapid Amortization Period, (A) all Restaurant Operating Expenses withdrawn from the Securitized Company
                                                                    Restaurant Accounts shall be withdrawn substantially in accordance with each calendar month 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 Restaurant Operating Expenses from the Securitized Company Restaurant Accounts in excess in any material respect of amounts set
                                                                    forth in the related calendar month 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).  All Restaurant Operating Expenses shall be paid,
                                                                    directly or indirectly, only from the Securitized Company Restaurant Accounts.  For each Securitized Company Restaurant located on real property owned by JIB Properties, an amount that is
                                                                    equal to 9.5% of gross sales of such Securitized Company Restaurant (for each restaurant, a “Company Synthetic Lease Payment”) shall be transferred from the Securitized Company
                                                                    Restaurant Account for such Securitized Company Restaurant to the applicable Concentration Account.  JIB Properties will endeavor to make Company Synthetic Lease Payments on the same
                                                                    timing as other Securitized Lease payments received, and at a minimum, all Company Synthetic Lease Payments accrued during any Four-Week Fiscal Period shall be transferred to the
                                                                    applicable Concentration Account no later than the Business Day prior to the Weekly Allocation Date of the first Weekly Collection Period of the immediately succeeding Four-Week Fiscal
                                                                    Period.  In addition, amounts payable by JIB Properties in respect of JIB Properties Company Restaurant IP License Fees, at a rate equal to five percent (5%) of the Gross Sales of each
                                                                    Securitized Company Restaurant, shall be withdrawn from the applicable Securitized Company Restaurant Account and paid to the applicable Concentration Account weekly.

                                                                   

                                                                  (iii)          Deposits to the Concentration Accounts.  Until the
                                                                    Indenture is terminated pursuant to Section 12.01, the Master Issuer, the Franchisor or JIB Properties, 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 and,
                                                                    except in the case of Securitized Company Restaurant Accounts, amounts held as Securitized Company Restaurant Working Capital Reserve Amounts):

                                                                  
                                                                    38

                                                                    
                                                                      

                                                                  

                                                                  
                                                                    (A)          all Securitized Franchisee Payments and any Securitized
                                                                      Franchisee Note Payments shall be deposited directly to a Concentration Account (or, in the case of any misdirected payments, deposited 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 for a transition period of up
                                                                          to sixty (60) days following the Closing Date, a portion of Securitized Franchisee Payments and any Securitized Franchisee Note Payments may be paid to the Manager and deposited by
                                                                          the Manager in the applicable Concentration Account 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);

                                                                     

                                                                    (B)          on or before the second (2nd) Business Day following the last day
                                                                      of each Weekly Collection Period, all Securitized Owned-Property Franchisee Lease Payments, Franchisee Back-to-Back Sublease Payments, Company Synthetic Lease Payments, Non-Branded
                                                                      Restaurant Lease Payments and Non-Securitization Entity Lease Payments (if any) will be deposited directly to a Concentration Account (or, in the case of any misdirected payments,
                                                                      deposited 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);

                                                                     

                                                                    (C)          all Company Restaurant IP License Fees received under the Company
                                                                      Restaurant IP Licenses will be deposited directly to a Concentration Account (or, in the case of any misdirected payments, deposited 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);

                                                                     

                                                                    (D)          as soon as practicable, amounts repaid from any tax escrow
                                                                      account held by a third-party landlord with respect to a Securitized Franchisee Back-to-Back Sublease shall be deposited directly to a Concentration Account and, in any event, within
                                                                      five (5) Business Days of receipt by the applicable Securitization Entity;

                                                                     

                                                                    (E)          on or before the tenth (10th) Business Day following the last day
                                                                      of each Four-Week Fiscal Period of the Securitization Entities, an amount, if positive, equal to the Four-Week Fiscal Period Estimated Securitized Company Restaurant Profits Amount plus
                                                                      the Four-Week Fiscal Period Securitized Company Restaurant Profits True-up Amount, from amounts on deposit in the Securitized Company Restaurant Accounts;

                                                                    
                                                                      39

                                                                      
                                                                        

                                                                    

                                                                    
                                                                      (F)          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 Holding Company Guarantor and by the Holding Company
                                                                        Guarantor to the Master Issuer to the extent such equity contributions are directed to be made to a Concentration Account;

                                                                       

                                                                      (G)          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 in respect of the Securitization IP, including all license fees (other than the Company Restaurant IP License Fees) and recoveries
                                                                        from the enforcement of the Securitization IP; and

                                                                       

                                                                      (H)          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.

                                                                       

                                                                      (iv)          Withdrawals from the Concentration Accounts.  The
                                                                        Manager may, and with respect to clauses (E) and (F) shall, withdraw available amounts on deposit in any Concentration Account to make the following payments and
                                                                        deposits:

                                                                       

                                                                      (A)          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;

                                                                       

                                                                      (B)          on a daily basis, as necessary, to distribute any Excluded
                                                                        Amounts;

                                                                       

                                                                      (C)          on a daily basis, as necessary, to make payments of any
                                                                        refunds, credits or other amounts (i) owing to Franchisees under the Franchise Documents, Securitized Owned-Property Franchisee Leases or otherwise, (ii) owing to any third-party under
                                                                        a Non-Branded Restaurant Lease or (iii) owing to any Non-Securitization Entity Company Restaurant;

                                                                       

                                                                      (D)          as and when required to pay (or to transfer to a disbursement
                                                                        account to pay) JIB Back-to-Back Lease Obligations, repay JIB Back-to-Back Lease Obligations Advances or to make payments of refunds, credits or other amounts owing to Franchisees
                                                                        under the Securitized Franchisee Back-to-Back Subleases;

                                                                      
                                                                        40

                                                                        
                                                                          

                                                                      

                                                                      
                                                                        (E)          on or before 4:00 p.m. (Eastern time) on the Business Day
                                                                          prior to the first Weekly Allocation Date following the first Business Day of each calendar month, the Net Back-to-Back Franchisee Lease Payments received since the prior payment of
                                                                          the Net Back-to-Back Franchisee Lease Payments (or, with respect to the first payment of the Net Back-to-Back Franchisee Lease Payments, since the Closing Date) to the Collection
                                                                          Account; provided that, notwithstanding the foregoing, the Manager will be entitled on each such Weekly Allocation Date to deduct from the amount of such Net Back-to-Back
                                                                          Franchisee Lease Payments that would otherwise be required to be transferred to the Collection Account an amount (the “Lease Reserve Amount”),  not to exceed on any Weekly
                                                                          Allocation Date the greater of (i) $5,000,000 and (ii) 10% of the aggregate Collections attributable to Franchisee Back-to-Back Sublease Payments over the four immediately preceding
                                                                          Quarterly Collection Periods, reasonably anticipated by the Manager to be required to pay JIB Back-to-Back Lease Obligations within the next month (which amount will be retained in
                                                                          the Concentration Account pending application to pay JIB Back-to-Back Lease Obligations or, at the election of the Manager, transferred to the Collection Account on a future date); provided that amounts transferred from the Master Issuer to a Concentration Account from the Residual Amount shall not be included in
                                                                          such calculation; and

                                                                         

                                                                        (F)          on a weekly basis at or prior to 4:00 p.m. (Eastern time) on
                                                                          the Business Day prior to each Weekly Allocation Date, all Retained Collections in excess of the sum of the Lease Reserve Amount and the Securitized Company Restaurant Working
                                                                          Capital Reserve Amount with respect to the preceding Weekly Collection Period then on deposit in the Concentration Accounts to the Collection Account for application to make payments
                                                                          and deposits in the order of priority set forth in the Priority of Payments.

                                                                         

                                                                        (v)          Deposits and Withdrawals from the Asset Disposition
                                                                            Proceeds Account.  Any Asset Disposition Proceeds received by any Securitization Entity shall be deposited promptly following receipt thereof to the Asset Disposition Proceeds
                                                                          Account.  At the election of any Securitization Entity, the Securitization Entities may direct the reinvestment of such Asset Disposition Proceeds (or in the case of investments made
                                                                          with capital of the Master Issuer within the three (3) months prior to the Permitted Asset Disposition, deemed reinvested with such amounts) in Eligible Assets within one (1)
                                                                          calendar year following receipt of such Asset Disposition Proceeds or, with respect to Refranchising Asset Dispositions or  salesales or sale-leasebacks of Securitized Owned Real Property, within three (3) months prior to (in the event
                                                                          that such Securitization Entity elects to retroactively apply such Asset Disposition Proceeds to a past investment) and/or eighteen (18) months following receipt of such Asset
                                                                          Disposition Proceeds (each such period, an “Asset Disposition Reinvestment Period”); 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 calendar month 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 calendar month 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 the applicable Asset Disposition Reinvestment Period, the Master Issuer shall
                                                                          withdraw an amount equal to all such uninvested Asset Disposition Proceeds promptly (but in no event later than five (5) Business Days) following 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 such
                                                                          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. Any Asset Disposition Proceeds deemed reinvested in Eligible Assets will be transferred
                                                                          to the Collection Account where such proceeds will be treated as Collections (and not as Asset Disposition Proceeds) for application on the following Weekly Allocation Date as
                                                                          indicated in the relevant Weekly Manager’s Certificate (or, on and after the Springing Amendments Implementation
                                                                              Date, if delivered in accordance with the terms of the Related Documents, the Omitted Payable Sums Certification).

                                                                        
                                                                          41

                                                                          
                                                                            

                                                                        

                                                                        
                                                                          (vi)          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 Securitized Assets shall be deposited promptly following
                                                                            receipt thereof to the Insurance Proceeds Account; provided that up to $1,000,000 of Insurance/Condemnation Proceeds in each calendar year, at the election of the Manager,
                                                                            may be excluded from payment into the Insurance Proceeds Account and shall be treated as Collections.  At the election of such 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 occurred and
                                                                            is continuing, the Securitization Entities may reinvest such Insurance/Condemnation Proceeds in Eligible Assets and/or to repair or replace the assets in respect of which such
                                                                            proceeds were received, in each case, within one (1) calendar year following receipt of such Insurance/Condemnation Proceeds; provided that (i) in the event the Manager has
                                                                            repaired or replaced the assets with respect to which such Insurance/Condemnation Proceeds have been received prior to the receipt of such Insurance/Condemnation Proceeds, such
                                                                            Insurance/Condemnation Proceeds shall be used to reimburse the Manager for any expenditures in connection with such repair or replacement.  To the extent such
                                                                            Insurance/Condemnation Proceeds have not been so reinvested within such one (1) calendar year period (each such period, a “Casualty Reinvestment Period”), the Master Issuer
                                                                            shall withdraw an amount equal to all such uninvested 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 such Securitization Entity has elected to not reinvest such Insurance/Condemnation Proceeds, 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.

                                                                          
                                                                            42

                                                                            
                                                                              

                                                                          

                                                                          
                                                                            (b)          Deposits to the Collection Account.  In addition to the deposit of
                                                                              funds from the Concentration Accounts in accordance with Section 5.11(a)(iv) and the deposit of funds from the Securitized Company Restaurant Accounts in accordance with
                                                                              Section 5.11(a)(ii), the Manager (or with respect to deposits in connection with an Interest Reserve Release Event, the Trustee at the direction of the Manager) will also
                                                                              deposit or cause to be deposited to the Collection Account the following amounts, in each case promptly after receipt (unless otherwise specified below):

                                                                             

                                                                            (i)          Indemnification Amounts within two (2) Business Days
                                                                              following either (i) the receipt by the Manager of such amounts if Jack in the Box Inc. is not the Manager or (ii) if Jack in the Box Inc. 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;

                                                                             

                                                                            (ii)          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 (but in no event later than five (5) Business Days) upon the later of such election and receipt of
                                                                              such Insurance/Condemnation Proceeds;

                                                                             

                                                                            (iii)          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 (but in no event later than five (5) Business Days) upon the later of such election and receipt
                                                                              of such Asset Disposition Proceeds;

                                                                             

                                                                            (iv)          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;

                                                                             

                                                                            (v)          upon the occurrence of any Interest Reserve Release Event,
                                                                              the Master Issuer (or the Manager on its behalf) shall instruct the Trustee in writing to withdraw the amounts on deposit on the Senior Notes Interest Reserve Account or the
                                                                              Senior Subordinated Notes Interest Reserve Account, as applicable, and deposit such amount to the Collection Account to the extent that no Senior Notes Interest Reserve Account
                                                                              Deficiency Amount or Senior Subordinated Notes Interest Reserve Account Deficiency Amount, as applicable, is outstanding immediately following such deposit; and

                                                                            
                                                                              43

                                                                              
                                                                                

                                                                            

                                                                            
                                                                              (vi)          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 or the Control Party on account of
                                                                                or as a result of the exercise by the Trustee or the Control Party of any of its rights under the Indenture, including without limitation under Article IX hereof, upon
                                                                                receipt thereof.

                                                                               

                                                                              (c)          Investment Income.  On a weekly basis at or prior to 4:00 p.m.
                                                                                (Eastern time) on the Business Day prior to 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.

                                                                               

                                                                              (d)          Payment Instructions.  In accordance with and subject to the terms
                                                                                of the Management Agreement, the Master Issuer shall cause the Manager to cause (i) each Franchisee obligated at any time to make any Securitized Franchisee Payments,
                                                                                Securitized Franchisee Note Payments, Securitized Owned-Property Franchisee Lease Payments or Franchisee Back-to-Back Sublease Payments 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 Securitized Assets, 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.

                                                                               

                                                                              (e)          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 three (3) Business Days 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.  In addition, the Trustee shall withdraw any amounts
                                                                                from the Collection Account that are required to be returned to a deposit bank under any Account Control Agreement and remit such funds in accordance with such Account Control
                                                                                Agreement.  All monies, instruments, cash and other proceeds of the Securitized Assets 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.

                                                                               

                                                                              (f)          Amounts Payable to Account Banks.  On and after the Springing Amendments Implementation Date, to the extent any amounts become payable by
                                                                                    the Trustee to an account bank or securities intermediary under an Account Control Agreement with respect to any Management Accounts because any Securitization Entity
                                                                                    failed to make one or more payments to an account bank (including, without limitation, indemnity payments, account bank fees and expenses, reimbursement of chargebacks and
                                                                                    similar amounts), amounts held in the Collection Account may be withdrawn by the Trustee and paid to such account bank or securities intermediary so long as the Trustee
                                                                                    provides notice of such withdrawal to the Manager (with a copy to the Back-Up Manager and the Servicer).

                                                                               

                                                                              
                                                                                44

                                                                                
                                                                                  

                                                                              

                                                                              
                                                                                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. (Eastern time) on the Business 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) commencing no later than August 2, 2019, the Trustee shall, (x) prior to the Springing Amendments Implementation Date, based solely on the information
                                                                                  contained in the Weekly Manager’s Certificate, or (y) on and after the Springing Amendments
                                                                                      Implementation Date, (i) based solely on the information contained in the Weekly Manager’s Certificate or (ii) if delivered in accordance with the terms of the Related
                                                                                      Documents, based on information contained in the Omitted Payable Sums Certification to the extent of the information contained therein, in the case of (x) or (y), withdraw

                                                                                  the amount on deposit in the Collection Account as of 10:00 a.m. (Eastern 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 Amounts, Asset Disposition Proceeds or Insurance/Condemnation Proceeds, 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, to prepay, until paid in full, and permanently reduce the commitments under all Class A-1 Notes 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 to prepay the Outstanding Principal Amount of all Senior Notes of all Series other than Class A-1 Notes until paid in full; then

                                                                                 

                                                                                (E)          provided clause (C) does not apply, to make an
                                                                                  allocation to the Senior Notes Principal Payment Account, to prepay, until paid in full, and permanently reduce the commitments under all Class A-1 Notes 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, to prepay, until paid in full, the Outstanding Principal Amount of all Senior Subordinated Notes; and then

                                                                                 

                                                                                
                                                                                  45

                                                                                  
                                                                                    

                                                                                

                                                                              

                                                                              
                                                                                (G)          to make an allocation to the Subordinated Notes
                                                                                  Principal Payment Account, to prepay, until paid in full, the Outstanding Principal Amount of all Subordinated Notes;

                                                                                 

                                                                                provided that any prepayments pursuant to clauses (C), (D), (E), (F) or (G) of this clause first shall be made on the
                                                                                  Quarterly Payment Date indicated in the Weekly Manager’s Certificate;

                                                                                 

                                                                                (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;

                                                                                 

                                                                                (C)          after a Mortgage Preparation Event, to the payment of
                                                                                  any Mortgage Preparation Fees incurred by the Master Issuer, the Manager or the Servicer, as applicable; and

                                                                                 

                                                                                (D)          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;

                                                                                
                                                                                  46

                                                                                  
                                                                                    

                                                                                

                                                                                
                                                                                  (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;

                                                                                   

                                                                                  (vii)          seventh, to pay to each Class A-1
                                                                                    Administrative Agent pursuant to the related Variable Funding Note Purchase Agreement an amount equal to 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 and (3) amounts then known by the Manager 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
                                                                                    Period is continuing, if a Class A-1 Notes Amortization Event has occurred and is continuing, to the Senior Notes Principal Payment Account to allocate to the Class A-1
                                                                                    Notes, on a pro rata basis based on commitment amounts, in an amount sufficient to reduce the Outstanding Principal Amount of all Class A-1 Notes to zero and to
                                                                                    fully cash collateralize all outstanding letters of credit thereunder 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;

                                                                                  
                                                                                    47

                                                                                    
                                                                                      

                                                                                  

                                                                                  
                                                                                    (xiii)          thirteenth, so long as (x) no Rapid
                                                                                      Amortization Period is continuing and (y) 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, so long as a Rapid
                                                                                      Amortization Period is continuing, to allocate first, to the Senior Notes Principal Payment Account to allocate to the Class A Notes (sequentially, in alphanumerical
                                                                                      order of Class A Notes) in an amount sufficient to reduce the Outstanding Principal Amount of the Class A Notes to zero and to fully cash collateralize all outstanding
                                                                                      letters of credit thereunder on the next Quarterly Payment Date after giving effect to all deposits in the Senior Notes Principal Payment Account, and second, to the
                                                                                      Senior Subordinated Notes Principal Payment Account in an amount sufficient to reduce the Outstanding Principal Amount of the Senior Subordinated Notes to zero
                                                                                      (sequentially, in alphanumerical order of the Senior Subordinated Notes) 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 Period 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 priority  (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;

                                                                                    
                                                                                      48

                                                                                      
                                                                                        

                                                                                    

                                                                                    
                                                                                      (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;

                                                                                       

                                                                                      (xx)          twentieth, so long as no Rapid
                                                                                        Amortization Period 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, so long as a Rapid
                                                                                        Amortization Period is continuing, to allocate to the Subordinated Notes Principal Payment Account, with respect to the Subordinated Notes (to be allocated
                                                                                        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, to deposit to the Hedge
                                                                                        Payment Account, (A) any accrued and unpaid Series Hedge Payment Amount that constitutes a termination payment payable to a Hedge Counterparty and (B) 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;

                                                                                       

                                                                                      (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;

                                                                                      
                                                                                        49

                                                                                        
                                                                                          

                                                                                      

                                                                                      
                                                                                        (xxix)          twenty-ninth, to make any other
                                                                                          payments to or for the benefit of any Series of Notes as provided in the related Series Supplement; and

                                                                                         

                                                                                        (xxx)          thirtieth, to pay the Residual Amount
                                                                                          at the direction of the Master Issuer.

                                                                                         

                                                                                        Quarterly Payment Date Applications.

                                                                                         

                                                                                        (a)          Senior Notes Interest Payment 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 related 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 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), and, if applicable, funds allocated to the Senior Notes Interest Payment Account pursuant to subclause (ii) below, to be paid for the
                                                                                          benefit of the Holders of the Senior Notes, up to the accrued and unpaid Senior Notes Quarterly Interest Amount due on such Quarterly Payment Date, 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.

                                                                                         

                                                                                        (ii)          If the amount
                                                                                            of funds allocated to the Senior Notes Interest Payment Account referred to in subclause (i) with respect to the immediately preceding Quarterly Collection
                                                                                            Period is insufficient to pay the accrued and unpaid Senior Notes Quarterly Interest Amount due on such Quarterly Payment Date, then a Quarterly Reallocation Event
                                                                                            shall be triggered and any funds reallocated as a result thereof into the Senior Notes Interest Payment Account shall be distributed in accordance with subclause

                                                                                              (i) above. If such insufficiency is not eliminated following the reallocation of funds as a result of the Quarterly Reallocation Event, the Master Issuer
                                                                                            shall instruct the Trustee in writing to withdraw an amount equal to any remaining insufficiency from first, the Senior Notes Interest Reserve Account to
                                                                                            the extent of funds on deposit therein and second, from funds available to be drawn under any Interest Reserve Letter of Credit relating to the Senior
                                                                                            Notes, and deposit such funds into the Senior Notes Interest Payment Account for further deposit to the applicable Series Distribution Accounts pursuant to subclause

                                                                                              (i); provided that in the event amounts on deposit in the Senior Notes Interest Reserve Account or funds available to be drawn under any Interest
                                                                                            Reserve Letter of Credit relating to the Senior Notes are required to be withdrawn in connection with the Class A-1 Quarterly Commitment Fee Amount insufficiency,
                                                                                            such amounts shall be allocated ratably based on the respective insufficiencies toward which such amounts are required to be allocated.

                                                                                        
                                                                                          50

                                                                                          
                                                                                            

                                                                                        

                                                                                        
                                                                                          (iii)          If the result 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 subclauses (i)
                                                                                            and (ii) above on such Quarterly Payment Date, is greater than zero (a “Senior Notes Quarterly Interest Shortfall Amount”), then in accordance with
                                                                                            the terms and conditions of the Servicing Agreement, by 3:00 p.m. (Eastern 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 (i) it has, reasonably and in good faith, determined such Debt Service Advance (and
                                                                                            interest thereon) is a Nonrecoverable Advance or (ii) on and after the Springing Amendments
                                                                                                Implementation Date, an Advance Suspension Period is then in effect.  If the Servicer fails to make such Debt Service Advance (unless the(i) prior to the Springing Amendments
                                                                                                Implementation Date, the Servicer has, reasonably and in good faith, determined that such Debt Service Advance (and interest thereon) would be a
                                                                                            Nonrecoverable Advance or (ii) on and after the Springing Amendments Implementation Date, the
                                                                                                Servicer has, in accordance with the Servicing Standard, determined that such Debt Service Advance (and interest thereon) would be a Nonrecoverable Advance or
                                                                                                an Advance Suspension Period is then in effect), pursuant to Section 10.01(k), the Trustee shall make the Debt Service Advance unless it determines
                                                                                            that (i) such Debt Service Advance (and interest thereon) is a Nonrecoverable
                                                                                            Advance or (ii) on and after the Springing Amendments Implementation Date, an Advance Suspension
                                                                                                Period is in effect.  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, then the payment of the Senior Notes Quarterly Interest Amount 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 may accrue on the Senior Notes Quarterly Interest Shortfall Amount for each subsequent Interest Accrual Period until the Senior Notes Quarterly
                                                                                            Interest Shortfall Amount is paid in full, as set forth in the Series Supplement for such Series.

                                                                                          
                                                                                            51

                                                                                            
                                                                                              

                                                                                          

                                                                                          
                                                                                            (b)          Class A-1 Notes Commitment Fees 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 related Quarterly Payment Date, after giving effect to any
                                                                                              allocations set forth in the Priority of Payments on such date, 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 Class A-1 Commitment Fee Adjustment Amount, the
                                                                                              then-current Quarterly Collection Period), and, if applicable, funds allocated to the Class A-1 Notes Commitment Fees Account pursuant to subclause (ii)
                                                                                              below, to be paid for the benefit of the Holders of 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.

                                                                                             

                                                                                            (ii)          If the amount of funds allocated to the
                                                                                              Class A-1 Notes Commitment Fees Account referred to in subclause (i) with respect to the immediately preceding Quarterly Collection Period is insufficient
                                                                                              to pay the accrued and unpaid Class A-1 Quarterly Commitment Fee Amount due on such Quarterly Payment Date, then a Quarterly Reallocation Event pursuant to Section

                                                                                                5.13(p) shall be triggered and any funds reallocated as a result thereof into the Class A-1 Notes Commitment Fees Account shall be distributed in accordance
                                                                                              with subclause (i) above.  If such insufficiency is not eliminated following the reallocation of funds as set forth in Section 5.13(p), the Master
                                                                                              Issuer shall instruct the Trustee in writing to withdraw an amount equal to any remaining insufficiency from first, the Senior Notes Interest Reserve
                                                                                              Account to the extent of funds on deposit therein and second, from funds available to be drawn under any Interest Reserve Letter of Credit relating to the
                                                                                              Senior Notes, and deposit such funds into the Senior Notes Interest Payment Account for further deposit to the applicable Series
                                                                                                Distribution Accounts pursuant to subclause (i); provided that in the event amounts on deposit in the Senior Notes Interest Reserve Account or funds available to be drawn under any
                                                                                                Interest Reserve Letter of Credit relating to the Senior Notes are required to be withdrawn in connection with the Senior Notes Quarterly Interest Amount
                                                                                                insufficiency, such amounts shall be allocated ratably based on the respective insufficiencies toward which such amounts are required to be allocated.

                                                                                             

                                                                                            (iii)          If the result 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 subclauses (i) and (ii)
                                                                                              on such Quarterly Payment Date, is greater than zero (a “Class A-1 Quarterly Commitment Fees Shortfall Amount”), then such amount available 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 Series of Class A-1 Notes
                                                                                              based upon the amount of Class A-1 Quarterly Commitment Fee Amounts payable with respect to each such Series of Class A-1 Notes; 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 may accrue on each such Class A-1 Quarterly Commitment Fees Shortfall Amount for each subsequent Interest Accrual Period until each such Class
                                                                                              A-1 Quarterly Commitment Fees Shortfall Amount is paid in full, as set forth in the Series Supplement for such Series or Variable Funding Note Purchase Agreement,
                                                                                              and as set forth in the Quarterly Noteholders’ Report.

                                                                                            
                                                                                              52

                                                                                              
                                                                                                

                                                                                            

                                                                                            
                                                                                              (c)          Senior Subordinated Notes Interest 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 related 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 Interest Payment Account, on each Weekly Allocation Date with respect to the immediately preceding Quarterly
                                                                                                Collection Period, and, if applicable, funds allocated to the Senior Subordinated Notes Interest Payment Account pursuant to subclause (ii) below, to be
                                                                                                paid for the benefit of the Holders of the Senior Subordinated Notes, up to the accrued and unpaid Senior Subordinated Notes Quarterly Interest Amount due on
                                                                                                such Quarterly Payment Date, 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.

                                                                                               

                                                                                              (ii)          If the amount of funds allocated to the
                                                                                                Senior Subordinated Notes Interest Payment Account referred to in subclause (i) is insufficient to pay the accrued and unpaid Senior Subordinated Notes
                                                                                                Quarterly Interest Amount due on such Quarterly Payment Date, then a Quarterly Reallocation Event pursuant to Section
                                                                                                5.13(p) shall be triggered and any funds reallocated as a result thereof into the Senior Subordinated Notes Interest Payment
                                                                                                  Account shall be distributed in accordance with subclause (i) above.  If such insufficiency is not eliminated following the reallocation of funds as
                                                                                                  set forth in Section 5.13(p), the Master Issuer shall instruct the Trustee in writing to withdraw an amount
                                                                                                equal to any remaining insufficiency from first, the Senior Subordinated
                                                                                                Notes Interest Reserve Account to the extent of funds on deposit therein and second, from funds available to be
                                                                                                drawn under any Interest Reserve Letter of Credit relating to the Senior Subordinated Notes, and deposit such funds into the Senior Subordinated Notes Interest
                                                                                                Payment Account for further deposit to the applicable Series Distribution Accounts pursuant to subclause (i).

                                                                                               

                                                                                              (iii)          If the result of (i) the accrued and
                                                                                                unpaid Senior Subordinated Notes Quarterly Interest Amount due on such 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 subclauses (i) and (ii) above, is
                                                                                                greater than zero (a “Senior Subordinated Notes Quarterly Interest Shortfall”), then such amount available 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 may accrue on the Senior Subordinated Notes Quarterly Interest
                                                                                                Shortfall for each subsequent Interest Accrual Period until the Senior Subordinated Notes Quarterly Interest Shortfall is paid in full, as set forth in the
                                                                                                Series Supplement for such Series.

                                                                                              
                                                                                                53

                                                                                                
                                                                                                  

                                                                                              

                                                                                              
                                                                                                (d)          Senior Notes Principal Payment 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 related 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 Principal Payment Account on each Weekly
                                                                                                  Allocation Date with respect to the immediately preceding Quarterly Collection Period, to be paid for the benefit of (A) in the case of funds allocated
                                                                                                  pursuant to priority (i) of the Priority of Payments, the Holders of 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 priority (i) of the
                                                                                                  Priority of Payments and (B) in the case of funds allocated pursuant to priorities (x), (xii), (xiv) and (xxvi) of the
                                                                                                  Priority of Payments and subclause (ii) below, if applicable, excluding any applicable Principal Release Amounts, the Holders of each applicable Class
                                                                                                  of Senior Notes in the order of priority set forth in the Priority of Payments with respect to such priorities (x), (xii), (xiv) and (xxvi),
                                                                                                  in the order and proportions such Notesfunds are to be allocated fundsto such Notes in accordance with the Priority of Payments, and deposit such funds into the applicable Series
                                                                                                  Distribution Account.

                                                                                                 

                                                                                                (ii)          If the aggregate amount of funds
                                                                                                  allocated to the Senior Notes Principal Payment Account pursuant to priorities (x), (xii), (xiv) and (xxvi) of the Priority of
                                                                                                  Payments on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period is insufficient to pay the sum (without
                                                                                                  duplication) of (A) the Senior Notes Quarterly Scheduled Principal Amounts or any Senior Notes Quarterly Scheduled Principal Deficiency Amounts due with
                                                                                                  respect to each applicable Class of Senior Notes on such Quarterly Payment Date, (B) so long as no Rapid Amortization Period is continuing, if a Class A-1
                                                                                                  Notes Amortization Event has occurred and is continuing, the Outstanding Principal Amount of theall Class A-1 Notes and (C) if a Rapid Amortization Event has occurred and is
                                                                                                  continuing, the Outstanding Principal Amount of the Senior Notes, on the next Quarterly Payment Date, then a Quarterly
                                                                                                    Reallocation Event pursuant to Section 5.13(p) shall be triggered and any funds reallocated as a result thereof into
                                                                                                    the Senior Notes Principal Payment Account shall be distributed in accordance with subclause (i) above.

                                                                                                
                                                                                                  54

                                                                                                  
                                                                                                    

                                                                                                

                                                                                                
                                                                                                  (iii)          If any payment of principal of any
                                                                                                    Class A-1 Notes of any Series pursuant to subclause (i) above is required pursuant to the Series Supplement for such Series or Variable Funding Note
                                                                                                    Purchase Agreement to be deposited with the applicable L/C Provider to serve as collateral and act as security (the “Cash Collateral”) for any
                                                                                                    obligations of the Master Issuer relating to letters of credit issued thereunder (the “Collateralized Letters of Credit”), then upon the expiration
                                                                                                    of the Collateralized Letters of Credit the Cash Collateral shall be remitted to the Master Issuer in accordance with such Series Supplement or Variable
                                                                                                    Funding Note Purchase Agreement, and as set forth in the Quarterly Noteholders’ Report.

                                                                                                   

                                                                                                  (e)          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 related 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 Principal Payment Account on each Weekly Allocation Date with respect to the immediately preceding
                                                                                                    Quarterly Collection Period, to be paid for the benefit of (A) in the case of funds allocated pursuant to priority (i) of the Priority of Payments,
                                                                                                    the Holders of 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 priority (i) of the Priority of Payments and (B) in the case of funds
                                                                                                    allocated pursuant to priorities (xiv), (xv) and (xxvii) of the Priority of Payments, and subclause (ii) below, if
                                                                                                    applicable, excluding any applicable Principal Release Amounts, the Holders of each applicable Class of Senior Subordinated Notes in the order of priority
                                                                                                    set forth in the Priority of Payments with respect to such priorities (xiv), (xv) and (xxvii), in each case 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
                                                                                                    Outstanding Principal Amount of the Senior Subordinated Notes of such Class, and deposit such funds into the applicable Series Distribution Account.

                                                                                                   

                                                                                                  (ii)          If the aggregate amount of funds
                                                                                                    allocated to the Senior Subordinated Notes Principal Payment Account pursuant to priorities (xiv), (xv) and (xxvii) of the Priority
                                                                                                    of Payments on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period is insufficient to pay the sum (without
                                                                                                    duplication) of (A) the Senior Subordinated Notes Quarterly Scheduled Principal Amount and any Senior Subordinated Notes Quarterly Scheduled Principal
                                                                                                    Deficiency Amounts due with respect to each applicable Class of Senior Subordinated Notes on such Quarterly Payment Date and (B) if a Rapid Amortization
                                                                                                    Period is continuing, the Outstanding Principal Amount of the Senior Subordinated Notes, on the next Quarterly Payment Date, then a Quarterly Reallocation Event pursuant to Section 5.13(p) shall be triggered and any funds reallocated as
                                                                                                      a result thereof into the Senior Subordinated Notes Principal Payment Account shall be distributed in accordance with subclause (i) above.

                                                                                                  
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                                                                                                    (f)          Subordinated Notes Interest 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 related 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 Interest Payment Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly
                                                                                                      Collection Period, and, if applicable, funds allocated to the Subordinated Notes Interest Payment Account pursuant to subclause (ii) below, to be
                                                                                                      paid for the benefit of the Holders of the Subordinated Notes, up to the accrued and unpaid Subordinated Notes Quarterly
                                                                                                      Interest Amount due on such Quarterly Payment Date, 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.

                                                                                                     

                                                                                                    (ii)          If the amount of funds allocated
                                                                                                      to the Subordinated Notes Interest Payment Account referred to in subclause (i) is insufficient to pay the accrued and unpaid Subordinated Notes
                                                                                                      Quarterly Interest Amount due on such Quarterly Payment Date, then a Quarterly Reallocation Event pursuant to Section

                                                                                                      5.13(p) shall be triggered and any funds reallocated as a result thereof into the Subordinated Notes Interest Payment
                                                                                                        Account shall be distributed in accordance with subclause (i) above.

                                                                                                     

                                                                                                    (iii)          If the result of (i) the accrued
                                                                                                      and unpaid Subordinated Notes Quarterly Interest Amounts due on such Quarterly Payment Date over (ii) the amount that shall be available to make
                                                                                                      payments of interest on the Subordinated Notes in accordance with subclauses (i) and (ii) on such Quarterly Payment Date, is greater than
                                                                                                      zero (a “Subordinated Notes Quarterly Interest Shortfall”), then such amount available 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; provided that such reduction shall not be deemed to be a waiver of any default caused by the existence of such
                                                                                                      Subordinated Notes Quarterly Interest Shortfall.  An additional amount of interest may accrue on the Subordinated Notes Quarterly Interest Shortfall for
                                                                                                      each subsequent Interest Accrual Period until the Subordinated Notes Quarterly Interest Shortfall is paid in full, as specified in the Series Supplement
                                                                                                      for such Series.

                                                                                                    
                                                                                                      56

                                                                                                      
                                                                                                        

                                                                                                    

                                                                                                    
                                                                                                      (g)          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 related 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 Principal Payment Account on each Weekly Allocation Date with respect to the immediately preceding
                                                                                                        Quarterly Collection Period, to be paid for the benefit of (A) in the case of funds allocated pursuant to priority (i) of the Priority of
                                                                                                        Payments, the Holders of 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 priority (i) of the Priority of Payments and (B) in the case of funds
                                                                                                        allocated pursuant to priorities (xx), (xxi) and (xxviii) of the Priority of Payments, and subclause (ii) below, if
                                                                                                        applicable, excluding any applicable Principal Release Amounts, the Holders of each applicable Class of Subordinated Notes in the order of priority set
                                                                                                        forth in the Priority of Payments with respect to such priorities (xx), (xxi) and (xxviii), in each case 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 and deposit such funds into the applicable Series Distribution Account.

                                                                                                       

                                                                                                      (ii)          If the aggregate amount of
                                                                                                        funds allocated to the Subordinated Notes Principal Payment Account pursuant to priorities (xx), (xxi) and (xxviii) of the
                                                                                                        Priority of Payments on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period is insufficient to pay the sum
                                                                                                        (without duplication) of (A) the Subordinated Notes Quarterly Scheduled Principal Amounts and any Subordinated Notes Quarterly Scheduled Principal
                                                                                                        Deficiency Amounts due with respect to each applicable Class of Subordinated Notes on such Quarterly Payment Date and (B) if a Rapid Amortization Period
                                                                                                        is continuing, the Outstanding Principal Amount of the Subordinated Notes, on the next Quarterly Payment Date, then a
                                                                                                          Quarterly Reallocation Event pursuant to Section 5.13(p) shall be triggered and any funds reallocated as a
                                                                                                          result thereof into the Subordinated Notes Principal Payment Account shall be distributed in accordance with subclause (i) above.

                                                                                                       

                                                                                                      (h)          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 related Quarterly Payment 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, and, if applicable, funds allocated to the Senior Notes Post-ARD Contingent Interest Account pursuant to subclause (ii) below, to be paid for the benefit of the Holders of each applicable Class of Senior Notes, up to the accrued and
                                                                                                        unpaid Senior Notes Quarterly Post-ARD Contingent Interest Amount due on such Quarterly Payment Date, sequentially in order of alphanumerical
                                                                                                        designation and pro rata among each such Class of Senior Notes of the same alphanumerical designation based upon the Senior Notes Quarterly
                                                                                                        Post-ARD Contingent Interest Amount payable on each such Class, and deposit such funds into the applicable Series Distribution Accounts.

                                                                                                      
                                                                                                        57

                                                                                                        
                                                                                                          

                                                                                                      

                                                                                                      
                                                                                                        (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 is insufficient to pay the Senior Notes Quarterly Post-ARD Contingent Interest Amount due on such Quarterly Payment Date,
                                                                                                          then a Quarterly Reallocation Event pursuant to Section 5.13(p) shall be
                                                                                                            triggered and any funds reallocated as a result thereof into the Senior Notes Post-ARD Contingent Interest Account shall be distributed in
                                                                                                            accordance with subclause (i) above.

                                                                                                         

                                                                                                        (i)          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 related Quarterly Payment 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, and, if applicable, the funds allocated
                                                                                                          to the Senior Subordinated Notes Post-ARD Contingent Interest Account pursuant to subclause (ii) below, to be paid for the benefit of the
                                                                                                          Holders of each applicable Class of Senior Subordinated Notes, up to the accrued and unpaid Senior Subordinated Notes Quarterly Post-ARD Contingent
                                                                                                          Interest Amount due on such Quarterly Payment Date, 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 Senior Subordinated Notes Quarterly Post-ARD Contingent Interest
                                                                                                          Amount 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 Subordinated Notes Post-ARD Contingent Interest Account on each Weekly Allocation Date with respect to the immediately
                                                                                                          preceding Quarterly Collection Period pursuant to subclause (i) above is insufficient to pay the Senior Subordinated Notes Quarterly Post‐ARD
                                                                                                          Contingent Interest Amount due on such Quarterly Payment Date, then a Quarterly Reallocation Event pursuant to Section

                                                                                                          5.13(p) shall be triggered and any funds reallocated as a result thereof into the Senior Subordinated Notes Post-ARD
                                                                                                            Contingent Interest Account shall be distributed in accordance with subclause (i) above.

                                                                                                         

                                                                                                        (j)          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 related Quarterly Payment 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, and, if
                                                                                                            applicable, funds allocated to the Subordinated Notes Post-ARD Contingent Interest Account pursuant to subclause (ii) below, to be paid for
                                                                                                            the benefit of the Holders of each applicable Class of Subordinated Notes, up to the accrued and unpaid Subordinated Notes Quarterly Post‐ARD
                                                                                                            Contingent Interest Amount due on such Quarterly Payment Date, sequentially in order of alphanumerical designation and pro rata among each
                                                                                                            such Class of Subordinated Notes of the same alphanumerical designation based upon the Subordinated Notes Quarterly Post-ARD Contingent Interest
                                                                                                            Amount payable on each such Class, and deposit such funds into the applicable Series Distribution Accounts.

                                                                                                        
                                                                                                          58

                                                                                                          
                                                                                                            

                                                                                                        

                                                                                                        
                                                                                                          (ii)          If the aggregate amount of
                                                                                                            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 pursuant to subclause (i) above is insufficient to pay the Subordinated Notes Quarterly Post-ARD
                                                                                                            Contingent Interest Amount due on such Quarterly Payment Date, then a Quarterly Reallocation Event pursuant to Section

                                                                                                            5.13(p) shall be triggered and any funds reallocated as a result thereof into the Subordinated Notes Post-ARD
                                                                                                              Contingent Interest Account shall be distributed in accordance with subclause (i) above.

                                                                                                           

                                                                                                          (k)          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 each Quarterly
                                                                                                            Calculation Date (A) preceding a 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 occurring on
                                                                                                              or after the date on which all Senior Notes and all Senior Subordinated Notes have been paid in full, the Master Issuer (or the Manager on
                                                                                                            its behalf) shall instruct the Trustee in writing to withdraw on the related Quarterly Payment Date all funds then on deposit in the Cash Trap
                                                                                                            Reserve Account (in each case, after giving effect to any allocations to be made as of such Quarterly Payment Date from the Cash Trap Reserve
                                                                                                            Account) and deposit such funds into the Collection Account for distribution in accordance with the Priority of Payments.

                                                                                                           

                                                                                                          (ii)          On each Quarterly
                                                                                                            Calculation Date while a Cash Trapping Period is in effect, the Master
                                                                                                            Issuer shall instruct the Trustee in writing to withdraw on the related Quarterly Payment Date funds allocated to the Cash Trap Reserve Account on
                                                                                                            each Weekly Allocation Date with respect to the related Quarterly Collection Period and (I) 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) and (C) unreimbursed Manager Advances
                                                                                                            (with interest thereon at the Advance Interest Rate), (II) in the event of a Quarterly Reallocation Event, allocate such funds in excess of the
                                                                                                            funds required to be paid pursuant to subclause (ii)(I) in accordance with Section 5.13(p) and (III) if a Rapid Amortization Period is
                                                                                                            continuing or a Rapid Amortization Event will occur on the following Quarterly Payment Date, allocate any remaining funds to the Senior Notes
                                                                                                            Principal Payment Account until the Outstanding Principal Amount of the Senior Notes is paid in full, and allocate any remaining funds thereafter to
                                                                                                            the Collection Account for distribution in accordance with the Priority of Payments.

                                                                                                          
                                                                                                            59

                                                                                                            
                                                                                                              

                                                                                                          

                                                                                                           
                                                                                                            (iii)          On any Cash Trapping
                                                                                                              Release Date, the Trustee shall release from the Cash Trap Reserve Account, as directed in writing by the Master Issuer (or the Manager on its
                                                                                                              behalf), the Cash Trapping Release Amount with respect to such Cash Trapping Release Date and deposit such amount into the Collection Account.

                                                                                                             

                                                                                                            (iv)          Amounts on deposit in the
                                                                                                              Cash Trap Reserve Account will be available to make optional prepayments of principal of the Senior Notes in accordance with the Series Supplement
                                                                                                              for such Series, at the sole discretion of the Master Issuer (or the Manager acting on its behalf). Any such amounts used to make optional
                                                                                                              prepayments on a Quarterly Payment Date (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 applicable Series Distribution
                                                                                                              Accounts to make optional prepayments of principal on the Senior Notes (either (a) if a Class A-1 Notes Amortization Event has occurred and is
                                                                                                              continuing, first, to prepay and permanently reduce the commitments under all Class A-1 Notes, on
                                                                                                              a pro rata basis based on commitment amounts and then, to prepay all Senior Notes of all Series other than the Class A-1 Notes in
                                                                                                              alphanumeric order on a pro rata basis based on principal outstanding or (b) if a Class A-1 Notes Amortization Event is not continuing, to
                                                                                                              prepay all such Senior Notes of

                                                                                                                  all Series other than the Class A-1 Notes on a pro rata basis based on principal outstanding of the Series of Senior Notes to be optionally prepaid so long as, immediately after
                                                                                                              giving effect to such prepayment, an amount is retained in the Cash Trap Reserve Account that is equal to the aggregate principal amount
                                                                                                              outstanding under the Class A-1 Notes at such time); 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 in accordance with the Series Supplement for such Series.

                                                                                                             

                                                                                                            (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 5.13 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.

                                                                                                            
                                                                                                              60

                                                                                                              
                                                                                                                

                                                                                                            

                                                                                                            
                                                                                                              (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 5.13 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 (or the Manager on its behalf) 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 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.

                                                                                                               

                                                                                                              (ix)          Upon the occurrence of
                                                                                                                any Interest Reserve Release Event, the Master Issuer (or the Manager on its behalf) shall instruct the Trustee in writing to (i) withdraw the
                                                                                                                aggregate amounts on deposit in the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as
                                                                                                                applicable, and deposit such amount into the Collection Account for distribution in accordance with the Priority of Payments or (ii) replace any
                                                                                                                Interest Reserve Letter of Credit, and the Trustee or the Control Party on its behalf shall deliver to the Master Issuer any such replaced
                                                                                                                Interest Reserve Letter of Credit simultaneously with the receipt of any Interest Reserve Letter of Credit in replacement thereof, whether by
                                                                                                                way of escrow or otherwise, in each case to the extent that no Senior Notes Interest Reserve Account Deficiency Amount or Senior Subordinated
                                                                                                                Notes Interest Reserve Account Deficiency Amount, as applicable, will be outstanding on the immediately following Weekly Allocation Date.

                                                                                                              
                                                                                                                61

                                                                                                                
                                                                                                                  

                                                                                                              

                                                                                                              
                                                                                                                (l)          Principal Release Amount.

                                                                                                                 

                                                                                                                (i)          If a Rapid
                                                                                                                  Amortization Period or Event of Default is continuing, each Principal Release Amount shall be applied in the order set forth in Section
                                                                                                                  5.13(d)(i), Section 5.13(e)(i) or Section 5.13(g)(i), as applicable, notwithstanding the exclusion of Principal Release Amounts therein.

                                                                                                                 

                                                                                                                (ii)          So long as no Rapid
                                                                                                                  Amortization Period, 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 related Quarterly Payment Date any Principal
                                                                                                                  Release Amount from the Senior Notes Principal Payment Account, Senior Subordinated Notes Principal Payment Account or Subordinated Notes
                                                                                                                  Principal Payment Account, as applicable, 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 5.13.  The Master Issuer (or the Manager on its behalf) shall instruct the Trustee in writing
                                                                                                                  to distribute the remainder of such Principal Release Amount, if any, in the priority set forth in the Priority of Payments, beginning at priority

                                                                                                                    (xi), but excluding (i) priority (xv) in the case of a Principal Release Amount with respect to any Series of Senior
                                                                                                                  Subordinated Notes or (ii) priority (xx) in the case of a Principal Release Amount with respect to any Series of Subordinated Notes.

                                                                                                                 

                                                                                                                (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 related Quarterly Payment Date
                                                                                                                  any Principal Release Amount from the Senior Notes Principal Payment Account, Senior Subordinated Notes Principal Payment Account or
                                                                                                                  Subordinated Notes Principal Payment Account, as applicable, to the extent necessary to pay the Outstanding Principal Amount of the applicable
                                                                                                                  Class A-1 Notes, and deposit such funds into the applicable Series Distribution Account for distribution to the Holders of the applicable
                                                                                                                  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), but excluding (i) priority (xv) in the case of a Principal
                                                                                                                  Release Amount with respect to any Series of Senior Subordinated Notes or (ii) priority (xx) in the case of a Principal Release Amount
                                                                                                                  with respect to any Series of Subordinated Notes.

                                                                                                                
                                                                                                                  62

                                                                                                                  
                                                                                                                    

                                                                                                                

                                                                                                                
                                                                                                                  (m)          Securitization Operating Expense
                                                                                                                      Account.  On or prior to the time specified in Section 4.01(a) hereof for the delivery of an Weekly Manager’s Certificate with
                                                                                                                    respect to an Weekly Allocation Date, the Master Issuer shall instruct the Trustee in writing to withdraw on the related Weekly Allocation
                                                                                                                    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.

                                                                                                                   

                                                                                                                  (n)          Hedge Payment 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 related
                                                                                                                    Quarterly Payment Date the funds allocated to the Hedge Payment Account on each Weekly Allocation Date with respect to the immediately
                                                                                                                    preceding Quarterly Collection Period and, if applicable, funds allocated to the Hedge Payment Account pursuant to subclause (ii)
                                                                                                                    below, up to the accrued and unpaid amount of the Series
                                                                                                                    Hedge Payment Amount, and distribute such funds among each Hedge Counterparty, pro rata based upon the Series Hedge Payment Amount
                                                                                                                    payable to each Hedge Counterparty.

                                                                                                                   

                                                                                                                  (ii)          ifIf 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 insufficient to pay the aggregate accrued and unpaid Series Hedge Payment Amount due and payable since the prior Quarterly Payment Date,
                                                                                                                    then a Quarterly Reallocation Event pursuant to Section 5.13(p) shall
                                                                                                                      be triggered and any funds reallocated as a result thereof into the Hedge Payment Account shall be distributed in accordance with subclause (i)
                                                                                                                      above.

                                                                                                                   

                                                                                                                  (o)          Optional Prepayments.  The
                                                                                                                    Master Issuer shall have the right to optionally prepay the Outstanding Principal Amount of any Series, Class, Subclass or Tranche of Notes,
                                                                                                                    in whole or in part in accordance with the Series Supplement for such Series or, to the extent applicable, the Variable Funding Note
                                                                                                                    Purchase Agreement (such prepayment, an “Optional Prepayment”); provided that following a Series Anticipated Repayment Date
                                                                                                                    for any Series of Notes that remains Outstanding, all optional prepayments must be applied first, pro rata among each
                                                                                                                    Class and Tranche in order of priority, to Senior Notes, second,
                                                                                                                    pro rata among each Class and Tranche in order
                                                                                                                    of priority, to Senior Subordinated Notes and third, pro rata among each Class and Tranche in order of priority, to Subordinated Notes.  Following a Rapid Amortization Event as a result of the event described in clause (b)
                                                                                                                    of the definition of such term, the Master Issuer may make an Optional Prepayment during the Post-ARD Rapid Amortization Cure Period with
                                                                                                                    respect to such Series of Notes (or Class or Tranche thereunder) for purposes of curing such Rapid Amortization Event; provided that
                                                                                                                    as a condition to making such Optional Prepayment, following such Optional Prepayment, there will be no Rapid Amortization Event or
                                                                                                                    Potential Rapid Amortization Event with respect to any Series of Notes (or Class or Tranche thereunder).  The Master Issuer shall instruct
                                                                                                                    the Trustee in writing to withdraw on each applicable optional prepayment date, including such prepayment dates that do not occur on
                                                                                                                    Quarterly Payment Dates, the prepayment amounts on deposit in the applicable Series Distribution Account in accordance with the Series
                                                                                                                    Supplement for such Series or, to the extent applicable, the Variable Funding Note Purchase Agreement, and as set forth in the Quarterly
                                                                                                                    Noteholders’ Report.

                                                                                                                  
                                                                                                                    63

                                                                                                                    
                                                                                                                      

                                                                                                                  

                                                                                                                  
                                                                                                                    (p)          Quarterly Reallocation Events. 

                                                                                                                      In the event that there exists any shortfall with respect to amounts payable under any subsection of this Section 5.13 that specifically
                                                                                                                      refers to this clause (p) (a “Quarterly Reallocation Event”), then the Master Issuer (or the Manager on its behalf)  shall
                                                                                                                      instruct the Trustee to reallocate on the relevant Quarterly Calculation Date (subject to Section 5.13(k)(ii)) the aggregate funds on
                                                                                                                      deposit in the Specified Indenture Trust Accounts that were allocated during the immediately preceding Quarterly Collection Period to the
                                                                                                                      Specified Indenture Trust Accounts in sequential order in the aggregate amounts due under priorities (vi), (viii), (x),
                                                                                                                      (xii), (xiii), (xiv), (xv), (xix), (xx), (xxi), (xxii), (xxiii), (xxiv),
                                                                                                                      (xxvi), (xxvii), (xxviii) and (xxix) of the Priority of Payments for such Quarterly Collection Period.

                                                                                                                     

                                                                                                                    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 Series Supplement for such Series and, to the extent applicable, the Variable Funding Note Purchase Agreement,
                                                                                                                      and as set forth in the Quarterly Noteholders’ Report.

                                                                                                                     

                                                                                                                    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 Series Supplement for such Series and, to the extent applicable, the Variable Funding Note Purchase Agreement,
                                                                                                                      and as set forth in the Quarterly Noteholders’ Report.

                                                                                                                     

                                                                                                                    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 Series Supplement for such Series, and to the extent applicable, the Variable Funding Note Purchase Agreement, in each
                                                                                                                      case, if not otherwise described herein, and as set forth in the Quarterly Noteholders’ Report.

                                                                                                                     

                                                                                                                    Retained Collections Contributions. 
                                                                                                                      With respect to any Quarterly Collection Period, the Master Issuer may designate Retained Collections Contributions made to the Master
                                                                                                                      Issuer during such period to be included in Net Cash Flow, but not more than $7,500,000 in any Quarterly Collection Period or more than
                                                                                                                      $15,000,000 during any period of four (4) consecutive Quarterly Collection Periods or more than $30,000,000 from the Closing Date to the
                                                                                                                      latest Series Legal Final Maturity Date for any Notes Outstanding; provided that any Retained Collections Contribution made shall
                                                                                                                      be excluded from the Net Cash Flow for purposes of calculations undertaken in the following circumstances: (a) to determine compliance
                                                                                                                      with any Series Non-Amortization Test and (b) 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
                                                                                                                      (xxix) of the Priority of Payments, to the extent of any shortfall on such Weekly Allocation Date.

                                                                                                                    
                                                                                                                      64

                                                                                                                      
                                                                                                                        

                                                                                                                    

                                                                                                                    
                                                                                                                      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.

                                                                                                                       

                                                                                                                      Each such Interest Reserve Letter of Credit (a) shall name each of the Trustee, for
                                                                                                                        the benefit of the Senior Noteholders or the Senior Subordinated Noteholders, as applicable, and 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 5.13; (c) shall have an expiration
                                                                                                                        date of no later than 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; 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 had such Interest Reserve Letter of Credit not been issued, the Control
                                                                                                                        Party (on behalf of the Trustee) shall submit a notice of drawing under such Interest Reserve Letter of Credit and use the proceeds
                                                                                                                        thereof to fund a deposit into the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account (as
                                                                                                                        directed in writing by the Manager), as applicable, in an amount equal to the Senior Notes Interest Reserve Account Deficiency Amount or
                                                                                                                        the Senior Subordinated Notes Interest Reserve Account Deficiency Amount on such date, as applicable, 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 (5th) Business Day after such day, either (i) the Master Issuer shall fund a
                                                                                                                        deposit into the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, or (ii)
                                                                                                                        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(s) of Credit and apply the  proceeds of such drawing to fund such account, in either case 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) prior
                                                                                                                        to the fifth (5th) Business Day after such day, 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.

                                                                                                                      
                                                                                                                        65

                                                                                                                        
                                                                                                                          

                                                                                                                      

                                                                                                                      
                                                                                                                        In the event an Interest
                                                                                                                            Reserve Letter of Credit has been issued in satisfaction of the Senior Notes Interest Reserve Amount, the Master Issuer shall be
                                                                                                                            entitled to submit an amendment to such Interest Reserve Letter of Credit and/or the excess amount of the related Interest Reserve
                                                                                                                            Letter of Credit may be reduced by delivering a replacement or amended Interest Reserve Letter of Credit to the Control Party
                                                                                                                            reflecting such reduced amount. If the existing Interest Reserve Letter of Credit is amended, the Trustee and the Control Party
                                                                                                                            shall be entitled to execute or acknowledge such amendment based solely on the written confirmation from the Manager (which shall be
                                                                                                                            in the form of an Officer’s Certificate) acting in accordance with the Managing Standard as to the amount reflected in such
                                                                                                                            amendment being at least equal difference between the Senior Notes Interest Reserve Amount and the amount on deposit in the Senior
                                                                                                                            Notes Interest Reserve Account as of the immediately following Weekly Allocation (after the allocation of all amounts on such Weekly
                                                                                                                            Allocation Date pursuant to the Priority of Payments). The Control Party shall (without the consent of the Trustee, any Noteholder,
                                                                                                                            the Controlling Class Representative or any other Secured Party) deliver to the L/C Provider any replaced Interest Reserve Letter of
                                                                                                                            Credit for termination simultaneously with, or promptly after, the receipt by the Control Party of the related replacement Interest
                                                                                                                            Reserve Letter of Credit whether by way of escrow or otherwise, in each case to the extent that after the Control Party’s receipt
                                                                                                                            thereof no Senior Notes Interest Reserve Account Deficiency Amount will exist on the immediately following Weekly Allocation Date
                                                                                                                            (after the allocation of all amounts on such Weekly Allocation Date pursuant to the Priority of Payments).

                                                                                                                         

                                                                                                                        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.

                                                                                                                         

                                                                                                                        Upon the occurrence of any Interest Reserve Release Event, the Master Issuer (or
                                                                                                                          the Manager on its behalf) shall instruct the Trustee in writing to either (i) replace any Interest Reserve Letter of Credit, and the
                                                                                                                          Trustee or the Control Party on its behalf shall deliver to the Master Issuer any such replaced Interest Reserve Letter of Credit
                                                                                                                          simultaneously with the receipt of any Interest Reserve Letter of Credit in replacement thereof, whether by way of escrow or
                                                                                                                          otherwise, or (ii) reduce the face amount of any Interest Reserve Letter of Credit in accordance with the relevant terms thereof, and
                                                                                                                          the Trustee or the Control Party on its behalf shall deliver to the relevant issuing bank a letter instructing the issuing bank to
                                                                                                                          reduce the face amount of such Interest Reserve Letter of Credit, in each case, to the extent that no Senior Notes Interest Reserve
                                                                                                                          Account Deficiency Amount or Senior Subordinated Notes Interest Reserve Account Deficiency Amount, as applicable, will be outstanding
                                                                                                                          on the immediately following Weekly Allocation Date, as set forth in an Officer’s Certificate of the Master Issuer (or the Manager on
                                                                                                                          its behalf) delivered to the Trustee, the Control Party and the applicable issuing bank in connection with such written instructions
                                                                                                                          of the Master Issuer (or the Manager on its behalf).

                                                                                                                         

                                                                                                                        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
                                                                                                                          knowledge thereof, notify the Control Party thereof and (ii) within sixty (60) days of obtaining 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.

                                                                                                                        
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                                                                                                                          Instructions and Directions.  Any instructions or directions to be
                                                                                                                            provided by the Master Issuer referenced in this Article V may be given by the Manager on behalf of the Master Issuer and
                                                                                                                            (a) with respect to a Quarterly Calculation Date or Quarterly Payment Date, respectively, shall be contained in the applicable
                                                                                                                            Quarterly Noteholders’ Report for such Quarterly Payment Date and (b) with respect to a Weekly Allocation Date shall be contained in
                                                                                                                            the Weekly Manager’s Certificate for such Weekly Allocation Date.

                                                                                                                           

                                                                                                                          Article VI

                                                                                                                            

                                                                                                                            

                                                                                                                            DISTRIBUTIONS

                                                                                                                           

                                                                                                                          Distributions in General. 
                                                                                                                            (a)  Unless otherwise specified in the Series Supplement for such Series, on each Quarterly Payment Date, the Paying Agent shall pay
                                                                                                                            to the Noteholders of each Series, Class, Subclass or Tranche, as applicable, of record on the preceding Record Date (or in the case
                                                                                                                            of optional prepayments made in accordance with a Series Supplement, the Noteholders of each Series, Class, Subclass or Tranche, as
                                                                                                                            applicable, of record on the applicable prepayment date as specified therein) 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. (Eastern 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.

                                                                                                                           

                                                                                                                          (b)          Unless otherwise specified in
                                                                                                                            the Series Supplement for such Series, 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 any roman numeral denominated Tranche within an alphanumerical Class of Notes shall be deemed to have the same alphanumerical
                                                                                                                            priority, i.e. “Class A-2-I Notes” will be pari passu and pro rata in right of payment according to
                                                                                                                            the amount then due and payable with respect to “Class A-2-II Notes” except to the extent specified in this Base Indenture, the
                                                                                                                            Series Supplement for such Series or the related Variable Funding Note Purchase Agreement; provided, further, 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 Securitized Assets proceeds resulting
                                                                                                                            from exercise of remedies upon an Event of Default.  The use of Subclass designations or Tranche designations or other designations
                                                                                                                            to differentiate Note characteristics within a Class shall not alter priority or the requirement to pay among the Class pro rata
                                                                                                                            unless expressly provided for in the Series Supplement for the Series that includes such Class.

                                                                                                                          
                                                                                                                            67

                                                                                                                            
                                                                                                                              

                                                                                                                          

                                                                                                                          
                                                                                                                            (c)          Unless otherwise specified in
                                                                                                                              the Series Supplement for such Series, 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 Noteholders’ 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:

                                                                                                                             

                                                                                                                            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 (i) to 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, individually or in the aggregate, be reasonably likely to result in a Material
                                                                                                                              Adverse Effect.

                                                                                                                             

                                                                                                                            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 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.

                                                                                                                             

                                                                                                                            No Consent.  No consent,
                                                                                                                              action by or in respect of, approval or other authorization of, or registration, declaration or filing with, any Governmental
                                                                                                                              Authority or other Person is required for the valid execution and delivery by 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 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 Business Documents,
                                                                                                                              the failure of which to obtain would not reasonably be expected to result in a Material Adverse Effect.

                                                                                                                            
                                                                                                                              68

                                                                                                                              
                                                                                                                                

                                                                                                                            

                                                                                                                            
                                                                                                                              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).

                                                                                                                               

                                                                                                                              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.

                                                                                                                               

                                                                                                                              ERISA.  During the
                                                                                                                                five-year period prior to the date on which this representation is made or deemed made with respect to any Pension Plan, no
                                                                                                                                ERISA Event has occurred which would reasonably be expected to have a Material Adverse Effect. . 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 or (ii) that would not, individually or in the aggregate,
                                                                                                                                reasonably be expected to result in a Material Adverse Effect.  Each Employee Benefit Plan for which any Securitization Entity
                                                                                                                                has any liability (excluding a Multiemployer Plan) 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 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 IRS 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.

                                                                                                                               

                                                                                                                              Tax Filings and Expenses. 
                                                                                                                                Each Securitization Entity has filed, or caused to be filed, all  federal, state,  local and foreign Tax returns required to be
                                                                                                                                filed by such Securitization Entity, subject to permitted extensions (except in any case in which the failure to so file would
                                                                                                                                not, individually or in the aggregate, have a Material Adverse Effect), and has paid, or caused to be paid, all Taxes due
                                                                                                                                pursuant to said returns, except such Taxes (i) as are being contested in good faith and by appropriate proceedings and for
                                                                                                                                which adequate reserves are being maintained in accordance with GAAP or (ii) as would not, individually or in the aggregate,
                                                                                                                                have a Material Adverse Effect.  As of the Closing Date, the Master Issuer is not aware of any material Tax assessments proposed
                                                                                                                                in writing against any Non-Securitization 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.

                                                                                                                              
                                                                                                                                69

                                                                                                                                
                                                                                                                                  

                                                                                                                              

                                                                                                                              
                                                                                                                                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 Holders 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 Non-Securitization Entities to the Trustee or the Holders, 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 Holders, 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 Holders, as the case may be, to the effect
                                                                                                                                  specified herein.

                                                                                                                                 

                                                                                                                                1940 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.

                                                                                                                                 

                                                                                                                                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.

                                                                                                                                 

                                                                                                                                Solvency.  Both before
                                                                                                                                  and after giving effect to the transactions contemplated by the Indenture and the other Related Documents, (i) the fair value
                                                                                                                                  of the assets of the Securitization Entities, when taken as a whole, will exceed their debts and liabilities, including
                                                                                                                                  contingent liabilities; (ii) the present fair saleable value of the property of the Securitization Entities, 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) the Securitization Entities, 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) the Securitization Entities, 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 now conducted and is proposed to be
                                                                                                                                  conducted after the Closing Date, and no Event of Bankruptcy has occurred with respect to any Securitization Entity.

                                                                                                                                 

                                                                                                                                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 Holding Company Guarantor, have been duly authorized and validly issued, are fully paid and
                                                                                                                                  non-assessable and are owned of record by Holding Company Guarantor free and clear of all Liens other than Permitted Liens.

                                                                                                                                 

                                                                                                                                (b)          All of the issued and
                                                                                                                                  outstanding limited liability company interests of the 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.

                                                                                                                                 

                                                                                                                                (c)          All of the issued and
                                                                                                                                  outstanding limited liability company interests of JIB Properties 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)          As of the Closing Date,
                                                                                                                                  (i) the Holding Company Guarantor has no direct Subsidiaries and owns no Equity Interests in any other Person, other than the
                                                                                                                                  Master Issuer, (ii) the Master Issuer has no direct Subsidiaries and owns no Equity Interests in any other Person, other than
                                                                                                                                  the Franchisor and JIB Properties, (iii) the Franchisor has no Subsidiaries and owns no Equity Interests in any other Person,
                                                                                                                                  (iv) JIB Properties has no Subsidiaries and owns no Equity Interests in any other Person.

                                                                                                                                
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                                                                                                                                  Security Interests. 
                                                                                                                                    (a)  The Master Issuer and each Guarantor owns and has good title to its Securitized Assets, free and clear of all Liens
                                                                                                                                    other than Permitted Liens,; provided, however, that this sentence shall not apply to
                                                                                                                                    the Securitized Owned Real Property until six (6) months after the Closing Date.  Other than the Accounts, the Real Estate
                                                                                                                                    Assets and Intellectual Property, 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, or other
                                                                                                                                    supporting obligations (in each case, as defined in the UCC).  Except in the case of the Securitized Owned Real Property,
                                                                                                                                    which is subject to Section 8.37 or as described on Schedule 7.13(a), 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 (or, (i) with respect to Collateral
                                                                                                                                    other than Accounts and Intellectual Property, will be perfected within the timeframe set forth in the final sentence of
                                                                                                                                    this Section 7.13(a), (ii) with respect to Collateral constituting Intellectual Property, will be perfected within
                                                                                                                                    the timeframe set forth in Section 8.25, and (iii) with respect to Collateral constituting Accounts, will be
                                                                                                                                    perfected within the timeframe set forth in Article V herein), 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.  Except
                                                                                                                                    as set forth in Schedule 7.13(a), the Master Issuer and the Guarantors have received all consents and approvals
                                                                                                                                    required by the terms of the Collateral to the pledge of the Collateral to the Trustee hereunder and under the Guarantee and
                                                                                                                                    Collateral Agreement.  The Master Issuer and the Guarantors have caused, or shall have caused, the filing of all appropriate
                                                                                                                                    financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect
                                                                                                                                    the first-priority security interest (subject to Permitted Liens) in the Collateral (other than the Accounts and
                                                                                                                                    Intellectual Property) granted to the Trustee hereunder or under the Guarantee and Collateral Agreement within ten (10) days
                                                                                                                                    of the date hereof.

                                                                                                                                   

                                                                                                                                  (b)          Other than the security
                                                                                                                                    interest granted to the Trustee in the Collateral hereunder or pursuant to the other Related Documents or any other
                                                                                                                                    Permitted Lien, the Master Issuer has not, and no Guarantor has, pledged, assigned, sold or granted a security interest in
                                                                                                                                    the Securitized Assets.  All action necessary (including the filing of UCC-1 financing statements) to protect and evidence
                                                                                                                                    the Trustee’s security interest in the Collateral (other than the Intellectual Property) in the United States has been duly
                                                                                                                                    and effectively taken.  No security agreement, financing statement, equivalent security or lien instrument or continuation
                                                                                                                                    statement authorized by the Master Issuer and any Guarantor and listing the Master Issuer or Guarantor as debtor covering
                                                                                                                                    all or any part of the Securitized Assets is on file or of record in any jurisdiction, except in respect of Permitted Liens
                                                                                                                                    or such as may have been filed, recorded or made by 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.

                                                                                                                                  
                                                                                                                                    71

                                                                                                                                    
                                                                                                                                      

                                                                                                                                  

                                                                                                                                  
                                                                                                                                    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.

                                                                                                                                     

                                                                                                                                    Non-Existence of Other
                                                                                                                                        Agreements.  Other than as permitted by Section 8.22, (a) no Securitization Entity is a party to any contract or
                                                                                                                                      agreement of any kind or nature and (b) 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.  No Securitization
                                                                                                                                      Entity has engaged in any activities since its formation (other than those incidental to its formation, the authorization
                                                                                                                                      and the issuance of Series of Notes, the execution of the Related Documents to which such Securitization Entity is a party
                                                                                                                                      and the performance of the activities referred to in or contemplated by such agreements).

                                                                                                                                     

                                                                                                                                    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, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.

                                                                                                                                     

                                                                                                                                    Other Representations. 

                                                                                                                                      All representations and warranties of each Securitization Entity made in each other Related Document to which a
                                                                                                                                      Securitization Entity 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.

                                                                                                                                     

                                                                                                                                    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.

                                                                                                                                     

                                                                                                                                    Insurance.  The
                                                                                                                                      Securitization Entities shall maintain, or cause to be maintained, the insurance coverages (or self-insurance 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 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.

                                                                                                                                    
                                                                                                                                      72

                                                                                                                                      
                                                                                                                                        

                                                                                                                                    

                                                                                                                                    
                                                                                                                                      Environmental Matters. 

                                                                                                                                        Section 07.01  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) are, 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 Contributed Securitized Owned Real Property 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 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.

                                                                                                                                      
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                                                                                                                                        Intellectual
                                                                                                                                            Property.  (a)  The Securitization IP comprises all the Intellectual Property used in or necessary for the
                                                                                                                                          Securitization Entities to conduct the business as now conducted and as proposed to be conducted after the Closing
                                                                                                                                          Date except as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse
                                                                                                                                          Effect and provided that the foregoing is not and shall not be deemed to be a representation or warranty of
                                                                                                                                          noninfringement.  All of the issuances, registrations and applications included in the Securitization IP are
                                                                                                                                          subsisting, unexpired and have not been abandoned or cancelled in any applicable jurisdiction except where such
                                                                                                                                          expiration, abandonment or cancellation would not, individually or in the aggregate, reasonably be expected to result
                                                                                                                                          in a Material Adverse Effect.

                                                                                                                                         

                                                                                                                                        (b)          (i) To the Master
                                                                                                                                          Issuer’s knowledge, the use of the Securitization IP and the operation of the Jack in the Box System (including any
                                                                                                                                          products or services sold, marketed, offered for sale in connection therewith) did not and currently do not infringe,
                                                                                                                                          misappropriate, dilute or otherwise violate the Intellectual Property rights of any third party in a manner that
                                                                                                                                          would, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, (ii) to the
                                                                                                                                          Master Issuer’s knowledge, the Securitization IP has not been in the past three (3) years and is not being infringed,
                                                                                                                                          misappropriated, diluted or otherwise violated by any third party in a manner that would, individually or in the
                                                                                                                                          aggregate, 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 foregoing that would, individually or in the
                                                                                                                                          aggregate, reasonably be expected to result in a Material Adverse Effect.

                                                                                                                                         

                                                                                                                                        (c)          No action or
                                                                                                                                          proceeding is pending or, to the Master Issuer’s knowledge, threatened, that seeks to limit, cancel, or challenge the
                                                                                                                                          validity or enforceability of, or the Securitization Entities’ rights in or to, any Securitization IP, or the use
                                                                                                                                          thereof, that would, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.

                                                                                                                                         

                                                                                                                                        (d)          The Franchisor is
                                                                                                                                          the exclusive owner of all right, title, and interest in and to Owned Securitization IP and has a valid right to use
                                                                                                                                          the Licensed Securitization IP, free and clear of all Liens, other than the Permitted Liens (including the IP License
                                                                                                                                          Agreements and licenses permitted pursuant to Section 8.16).

                                                                                                                                         

                                                                                                                                        (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).

                                                                                                                                         

                                                                                                                                        (f)          Except as would
                                                                                                                                          not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, the
                                                                                                                                          Securitization Entities (i) have since their inception maintained commercially reasonable policies, practices and
                                                                                                                                          procedures regarding the confidentiality, integrity and availability of its data (including Securitization IP) and
                                                                                                                                          information technology and (ii) are in material compliance with all applicable data protection laws, regulations,
                                                                                                                                          contracts, policies, and guidance.

                                                                                                                                         

                                                                                                                                        Article VIII

                                                                                                                                          

                                                                                                                                          

                                                                                                                                          COVENANTS

                                                                                                                                         

                                                                                                                                        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, any Series Supplement for
                                                                                                                                          such Series and, to the extent applicable, any Variable Funding Note Purchase Agreement.  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 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.

                                                                                                                                        
                                                                                                                                          74

                                                                                                                                          
                                                                                                                                            

                                                                                                                                        

                                                                                                                                        
                                                                                                                                          (b)          By acceptance
                                                                                                                                            of its Notes, each Holder agrees that the failure to provide the Paying Agent with appropriate tax certifications
                                                                                                                                            (which includes but is not limited to (i) an IRS 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 IRS 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 Holder 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.

                                                                                                                                           

                                                                                                                                          Maintenance of
                                                                                                                                              Office or Agency.  (a)  The Master Issuer shall maintain an office or agency (which, with respect to the
                                                                                                                                            surrender for registration of, or transfer or exchange or the payment of principal and premium, may be an office of
                                                                                                                                            the Trustee, the Registrar or co-registrar or Paying Agent) 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 shall give
                                                                                                                                            prompt written notice to the Trustee and, the Servicer and the Back-Up Manager 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 and the Back-Up Manager 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 14.01 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 shall give prompt written notice to the Trustee and, the Servicer and the Back-Up Manager 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.

                                                                                                                                           

                                                                                                                                          Payment and
                                                                                                                                              Performance of Obligations.  The Master Issuer shall, and shall 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 Collateral
                                                                                                                                            Agreement regarding the protection of the Securitized Assets from Liens (other than Permitted Liens)), and shall
                                                                                                                                            maintain, in accordance with GAAP, reserves as appropriate for the accrual of any of the same.

                                                                                                                                           

                                                                                                                                          Maintenance of
                                                                                                                                              Existence.  The Master Issuer shall, and shall 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, individually or in the aggregate, be reasonably likely
                                                                                                                                            to result in a Material Adverse Effect.  The Master Issuer shall, and shall cause each other Securitization Entity
                                                                                                                                            (other than any Additional Securitization Entity that is a corporation for U.S. federal income tax purposes) to, be
                                                                                                                                            treated as a disregarded entity within the meaning of U.S. Treasury regulationsRegulations
                                                                                                                                            Section 301.7701-2(c)(2) and the Master Issuer shall not, and shall not permit any other Securitization Entity
                                                                                                                                            (other than any Additional Securitization Entity that is a corporation for U.S. federal income tax purposes) to, be
                                                                                                                                            classified as an association taxable as a corporation or a publicly traded partnership taxable as a corporation for
                                                                                                                                            U.S. federal income tax purposes.

                                                                                                                                          
                                                                                                                                            75

                                                                                                                                            
                                                                                                                                              

                                                                                                                                          

                                                                                                                                          
                                                                                                                                            Compliance with
                                                                                                                                                Laws.  The Master Issuer shall, and shall 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, individually or in the aggregate, 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 Securitized Assets or any criminal liability on the part of any Securitization
                                                                                                                                              Entity, the Manager or the Trustee.

                                                                                                                                             

                                                                                                                                            Inspection of
                                                                                                                                                Property; Books and Records.  The Master Issuer shall, and shall cause each other Securitization Entity to,
                                                                                                                                              keep proper books of record and accounts 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 shall,
                                                                                                                                              and shall 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 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 once 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, an Advance Period that is longer

                                                                                                                                                  thancontinuing for
                                                                                                                                                  at least sixty (60) consecutive days, 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. and in addition, the Securitization Entities
                                                                                                                                                  shall cooperate with all reasonable requests of the Servicer, the Control Party and/or the Back-Up Manager in
                                                                                                                                                  connection with the performance by such parties of their respective obligations under the Related Documents
                                                                                                                                                  (including any duty as and to the extent required by any such parties under the Related Documents to obtain an
                                                                                                                                                  appraisal of the Collateral, or perform an in-depth situation analysis of the Manager and its financial
                                                                                                                                                  position and/or of the Collateral and/or the Securitization Entities during a Warm Back-Up Management Trigger
                                                                                                                                                  Event, a Hot Back-Up Management Trigger Event, in connection with a Consent Request or in connection with a
                                                                                                                                                  proposed Advance or if an Advance Period is continuing for at least sixty (60) consecutive days).

                                                                                                                                             

                                                                                                                                            Actions under
                                                                                                                                                the Collateral Transaction Documents and Related Documents.  (a)  Except as otherwise provided in Section
                                                                                                                                              8.07(d), the Master Issuer shall not, and will not permit any Securitization Entity to, take any action which
                                                                                                                                              would permit any Non-Securitization 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 3.02(a) or Section 8.07(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 Business
                                                                                                                                              Document to have the right to refuse to perform any of its respective obligations under such Collateral 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 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.

                                                                                                                                            
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                                                                                                                                              (c)          Except as
                                                                                                                                                otherwise provided in Section 3.02(a), the Master Issuer agrees that it shall not, and shall 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 Securitized Assets, 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 shall not, and shall 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 (x) to the
                                                                                                                                                extent permitted under the terms of such other Related Documents, (y) as contemplated by Section 13.01
                                                                                                                                                or Section 13.08 hereof and (z) as follows:

                                                                                                                                               

                                                                                                                                              (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 Non-Securitization 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;

                                                                                                                                               

                                                                                                                                              (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 Holder or any other Secured Party; provided
                                                                                                                                                that an Opinion of Counsel and an Officer’s Certificate shall be delivered to the Trustee, each Rating Agency
                                                                                                                                                and the Servicer to such effect; or

                                                                                                                                               

                                                                                                                                              (iv)          in

                                                                                                                                                the case of this Base Indenture, any Series Supplement for such Series, and to the extent applicable, any
                                                                                                                                                Variable Funding Note Purchase Agreement, to which the related Series, Class, Subclass or Tranche of Notes is
                                                                                                                                                issued or any Related Document for such Series, Class, Subclass or Tranche of Notes, 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.

                                                                                                                                              
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                                                                                                                                                (e)          Upon the
                                                                                                                                                  occurrence of a Manager Termination Event under the Management Agreement, (i) the Master Issuer shall not, and
                                                                                                                                                  shall 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 shall, and shall 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.

                                                                                                                                                 

                                                                                                                                                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 each Rating Agency with respect to each Series of
                                                                                                                                                  Notes Outstanding notice within three (3) Business Days upon having Actual Knowledge of (i) any Potential
                                                                                                                                                  Rapid Amortization Event, (ii) any Rapid Amortization Event, (iii) any Potential Manager Termination Event,
                                                                                                                                                  (iv) any Manager Termination Event, (v) any Default, (vi) any Event of Default or (vii) 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.

                                                                                                                                                 

                                                                                                                                                Notice of
                                                                                                                                                    Material Proceedings.  Without limiting Section 8.25(b) or Section 8.30, promptly (and in any
                                                                                                                                                  event within ten (10) days) of a determination by an Authorized Officer of the Securitization Entities that
                                                                                                                                                  the commencement or existence of any litigation, arbitration or other proceeding with respect to any
                                                                                                                                                  Non-Securitization Entity would 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 each Rating Agency with respect to each Series of Notes Outstanding.

                                                                                                                                                 

                                                                                                                                                Further
                                                                                                                                                    Requests.  The Master Issuer shall, and shall 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.

                                                                                                                                                 

                                                                                                                                                Further
                                                                                                                                                    Assurances.  (a)  The Master Issuer shall, and shall 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 of attorney and instruments, as are necessary or desirable to obtain or maintain the
                                                                                                                                                  security interest of the Trustee in the Collateral or the Securitized Assets required to be part of the
                                                                                                                                                  Collateral on behalf of the Secured Parties as a perfected security interest subject to no prior Liens (other
                                                                                                                                                  than Permitted Liens), to carry into effect the purposes of the Indenture or the other Related Documents or to
                                                                                                                                                  better assure and confirm unto the Trustee, the Servicer, the Holders or the other Secured Parties their
                                                                                                                                                  rights, powers and remedies hereunder including, without limitation, the filing of any financing or
                                                                                                                                                  continuation statements or amendments under the UCC in effect in any jurisdiction with respect to the liens
                                                                                                                                                  and security interests granted hereby and by the Guarantee and Collateral Agreement, in each case except as
                                                                                                                                                  set forth on Schedule 7.13(a) and in accordance with Section 8.25(c), Section 8.25(d) 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 of the
                                                                                                                                                  Trustee’s security interest in the Collateral (other than with regard to Excepted Securitization IP Assets) or
                                                                                                                                                  the Securitized Assets required to be part of the Collateral.

                                                                                                                                                
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                                                                                                                                                  (b)          If any
                                                                                                                                                    amount payable under or in connection with any of the Securitized Assets shall be or become evidenced by any
                                                                                                                                                    promissory note, chattel paper or other instrument, such note, chattel paper or instrument shall be deemed
                                                                                                                                                    to be held in trust and immediately pledged and within two (2) Business Days physically delivered to the
                                                                                                                                                    Trustee hereunder, and shall, subject to the rights of any Person in whose favor a prior Lien has been
                                                                                                                                                    perfected, be duly endorsed in a manner satisfactory to the Trustee and delivered to the Trustee promptly; provided
                                                                                                                                                    that no Securitization Entity shall be required to deliver any Securitized Franchisee Note.

                                                                                                                                                   

                                                                                                                                                  (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 (other than through a central filing
                                                                                                                                                    of a UCC financing statement), any Securitized Franchisee Note or, except as provided in Section 8.37,
                                                                                                                                                    any real property, leases on real property owned or rents on real property owned.

                                                                                                                                                   

                                                                                                                                                  (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 $2,000,000 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 shall, and shall cause each other Securitization Entity to, warrant and defend the Trustee’s
                                                                                                                                                    right, title and interest in and to the Securitized Assets, including the right to cause the Securitized
                                                                                                                                                    Assets to become Collateral, and the income, distributions and Proceeds thereof, for the benefit of the
                                                                                                                                                    Trustee on behalf of the Secured Parties, against the claims and demands of all Persons whomsoever.

                                                                                                                                                   

                                                                                                                                                  (f)          On or
                                                                                                                                                    before April 30 of each calendar year, commencing with April 30, 2020, the Master Issuer shall furnish to
                                                                                                                                                    the Trustee, each Rating Agency 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 the Lien and security interest created by this Base Indenture and the Guarantee
                                                                                                                                                    and Collateral Agreement 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 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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                                                                                                                                                    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 Securitized Assets), other than
                                                                                                                                                      (i) Liens in favor of the Trustee for the benefit of the Secured Parties and (ii) other Permitted Liens.

                                                                                                                                                     

                                                                                                                                                    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 such Securitization Entity’s business, (v) Indebtedness to a bank or other financial
                                                                                                                                                      institution arising from cash management services provided by such bank or financial institution to one or
                                                                                                                                                      more of the Securitization Entities in the ordinary course of business; 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 (4) Quarterly Collection Periods most recently ended as
                                                                                                                                                      of such date and for which financial statements have been prepared.

                                                                                                                                                     

                                                                                                                                                    Bankruptcy

                                                                                                                                                        Proceedings.  The Master Issuer shall, and shall cause the other Securitization Entities to,
                                                                                                                                                      promptly object to the institution of any bankruptcy proceeding against it and to take all necessary or
                                                                                                                                                      advisable steps to cause the dismissal of any such proceeding (including, without limiting the generality
                                                                                                                                                      of the foregoing, to timely file an answer and any other appropriate pleading objecting to (i) the
                                                                                                                                                      institution of any proceeding to have any Securitization Entity, as the case may be, adjudicated as
                                                                                                                                                      bankrupt or insolvent or (ii) the filing of any petition seeking relief, reorganization, arrangement,
                                                                                                                                                      adjustment or composition or in respect of any Securitization Entity, as the case may be, under applicable
                                                                                                                                                      bankruptcy law or any other applicable law).

                                                                                                                                                     

                                                                                                                                                    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.

                                                                                                                                                     

                                                                                                                                                    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”):

                                                                                                                                                    
                                                                                                                                                      80

                                                                                                                                                      
                                                                                                                                                        

                                                                                                                                                    

                                                                                                                                                    
                                                                                                                                                      (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 (including any issuances, registrations or applications thereof) that is no longer
                                                                                                                                                        used or useful in the business of the Securitization Entities or 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 the Securitization
                                                                                                                                                        Entity’s business;

                                                                                                                                                       

                                                                                                                                                      (c)          any

                                                                                                                                                        disposition of equipment or real property to the extent that (x) such equipment or property is exchanged
                                                                                                                                                        for credit against the purchase price or other payment obligations in respect of similar replacement
                                                                                                                                                        equipment, 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 equipment, 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 granted in the ordinary course of the Franchisor’s respective business that (x) when
                                                                                                                                                        effected on behalf of any Securitization Entity by the Manager would not constitute a breach by the
                                                                                                                                                        Manager of the Management Agreement and (y) would not reasonably be expected to materially and adversely
                                                                                                                                                        impact the Securitization IP (taken as a whole);

                                                                                                                                                       

                                                                                                                                                      (e)          any

                                                                                                                                                        dispositions of equipment leased to Franchisees or used in a Securitized Company Restaurant;

                                                                                                                                                       

                                                                                                                                                      (f)          any

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

                                                                                                                                                       

                                                                                                                                                      (g)          any

                                                                                                                                                        dispositions of property relating to repurchases of Contributed Assets in exchange for the payment of
                                                                                                                                                        Indemnification Amounts;

                                                                                                                                                       

                                                                                                                                                      (h)          Investments

                                                                                                                                                        permitted under Section 8.21, Liens permitted under Section 8.12 and distributions permitted
                                                                                                                                                        under Section 8.18;

                                                                                                                                                       

                                                                                                                                                      (i)          transfers

                                                                                                                                                        of properties subject to condemnation or casualty events;

                                                                                                                                                       

                                                                                                                                                      (j)          any

                                                                                                                                                        disposition of Securitized Franchisee Notes or accounts receivable in connection with the collection or
                                                                                                                                                        compromise thereof;

                                                                                                                                                       

                                                                                                                                                      (k)          any

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

                                                                                                                                                       

                                                                                                                                                      (l)          any

                                                                                                                                                        decision to abandon, fail to pursue, settle, or otherwise resolve any claim, proceeding, investigation
                                                                                                                                                        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 (or failure to act) would not reasonably be expected to materially and adversely impact
                                                                                                                                                        the Securitization IP (taken as whole);

                                                                                                                                                      
                                                                                                                                                        81

                                                                                                                                                        
                                                                                                                                                          

                                                                                                                                                      

                                                                                                                                                      
                                                                                                                                                        (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 the Securitization Entity’s business, in
                                                                                                                                                          each case that would not reasonably be expected to result in a Material Adverse Effect;

                                                                                                                                                         

                                                                                                                                                        (n)          subleases

                                                                                                                                                          and terminations of leases in the ordinary course of business and subleases that do not, individually
                                                                                                                                                          or in the aggregate, materially interfere with the business of the Securitization Entities and
                                                                                                                                                          assignments that do not result in receipt of a cash payment to a Securitization Entity;

                                                                                                                                                         

                                                                                                                                                        (o)          any

                                                                                                                                                          Qualifying Real Estate Transaction;

                                                                                                                                                         

                                                                                                                                                        (p)          any

                                                                                                                                                          sale, transfer or other disposition of the operations and assets of a Securitized Company Restaurant
                                                                                                                                                          to a Franchisee which, upon such sale, transfer or other disposition becomes a Securitized Franchised
                                                                                                                                                          Restaurant (a “Refranchising Asset Disposition”);

                                                                                                                                                         

                                                                                                                                                        (q)          any

                                                                                                                                                          dispositions pursuant to the sale or sale-leaseback of Securitized Owned Real Property;

                                                                                                                                                         

                                                                                                                                                        (r)          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; or

                                                                                                                                                         

                                                                                                                                                        (s)          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 (q)
                                                                                                                                                          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;

                                                                                                                                                         

                                                                                                                                                        (t)          it

                                                                                                                                                          being understood that any delivery to the Trustee of any Note, at any time and in any amount, by the
                                                                                                                                                          Manager or any Securitization Entity, together with any cancellation thereof pursuant to Section 2.14,
                                                                                                                                                          shall be deemed to be a Permitted Asset Disposition.

                                                                                                                                                         

                                                                                                                                                        All amounts received by any Securitization Entity
                                                                                                                                                          upon a Permitted Asset Disposition pursuant to clauses (a) – (o) and any amounts of up
                                                                                                                                                          to $5,000,000 in the aggregate during any fiscal year pursuant to clauses (p), (q), (r)
                                                                                                                                                          and (t) of the definition of “Permitted Asset Disposition” shall be treated as Collections and
                                                                                                                                                          not as Asset Disposition Proceeds (collectively, “Asset Disposition Collections”) with respect
                                                                                                                                                          to the Quarterly Collection Period in which such amounts are received.

                                                                                                                                                         

                                                                                                                                                        Notwithstanding the foregoing, the Master Issuer
                                                                                                                                                          may, and may permit any Securitization Entity to, dispose the Equity Interests of any Additional
                                                                                                                                                          Securitization Entity so long as all assets (and any ancillary rights thereto) held by such Additional
                                                                                                                                                          Securitization Entity are permitted to be disposed of pursuant to this Section 8.16.

                                                                                                                                                         

                                                                                                                                                        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 amounts 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.

                                                                                                                                                        
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                                                                                                                                                          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.

                                                                                                                                                           

                                                                                                                                                          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 (i) 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 or (ii) that is a license (other than the IP License Agreements
                                                                                                                                                            or permitted sublicenses thereunder, licenses for Intellectual Property obtained in the ordinary
                                                                                                                                                            course of business) or other contract (other than leases or subleases for real property) or permit,
                                                                                                                                                            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, sublease, license, contract or permit in the manner
                                                                                                                                                            contemplated by the Indenture and the Guarantee and Collateral Agreement (a) would be prohibited by
                                                                                                                                                            the terms of such lease, sublease, license, contract or permit, (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) 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. Unless prohibited by a Series Supplement, the Master Issuer may purchase Notes on
                                                                                                                                                            the open market or accept as a capital contribution from a direct or indirect parent of the Master
                                                                                                                                                            Issuer one or more Notes, and such Notes may be cancelled in accordance with Section 2.14.

                                                                                                                                                           

                                                                                                                                                          Dividends,

                                                                                                                                                              Officers’ Compensation, etc. The Master Issuer willshall not declare
                                                                                                                                                            or pay any distributions on any of its 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.

                                                                                                                                                           

                                                                                                                                                          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 each Rating Agency 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 and
                                                                                                                                                            an Opinion of Counsel confirming (a) 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 (b) such change in location or change in name will not adversely affect
                                                                                                                                                            the Lien under any Mortgage required to be delivered pursuant to Section 8.37 and
                                                                                                                                                            (ii) copies of all such required filings with the filing information duly noted thereon by the
                                                                                                                                                            office in which such filings were made.

                                                                                                                                                          
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                                                                                                                                                            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 Holder 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 and the Back-Up Manager) of any amendment of any
                                                                                                                                                              Charter Document of any Securitization Entity.

                                                                                                                                                             

                                                                                                                                                            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 Securitized Franchisee Note, (c) Investments in any other Securitization
                                                                                                                                                              Entity, (d) loans or advances by the Franchisor or any Additional Securitization Entity to any
                                                                                                                                                              Non-Securitization Entity in accordance with Section 8.24(a)(ii) using funds on deposit in the
                                                                                                                                                              Franchisor Capital Account (unless the Senior Notes Interest Reserve Account is then designated as
                                                                                                                                                              the Franchisor Capital Account and (i) a Senior Notes Interest Reserve Account Deficiency Amount
                                                                                                                                                              would exist immediately after giving effect to such loan or advance or (ii) a Cash Trapping Period
                                                                                                                                                              or Rapid Amortization Period is then in effect or would take effect immediately after giving
                                                                                                                                                              effect to such loan or advance), (e) the transactions described in the proviso to Section
                                                                                                                                                              8.24(a)(vi), (f) guarantees with respect to operating leases and product volumes and (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 (4) Quarterly Collection Periods most recently ended as of such date and for which
                                                                                                                                                              financial statements have been prepared.

                                                                                                                                                             

                                                                                                                                                            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 Business Document, any other document permitted by a Series
                                                                                                                                                              Supplement, Variable Funding Note Purchase Agreement 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.

                                                                                                                                                             

                                                                                                                                                            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 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.

                                                                                                                                                            
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                                                                                                                                                              Maintenance

                                                                                                                                                                  of Separate Existence.  (a)  The Master Issuer shall, and shall cause each other
                                                                                                                                                                Securitization Entity to, except as otherwise contemplated hereunder or under the other Related
                                                                                                                                                                Documents:

                                                                                                                                                               

                                                                                                                                                              (i)          maintain their own deposit and securities accounts, as
                                                                                                                                                                applicable, separate 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 other Securitization Entities), other than as provided in the
                                                                                                                                                                Related Documents;

                                                                                                                                                               

                                                                                                                                                              (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 a 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 arm’s length fair market fee;

                                                                                                                                                              
                                                                                                                                                                85

                                                                                                                                                                
                                                                                                                                                                  

                                                                                                                                                              

                                                                                                                                                              
                                                                                                                                                                (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;

                                                                                                                                                                 

                                                                                                                                                                (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 Holder, 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 White &
                                                                                                                                                                  Case LLP regarding substantive consolidation matters most recently delivered to the Trustee
                                                                                                                                                                  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.

                                                                                                                                                                 

                                                                                                                                                                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 the Franchisor’s rights in and to the applicable
                                                                                                                                                                  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 shall 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 material Securitization IP (now or hereafter
                                                                                                                                                                  existing) 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, the United States Copyright Office or similar
                                                                                                                                                                  offices or agencies in the United States, 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, the United States Copyright Office or any similar office or agency in
                                                                                                                                                                  the United States) regarding the validity of any Securitization Entity’s ownership of any
                                                                                                                                                                  material Securitization IP, its right to register the same, or to keep and maintain the same.

                                                                                                                                                                
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                                                                                                                                                                  (c)          With

                                                                                                                                                                    respect to the Securitization IP, the Master Issuer shall cause the Franchisor, as
                                                                                                                                                                    applicable to: execute, deliver and file, within fifteen (15) Business Days of the Closing
                                                                                                                                                                    Date, to the PTO or the United States Copyright Office, as applicable, instruments
                                                                                                                                                                    substantially in the form attached as Exhibit B-1 hereto with respect to Trademarks,
                                                                                                                                                                    Exhibit B-2 hereto with respect to Patents and Exhibit B-3 hereto with
                                                                                                                                                                    respect to Copyrights, 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,
                                                                                                                                                                    Patents and Copyrights included in the Securitization IP in the United States.

                                                                                                                                                                   

                                                                                                                                                                  (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 Patent,
                                                                                                                                                                    Trademark or Copyright with the PTO, the United States Copyright Office or any successor
                                                                                                                                                                    agency thereto, the Master Issuer shall, or shall cause such Guarantor to, in a reasonable
                                                                                                                                                                    time after such filing or acquisition (and in any event within ninety (90) days), execute,
                                                                                                                                                                    deliver and file, to the PTO or the United States Copyright Office, as applicable,
                                                                                                                                                                    instruments substantially in the form attached as Exhibit C-1 hereto with respect to
                                                                                                                                                                    Trademarks, Exhibit C-2 hereto with respect to Patents and Exhibit C-3
                                                                                                                                                                    hereto with respect to Copyrights, 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, Patents and Copyrights included in the Securitization IP in the United States.

                                                                                                                                                                   

                                                                                                                                                                  (e)          In

                                                                                                                                                                    the event that any Securitization IP is infringed upon, misappropriated or diluted by one or
                                                                                                                                                                    more third parties in a manner that would, individually or in the aggregate, reasonably be
                                                                                                                                                                    expected to result in a Material Adverse Effect, the Master Issuer 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
                                                                                                                                                                    Master Issuer shall cause the Franchisor, as applicable, to take all reasonable and
                                                                                                                                                                    appropriate actions, at the expense of the Franchisor to protect or enforce such
                                                                                                                                                                    Securitization IP, 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 Franchisor by the Manager would not constitute
                                                                                                                                                                    a breach by the Manager of the Management Agreement; provided that if the Franchisor
                                                                                                                                                                    decides not to take any action with respect to an infringement, misappropriation or dilution
                                                                                                                                                                    that would, individually or in the aggregate, reasonably be expected to result in a Material
                                                                                                                                                                    Adverse Effect, the Master Issuer 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 protect or enforce the
                                                                                                                                                                    Securitization IP 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)          With

                                                                                                                                                                      respect to any licenses of third-party Intellectual Property (other than “off-the-shelf”
                                                                                                                                                                      software or “click through” third-party terms that are reasonably expected to be
                                                                                                                                                                      non-negotiable) entered into after the Closing Date by a Securitization Entity (including,
                                                                                                                                                                      for the avoidance of doubt, the Manager acting on behalf of the Securitization Entities,
                                                                                                                                                                      as applicable) that is material to the business of such Securitization Entity, such
                                                                                                                                                                      Securitization Entity shall use commercially reasonable efforts to include terms
                                                                                                                                                                      permitting the grant by such Securitization Entity of a security interest therein to the
                                                                                                                                                                      Trustee for the benefit of the Secured Parties and to allow the Manager (and any Successor
                                                                                                                                                                      Manager) the right to use such Intellectual Property in the performance of its duties
                                                                                                                                                                      under the Management Agreement.

                                                                                                                                                                     

                                                                                                                                                                    1940 Act.  The Master Issuer shall take or omit to take action as necessary
                                                                                                                                                                      in order to ensure the Master Issuer is not an “investment company” as set forth in
                                                                                                                                                                      Section 3(a)(1) of the 1940 Act, as such section may be amended from time to time.

                                                                                                                                                                     

                                                                                                                                                                    Real Property.  The Master Issuer shall not, and shall not permit any other
                                                                                                                                                                      Securitization Entity to, (i) acquire any fee interest in real property unrelated to the
                                                                                                                                                                      ownership and operation of Branded Restaurants or (ii) enter into any lease or invest in
                                                                                                                                                                      real property unrelated to the ownership and operation of Branded Restaurants.

                                                                                                                                                                     

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

                                                                                                                                                                     

                                                                                                                                                                    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.

                                                                                                                                                                     

                                                                                                                                                                    Litigation.  So long as Jack in the Box Inc. is not then subject to
                                                                                                                                                                      Section 13 or 15(d) of the 1934 Act, the Master Issuer shall, on each Quarterly Payment
                                                                                                                                                                      Date, provide a written report to the Servicer, the Manager, the Back-Up Manager and each
                                                                                                                                                                      Rating Agency for each Series of Notes Outstanding that sets forth all outstanding
                                                                                                                                                                      litigation, arbitration or other proceedings against any Non-Securitization Entity that
                                                                                                                                                                      would have been required to be disclosed in Jack in the Box Inc.’ annual reports,
                                                                                                                                                                      quarterly reports and other public filings which Jack in the Box Inc. would have been
                                                                                                                                                                      required to file with the SEC pursuant to Section 13 or 15(d) of the 1934 Act if Jack in
                                                                                                                                                                      the Box Inc. were subject to such Sections.

                                                                                                                                                                     

                                                                                                                                                                    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 each Rating Agency 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 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

                                                                                                                                                                    
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                                                                                                                                                                      (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 Contributed Securitized Owned Real
                                                                                                                                                                        Property owned, subleased, leased or operated by the Master Issuer or any of its
                                                                                                                                                                        Affiliates, or at any other location (including, without limitation, any location to
                                                                                                                                                                        which Materials of Environmental Concern have been sent for re-use or recycling or for
                                                                                                                                                                        treatment, storage or disposal), which would reasonably be expected to (i) give rise to
                                                                                                                                                                        liability of the Master Issuer or any of its Affiliates under any applicable
                                                                                                                                                                        Environmental Law or otherwise result in costs to the Master Issuer or any of its
                                                                                                                                                                        Affiliates, (ii) interfere with the Master Issuer’s or any of its Affiliates’ continued
                                                                                                                                                                        operations or (iii) impair the fair saleable value of any Contributed Securitized Owned
                                                                                                                                                                        Real Property owned by the Master Issuer or any of its Affiliates.

                                                                                                                                                                       

                                                                                                                                                                      Enhancements.  No Enhancement shall be provided in respect of any Series
                                                                                                                                                                        of Notes, nor will any Enhancement Provider have any rights hereunder, as a third-party

                                                                                                                                                                        beneficiary or otherwise, unless the Control Party has provided its prior written
                                                                                                                                                                        consent to such Enhancement, such consent not to be unreasonably withheld.

                                                                                                                                                                       

                                                                                                                                                                      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 a 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 each Rating Agency 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 derivative contract, swap,
                                                                                                                                                                        option, hedging contract, forward purchase contract or other similar agreement or
                                                                                                                                                                        instrument if any such contract, agreement or instrument requires the Master Issuer to
                                                                                                                                                                        expend any financial resources to satisfy any payment obligations owed in connection
                                                                                                                                                                        therewith; provided that the Master Issuer shall deliver a copy of any such
                                                                                                                                                                        prior written consent to each Rating Agency for each Series of Notes Outstanding (with a
                                                                                                                                                                        copy to the Servicer).

                                                                                                                                                                       

                                                                                                                                                                      Additional Securitization Entity.  (a)  The Master Issuer in accordance
                                                                                                                                                                        with and as permitted under the Related Documents, and upon written notice to each
                                                                                                                                                                        Rating Agency, may form or cause to be formed or accept as a capital contribution
                                                                                                                                                                        Additional Securitization Entities without the consent of the Control Party; provided
                                                                                                                                                                        that 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 (including Specified Bankruptcy Opinion Provisions) of
                                                                                                                                                                        the Securitization Entities that are Delaware limited liability companies as in
                                                                                                                                                                        existence on the Closing Date; provided, further, that such Additional
                                                                                                                                                                        Securitization Entity holds Securitized Assets or is being established in order to act
                                                                                                                                                                        as a franchisor with respect to future New Securitized Franchise Agreements or hold such
                                                                                                                                                                        future assets.

                                                                                                                                                                       

                                                                                                                                                                      (b)          If

                                                                                                                                                                        the Master Issuer desires to create, incorporate, form or otherwise organize or accept
                                                                                                                                                                        as a capital contribution an Additional Securitization Entity that does not comply with
                                                                                                                                                                        the requirements of 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 each Rating Agency for each Series of Notes
                                                                                                                                                                        Outstanding (with a copy to the Servicer).

                                                                                                                                                                      
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                                                                                                                                                                        (c)          In

                                                                                                                                                                          connection with the organization of any Additional Securitization Entity in
                                                                                                                                                                          conjunction with clause (a) or (b) above, the Master Issuer may (i)
                                                                                                                                                                          designate such Additional Securitization Entity as a “franchisor” or (ii) elect to
                                                                                                                                                                          apply the provisions hereunder and under the other Related Documents applicable to any
                                                                                                                                                                          then-existing Securitization Entity to such Additional Securitization Entity;

                                                                                                                                                                         

                                                                                                                                                                        (d)          The

                                                                                                                                                                          Master Issuer shall cause each Additional Securitization Entity to promptly execute an
                                                                                                                                                                          assumption agreement in substantially the form set forth as Exhibit A to the Guarantee
                                                                                                                                                                          and Collateral Agreement (an “Assumption Agreement”) pursuant to which such
                                                                                                                                                                          Additional Securitization Entity shall become 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, each Additional Securitization Entity party thereto shall 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.

                                                                                                                                                                         

                                                                                                                                                                        (f)          If

                                                                                                                                                                          the Master Issuer desires to (i) dissolve or wind up an Additional Securitization
                                                                                                                                                                          Entity or (ii) transfer an Additional Securitization Entity to either a Securitization
                                                                                                                                                                          Entity or a Non-Securitization Entity, the Master Issuer shall (x) first, obtain the
                                                                                                                                                                          prior written consent of the Control Party, such consent not to be unreasonably
                                                                                                                                                                          withheld, (y) second, in the case of a dissolution or wind up of an Additional
                                                                                                                                                                          Securitization Entity or a transfer of an Additional Securitization Entity to a
                                                                                                                                                                          Non-Securitization Entity, transfer any Securitized Assets held in such Additional
                                                                                                                                                                          Securitization Entity to a Securitization Entity and (z) third, provide notice of such
                                                                                                                                                                          dissolution, wind up or transfer to each Rating Agency for each Series of Notes
                                                                                                                                                                          Outstanding (with a copy to the Trustee, the Servicer and Back-Up Manager).

                                                                                                                                                                         

                                                                                                                                                                        Subordinated Notes Repayments.  The Master Issuer shall not
                                                                                                                                                                          repay any Subordinated Notes or Senior Subordinated Notes after the Series Anticipated
                                                                                                                                                                          Repayment Date with respect to any Series of Notes Outstanding with amounts obtained
                                                                                                                                                                          by the Master Issuer from the Holding Company Guarantor, Jack in the Box Inc. 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.

                                                                                                                                                                         

                                                                                                                                                                        Tax Lien Reserve Amount.  If the Holding Company Guarantor
                                                                                                                                                                          notifies the Master Issuer that it has received any Tax Lien Reserve Amount, the
                                                                                                                                                                          Master Issuer shall direct the Holding Company Guarantor to remit such amount to the
                                                                                                                                                                          Master Issuer to be held in a collateral deposit 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 Holding Company Guarantor for
                                                                                                                                                                          refund to the Manager or an Affiliate thereof 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 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 the Manager.

                                                                                                                                                                        
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                                                                                                                                                                          Mortgages.          Upon the occurrence of a
                                                                                                                                                                              Mortgage Preparation Event, the Master Issuer shall cause the preparation of fully
                                                                                                                                                                              executed Mortgages for recordation against the Securitized Owned Real Property; provided
                                                                                                                                                                              that the Control Party shall have the right to waive, delay or modify such
                                                                                                                                                                              requirement to prepare fully executed Mortgages without the consent of any other
                                                                                                                                                                              party. Within ninety (90) days of such Mortgage Preparation Event, the Master
                                                                                                                                                                              Issuer shall deliver such Mortgages to the Trustee, to be held for the benefit of
                                                                                                                                                                              the Secured Parties in the event a Mortgage Recordation Event occurs (subject to Section

                                                                                                                                                                                3.01(c)).  Upon the occurrence of a Mortgage Recordation Event, the Trustee
                                                                                                                                                                              shall, at the direction of the Control Party, deliver the Mortgages within twenty
                                                                                                                                                                              (20) Business Days following receipt of the properly executed Mortgages to the
                                                                                                                                                                              applicable recording office for recordation (unless such recordation requirement
                                                                                                                                                                              is waived by the Control Party, acting at the direction of the Controlling Class
                                                                                                                                                                              Representative); provided that the Trustee shall have no obligation to
                                                                                                                                                                              record a Mortgage until the later of (i) twenty (20) Business Days following
                                                                                                                                                                              delivery of a properly executed Mortgage to the Trustee and (ii) the Trustee’s
                                                                                                                                                                              Actual Knowledge of a Rapid Amortization Event. The Trustee may engage a
                                                                                                                                                                              third-party service provider (which shall be reasonably acceptable to the Control
                                                                                                                                                                              Party) to assist in delivering such Mortgages to the applicable Governmental
                                                                                                                                                                              Authority 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, JIB
                                                                                                                                                                              Properties 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 in the absence of any gross
                                                                                                                                                                              negligence, bad faith or willful misconduct on its part 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, JIB Properties’
                                                                                                                                                                              right, title and interest in and to each Securitized Owned Real Property and the
                                                                                                                                                                              Proceeds thereof.  Upon the request of JIB Properties, 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 Securitized 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.

                                                                                                                                                                           

                                                                                                                                                                          Required Balance.   For each Weekly Collection Period,
                                                                                                                                                                            the Master Issuer will specify to the Trustee the Weekly Allocation Percentage.  If
                                                                                                                                                                            less than the Required Balance is on deposit in the Senior Notes Interest Payment
                                                                                                                                                                            Account, the Senior Subordinated Notes Interest Payment Account, the Senior Notes
                                                                                                                                                                            Principal Payment Account, the Senior Subordinated Notes Principal Payment Account,
                                                                                                                                                                            the Subordinated Notes Interest Payment Account, the Subordinated Notes Principal
                                                                                                                                                                            Payment Account and/or the Senior Notes Post-ARD Contingent Interest Account (as
                                                                                                                                                                            applicable) for any Weekly Collection Period within a Quarterly Fiscal Period, the
                                                                                                                                                                            Master Issuer shall direct any Residual Amount on the following Weekly Allocation
                                                                                                                                                                            Date (and each subsequent Weekly Allocation Date as necessary) to be deposited to
                                                                                                                                                                            such Senior Notes Interest Payment Account, Senior Subordinated Notes Interest
                                                                                                                                                                            Payment Account, Senior Notes Principal Payment Account, Senior Subordinated Notes
                                                                                                                                                                            Principal Payment Account, Subordinated Notes Interest Payment Account, Subordinated
                                                                                                                                                                            Notes Principal Payment Account and/or Senior Notes Post-ARD Contingent Interest
                                                                                                                                                                            Account, in that order, until at least the Required Balance for such Weekly
                                                                                                                                                                            Collection Period is on deposit in in the Senior Notes Interest Payment Account, the
                                                                                                                                                                            Senior Subordinated Notes Interest Payment Account, the Senior Notes Principal
                                                                                                                                                                            Payment Account, the Senior Subordinated Notes Principal Payment Account, the
                                                                                                                                                                            Subordinated Notes Interest Payment Account, the Subordinated Notes Principal
                                                                                                                                                                            Payment Account and/or the Senior Notes Post-ARD Contingent Interest Account (as
                                                                                                                                                                            applicable).

                                                                                                                                                                          
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                                                                                                                                                                            Modification of Contributed Assets.   After the Closing
                                                                                                                                                                              Date and on a quarterly basis, if there are any additions or modifications to the
                                                                                                                                                                              Contributed Assets (excluding any lease for which a Securitization Entity becomes
                                                                                                                                                                              the legal assignee and named lessee under such lease) that constitute accounts,
                                                                                                                                                                              chattel paper, instruments or general intangibles under the Delaware UCC, the
                                                                                                                                                                              Master Issuer (or the Manager on its behalf) shall deliver and shall cause each
                                                                                                                                                                              applicable Securitization Entity to deliver to the Trustee an Officer’s
                                                                                                                                                                              Certificate with a revised list of the applicable Contributed Assets.

                                                                                                                                                                             

                                                                                                                                                                            Article

                                                                                                                                                                                IX

                                                                                                                                                                              

                                                                                                                                                                              

                                                                                                                                                                              REMEDIES

                                                                                                                                                                             

                                                                                                                                                                            Rapid Amortization Events.  The Notes shall 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 (b) below will occur
                                                                                                                                                                              automatically without any declaration by the Control Party unless the Control
                                                                                                                                                                              Party and 100% of the Noteholders have agreed to waive such event in accordance
                                                                                                                                                                              with Section 9.07:

                                                                                                                                                                             

                                                                                                                                                                            (a)          the failure to maintain a DSCR of at
                                                                                                                                                                              least 1.20x as calculated on any Quarterly Calculation Date;

                                                                                                                                                                             

                                                                                                                                                                            (b)          the failure to repay or refinance a
                                                                                                                                                                              Series of Notes (or Class or Tranche thereunder) in full by the Series Anticipated
                                                                                                                                                                              Repayment Date relating to such Series of Notes (or Class or Tranche thereunder);
                                                                                                                                                                              provided that, to the extent that the DSCR is greater than 2.00x as of such
                                                                                                                                                                              Series Anticipated Repayment Date, and such Series of Notes (or Class or Tranche
                                                                                                                                                                              thereunder) is repaid or refinanced within one (1) calendar year from such Series
                                                                                                                                                                              Anticipated Repayment Date (such calendar year, the “Post-ARD Rapid
                                                                                                                                                                                Amortization Cure Period”), such Rapid Amortization Event will no longer be
                                                                                                                                                                              in effect following such repayment or refinancing;

                                                                                                                                                                             

                                                                                                                                                                            (c)          the occurrence of a Manager
                                                                                                                                                                              Termination Event;

                                                                                                                                                                             

                                                                                                                                                                            (d)          the occurrence of an Event of
                                                                                                                                                                              Default; or

                                                                                                                                                                             

                                                                                                                                                                            (e)          Systemwide Sales calculated on any
                                                                                                                                                                              Quarterly Payment Date are less than $1.25 billion.

                                                                                                                                                                             

                                                                                                                                                                            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.

                                                                                                                                                                            
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                                                                                                                                                                              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 (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 earlier of the date on which the
                                                                                                                                                                                Trustee receives written notice or an Authorized Officer of the Trustee has
                                                                                                                                                                                Actual Knowledge of such error or omission); provided that failure to
                                                                                                                                                                                pay any contingent interest on any Series of Notes (including, but not limited
                                                                                                                                                                                to, any Post-ARD Contingent Interest on
                                                                                                                                                                                any Quarterly Payment Date (including on any applicable Series Legal Final Maturity Date) in excess of available
                                                                                                                                                                                amounts in accordance with the Priority of Payments will not be an Event of
                                                                                                                                                                                Default;

                                                                                                                                                                               

                                                                                                                                                                              (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 principal payments or allocations due
                                                                                                                                                                                from funds available in the Collection Account in accordance with the Priority
                                                                                                                                                                                of Payments and the Series Supplement for such Series on any Weekly Allocation
                                                                                                                                                                                Date; provided that in the case of a failure to pay or allocate
                                                                                                                                                                                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
                                                                                                                                                                                earlier of the date on which the Trustee receives written notice or an
                                                                                                                                                                                Authorized Officer of the Trustee has Actual Knowledge of such error or
                                                                                                                                                                                omission; provided 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) (including any covenant to pay any amount other
                                                                                                                                                                                than interest on or principal of the Notes when due in accordance with the
                                                                                                                                                                                Priority of Payments), 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, breach or incorrect representation or warranty 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 Agreements, 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 8.78.07,
                                                                                                                                                                                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
                                                                                                                                                                                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;

                                                                                                                                                                              
                                                                                                                                                                                93

                                                                                                                                                                                
                                                                                                                                                                                  

                                                                                                                                                                              

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

                                                                                                                                                                                 

                                                                                                                                                                                (e)          the Interest-Only DSCR as
                                                                                                                                                                                  calculated as of any Quarterly Calculation Date is less than 1.10x;

                                                                                                                                                                                 

                                                                                                                                                                                (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 Securitization Entity or a Non-Securitization 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
                                                                                                                                                                                  Collateral with an aggregate fair market value of less than the greater of
                                                                                                                                                                                  $25,000,000 or 20% of Retained Collections for the preceding four (4)
                                                                                                                                                                                  Quarterly Collection Periods most recently ended and for which financial
                                                                                                                                                                                  statements have been prepared, the Trustee ceases to have for any reason a
                                                                                                                                                                                  valid and perfected first-priority security interest in the Collateral
                                                                                                                                                                                  (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 Securitized
                                                                                                                                                                                  Assets to such Securitization Entity pursuant to the Contribution Agreements
                                                                                                                                                                                  to fail to constitute a “true contribution” or other absolute transfer of such
                                                                                                                                                                                  Securitized Assets 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 Securitized Assets (other than any immaterial Securitized Assets and any
                                                                                                                                                                                  Securitized Assets that have 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
                                                                                                                                                                                  Securitized Assets pursuant to such agreement;

                                                                                                                                                                                
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                                                                                                                                                                                  (k)          one or more outstanding final
                                                                                                                                                                                    non-appealable judgments for the payment of money are rendered against any
                                                                                                                                                                                    Securitization Entity in an aggregate amount exceeding $25,000,000 (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), 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) Jack in the
                                                                                                                                                                                    Box Inc. or any successor thereto to own (directly or indirectly) 100% of
                                                                                                                                                                                    the Equity Interests of the Holding Company Guarantor; (ii) the Holding
                                                                                                                                                                                    Company Guarantor to own 100% of the Equity Interests of the Master Issuer;
                                                                                                                                                                                    (iii) the Master Issuer to own (directly or indirectly) 100% of the Equity
                                                                                                                                                                                    Interests of the Franchisor and JIB Properties; or (iv) the Master Issuer or
                                                                                                                                                                                    any Guarantor to own (directly or indirectly) 100% of the Equity Interests
                                                                                                                                                                                    of any Additional Securitization Entity (except to the extent permitted
                                                                                                                                                                                    under Section 8.16);

                                                                                                                                                                                   

                                                                                                                                                                                  (m)          other than as permitted
                                                                                                                                                                                    hereunder or the other Related Documents, the Securitization Entities
                                                                                                                                                                                    collectively fail to have good title or valid leasehold interest, as
                                                                                                                                                                                    applicable, in or to any material portion of the Securitized Assets; provided,
                                                                                                                                                                                    however, that this clause (m) will only begin to apply to the
                                                                                                                                                                                    Real Estate Assets six (6) months after the Closing Date;

                                                                                                                                                                                   

                                                                                                                                                                                  (n)          any ERISA Event occurs that,
                                                                                                                                                                                    would, individually or in the aggregate, 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) Jack in the Box Inc. or a Subsidiary thereof has
                                                                                                                                                                                    provided evidence that payment to satisfy 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 Jack in the Box
                                                                                                                                                                                    Inc. or a Subsidiary thereof has contributed to the Holding Company
                                                                                                                                                                                    Guarantor the Tax Lien Reserve Amount, which such Tax Lien Reserve Amount is
                                                                                                                                                                                    set aside and remitted to a collateral deposit account as provided in Section

                                                                                                                                                                                      8.36;

                                                                                                                                                                                   

                                                                                                                                                                                  (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 Securitized Company Restaurant Business and the Securitized Franchised
                                                                                                                                                                                    Restaurant 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 Securitized Assets; or

                                                                                                                                                                                   

                                                                                                                                                                                  (q)          on the 90th day following the
                                                                                                                                                                                    occurrence and continuation of an Advance Period;

                                                                                                                                                                                  
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                                                                                                                                                                                    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, shall 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 the Master Issuer
                                                                                                                                                                                      obtains Actual Knowledge that a Default or an Event of Default has
                                                                                                                                                                                      occurred and is continuing, the Master Issuer shall 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 all fees
                                                                                                                                                                                          and amounts due to the Back-Up Manager under the Back-Up Management
                                                                                                                                                                                          Agreement 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 9.07.  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.

                                                                                                                                                                                     

                                                                                                                                                                                    Rights of the Control Party and the
                                                                                                                                                                                        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 shall, to the extent of funds available, upon
                                                                                                                                                                                      demand of the Trustee, at the direction of the Control Party (subject to Section

                                                                                                                                                                                        11.04(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.

                                                                                                                                                                                    
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                                                                                                                                                                                      (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 11.04(e),
                                                                                                                                                                                        at the direction of the Controlling Class Representative) pursuant to a
                                                                                                                                                                                        Control Party request shall take one or more of the following actions:

                                                                                                                                                                                       

                                                                                                                                                                                      (i)          proceed to protect and
                                                                                                                                                                                        enforce its rights and the rights of the 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 or
                                                                                                                                                                                        any Securitization Entity 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, 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 and, to the extent permitted by applicable
                                                                                                                                                                                        law, any other Securitized Assets; provided that the Trustee willshall
                                                                                                                                                                                        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 willshall instead be
                                                                                                                                                                                        acquired in an entity designated and (unless owned by a third party)
                                                                                                                                                                                        controlled by the Control Party; and/or

                                                                                                                                                                                      
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                                                                                                                                                                                        (iv)          sell all or a portion
                                                                                                                                                                                          of the Collateral and, to the extent permitted by applicable law, any
                                                                                                                                                                                          other Securitized Assets, at one or more public or private sales
                                                                                                                                                                                          called and conducted in any manner permitted by law; provided,
                                                                                                                                                                                          however, that the Trustee shall not proceed with any such sale
                                                                                                                                                                                          without the prior written consent of the Control Party (at the
                                                                                                                                                                                          direction of the Controlling Class Representative) and the Trustee
                                                                                                                                                                                          will provide notice to the Master Issuer and each Holder of
                                                                                                                                                                                          Subordinated Notes and Senior Subordinated Notes of a proposed sale of
                                                                                                                                                                                          Collateral or Securitized Assets, to the extent permitted by
                                                                                                                                                                                          applicable law.

                                                                                                                                                                                         

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

                                                                                                                                                                                         

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

                                                                                                                                                                                         

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

                                                                                                                                                                                         

                                                                                                                                                                                        (iii)          all right, title,
                                                                                                                                                                                          interest, claim and demand whatsoever, either at law or in equity or
                                                                                                                                                                                          otherwise, of any 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

                                                                                                                                                                                         

                                                                                                                                                                                        (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.

                                                                                                                                                                                        
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                                                                                                                                                                                          (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 of its rights
                                                                                                                                                                                            under thethis
                                                                                                                                                                                            Base Indenture or under the Guarantee and Collateral Agreement (a)
                                                                                                                                                                                            will be deposited into the Collection Account and, other than with
                                                                                                                                                                                            respect to amounts owed to a depository bank or securities
                                                                                                                                                                                            intermediary under the related Account Control Agreement, will be
                                                                                                                                                                                            held by the Trustee as additional collateral for the repayment of
                                                                                                                                                                                            the Obligations and (b) will be applied first to pay a depository
                                                                                                                                                                                            bank or securities intermediary in respect of amounts owed to it
                                                                                                                                                                                            under the related Account Control Agreement and then as provided in
                                                                                                                                                                                            the priority set forth in the Priority of Payments; provided
                                                                                                                                                                                            that, unless otherwise provided in this Article IX, with respect to
                                                                                                                                                                                            any distribution to any Class of Notes, such amounts will be
                                                                                                                                                                                            distributed sequentially in order of alphabetical (as opposed to
                                                                                                                                                                                            alphanumerical) designation and pro

                                                                                                                                                                                                rata among each Class of Notes of the same
                                                                                                                                                                                            alphabetical designation based upon the Outstanding Principal Amount
                                                                                                                                                                                            of the Notes of each such Class.

                                                                                                                                                                                           

                                                                                                                                                                                          (f)          Additional Remedies. 

                                                                                                                                                                                            In addition to any rights and remedies now or hereafter granted
                                                                                                                                                                                            hereunder or under applicable law (x) with respect to the
                                                                                                                                                                                            Collateral, the Trustee shall have all of the rights and remedies of
                                                                                                                                                                                            a secured party under the UCC as enacted in any applicable
                                                                                                                                                                                            jurisdiction and (y) with respect to the other Securitized Assets,
                                                                                                                                                                                            the Trustee shall have all of the rights and remedies of an
                                                                                                                                                                                            unsecured creditor in any applicable jurisdiction.

                                                                                                                                                                                           

                                                                                                                                                                                          (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, with full power and authority in the
                                                                                                                                                                                            place and stead of the Master Issuer and in the name of the Master
                                                                                                                                                                                            Issuer, upon the occurrence and during the continuance of an Event
                                                                                                                                                                                            of Default, to take any action and to execute any instrument
                                                                                                                                                                                            consistent with the terms of hereof and the other Related Documents
                                                                                                                                                                                            necessary or advisable to accomplish the purposes hereof, including,
                                                                                                                                                                                            without limitation,  to sign any document which may be required by
                                                                                                                                                                                            the PTO, the 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. The foregoing grant of
                                                                                                                                                                                            authority is a power of attorney coupled with an interest. The
                                                                                                                                                                                            Master Issuer hereby ratifies all that such attorney shall lawfully
                                                                                                                                                                                            do or cause to be done by virtue hereof.

                                                                                                                                                                                           

                                                                                                                                                                                          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 Securitized Assets, to the extent permitted by
                                                                                                                                                                                            applicable law or (iii) the putting of the purchaser or purchasers
                                                                                                                                                                                            thereof into possession of such property immediately after the sale
                                                                                                                                                                                            thereof;

                                                                                                                                                                                           

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

                                                                                                                                                                                           

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

                                                                                                                                                                                          
                                                                                                                                                                                            99

                                                                                                                                                                                            
                                                                                                                                                                                              

                                                                                                                                                                                          

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

                                                                                                                                                                                             

                                                                                                                                                                                            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
                                                                                                                                                                                              assets of the Securitization Entities.  Following the proceeds of
                                                                                                                                                                                              such assets 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 9.05, all claims in respect of which
                                                                                                                                                                                              shall be extinguished. The provisions of this Section 9.05
                                                                                                                                                                                              shall survive the expiration or earlier termination of the
                                                                                                                                                                                              Indenture.

                                                                                                                                                                                             

                                                                                                                                                                                            Optional Preservation
                                                                                                                                                                                                of the Securitized Assets.  If the maturity of the
                                                                                                                                                                                              Outstanding Notes of each Series has been accelerated pursuant to
                                                                                                                                                                                              Section 9.02 following an Event of Default and such declaration
                                                                                                                                                                                              and its consequences have not been rescinded and annulled, the
                                                                                                                                                                                              Trustee, at the direction of the Control Party (acting at the
                                                                                                                                                                                              direction of the Controlling Class Representative), shall elect to
                                                                                                                                                                                              maintain possession of such portion, if any, of the Collateral
                                                                                                                                                                                              and/or Securitized Assets (to the extent permitted by applicable
                                                                                                                                                                                              law) as the Control Party (acting at the direction of the
                                                                                                                                                                                              Controlling Class Representative) shall in its discretion
                                                                                                                                                                                              determine.

                                                                                                                                                                                             

                                                                                                                                                                                            Waiver of Past Events. 

                                                                                                                                                                                              Prior to the declaration of the acceleration of the maturity of
                                                                                                                                                                                              each Series of Notes Outstanding as provided in Section 9.02 and
                                                                                                                                                                                              subject to Section 13.02, the Control Party (at the direction of
                                                                                                                                                                                              the Controlling Class Representative) by notice to the Trustee,
                                                                                                                                                                                              each Rating Agency and the Servicer (with a copy to the
                                                                                                                                                                                                  Back-Up Manager), may waive any existing Default or
                                                                                                                                                                                              Event of Default described in any clause of Section 9.02 (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 and the Back-Up Manager). 

                                                                                                                                                                                              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 of Default described in
                                                                                                                                                                                              Section 9.02(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
                                                                                                                                                                                              13.02, the Control Party (at the direction of the Controlling
                                                                                                                                                                                              Class Representative), by notice to the Trustee, each Rating
                                                                                                                                                                                              Agency for each Series of Notes Outstanding and the Servicer (with a copy to the Back-Up Manager), may
                                                                                                                                                                                              waive any existing Potential Rapid Amortization Event or any
                                                                                                                                                                                              existing Rapid Amortization Event; provided however,
                                                                                                                                                                                              that a Rapid Amortization Event described in Section 9.01(b)
                                                                                                                                                                                              relating to a particular Series, Class or Tranche of Notes shall
                                                                                                                                                                                              not be permitted to be waived by any party unless 100% of the
                                                                                                                                                                                              Noteholders have consented to such waiver in writing.]

                                                                                                                                                                                            
                                                                                                                                                                                              100

                                                                                                                                                                                              
                                                                                                                                                                                                

                                                                                                                                                                                            

                                                                                                                                                                                            
                                                                                                                                                                                              Control by the
                                                                                                                                                                                                  Control Party.  Notwithstanding any other provision
                                                                                                                                                                                                hereof, the Control Party (subject to Section 11.04(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, to the extent permitted by applicable law,
                                                                                                                                                                                                other Securitized Assets) or conducting any proceeding in
                                                                                                                                                                                                respect of any enforcement of Liens on the Collateral and other
                                                                                                                                                                                                rights and remedies against the other Securitized Assets (to the
                                                                                                                                                                                                extent permitted by applicable law) or conducting any proceeding
                                                                                                                                                                                                for any contractual or legal remedy available to the Trustee or
                                                                                                                                                                                                exercise any trust or power conferred on the Trustee; provided
                                                                                                                                                                                                that:

                                                                                                                                                                                               

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

                                                                                                                                                                                                    writing (with the consent of the Controlling
                                                                                                                                                                                                Class Representative)); and

                                                                                                                                                                                               

                                                                                                                                                                                              (c)          such
                                                                                                                                                                                                direction shall be in writing;

                                                                                                                                                                                               

                                                                                                                                                                                              provided further
                                                                                                                                                                                                that, subject to Section 10.01, 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.  The Trustee shall take no action referred to in this
                                                                                                                                                                                                Section 9.08 unless instructed to do so by the Control Party (at
                                                                                                                                                                                                the direction of the Controlling Class Representative).

                                                                                                                                                                                               

                                                                                                                                                                                              Limitation on Suits. 

                                                                                                                                                                                                Any other provision of the Indenture to the contrary
                                                                                                                                                                                                notwithstanding, a Holder may pursue a remedy with respect to
                                                                                                                                                                                                the Indenture or any other Related Document only if:

                                                                                                                                                                                               

                                                                                                                                                                                              (a)          the
                                                                                                                                                                                                Holder gives to the Trustee, the Control Party and the
                                                                                                                                                                                                Controlling Class Representative written notice of a continuing
                                                                                                                                                                                                Event of Default;

                                                                                                                                                                                               

                                                                                                                                                                                              (b)          the
                                                                                                                                                                                                Holders of at least 25% of the Aggregate Outstanding Principal
                                                                                                                                                                                                Amount make a written request to the Trustee, the Control Party
                                                                                                                                                                                                and the Controlling Class Representative to pursue the remedy;

                                                                                                                                                                                               

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

                                                                                                                                                                                               

                                                                                                                                                                                              (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 Holder may not use the
                                                                                                                                                                                                Indenture or any other Related Document to prejudice the rights
                                                                                                                                                                                                of another Holder or to obtain a preference or priority over
                                                                                                                                                                                                another Holder.

                                                                                                                                                                                               

                                                                                                                                                                                              Unconditional Rights
                                                                                                                                                                                                  of Holders 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 Series Legal
                                                                                                                                                                                                Final Maturity Date 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.

                                                                                                                                                                                              
                                                                                                                                                                                                101

                                                                                                                                                                                                
                                                                                                                                                                                                  

                                                                                                                                                                                              

                                                                                                                                                                                              
                                                                                                                                                                                                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 Holders 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 Holder 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 Holders 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 10.05.  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 10.05 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 Holders 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 Holder or any other Secured Party any
                                                                                                                                                                                                  plan of reorganization, arrangement, adjustment or composition
                                                                                                                                                                                                  affecting the Obligations or the rights of any Holder or any
                                                                                                                                                                                                  other Secured Party, or to authorize the Trustee to vote in
                                                                                                                                                                                                  respect of the claim of any Holder or any other Secured Party
                                                                                                                                                                                                  in any such proceeding.

                                                                                                                                                                                                 

                                                                                                                                                                                                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 (or
                                                                                                                                                                                                  by the Control Party for any contractual or legal remedy
                                                                                                                                                                                                  available to the Trustee), a suit by a Holder pursuant to
                                                                                                                                                                                                  Section 9.09 or a suit by Holders of more than 10% of the
                                                                                                                                                                                                  Aggregate Outstanding Principal Amount of all Series of Notes.

                                                                                                                                                                                                 

                                                                                                                                                                                                Restoration of
                                                                                                                                                                                                    Rights and Remedies.  If the Trustee, any Holder 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 Holder or other Secured Party, then and
                                                                                                                                                                                                  in every such case the Trustee and the Holders and any such
                                                                                                                                                                                                  other Secured Party shall, subject to any determination in
                                                                                                                                                                                                  such proceeding, be restored severally and respectively to
                                                                                                                                                                                                  their former positions hereunder, and thereafter all rights
                                                                                                                                                                                                  and remedies of the Trustee, the Holders and the other Secured
                                                                                                                                                                                                  Parties shall continue as though no such Proceeding had been
                                                                                                                                                                                                  instituted.

                                                                                                                                                                                                 

                                                                                                                                                                                                Rights and Remedies
                                                                                                                                                                                                    Cumulative.  No right or remedy herein conferred upon or
                                                                                                                                                                                                  reserved to the Trustee or to the Holders 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.

                                                                                                                                                                                                
                                                                                                                                                                                                  102

                                                                                                                                                                                                  
                                                                                                                                                                                                    

                                                                                                                                                                                                

                                                                                                                                                                                                
                                                                                                                                                                                                  Delay or Omission
                                                                                                                                                                                                      Not Waiver.  No delay or omission of the Trustee, the
                                                                                                                                                                                                    Control Party, the Controlling Class Representative, any
                                                                                                                                                                                                    Holder 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 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 or any
                                                                                                                                                                                                    other Secured Party, as the case may be.

                                                                                                                                                                                                   

                                                                                                                                                                                                  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

                                                                                                                                                                                                   

                                                                                                                                                                                                  Duties of the
                                                                                                                                                                                                      Trustee.  (a)  If an Event of Default or Rapid
                                                                                                                                                                                                    Amortization Event actually known to a Trust Officer 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, bad faith
                                                                                                                                                                                                    or willful misconduct except as provided in Section
                                                                                                                                                                                                    10.01(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.

                                                                                                                                                                                                  
                                                                                                                                                                                                    103

                                                                                                                                                                                                    
                                                                                                                                                                                                      

                                                                                                                                                                                                  

                                                                                                                                                                                                  
                                                                                                                                                                                                    (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:

                                                                                                                                                                                                     

                                                                                                                                                                                                    (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, bad faith or willful misconduct, except that:

                                                                                                                                                                                                     

                                                                                                                                                                                                    (i)          This

                                                                                                                                                                                                      clause (c) does not limit the effect of clause (b)
                                                                                                                                                                                                      of this Section 10.01.

                                                                                                                                                                                                     

                                                                                                                                                                                                    (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 grossly
                                                                                                                                                                                                      negligent, acted in bad faith or engaged in willful
                                                                                                                                                                                                      misconduct 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 at the direction of the Manager, the
                                                                                                                                                                                                      Master Issuer, the Control Party and/or a Holder under
                                                                                                                                                                                                      circumstances in which such direction is required or
                                                                                                                                                                                                      permitted by the terms of this Base Indenture or
                                                                                                                                                                                                      applicable law.

                                                                                                                                                                                                     

                                                                                                                                                                                                    (iv)          The

                                                                                                                                                                                                      Trustee shall not be charged with knowledge of any
                                                                                                                                                                                                      Mortgage Preparation Event, 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.

                                                                                                                                                                                                    
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                                                                                                                                                                                                      (d)          Notwithstanding

                                                                                                                                                                                                        anything to the contrary contained in the Indenture or
                                                                                                                                                                                                        any of the other Related Documents, no provision of the
                                                                                                                                                                                                        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 exercises of its rights or powers
                                                                                                                                                                                                        hereunder, if it has reasonable grounds for believing
                                                                                                                                                                                                        that the repayment of such funds or adequate security or
                                                                                                                                                                                                        indemnity 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.

                                                                                                                                                                                                       

                                                                                                                                                                                                      (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 10.03, 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 10.01.

                                                                                                                                                                                                       

                                                                                                                                                                                                      (h)          The
                                                                                                                                                                                                        Trustee shall not be responsible for the existence,
                                                                                                                                                                                                        genuineness or value of any of the Securitized Assets 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 Securitized Assets or any agreement
                                                                                                                                                                                                        or assignment contained therein, for the validity of the
                                                                                                                                                                                                        title of the Securitization Entities to the Securitized Assets, for
                                                                                                                                                                                                        insuring the Securitized
                                                                                                                                                                                                          Assets or for the payment of Taxes, charges,
                                                                                                                                                                                                        assessments or Liens upon the Securitized Assets or
                                                                                                                                                                                                        otherwise as to the maintenance of the Securitized Assets. 
                                                                                                                                                                                                        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 of conducting any proceeding for any
                                                                                                                                                                                                        remedy available to the Trustee, or exercising any trust
                                                                                                                                                                                                        or power conferred upon the Trustee, under the
                                                                                                                                                                                                        Indenture, any other circumstances in which direction is
                                                                                                                                                                                                        required or permitted by the terms of the Indenture or
                                                                                                                                                                                                        applicable law.

                                                                                                                                                                                                      
                                                                                                                                                                                                        105

                                                                                                                                                                                                        
                                                                                                                                                                                                          

                                                                                                                                                                                                      

                                                                                                                                                                                                      
                                                                                                                                                                                                        (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 3.01(c));

                                                                                                                                                                                                          (ii) to see to any insurance, (iii) except as
                                                                                                                                                                                                          otherwise provided by Section 10.01(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.

                                                                                                                                                                                                         

                                                                                                                                                                                                        (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.

                                                                                                                                                                                                         

                                                                                                                                                                                                        (i)          Notwithstanding

                                                                                                                                                                                                          anything to the contrary in this Section 10.01, the
                                                                                                                                                                                                          Trustee shall make Debt Service Advances to the extent
                                                                                                                                                                                                          and in the manner set forth in Section 5.13(a)(iii)
                                                                                                                                                                                                          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. The Trustee
                                                                                                                                                                                                              will not be required to make any Debt Service
                                                                                                                                                                                                              Advance in respect of any Class A-1 Interest
                                                                                                                                                                                                              Adjustment Amount to the extent such Debt Service
                                                                                                                                                                                                              Advance would be duplicative of a Debt Service
                                                                                                                                                                                                              Advance already made with respect to such
                                                                                                                                                                                                              Quarterly Calculation Date. The Trustee may update
                                                                                                                                                                                                              or change its nonrecoverability determination at
                                                                                                                                                                                                              any time, and may decide that a Debt Service
                                                                                                                                                                                                              Advance or Collateral Protection Advance that was
                                                                                                                                                                                                              previously deemed to be a Nonrecoverable Advance
                                                                                                                                                                                                              will have become recoverable or that a Debt
                                                                                                                                                                                                              Service Advance or Collateral Protection Advance
                                                                                                                                                                                                              that was previously made will have become
                                                                                                                                                                                                              nonrecoverable.

                                                                                                                                                                                                         

                                                                                                                                                                                                        (ii)          Notwithstanding

                                                                                                                                                                                                          anything herein to the contrary, no Debt Service
                                                                                                                                                                                                          Advance shall be required to be made hereunder by the
                                                                                                                                                                                                          Trustee if either (i) the

                                                                                                                                                                                                          Trustee determines such Debt Service Advance
                                                                                                                                                                                                          (including interest thereon) would, if made,
                                                                                                                                                                                                          constitute a Nonrecoverable Advance or
                                                                                                                                                                                                              (ii) on and after the Springing Amendments
                                                                                                                                                                                                              Implementation Date, an Advance Suspension Period
                                                                                                                                                                                                              is then in effect, pursuant to the Servicing
                                                                                                                                                                                                              Agreement.  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.  In no event shall the Trustee be required
                                                                                                                                                                                                              to make a Collateral Protection Advance, including
                                                                                                                                                                                                              a Requested Collateral Protection Advance, unless
                                                                                                                                                                                                              (i) the Servicer has determined that such
                                                                                                                                                                                                              Collateral Protection Advance has been approved,
                                                                                                                                                                                                              (ii) the Servicer has subsequently failed to make
                                                                                                                                                                                                              such Collateral Protection Advance, (iii) the
                                                                                                                                                                                                              Trustee has determined that such Collateral
                                                                                                                                                                                                              Protection Advance would not be a Nonrecoverable
                                                                                                                                                                                                              Advance in accordance with this Indenture and (iv)
                                                                                                                                                                                                              on and after the Springing Amendments
                                                                                                                                                                                                              Implementation Date, an Advance Suspension Period
                                                                                                                                                                                                              is in effect. The Trustee is entitled
                                                                                                                                                                                                          to conclusively rely on the determination of the
                                                                                                                                                                                                          Servicer that an Advance is or would be a
                                                                                                                                                                                                          Nonrecoverable Advance, but may also
                                                                                                                                                                                                              make its own determination in its reasonable good
                                                                                                                                                                                                              faith in accordance with this Indenture. 

                                                                                                                                                                                                          Any such determination will be conclusive and binding
                                                                                                                                                                                                          on the Holders.  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 or that a Debt
                                                                                                                                                                                                              Service Advance or Collateral Protection Advance
                                                                                                                                                                                                              that was previously made will have become
                                                                                                                                                                                                              nonrecoverable.  Notwithstanding the
                                                                                                                                                                                                          foregoing, all outstanding Debt Service Advances and
                                                                                                                                                                                                          Collateral Protection Advances made by the 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.

                                                                                                                                                                                                        
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                                                                                                                                                                                                          (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
                                                                                                                                                                                                            10.01(k) shall be calculated on the basis of a
                                                                                                                                                                                                            360-day year of twelve 30-day months (which will be
                                                                                                                                                                                                            compounded monthly) and shall be payable out of
                                                                                                                                                                                                            Collections in accordance with the Priority of
                                                                                                                                                                                                            Payments pursuant to Section 5.12 hereof and the
                                                                                                                                                                                                            other applicable provisions of the Related
                                                                                                                                                                                                            Documents.

                                                                                                                                                                                                           

                                                                                                                                                                                                          Rights

                                                                                                                                                                                                              of the Trustee.  Except as otherwise provided
                                                                                                                                                                                                            by Section 10.01:

                                                                                                                                                                                                           

                                                                                                                                                                                                          (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.

                                                                                                                                                                                                           

                                                                                                                                                                                                          (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 negligence,
                                                                                                                                                                                                            bad faith or willful misconduct 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 gross
                                                                                                                                                                                                            negligence, bad faith or willful misconduct which it
                                                                                                                                                                                                            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 Holders
                                                                                                                                                                                                            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.

                                                                                                                                                                                                          
                                                                                                                                                                                                            107

                                                                                                                                                                                                            
                                                                                                                                                                                                              

                                                                                                                                                                                                          

                                                                                                                                                                                                          
                                                                                                                                                                                                            (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, bad faith
                                                                                                                                                                                                              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 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.

                                                                                                                                                                                                            
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                                                                                                                                                                                                              (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 10.05, 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).

                                                                                                                                                                                                               

                                                                                                                                                                                                              (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.

                                                                                                                                                                                                              
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                                                                                                                                                                                                                (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.

                                                                                                                                                                                                                 

                                                                                                                                                                                                                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.

                                                                                                                                                                                                                 

                                                                                                                                                                                                                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 if a Trust Officer has
                                                                                                                                                                                                                  Actual Knowledge, 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 email, telephone and
                                                                                                                                                                                                                  facsimile and otherwise by first class mail.

                                                                                                                                                                                                                 

                                                                                                                                                                                                                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, bad faith 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.

                                                                                                                                                                                                                
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                                                                                                                                                                                                                  (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,
                                                                                                                                                                                                                    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
                                                                                                                                                                                                                    the Securitized Assets, to the extent
                                                                                                                                                                                                                    permitted by applicable law, or in
                                                                                                                                                                                                                    connection with enforcing the provisions of
                                                                                                                                                                                                                    this Section 10.05(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 10.05 shall
                                                                                                                                                                                                                    survive the termination of the Indenture and
                                                                                                                                                                                                                    the resignation and removal of the Trustee.

                                                                                                                                                                                                                   

                                                                                                                                                                                                                  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
                                                                                                                                                                                                                    10.06.

                                                                                                                                                                                                                   

                                                                                                                                                                                                                  (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 10.08;

                                                                                                                                                                                                                   

                                                                                                                                                                                                                  (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;

                                                                                                                                                                                                                  
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                                                                                                                                                                                                                    (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 Controlling Class Members
                                                                                                                                                                                                                      (with the prior written consent of the
                                                                                                                                                                                                                      Control Party) may appoint a successor
                                                                                                                                                                                                                      Trustee to replace the successor Trustee
                                                                                                                                                                                                                      appointed by the Master Issuer.

                                                                                                                                                                                                                     

                                                                                                                                                                                                                    (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 10.08, 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
                                                                                                                                                                                                                          (with a copy to the Back-Up Manager). 

                                                                                                                                                                                                                      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 10.06, the Master
                                                                                                                                                                                                                      Issuer’s obligations under Section 10.05
                                                                                                                                                                                                                      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.

                                                                                                                                                                                                                     

                                                                                                                                                                                                                    Successor

                                                                                                                                                                                                                        Trustee by Merger, etc. Subject to
                                                                                                                                                                                                                      Section 10.08, 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 10.08.

                                                                                                                                                                                                                     

                                                                                                                                                                                                                    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” by
                                                                                                                                                                                                                      S&P, if it has a rating by S&P, if
                                                                                                                                                                                                                      it has a rating by KBRA, “BBB” by KBRA,
                                                                                                                                                                                                                      and if it does not have a rating by
                                                                                                                                                                                                                      S&P or KBRA, then a rating of at least
                                                                                                                                                                                                                      “BBB” (or an equivalent) by another
                                                                                                                                                                                                                      nationally recognized statistical rating
                                                                                                                                                                                                                      organization.

                                                                                                                                                                                                                    
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                                                                                                                                                                                                                      (b)          At any
                                                                                                                                                                                                                        time the Trustee shall cease to satisfy
                                                                                                                                                                                                                        the eligibility requirements of Section
                                                                                                                                                                                                                        10.08(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
                                                                                                                                                                                                                        10.06.

                                                                                                                                                                                                                       

                                                                                                                                                                                                                      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 Securitized

                                                                                                                                                                                                                          Assets 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 Securitized

                                                                                                                                                                                                                          Assets, 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 other rights in and
                                                                                                                                                                                                                        to the Securitized Assets), or any part
                                                                                                                                                                                                                        thereof, and, subject to the other
                                                                                                                                                                                                                        provisions of this Section 10.09, 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 10.08 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 10.06.  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 (other

                                                                                                                                                                                                                            than Uncertificated Notes) 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 other rights
                                                                                                                                                                                                                        in and to the Securitized Assets) 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

                                                                                                                                                                                                                      
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                                                                                                                                                                                                                        (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 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.

                                                                                                                                                                                                                         

                                                                                                                                                                                                                        Representations and
                                                                                                                                                                                                                            Warranties of Trustee.  The
                                                                                                                                                                                                                          Trustee represents and warrants to the
                                                                                                                                                                                                                          Master Issuer and the Holders 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
                                                                                                                                                                                                                              (other than Uncertificated Notes
                                                                                                                                                                                                                              which shall be registered),
                                                                                                                                                                                                                          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 10.08(a).

                                                                                                                                                                                                                        
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                                                                                                                                                                                                                          Article XI

                                                                                                                                                                                                                            

                                                                                                                                                                                                                            

                                                                                                                                                                                                                            CONTROLLING CLASS REPRESENTATIVE
                                                                                                                                                                                                                              AND CONTROL PARTY

                                                                                                                                                                                                                           

                                                                                                                                                                                                                          Controlling

                                                                                                                                                                                                                              Class Representative.

                                                                                                                                                                                                                           

                                                                                                                                                                                                                          (a)          On

                                                                                                                                                                                                                            the Closing Date and at any time
                                                                                                                                                                                                                            when no Person is serving as the
                                                                                                                                                                                                                            Controlling Class Representative in
                                                                                                                                                                                                                            accordance with this Article XI, (i)
                                                                                                                                                                                                                            the Control Party shall exercise the
                                                                                                                                                                                                                            rights of the Controlling Class
                                                                                                                                                                                                                            Representative in accordance with
                                                                                                                                                                                                                            the Servicing Standard; provided
                                                                                                                                                                                                                            that the Control Party shall have no
                                                                                                                                                                                                                            obligations to interact with any
                                                                                                                                                                                                                            Holders (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.

                                                                                                                                                                                                                           

                                                                                                                                                                                                                          (b)          Within

                                                                                                                                                                                                                            thirtyfive (305) daysBusiness Days
                                                                                                                                                                                                                            after the Closing Date or any other CCR
                                                                                                                                                                                                                            Re-election Event, the Trustee shall
                                                                                                                                                                                                                            send via email to the Class A-1
                                                                                                                                                                                                                            Administrative Agent and via the
                                                                                                                                                                                                                            Applicable Procedures of the
                                                                                                                                                                                                                            Clearing Agency with respect to the
                                                                                                                                                                                                                            Controlling Class Members holding
                                                                                                                                                                                                                            Book-Entry Notes a written notice
                                                                                                                                                                                                                            (with copies to the Manager and the
                                                                                                                                                                                                                            Master Issuer) in the form attached
                                                                                                                                                                                                                            as Exhibit E 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 itself as a CCR
                                                                                                                                                                                                                            Candidate (and will not be permitted
                                                                                                                                                                                                                            to nominate any other Person or
                                                                                                                                                                                                                            entity as a CCR Candidate) by
                                                                                                                                                                                                                            submitting a nomination to the
                                                                                                                                                                                                                            Trustee in the form attached as Exhibit F
                                                                                                                                                                                                                            hereto (a “CCR Nomination”)
                                                                                                                                                                                                                            certifying that, as of a date not
                                                                                                                                                                                                                            more than tenfive (105) Business
                                                                                                                                                                                                                            Days prior to the date of the CCR
                                                                                                                                                                                                                            Election Notice, such Controlling
                                                                                                                                                                                                                            Class Member was the Holder of the
                                                                                                                                                                                                                            Outstanding Principal Amount of
                                                                                                                                                                                                                            Notes of the Controlling Class
                                                                                                                                                                                                                            specified in its CCR Nomination and
                                                                                                                                                                                                                            that it is not a Competitor; provided
                                                                                                                                                                                                                            that for purposes of such nomination
                                                                                                                                                                                                                            and determining the CCR Candidates
                                                                                                                                                                                                                            pursuant to Section 11.01(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.  For any
                                                                                                                                                                                                                            nomination to be valid, the CCR
                                                                                                                                                                                                                            Nomination shall be delivered to the
                                                                                                                                                                                                                            Trustee within thirtyfive (305) calendar

                                                                                                                                                                                                                                daysBusiness Days
                                                                                                                                                                                                                            of the date of the CCR Election
                                                                                                                                                                                                                            Notice (such period, the “CCR
                                                                                                                                                                                                                              Nomination Period”).

                                                                                                                                                                                                                           

                                                                                                                                                                                                                          (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, (i) if no nomination has
                                                                                                                                                                                                                            been received and there is no
                                                                                                                                                                                                                            Controlling Class Representative,
                                                                                                                                                                                                                            the Trustee shall notify the
                                                                                                                                                                                                                            Manager, the Master Issuer, the
                                                                                                                                                                                                                            Servicer, the Back-Up
                                                                                                                                                                                                                                Manager and the
                                                                                                                                                                                                                            Controlling Class Members that no
                                                                                                                                                                                                                            nominations have been received and
                                                                                                                                                                                                                            that no election will occur, (ii) if
                                                                                                                                                                                                                            one or more nominations have been
                                                                                                                                                                                                                            received, the Trustee shall prepare
                                                                                                                                                                                                                            and send to each applicable
                                                                                                                                                                                                                            Controlling Class Member a ballot in
                                                                                                                                                                                                                            the form of Exhibit G
                                                                                                                                                                                                                            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) or (iii) if a
                                                                                                                                                                                                                            Controlling Class Representative
                                                                                                                                                                                                                            currently exists and no CCR
                                                                                                                                                                                                                            Nominations are received prior to
                                                                                                                                                                                                                            the end of the CCR Nomination
                                                                                                                                                                                                                            Period, then the Person serving as
                                                                                                                                                                                                                            the current Controlling Class
                                                                                                                                                                                                                            Representative will be deemed
                                                                                                                                                                                                                            reelected and will remain the
                                                                                                                                                                                                                            Controlling Class Representative. 
                                                                                                                                                                                                                            Each Controlling Class Member may,
                                                                                                                                                                                                                            in its sole discretion, indicate its
                                                                                                                                                                                                                            vote for Controlling Class
                                                                                                                                                                                                                            Representative by returning a
                                                                                                                                                                                                                            completed CCR Ballot directly to the
                                                                                                                                                                                                                            Trustee certifying 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
                                                                                                                                                                                                                              11.01(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. For any vote
                                                                                                                                                                                                                            delivered on a CCR Ballot to be
                                                                                                                                                                                                                            valid, such CCR Ballot must be
                                                                                                                                                                                                                            delivered to the Trustee within thirtyfive (305) calendar

                                                                                                                                                                                                                                daysBusiness Days
                                                                                                                                                                                                                            of the date of such CCR Ballot (such
                                                                                                                                                                                                                            period a “CCR Election Period”).

                                                                                                                                                                                                                          
                                                                                                                                                                                                                            115

                                                                                                                                                                                                                            
                                                                                                                                                                                                                              

                                                                                                                                                                                                                          

                                                                                                                                                                                                                          
                                                                                                                                                                                                                            (d)          If

                                                                                                                                                                                                                              a CCR Candidate receives votes
                                                                                                                                                                                                                              from Controlling Class Members
                                                                                                                                                                                                                              holding interests 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), in each case,
                                                                                                                                                                                                                              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 with respect to
                                                                                                                                                                                                                              which votes were submitted, the
                                                                                                                                                                                                                              Controlling Class Representative
                                                                                                                                                                                                                              shall be the CCR Candidate chosen
                                                                                                                                                                                                                              by the Master Issuer (or the
                                                                                                                                                                                                                              Manager on its behalf pursuant to
                                                                                                                                                                                                                              the Management Agreement).  In the
                                                                                                                                                                                                                              event that there is no current
                                                                                                                                                                                                                              Controlling Class Representative
                                                                                                                                                                                                                              and 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,
                                                                                                                                                                                                                              each Rating Agency and the
                                                                                                                                                                                                                              Controlling Class Members that no
                                                                                                                                                                                                                              Controlling Class Representative
                                                                                                                                                                                                                              has been appointed, and until a
                                                                                                                                                                                                                              CCR Re-election Event occurs and a
                                                                                                                                                                                                                              new Controlling Class
                                                                                                                                                                                                                              Representative is elected then (i)
                                                                                                                                                                                                                              the 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.

                                                                                                                                                                                                                             

                                                                                                                                                                                                                            (e)          In

                                                                                                                                                                                                                              the event that a Controlling Class
                                                                                                                                                                                                                              Representative is elected, deemed
                                                                                                                                                                                                                              elected or chosen pursuant to Section

                                                                                                                                                                                                                                11.01(d) or Section
                                                                                                                                                                                                                                11.01(j), the Trustee shall
                                                                                                                                                                                                                              forward an acceptance letter in
                                                                                                                                                                                                                              the form of Exhibit H
                                                                                                                                                                                                                              attached hereto (a “CCR
                                                                                                                                                                                                                                Acceptance Letter”) to such
                                                                                                                                                                                                                              Controlling Class Representative. 
                                                                                                                                                                                                                              No Person shall be appointed
                                                                                                                                                                                                                              Controlling Class Representative
                                                                                                                                                                                                                              unless such Person delivers to the
                                                                                                                                                                                                                              Trustee an executed CCR Acceptance
                                                                                                                                                                                                                              Letter within fifteenfive (155) Business
                                                                                                                                                                                                                              Days of receipt thereof. In the
                                                                                                                                                                                                                              CCR Acceptance Letter, the Person
                                                                                                                                                                                                                              accepting the role of Controlling
                                                                                                                                                                                                                              Class Representative 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, each Rating
                                                                                                                                                                                                                              Agency and the Controlling Class
                                                                                                                                                                                                                              Members, (iii) represent and
                                                                                                                                                                                                                              warrant that it is a Controlling
                                                                                                                                                                                                                              Class Member and not a Competitor
                                                                                                                                                                                                                              and (iv) in the event that such
                                                                                                                                                                                                                              Person subsequently ceases to be a
                                                                                                                                                                                                                              Controlling Class Member, covenant
                                                                                                                                                                                                                              to provide written notice thereof
                                                                                                                                                                                                                              to the Trustee within one (1)
                                                                                                                                                                                                                              Business Day of ceasing to be a
                                                                                                                                                                                                                              Controlling Class Member.  Within
                                                                                                                                                                                                                              two (2) Business Days of receipt
                                                                                                                                                                                                                              of the executed CCR Acceptance
                                                                                                                                                                                                                              Letter, the Trustee shall promptly
                                                                                                                                                                                                                              forward copies thereof, or provide
                                                                                                                                                                                                                              the new Controlling Class
                                                                                                                                                                                                                              Representative’s identity and
                                                                                                                                                                                                                              contact information to the
                                                                                                                                                                                                                              Manager, the Securitization
                                                                                                                                                                                                                              Entities, the Servicer, the
                                                                                                                                                                                                                              Back-Up Manager, each Rating
                                                                                                                                                                                                                              Agency and the Controlling Class
                                                                                                                                                                                                                              Members.

                                                                                                                                                                                                                            
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                                                                                                                                                                                                                              (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, the Trustee
                                                                                                                                                                                                                                shall deliver to the Noteholder
                                                                                                                                                                                                                                via the Applicable Procedures of
                                                                                                                                                                                                                                the Clearing Agency, the Class
                                                                                                                                                                                                                                A-1 Administrative Agent, the
                                                                                                                                                                                                                                Master Issuer, the Manager, the
                                                                                                                                                                                                                                Back-Up Manager and the Servicer
                                                                                                                                                                                                                                a notice setting forth the name
                                                                                                                                                                                                                                and address 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

                                                                                                                                                                                                                                    email information provided
                                                                                                                                                                                                                                    by the Class A-1
                                                                                                                                                                                                                                    Administrative Agent and the

                                                                                                                                                                                                                                Applicable Procedures of the
                                                                                                                                                                                                                                Clearing Agency for delivery of
                                                                                                                                                                                                                                the CCR Election Notices and CCR
                                                                                                                                                                                                                                Ballots to Holders and
                                                                                                                                                                                                                                beneficial owners of the
                                                                                                                                                                                                                                Controlling Class and (ii) with

                                                                                                                                                                                                                                    respect to all CCR
                                                                                                                                                                                                                                    Re-election Events, 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) and the Back-Up
                                                                                                                                                                                                                                    Manager shall each 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) or the Back-Up
                                                                                                                                                                                                                                    Manager, as the case may be,
                                                                                                                                                                                                                                  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.

                                                                                                                                                                                                                               

                                                                                                                                                                                                                              (j)          If

                                                                                                                                                                                                                                no Controlling Class
                                                                                                                                                                                                                                Representative has been elected,
                                                                                                                                                                                                                                deemed elected or chosen
                                                                                                                                                                                                                                pursuant to Section 11.01(d)
                                                                                                                                                                                                                                or this Section 11.01(j),
                                                                                                                                                                                                                                and a Rapid Amortization Event,
                                                                                                                                                                                                                                a Potential Rapid Amortization
                                                                                                                                                                                                                                Event, a Manager Termination
                                                                                                                                                                                                                                Event, a Potential Manager
                                                                                                                                                                                                                                Termination Event, an Event of
                                                                                                                                                                                                                                Default and/or a Default has
                                                                                                                                                                                                                                occurred and is continuing, the
                                                                                                                                                                                                                                Controlling Class Representative
                                                                                                                                                                                                                                may be appointed by a Majority
                                                                                                                                                                                                                                of Controlling Class Members
                                                                                                                                                                                                                                without complying with the
                                                                                                                                                                                                                                requirements set forth in clauses

                                                                                                                                                                                                                                  (b) through (d) of
                                                                                                                                                                                                                                this Section 11.01 by
                                                                                                                                                                                                                                delivery of an ad hoc ballot to
                                                                                                                                                                                                                                the Trustee and the Control
                                                                                                                                                                                                                                Party, which shall be in the
                                                                                                                                                                                                                                form of Exhibit K
                                                                                                                                                                                                                                attached hereto.

                                                                                                                                                                                                                              
                                                                                                                                                                                                                                117

                                                                                                                                                                                                                                
                                                                                                                                                                                                                                  

                                                                                                                                                                                                                              

                                                                                                                                                                                                                              
                                                                                                                                                                                                                                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 (with a copy of
                                                                                                                                                                                                                                      such resignation provided
                                                                                                                                                                                                                                      to the Back-Up Manager). 

                                                                                                                                                                                                                                  The Controlling Class
                                                                                                                                                                                                                                  Representative will resign
                                                                                                                                                                                                                                  immediately if such
                                                                                                                                                                                                                                  Controlling Class
                                                                                                                                                                                                                                  Representative no longer holds
                                                                                                                                                                                                                                  any Notes of the Controlling
                                                                                                                                                                                                                                  Class.  As of any Record Date,
                                                                                                                                                                                                                                  a 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 (with a copy of
                                                                                                                                                                                                                                      such resignation provided
                                                                                                                                                                                                                                      to the Back-Up Manager). 

                                                                                                                                                                                                                                  No resignation or removal of
                                                                                                                                                                                                                                  the Controlling Class
                                                                                                                                                                                                                                  Representative shall be
                                                                                                                                                                                                                                  effective until a successor
                                                                                                                                                                                                                                  Controlling Class
                                                                                                                                                                                                                                  Representative has been
                                                                                                                                                                                                                                  appointed pursuant to Section
                                                                                                                                                                                                                                  11.01 or until the end of the
                                                                                                                                                                                                                                  CCR Election Period (or, if no
                                                                                                                                                                                                                                  CCR Election Period has
                                                                                                                                                                                                                                  occurred after a CCR
                                                                                                                                                                                                                                  Nomination Period, until the
                                                                                                                                                                                                                                  end of the related CCR
                                                                                                                                                                                                                                  Nomination Period) following
                                                                                                                                                                                                                                  such resignation or removal; provided
                                                                                                                                                                                                                                  that any Controlling Class
                                                                                                                                                                                                                                  Representative that has been
                                                                                                                                                                                                                                  removed pursuant to this
                                                                                                                                                                                                                                  Section 11.02 may subsequently
                                                                                                                                                                                                                                  be nominated as a CCR
                                                                                                                                                                                                                                  Candidate pursuant to Section

                                                                                                                                                                                                                                    11.01 (provided
                                                                                                                                                                                                                                  that such Controlling Class
                                                                                                                                                                                                                                  Representative candidate
                                                                                                                                                                                                                                  satisfies the requirements of
                                                                                                                                                                                                                                  this Base Indenture) and
                                                                                                                                                                                                                                  appointed as Controlling Class
                                                                                                                                                                                                                                  Representative; 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 11.01,
                                                                                                                                                                                                                                  unless such Controlling Class
                                                                                                                                                                                                                                  Representative is elected
                                                                                                                                                                                                                                  during such CCR Election
                                                                                                                                                                                                                                  Period (except that, in the
                                                                                                                                                                                                                                  event of a CCR Re-election
                                                                                                                                                                                                                                  Event or, prior to the
                                                                                                                                                                                                                                      Springing Amendments
                                                                                                                                                                                                                                      Implementation Date,
                                                                                                                                                                                                                                  upon the occurrence of an
                                                                                                                                                                                                                                  Annual Election Date, if no
                                                                                                                                                                                                                                  CCR Nominations are received
                                                                                                                                                                                                                                  prior to the end of the CCR
                                                                                                                                                                                                                                  Nomination Period, the current
                                                                                                                                                                                                                                  Controlling Class
                                                                                                                                                                                                                                  Representative will remain the
                                                                                                                                                                                                                                  Controlling Class
                                                                                                                                                                                                                                  Representative and no further
                                                                                                                                                                                                                                  action will be taken with
                                                                                                                                                                                                                                  respect to such CCR
                                                                                                                                                                                                                                  Re-election Event or, prior to the
                                                                                                                                                                                                                                      Springing Amendments
                                                                                                                                                                                                                                      Implementation Date,
                                                                                                                                                                                                                                  Annual Election Date).  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, the Back-Up
                                                                                                                                                                                                                                      Manager and the
                                                                                                                                                                                                                                  parties to this Base Indenture
                                                                                                                                                                                                                                  of such event. After the
                                                                                                                                                                                                                                      Springing Amendments
                                                                                                                                                                                                                                      Implementation Date, there
                                                                                                                                                                                                                                      will be no Annual Election
                                                                                                                                                                                                                                      Date.

                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                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 2.4
                                                                                                                                                                                                                                  of the Servicing Agreement,
                                                                                                                                                                                                                                  the Control Party willshall
                                                                                                                                                                                                                                  be entitled (but not required)
                                                                                                                                                                                                                                  to exercise the rights of the
                                                                                                                                                                                                                                  Controlling Class
                                                                                                                                                                                                                                  Representative with respect to
                                                                                                                                                                                                                                  such Consent Request other
                                                                                                                                                                                                                                  than with respect to Servicer
                                                                                                                                                                                                                                  Termination Events. . 

                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                Expenses

                                                                                                                                                                                                                                    and Liabilities of the
                                                                                                                                                                                                                                    Controlling Class
                                                                                                                                                                                                                                    Representative.  (a) 
                                                                                                                                                                                                                                  The Controlling Class
                                                                                                                                                                                                                                  Representative shall have no
                                                                                                                                                                                                                                  liability to the Holders 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 gross
                                                                                                                                                                                                                                  negligence, bad faith or
                                                                                                                                                                                                                                  willful misconduct committed
                                                                                                                                                                                                                                  with respect to its
                                                                                                                                                                                                                                  obligations or duties under
                                                                                                                                                                                                                                  the Indenture.  Each Holder
                                                                                                                                                                                                                                  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 Holders,
                                                                                                                                                                                                                                  (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 Holders 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 Holders of one or
                                                                                                                                                                                                                                  more other Classes of Notes,
                                                                                                                                                                                                                                  or that favor its own
                                                                                                                                                                                                                                  interests over those of other
                                                                                                                                                                                                                                  Holders 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
                                                                                                                                                                                                                                  Holder 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.

                                                                                                                                                                                                                                
                                                                                                                                                                                                                                  118

                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                

                                                                                                                                                                                                                                
                                                                                                                                                                                                                                  (b)          Any

                                                                                                                                                                                                                                    and all expenses of the
                                                                                                                                                                                                                                    Controlling Class
                                                                                                                                                                                                                                    Representative for acting in
                                                                                                                                                                                                                                    its capacity as Controlling
                                                                                                                                                                                                                                    Class Representative shall
                                                                                                                                                                                                                                    constitute Securitization
                                                                                                                                                                                                                                    Operating Expenses and shall
                                                                                                                                                                                                                                    be paid to the extent funds
                                                                                                                                                                                                                                    are available therefor in
                                                                                                                                                                                                                                    accordance with clauses
                                                                                                                                                                                                                                      (v) and (xvi)
                                                                                                                                                                                                                                    of the Priority of
                                                                                                                                                                                                                                    Payments.  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 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.

                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                  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, Consent Requests
                                                                                                                                                                                                                                    that do not require the
                                                                                                                                                                                                                                    consent of any Noteholder or
                                                                                                                                                                                                                                    the Controlling Class
                                                                                                                                                                                                                                    Representative.

                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                  (b)          For

                                                                                                                                                                                                                                    any Consent Request that
                                                                                                                                                                                                                                    requires, pursuant to the
                                                                                                                                                                                                                                    terms of the Indenture or
                                                                                                                                                                                                                                    any other Related Document,
                                                                                                                                                                                                                                    the consent or direction of
                                                                                                                                                                                                                                    the Controlling Class
                                                                                                                                                                                                                                    Representative, or the
                                                                                                                                                                                                                                    consent of the affected
                                                                                                                                                                                                                                    Noteholders or 100% of the
                                                                                                                                                                                                                                    Noteholders, the Control
                                                                                                                                                                                                                                    Party and the Trustee shall
                                                                                                                                                                                                                                    follow the procedures set
                                                                                                                                                                                                                                    forth in Section 2.4
                                                                                                                                                                                                                                    of the Servicing Agreement.

                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                  (c)          [Reserved].

                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                  (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 Servicer
                                                                                                                                                                                                                                        (including in its role
                                                                                                                                                                                                                                        as 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 or the
                                                                                                                                                                                                                                        Servicer, the
                                                                                                                                                                                                                                    Control Party’s or the
                                                                                                                                                                                                                                        Servicer’s obligation

                                                                                                                                                                                                                                    to act in accordance with
                                                                                                                                                                                                                                    the Servicing Standard,
                                                                                                                                                                                                                                    (ii) expose the Control
                                                                                                                                                                                                                                    Party, the
                                                                                                                                                                                                                                        Servicer 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 Servicer’s
                                                                                                                                                                                                                                        or the Control

                                                                                                                                                                                                                                    Party’s responsibilities
                                                                                                                                                                                                                                    under the Servicing
                                                                                                                                                                                                                                    Agreement or any other
                                                                                                                                                                                                                                        Related Document or the

                                                                                                                                                                                                                                    Trustee’s responsibilities
                                                                                                                                                                                                                                    under this Indenture, the
                                                                                                                                                                                                                                    Notes and the other Related
                                                                                                                                                                                                                                    Documents.  The Trustee and
                                                                                                                                                                                                                                    the Control Party will not
                                                                                                                                                                                                                                    be required to follow any
                                                                                                                                                                                                                                    such advice, direction, or
                                                                                                                                                                                                                                    objection. 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
                                                                                                                                                                                                                                    Securitized Assets
                                                                                                                                                                                                                                    (including by way of
                                                                                                                                                                                                                                    foreclosure on the Equity
                                                                                                                                                                                                                                    Interests of the Master
                                                                                                                                                                                                                                    Issuer) if any Advance by
                                                                                                                                                                                                                                    the Servicer has been
                                                                                                                                                                                                                                    outstanding for twelve (12)
                                                                                                                                                                                                                                    months (or longer) 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).

                                                                                                                                                                                                                                  
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                                                                                                                                                                                                                                    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
                                                                                                                                                                                                                                          TrusteeNote
                                                                                                                                                                                                                                          Register.

                                                                                                                                                                                                                                     

                                                                                                                                                                                                                                    (b)          Noteholders

                                                                                                                                                                                                                                      under any Variable Funding
                                                                                                                                                                                                                                      Note Purchase Agreement (“VFN

                                                                                                                                                                                                                                        Noteholders”) having
                                                                                                                                                                                                                                      interests of not less than
                                                                                                                                                                                                                                      25% of the aggregate
                                                                                                                                                                                                                                      principal amount of the
                                                                                                                                                                                                                                      Class A-1 Notes (including
                                                                                                                                                                                                                                      any unfunded commitments
                                                                                                                                                                                                                                      of any VFN Noteholder
                                                                                                                                                                                                                                      under any Variable Funding
                                                                                                                                                                                                                                      Note Purchase Agreement)
                                                                                                                                                                                                                                      or Note Owners of Notes
                                                                                                                                                                                                                                      other than the Class A-1
                                                                                                                                                                                                                                      Notes having beneficial
                                                                                                                                                                                                                                      interests of not less than
                                                                                                                                                                                                                                      10% of the aggregate
                                                                                                                                                                                                                                      principal amount of Notes
                                                                                                                                                                                                                                      that wish to communicate
                                                                                                                                                                                                                                      with the other Note Owners
                                                                                                                                                                                                                                      and VFN Noteholders 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, and to
                                                                                                                                                                                                                                      the VFN Noteholders
                                                                                                                                                                                                                                      through the applicable Class A‐1

                                                                                                                                                                                                                                        Administrative Agent,
                                                                                                                                                                                                                                      with respect to all Series
                                                                                                                                                                                                                                      of Notes Outstanding.  If
                                                                                                                                                                                                                                      such request states that
                                                                                                                                                                                                                                      such Note Owners or VFN
                                                                                                                                                                                                                                      Noteholders desire to
                                                                                                                                                                                                                                      communicate with other
                                                                                                                                                                                                                                      Note Owners and VFN
                                                                                                                                                                                                                                      Noteholders with respect
                                                                                                                                                                                                                                      to their rights under the
                                                                                                                                                                                                                                      Indenture or under the
                                                                                                                                                                                                                                      Notes and is accompanied
                                                                                                                                                                                                                                      by (i) a certificate
                                                                                                                                                                                                                                      substantially in the form
                                                                                                                                                                                                                                      of Exhibit I
                                                                                                                                                                                                                                      certifying that such VFN
                                                                                                                                                                                                                                      Noteholders hold interests
                                                                                                                                                                                                                                      of not less than 25% of
                                                                                                                                                                                                                                      the aggregate principal
                                                                                                                                                                                                                                      amount of the Class A-1
                                                                                                                                                                                                                                      Notes (including any
                                                                                                                                                                                                                                      unfunded commitments of
                                                                                                                                                                                                                                      such VFN Noteholders under
                                                                                                                                                                                                                                      any Variable Funding Note
                                                                                                                                                                                                                                      Purchase Agreement) or
                                                                                                                                                                                                                                      that such Note Owners of
                                                                                                                                                                                                                                      Notes other than the Class
                                                                                                                                                                                                                                      A-1 Notes hold beneficial
                                                                                                                                                                                                                                      interests of not less than
                                                                                                                                                                                                                                      10% of the aggregate
                                                                                                                                                                                                                                      principal amount of Notes
                                                                                                                                                                                                                                      (each, a “Note Owner
                                                                                                                                                                                                                                        Certificate”) (upon
                                                                                                                                                                                                                                      which the Trustee may
                                                                                                                                                                                                                                      conclusively rely) and
                                                                                                                                                                                                                                      (ii) a copy of the
                                                                                                                                                                                                                                      communication which such
                                                                                                                                                                                                                                      Note Owners or VFN
                                                                                                                                                                                                                                      Noteholders propose to
                                                                                                                                                                                                                                      transmit, then the
                                                                                                                                                                                                                                      Trustee, after having been
                                                                                                                                                                                                                                      adequately indemnified by
                                                                                                                                                                                                                                      such Note Owners or VFN
                                                                                                                                                                                                                                      Noteholders, as
                                                                                                                                                                                                                                      applicable, for its costs
                                                                                                                                                                                                                                      and expenses, shall
                                                                                                                                                                                                                                      transmit the requested
                                                                                                                                                                                                                                      communication to all other
                                                                                                                                                                                                                                      Note Owners through the
                                                                                                                                                                                                                                      Applicable Procedures of
                                                                                                                                                                                                                                      each Clearing Agency and
                                                                                                                                                                                                                                      to all other VFN
                                                                                                                                                                                                                                      Noteholders through the
                                                                                                                                                                                                                                      applicable Class A-1
                                                                                                                                                                                                                                      Administrative Agent, 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.

                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                      120

                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                      Article XII

                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                        DISCHARGE OF
                                                                                                                                                                                                                                          INDENTURE

                                                                                                                                                                                                                                       

                                                                                                                                                                                                                                      Termination

                                                                                                                                                                                                                                          of the Master Issuer’s
                                                                                                                                                                                                                                          and Guarantors’
                                                                                                                                                                                                                                          Obligations.

                                                                                                                                                                                                                                       

                                                                                                                                                                                                                                      (a)          Satisfaction

                                                                                                                                                                                                                                          and Discharge. 
                                                                                                                                                                                                                                        The Indenture and the
                                                                                                                                                                                                                                        Guarantee and Collateral
                                                                                                                                                                                                                                        Agreement shall be
                                                                                                                                                                                                                                        discharged and cease to
                                                                                                                                                                                                                                        be of further effect
                                                                                                                                                                                                                                        when all Outstanding
                                                                                                                                                                                                                                        Notes theretofore
                                                                                                                                                                                                                                        authenticated and issued
                                                                                                                                                                                                                                        (or
                                                                                                                                                                                                                                            registered in the
                                                                                                                                                                                                                                            case of
                                                                                                                                                                                                                                            Uncertificated
                                                                                                                                                                                                                                            Notes) (other

                                                                                                                                                                                                                                        than destroyed, lost or
                                                                                                                                                                                                                                        stolen Notes that have
                                                                                                                                                                                                                                        been replaced or repaid)
                                                                                                                                                                                                                                        have been delivered to
                                                                                                                                                                                                                                        the Trustee for
                                                                                                                                                                                                                                        cancellation (or
                                                                                                                                                                                                                                            de-registration),
                                                                                                                                                                                                                                        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 10.05 and the
                                                                                                                                                                                                                                        Guarantors’ guaranty
                                                                                                                                                                                                                                        thereof, (ii) the
                                                                                                                                                                                                                                        Trustee’s and the Paying
                                                                                                                                                                                                                                        Agent’s obligations
                                                                                                                                                                                                                                        under Section 12.02 and
                                                                                                                                                                                                                                        Section 12.03 and
                                                                                                                                                                                                                                        (iii) the Noteholders’
                                                                                                                                                                                                                                        and the Trustee’s
                                                                                                                                                                                                                                        obligations under
                                                                                                                                                                                                                                        Section 14.03 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 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, the
                                                                                                                                                                                                                                            Back-Up Management
                                                                                                                                                                                                                                            Agreement and
                                                                                                                                                                                                                                        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, each
                                                                                                                                                                                                                                        Rating Agency 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;

                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                        121

                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                        (iv)          the

                                                                                                                                                                                                                                          Master Issuer delivers
                                                                                                                                                                                                                                          notice of such deposit
                                                                                                                                                                                                                                          to the Control Party,
                                                                                                                                                                                                                                          the Manager, the
                                                                                                                                                                                                                                          Back-Up Manager and
                                                                                                                                                                                                                                          each Rating Agency, 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 10.05, and the
                                                                                                                                                                                                                                          Guarantor’s guaranty
                                                                                                                                                                                                                                          thereof, (ii) the
                                                                                                                                                                                                                                          Trustee’s and the
                                                                                                                                                                                                                                          Paying Agent’s
                                                                                                                                                                                                                                          obligations under
                                                                                                                                                                                                                                          Section 12.02 and
                                                                                                                                                                                                                                          Section 12.03,
                                                                                                                                                                                                                                          (iii) the Noteholders’
                                                                                                                                                                                                                                          and the Trustee’s
                                                                                                                                                                                                                                          obligations under
                                                                                                                                                                                                                                          Section 14.13,
                                                                                                                                                                                                                                          (iv) this Section
                                                                                                                                                                                                                                          12.01(b) and (v) the
                                                                                                                                                                                                                                          Noteholders’ rights to
                                                                                                                                                                                                                                          registration of
                                                                                                                                                                                                                                          transfer and exchange
                                                                                                                                                                                                                                          under Section 2.08 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
                                                                                                                                                                                                                                          Series or in
                                                                                                                                                                                                                                          connection with the
                                                                                                                                                                                                                                          Series Legal Final
                                                                                                                                                                                                                                          Maturity Date of such
                                                                                                                                                                                                                                          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 (the “Defeased

                                                                                                                                                                                                                                            Series”) 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:

                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                        (A)          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
                                                                                                                                                                                                                                            for the Defeased
                                                                                                                                                                                                                                            Series, 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 thethis
                                                                                                                                                                                                                                            Base Indenture, each
                                                                                                                                                                                                                                            other Related
                                                                                                                                                                                                                                            Document and each
                                                                                                                                                                                                                                            Series Hedge
                                                                                                                                                                                                                                            Agreement with
                                                                                                                                                                                                                                            respect to such
                                                                                                                                                                                                                                            Defeased Series;

                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                          122

                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                          (B)          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

                                                                                                                                                                                                                                           

                                                                                                                                                                                                                                          (C)          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 are
                                                                                                                                                                                                                                            terminated on or
                                                                                                                                                                                                                                            before the Series
                                                                                                                                                                                                                                            Defeasance Date;

                                                                                                                                                                                                                                           

                                                                                                                                                                                                                                          (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
                                                                                                                                                                                                                                            each Rating Agency
                                                                                                                                                                                                                                            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, Class A-1
                                                                                                                                                                                                                                            Notes 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;

                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                            123

                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                            (vi)          the

                                                                                                                                                                                                                                              Master Issuer
                                                                                                                                                                                                                                              delivers notice of
                                                                                                                                                                                                                                              such deposit to
                                                                                                                                                                                                                                              the Control Party,
                                                                                                                                                                                                                                              the Manager, the
                                                                                                                                                                                                                                              Back-Up Manager
                                                                                                                                                                                                                                              and each Rating
                                                                                                                                                                                                                                              Agency 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
                                                                                                                                                                                                                                              other than those
                                                                                                                                                                                                                                              conditions
                                                                                                                                                                                                                                              precedent which
                                                                                                                                                                                                                                              individually or in
                                                                                                                                                                                                                                              the aggregate do
                                                                                                                                                                                                                                              not adversely
                                                                                                                                                                                                                                              affect any Secured
                                                                                                                                                                                                                                              Party.

                                                                                                                                                                                                                                             

                                                                                                                                                                                                                                            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 12.02 and
                                                                                                                                                                                                                                              Section 12.03,
                                                                                                                                                                                                                                              (2) the Holders’
                                                                                                                                                                                                                                              and the Trustee’s
                                                                                                                                                                                                                                              obligations under
                                                                                                                                                                                                                                              Section 14.13 and
                                                                                                                                                                                                                                              (3) the
                                                                                                                                                                                                                                              Noteholders’
                                                                                                                                                                                                                                              rights to
                                                                                                                                                                                                                                              registration of
                                                                                                                                                                                                                                              transfer and
                                                                                                                                                                                                                                              exchange under
                                                                                                                                                                                                                                              Section 2.08 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
                                                                                                                                                                                                                                              12.01(a) have been
                                                                                                                                                                                                                                              met, or after the
                                                                                                                                                                                                                                              irrevocable
                                                                                                                                                                                                                                              deposit is made
                                                                                                                                                                                                                                              pursuant to
                                                                                                                                                                                                                                              Section 12.01(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 Securitized

                                                                                                                                                                                                                                                Assets
                                                                                                                                                                                                                                              and documents then
                                                                                                                                                                                                                                              in the custody or
                                                                                                                                                                                                                                              possession of the
                                                                                                                                                                                                                                              Trustee promptly
                                                                                                                                                                                                                                              to the applicable
                                                                                                                                                                                                                                              Securitization
                                                                                                                                                                                                                                              Entities.

                                                                                                                                                                                                                                             

                                                                                                                                                                                                                                            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 12.01. 
                                                                                                                                                                                                                                              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 12.02
                                                                                                                                                                                                                                              shall survive the
                                                                                                                                                                                                                                              expiration or
                                                                                                                                                                                                                                              earlier
                                                                                                                                                                                                                                              termination of the
                                                                                                                                                                                                                                              Indenture.

                                                                                                                                                                                                                                             

                                                                                                                                                                                                                                            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 Section 2.10
                                                                                                                                                                                                                                              and Section 2.14,
                                                                                                                                                                                                                                              return any
                                                                                                                                                                                                                                              cancelled Notes
                                                                                                                                                                                                                                              held by them at
                                                                                                                                                                                                                                              any time.

                                                                                                                                                                                                                                             

                                                                                                                                                                                                                                            (b)          Subject

                                                                                                                                                                                                                                              to Section
                                                                                                                                                                                                                                              2.06(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 12.03
                                                                                                                                                                                                                                              shall survive the
                                                                                                                                                                                                                                              expiration or
                                                                                                                                                                                                                                              earlier
                                                                                                                                                                                                                                              termination of the
                                                                                                                                                                                                                                              Indenture.

                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                              124

                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                              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 Holders or
                                                                                                                                                                                                                                                other Secured
                                                                                                                                                                                                                                                Parties who
                                                                                                                                                                                                                                                received such
                                                                                                                                                                                                                                                funds or
                                                                                                                                                                                                                                                property from
                                                                                                                                                                                                                                                the Trustee to
                                                                                                                                                                                                                                                receive such
                                                                                                                                                                                                                                                payment in
                                                                                                                                                                                                                                                respect of the
                                                                                                                                                                                                                                                Notes. The
                                                                                                                                                                                                                                                provisions of
                                                                                                                                                                                                                                                this Section
                                                                                                                                                                                                                                                  12.04
                                                                                                                                                                                                                                                shall survive
                                                                                                                                                                                                                                                the expiration
                                                                                                                                                                                                                                                or earlier
                                                                                                                                                                                                                                                termination of
                                                                                                                                                                                                                                                the Indenture.

                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                              Article

                                                                                                                                                                                                                                                  XIII

                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                AMENDMENTS

                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                              Without

                                                                                                                                                                                                                                                  Consent of the
                                                                                                                                                                                                                                                  Control Party,
                                                                                                                                                                                                                                                  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 or
                                                                                                                                                                                                                                                waivers to
                                                                                                                                                                                                                                                either this Base
                                                                                                                                                                                                                                                Indenture or any
                                                                                                                                                                                                                                                Series
                                                                                                                                                                                                                                                Supplement, in
                                                                                                                                                                                                                                                form
                                                                                                                                                                                                                                                satisfactory to
                                                                                                                                                                                                                                                the Trustee, for
                                                                                                                                                                                                                                                any of the
                                                                                                                                                                                                                                                following
                                                                                                                                                                                                                                                purposes:

                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                              (i)          to

                                                                                                                                                                                                                                                create a new
                                                                                                                                                                                                                                                Series of Notes
                                                                                                                                                                                                                                                (except that the
                                                                                                                                                                                                                                                consent of the
                                                                                                                                                                                                                                                Control Party is
                                                                                                                                                                                                                                                necessary to the
                                                                                                                                                                                                                                                extent required
                                                                                                                                                                                                                                                by Section
                                                                                                                                                                                                                                                2.02);

                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                              (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
                                                                                                                                                                                                                                                13.01(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 or in any
                                                                                                                                                                                                                                                Series
                                                                                                                                                                                                                                                Supplement which
                                                                                                                                                                                                                                                may be
                                                                                                                                                                                                                                                inconsistent
                                                                                                                                                                                                                                                with any other
                                                                                                                                                                                                                                                provision herein
                                                                                                                                                                                                                                                or therein or
                                                                                                                                                                                                                                                with any related
                                                                                                                                                                                                                                                offering
                                                                                                                                                                                                                                                memorandum in
                                                                                                                                                                                                                                                the case of a
                                                                                                                                                                                                                                                Series
                                                                                                                                                                                                                                                Supplement and
                                                                                                                                                                                                                                                each related
                                                                                                                                                                                                                                                offering
                                                                                                                                                                                                                                                memorandum in
                                                                                                                                                                                                                                                the case of this
                                                                                                                                                                                                                                                Base Indenture;

                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                              (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);

                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                125

                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                (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
                                                                                                                                                                                                                                                  as shall be
                                                                                                                                                                                                                                                  necessary to
                                                                                                                                                                                                                                                  provide for or
                                                                                                                                                                                                                                                  facilitate the
                                                                                                                                                                                                                                                  administration
                                                                                                                                                                                                                                                  of the trusts
                                                                                                                                                                                                                                                  hereunder or
                                                                                                                                                                                                                                                  thereunder by
                                                                                                                                                                                                                                                  more than one
                                                                                                                                                                                                                                                  Trustee;

                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                (vii)          to

                                                                                                                                                                                                                                                  comply with
                                                                                                                                                                                                                                                  Requirements
                                                                                                                                                                                                                                                  of Law (as
                                                                                                                                                                                                                                                  evidenced by
                                                                                                                                                                                                                                                  an Opinion of
                                                                                                                                                                                                                                                  Counsel);

                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                (viii)          to

                                                                                                                                                                                                                                                  facilitate the
                                                                                                                                                                                                                                                  transfer of
                                                                                                                                                                                                                                                  Notes in
                                                                                                                                                                                                                                                  accordance
                                                                                                                                                                                                                                                  with
                                                                                                                                                                                                                                                  applicable
                                                                                                                                                                                                                                                  Requirements
                                                                                                                                                                                                                                                  of Law (as
                                                                                                                                                                                                                                                  evidenced by
                                                                                                                                                                                                                                                  an Opinion of
                                                                                                                                                                                                                                                  Counsel);

                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                (ix)          to

                                                                                                                                                                                                                                                  take any
                                                                                                                                                                                                                                                  action
                                                                                                                                                                                                                                                  necessary or
                                                                                                                                                                                                                                                  helpful to
                                                                                                                                                                                                                                                  avoid the
                                                                                                                                                                                                                                                  imposition,
                                                                                                                                                                                                                                                  under and in
                                                                                                                                                                                                                                                  accordance
                                                                                                                                                                                                                                                  with
                                                                                                                                                                                                                                                  applicable
                                                                                                                                                                                                                                                  law, of any
                                                                                                                                                                                                                                                  Tax, including
                                                                                                                                                                                                                                                  withholding
                                                                                                                                                                                                                                                  Tax;

                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                (x)          to

                                                                                                                                                                                                                                                  take any
                                                                                                                                                                                                                                                  action
                                                                                                                                                                                                                                                  necessary and
                                                                                                                                                                                                                                                  appropriate to
                                                                                                                                                                                                                                                  facilitate the
                                                                                                                                                                                                                                                  origination of
                                                                                                                                                                                                                                                  Collateral
                                                                                                                                                                                                                                                  Business
                                                                                                                                                                                                                                                  Documents or
                                                                                                                                                                                                                                                  the management
                                                                                                                                                                                                                                                  and
                                                                                                                                                                                                                                                  preservation
                                                                                                                                                                                                                                                  of the
                                                                                                                                                                                                                                                  Collateral
                                                                                                                                                                                                                                                  Business
                                                                                                                                                                                                                                                  Documents, in
                                                                                                                                                                                                                                                  each case, in
                                                                                                                                                                                                                                                  accordance
                                                                                                                                                                                                                                                  with the
                                                                                                                                                                                                                                                  Managing
                                                                                                                                                                                                                                                  Standard;

                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                (xi)          to

                                                                                                                                                                                                                                                  allow any
                                                                                                                                                                                                                                                  additional
                                                                                                                                                                                                                                                  assets (and
                                                                                                                                                                                                                                                  related cash
                                                                                                                                                                                                                                                  flows thereon)
                                                                                                                                                                                                                                                  similar to the
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Assets
                                                                                                                                                                                                                                                  (including any
                                                                                                                                                                                                                                                  assets used in
                                                                                                                                                                                                                                                  connection
                                                                                                                                                                                                                                                  with the
                                                                                                                                                                                                                                                  future
                                                                                                                                                                                                                                                  operation of
                                                                                                                                                                                                                                                  Branded
                                                                                                                                                                                                                                                  Restaurants or
                                                                                                                                                                                                                                                  franchises
                                                                                                                                                                                                                                                  internationally
                                                                                                                                                                                                                                                  (including
                                                                                                                                                                                                                                                  international
                                                                                                                                                                                                                                                  Intellectual
                                                                                                                                                                                                                                                  Property)),
                                                                                                                                                                                                                                                  Real Estate
                                                                                                                                                                                                                                                  Assets,
                                                                                                                                                                                                                                                  Franchise
                                                                                                                                                                                                                                                  Agreements and
                                                                                                                                                                                                                                                  Development
                                                                                                                                                                                                                                                  Agreements to
                                                                                                                                                                                                                                                  be contributed
                                                                                                                                                                                                                                                  to, or
                                                                                                                                                                                                                                                  acquired by,
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entities;

                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                (xii)          to

                                                                                                                                                                                                                                                  allow any real
                                                                                                                                                                                                                                                  property,
                                                                                                                                                                                                                                                  lease,
                                                                                                                                                                                                                                                  franchise
                                                                                                                                                                                                                                                  agreement,
                                                                                                                                                                                                                                                  development
                                                                                                                                                                                                                                                  agreement,
                                                                                                                                                                                                                                                  equipment or
                                                                                                                                                                                                                                                  other assets
                                                                                                                                                                                                                                                  related to the
                                                                                                                                                                                                                                                  operation of
                                                                                                                                                                                                                                                  international
                                                                                                                                                                                                                                                  Branded
                                                                                                                                                                                                                                                  Restaurants to
                                                                                                                                                                                                                                                  be contributed
                                                                                                                                                                                                                                                  to, or
                                                                                                                                                                                                                                                  acquired by,
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entities;

                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                (xiii)          at

                                                                                                                                                                                                                                                  the direction
                                                                                                                                                                                                                                                  of the Master
                                                                                                                                                                                                                                                  Issuer,
                                                                                                                                                                                                                                                  correct or
                                                                                                                                                                                                                                                  supplement any
                                                                                                                                                                                                                                                  provision in thethis
                                                                                                                                                                                                                                                  Base Indenture
                                                                                                                                                                                                                                                  or any Series
                                                                                                                                                                                                                                                  Supplement
                                                                                                                                                                                                                                                  that may be
                                                                                                                                                                                                                                                  inconsistent
                                                                                                                                                                                                                                                  with any other
                                                                                                                                                                                                                                                  provision or
                                                                                                                                                                                                                                                  to make
                                                                                                                                                                                                                                                  consistent any
                                                                                                                                                                                                                                                  other
                                                                                                                                                                                                                                                  provisions
                                                                                                                                                                                                                                                  with respect
                                                                                                                                                                                                                                                  to matters or
                                                                                                                                                                                                                                                  questions
                                                                                                                                                                                                                                                  arising under
                                                                                                                                                                                                                                                  thethis
                                                                                                                                                                                                                                                  Base
                                                                                                                                                                                                                                                  Indenture, in
                                                                                                                                                                                                                                                  any
                                                                                                                                                                                                                                                  Supplement, in
                                                                                                                                                                                                                                                  the Guarantee
                                                                                                                                                                                                                                                  and Collateral
                                                                                                                                                                                                                                                  Agreement or
                                                                                                                                                                                                                                                  any other
                                                                                                                                                                                                                                                  Indenture
                                                                                                                                                                                                                                                  Document;

                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                (xiv)          to

                                                                                                                                                                                                                                                  allow any
                                                                                                                                                                                                                                                  Future Brand
                                                                                                                                                                                                                                                  to be
                                                                                                                                                                                                                                                  contributed
                                                                                                                                                                                                                                                  to, or
                                                                                                                                                                                                                                                  acquired by,
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entities in a
                                                                                                                                                                                                                                                  manner that
                                                                                                                                                                                                                                                  does not
                                                                                                                                                                                                                                                  violate the
                                                                                                                                                                                                                                                  Managing
                                                                                                                                                                                                                                                  Standard; provided
                                                                                                                                                                                                                                                  that any
                                                                                                                                                                                                                                                  amendment,
                                                                                                                                                                                                                                                  modification
                                                                                                                                                                                                                                                  or supplement
                                                                                                                                                                                                                                                  that alters
                                                                                                                                                                                                                                                  the manner in
                                                                                                                                                                                                                                                  which Net Cash
                                                                                                                                                                                                                                                  Flow or DSCR
                                                                                                                                                                                                                                                  is calculated
                                                                                                                                                                                                                                                  (including by
                                                                                                                                                                                                                                                  any amendment,
                                                                                                                                                                                                                                                  modification
                                                                                                                                                                                                                                                  or supplement
                                                                                                                                                                                                                                                  of any defined
                                                                                                                                                                                                                                                  terms
                                                                                                                                                                                                                                                  contained
                                                                                                                                                                                                                                                  therein) may
                                                                                                                                                                                                                                                  not be
                                                                                                                                                                                                                                                  effected
                                                                                                                                                                                                                                                  unless the
                                                                                                                                                                                                                                                  Rating Agency
                                                                                                                                                                                                                                                  Condition is
                                                                                                                                                                                                                                                  satisfied with
                                                                                                                                                                                                                                                  respect
                                                                                                                                                                                                                                                  thereto;

                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                  126

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                  (xv)          if

                                                                                                                                                                                                                                                  any additional
                                                                                                                                                                                                                                                  changes to thethis
                                                                                                                                                                                                                                                  Base Indenture
                                                                                                                                                                                                                                                  or any Series
                                                                                                                                                                                                                                                  Supplement are
                                                                                                                                                                                                                                                  required or
                                                                                                                                                                                                                                                  desirable to

                                                                                                                                                                                                                                                  in

                                                                                                                                                                                                                                                  order to
                                                                                                                                                                                                                                                  facilitate any
                                                                                                                                                                                                                                                  Senior Notes
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Reserve
                                                                                                                                                                                                                                                  Account and/or
                                                                                                                                                                                                                                                  Senior
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes Interest
                                                                                                                                                                                                                                                  Reserve
                                                                                                                                                                                                                                                  Account being
                                                                                                                                                                                                                                                  held in the
                                                                                                                                                                                                                                                  name of a
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity that is
                                                                                                                                                                                                                                                  not the Master
                                                                                                                                                                                                                                                  Issuer, then
                                                                                                                                                                                                                                                  to make such
                                                                                                                                                                                                                                                  changes to thethis
                                                                                                                                                                                                                                                  Base Indenture
                                                                                                                                                                                                                                                  and/or any
                                                                                                                                                                                                                                                  Series
                                                                                                                                                                                                                                                  Supplement to
                                                                                                                                                                                                                                                  facilitate the
                                                                                                                                                                                                                                                  holding of
                                                                                                                                                                                                                                                  such Senior
                                                                                                                                                                                                                                                  Notes Interest
                                                                                                                                                                                                                                                  Reserve
                                                                                                                                                                                                                                                  Account and/or
                                                                                                                                                                                                                                                  Senior
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes Interest
                                                                                                                                                                                                                                                  Reserve
                                                                                                                                                                                                                                                  Account in the
                                                                                                                                                                                                                                                  name of a
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity that is
                                                                                                                                                                                                                                                  not the Master
                                                                                                                                                                                                                                                  Issuer, in
                                                                                                                                                                                                                                                  each case so
                                                                                                                                                                                                                                                  long as the
                                                                                                                                                                                                                                                  Trustee
                                                                                                                                                                                                                                                  maintains a
                                                                                                                                                                                                                                                  perfected
                                                                                                                                                                                                                                                  security
                                                                                                                                                                                                                                                  interest in
                                                                                                                                                                                                                                                  such account;

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (xvi)          to

                                                                                                                                                                                                                                                  make such
                                                                                                                                                                                                                                                  other
                                                                                                                                                                                                                                                  provisions in
                                                                                                                                                                                                                                                  regard to
                                                                                                                                                                                                                                                  matters or
                                                                                                                                                                                                                                                  questions
                                                                                                                                                                                                                                                  arising under
                                                                                                                                                                                                                                                  thethis
                                                                                                                                                                                                                                                  Base
                                                                                                                                                                                                                                                  Indenture, any
                                                                                                                                                                                                                                                  Series
                                                                                                                                                                                                                                                  Supplement
                                                                                                                                                                                                                                                  and/or any
                                                                                                                                                                                                                                                  Supplement 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 Holder or
                                                                                                                                                                                                                                                  any other
                                                                                                                                                                                                                                                  Secured Party;
                                                                                                                                                                                                                                                  provided
                                                                                                                                                                                                                                                  that an
                                                                                                                                                                                                                                                  Opinion of
                                                                                                                                                                                                                                                  Counsel and an
                                                                                                                                                                                                                                                  Officer’s
                                                                                                                                                                                                                                                  Certificate
                                                                                                                                                                                                                                                  shall be
                                                                                                                                                                                                                                                  delivered to
                                                                                                                                                                                                                                                  the Trustee,
                                                                                                                                                                                                                                                  each Rating
                                                                                                                                                                                                                                                  Agency and the
                                                                                                                                                                                                                                                  Servicer to
                                                                                                                                                                                                                                                  such effect;
                                                                                                                                                                                                                                                  or

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (xvii)          to

                                                                                                                                                                                                                                                  amend this
                                                                                                                                                                                                                                                  Base Indenture
                                                                                                                                                                                                                                                  or any Series
                                                                                                                                                                                                                                                  Supplement in
                                                                                                                                                                                                                                                  order to
                                                                                                                                                                                                                                                  accommodate a
                                                                                                                                                                                                                                                  replacement
                                                                                                                                                                                                                                                  Management
                                                                                                                                                                                                                                                  Agreement,
                                                                                                                                                                                                                                                  Back-Up
                                                                                                                                                                                                                                                  Management
                                                                                                                                                                                                                                                  Agreement or
                                                                                                                                                                                                                                                  Servicing
                                                                                                                                                                                                                                                  Agreement if
                                                                                                                                                                                                                                                  at any time
                                                                                                                                                                                                                                                  (x) such
                                                                                                                                                                                                                                                  agreement is
                                                                                                                                                                                                                                                  terminated or
                                                                                                                                                                                                                                                  (y) the
                                                                                                                                                                                                                                                  Manager, the
                                                                                                                                                                                                                                                  Back-Up
                                                                                                                                                                                                                                                  Manager or the
                                                                                                                                                                                                                                                  Servicer is
                                                                                                                                                                                                                                                  either
                                                                                                                                                                                                                                                  unwilling or
                                                                                                                                                                                                                                                  unable to
                                                                                                                                                                                                                                                  perform its
                                                                                                                                                                                                                                                  obligations
                                                                                                                                                                                                                                                  under the
                                                                                                                                                                                                                                                  Management
                                                                                                                                                                                                                                                  Agreement, the
                                                                                                                                                                                                                                                  Back-Up
                                                                                                                                                                                                                                                  Management
                                                                                                                                                                                                                                                  Agreement or
                                                                                                                                                                                                                                                  the Servicing
                                                                                                                                                                                                                                                  Agreement, as
                                                                                                                                                                                                                                                  applicable; provided
                                                                                                                                                                                                                                                  that Rating
                                                                                                                                                                                                                                                  Agency
                                                                                                                                                                                                                                                  Confirmation
                                                                                                                                                                                                                                                  shall be
                                                                                                                                                                                                                                                  required for
                                                                                                                                                                                                                                                  each Series of
                                                                                                                                                                                                                                                  Notes that
                                                                                                                                                                                                                                                  will remain
                                                                                                                                                                                                                                                  Outstanding
                                                                                                                                                                                                                                                  after the
                                                                                                                                                                                                                                                  effective date
                                                                                                                                                                                                                                                  of such
                                                                                                                                                                                                                                                  Supplement;

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  provided,
                                                                                                                                                                                                                                                  however,
                                                                                                                                                                                                                                                  that in the
                                                                                                                                                                                                                                                  case of any
                                                                                                                                                                                                                                                  Supplement
                                                                                                                                                                                                                                                  pursuant to
                                                                                                                                                                                                                                                  any of clauses (iii),
                                                                                                                                                                                                                                                  (iv), (ix),

                                                                                                                                                                                                                                                  (x), (xi),

                                                                                                                                                                                                                                                  (xii),
                                                                                                                                                                                                                                                  (xiii),
                                                                                                                                                                                                                                                  (xiv)
                                                                                                                                                                                                                                                  or (xv)
                                                                                                                                                                                                                                                  above, the
                                                                                                                                                                                                                                                  Trustee
                                                                                                                                                                                                                                                  and,
                                                                                                                                                                                                                                                  the Servicer and

                                                                                                                                                                                                                                                  the Back-Up
                                                                                                                                                                                                                                                  Manager 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 Holder,
                                                                                                                                                                                                                                                  the Servicer,
                                                                                                                                                                                                                                                  the Trustee,
                                                                                                                                                                                                                                                  the Back-Up
                                                                                                                                                                                                                                                  Manager
                                                                                                                                                                                                                                                  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 2.02
                                                                                                                                                                                                                                                  and delivery
                                                                                                                                                                                                                                                  by the
                                                                                                                                                                                                                                                  Servicer of
                                                                                                                                                                                                                                                  its consent
                                                                                                                                                                                                                                                  thereto to the
                                                                                                                                                                                                                                                  extent
                                                                                                                                                                                                                                                  required by
                                                                                                                                                                                                                                                  Section 2.02,
                                                                                                                                                                                                                                                  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.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  With
                                                                                                                                                                                                                                                  Consent of the
                                                                                                                                                                                                                                                  Controlling
                                                                                                                                                                                                                                                  Class
                                                                                                                                                                                                                                                  Representative
                                                                                                                                                                                                                                                  or the
                                                                                                                                                                                                                                                  Noteholders. 

                                                                                                                                                                                                                                                  (a)  Except as
                                                                                                                                                                                                                                                  provided in
                                                                                                                                                                                                                                                  Section 13.01,
                                                                                                                                                                                                                                                  the provisions
                                                                                                                                                                                                                                                  of this Base
                                                                                                                                                                                                                                                  Indenture and
                                                                                                                                                                                                                                                  any Series
                                                                                                                                                                                                                                                  Supplement
                                                                                                                                                                                                                                                  (unless
                                                                                                                                                                                                                                                  otherwise
                                                                                                                                                                                                                                                  provided in
                                                                                                                                                                                                                                                  such Series
                                                                                                                                                                                                                                                  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 13.02
                                                                                                                                                                                                                                                  or the consent
                                                                                                                                                                                                                                                  of the
                                                                                                                                                                                                                                                  Noteholders of
                                                                                                                                                                                                                                                  which is
                                                                                                                                                                                                                                                  required for
                                                                                                                                                                                                                                                  any waiver of
                                                                                                                                                                                                                                                  compliance
                                                                                                                                                                                                                                                  with the
                                                                                                                                                                                                                                                  provisions of
                                                                                                                                                                                                                                                  the Indenture
                                                                                                                                                                                                                                                  or defaults
                                                                                                                                                                                                                                                  hereunder and
                                                                                                                                                                                                                                                  their
                                                                                                                                                                                                                                                  consequences
                                                                                                                                                                                                                                                  provided for
                                                                                                                                                                                                                                                  herein or for
                                                                                                                                                                                                                                                  any other
                                                                                                                                                                                                                                                  action
                                                                                                                                                                                                                                                  hereunder
                                                                                                                                                                                                                                                  shall require
                                                                                                                                                                                                                                                  the consent of
                                                                                                                                                                                                                                                  each affected
                                                                                                                                                                                                                                                  Noteholder;

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  127

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  (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
                                                                                                                                                                                                                                                  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
                                                                                                                                                                                                                                                  any other
                                                                                                                                                                                                                                                  Obligations
                                                                                                                                                                                                                                                  (or reduce the
                                                                                                                                                                                                                                                  principal
                                                                                                                                                                                                                                                  amount of,
                                                                                                                                                                                                                                                  premium, if
                                                                                                                                                                                                                                                  any, or rate
                                                                                                                                                                                                                                                  of interest on
                                                                                                                                                                                                                                                  any Note and
                                                                                                                                                                                                                                                  any 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 or
                                                                                                                                                                                                                                                  Section 5.13
                                                                                                                                                                                                                                                  (for the
                                                                                                                                                                                                                                                  avoidance of
                                                                                                                                                                                                                                                  doubt,
                                                                                                                                                                                                                                                  amendments
                                                                                                                                                                                                                                                  that affect
                                                                                                                                                                                                                                                  amounts
                                                                                                                                                                                                                                                  payable under
                                                                                                                                                                                                                                                  the Priority
                                                                                                                                                                                                                                                  of Payments do
                                                                                                                                                                                                                                                  not change the
                                                                                                                                                                                                                                                  provisions of
                                                                                                                                                                                                                                                  the Priority
                                                                                                                                                                                                                                                  of Payments
                                                                                                                                                                                                                                                  for purposes
                                                                                                                                                                                                                                                  of this clause

                                                                                                                                                                                                                                                  (C));
                                                                                                                                                                                                                                                  (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 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
                                                                                                                                                                                                                                                  9.07, 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 herein
                                                                                                                                                                                                                                                  or in any
                                                                                                                                                                                                                                                  Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series);
                                                                                                                                                                                                                                                  or (G) amend,
                                                                                                                                                                                                                                                  waive or
                                                                                                                                                                                                                                                  otherwise
                                                                                                                                                                                                                                                  modify this
                                                                                                                                                                                                                                                  Section 13.02,
                                                                                                                                                                                                                                                  shall require
                                                                                                                                                                                                                                                  the consent of
                                                                                                                                                                                                                                                  each Holder
                                                                                                                                                                                                                                                  and/or Secured
                                                                                                                                                                                                                                                  Party whose
                                                                                                                                                                                                                                                  consent is
                                                                                                                                                                                                                                                  required to
                                                                                                                                                                                                                                                  amend any such
                                                                                                                                                                                                                                                  provision; and

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (iv)          any

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

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  128

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  (b)          Notwithstanding

                                                                                                                                                                                                                                                  anything to
                                                                                                                                                                                                                                                  the contrary
                                                                                                                                                                                                                                                  herein, in
                                                                                                                                                                                                                                                  addition to
                                                                                                                                                                                                                                                  any amendment,
                                                                                                                                                                                                                                                  modification
                                                                                                                                                                                                                                                  or waiver
                                                                                                                                                                                                                                                  effected in
                                                                                                                                                                                                                                                  accordance
                                                                                                                                                                                                                                                  with the
                                                                                                                                                                                                                                                  provisions of
                                                                                                                                                                                                                                                  Section
                                                                                                                                                                                                                                                  13.01 or Section

                                                                                                                                                                                                                                                  13.02(a),
                                                                                                                                                                                                                                                  (i) the
                                                                                                                                                                                                                                                  provisions of
                                                                                                                                                                                                                                                  any Series
                                                                                                                                                                                                                                                  Supplement
                                                                                                                                                                                                                                                  under which
                                                                                                                                                                                                                                                  Class A-1
                                                                                                                                                                                                                                                  Notes have
                                                                                                                                                                                                                                                  been issued
                                                                                                                                                                                                                                                  may be
                                                                                                                                                                                                                                                  amended,
                                                                                                                                                                                                                                                  modified or
                                                                                                                                                                                                                                                  waived in
                                                                                                                                                                                                                                                  writing by the
                                                                                                                                                                                                                                                  Master Issuer
                                                                                                                                                                                                                                                  and the
                                                                                                                                                                                                                                                  Trustee with
                                                                                                                                                                                                                                                  the consent of
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Noteholders
                                                                                                                                                                                                                                                  required
                                                                                                                                                                                                                                                  therefor
                                                                                                                                                                                                                                                  pursuant to
                                                                                                                                                                                                                                                  the related
                                                                                                                                                                                                                                                  Variable
                                                                                                                                                                                                                                                  Funding Note
                                                                                                                                                                                                                                                  Purchase
                                                                                                                                                                                                                                                  Agreement(s)
                                                                                                                                                                                                                                                  (but without
                                                                                                                                                                                                                                                  the consent of
                                                                                                                                                                                                                                                  any other
                                                                                                                                                                                                                                                  Person), if
                                                                                                                                                                                                                                                  such
                                                                                                                                                                                                                                                  amendment,
                                                                                                                                                                                                                                                  modification
                                                                                                                                                                                                                                                  or waiver is
                                                                                                                                                                                                                                                  with respect
                                                                                                                                                                                                                                                  to any of the
                                                                                                                                                                                                                                                  terms hereof
                                                                                                                                                                                                                                                  relating to
                                                                                                                                                                                                                                                  the amounts of
                                                                                                                                                                                                                                                  interest, fees
                                                                                                                                                                                                                                                  or other
                                                                                                                                                                                                                                                  related
                                                                                                                                                                                                                                                  amounts
                                                                                                                                                                                                                                                  allocable to
                                                                                                                                                                                                                                                  any Series of
                                                                                                                                                                                                                                                  Class A-1
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  (regardless of
                                                                                                                                                                                                                                                  whether such
                                                                                                                                                                                                                                                  amendment,
                                                                                                                                                                                                                                                  modification
                                                                                                                                                                                                                                                  or waiver
                                                                                                                                                                                                                                                  would have the
                                                                                                                                                                                                                                                  effect of
                                                                                                                                                                                                                                                  modifying
                                                                                                                                                                                                                                                  amounts
                                                                                                                                                                                                                                                  available for
                                                                                                                                                                                                                                                  allocation to
                                                                                                                                                                                                                                                  any Series of
                                                                                                                                                                                                                                                  Notes (it
                                                                                                                                                                                                                                                  being
                                                                                                                                                                                                                                                  understood
                                                                                                                                                                                                                                                  that the
                                                                                                                                                                                                                                                  respective
                                                                                                                                                                                                                                                  order of
                                                                                                                                                                                                                                                  priorities set
                                                                                                                                                                                                                                                  forth in the
                                                                                                                                                                                                                                                  Priority of
                                                                                                                                                                                                                                                  Payments will
                                                                                                                                                                                                                                                  remain
                                                                                                                                                                                                                                                  unaffected as
                                                                                                                                                                                                                                                  a result of
                                                                                                                                                                                                                                                  any such
                                                                                                                                                                                                                                                  amendment,
                                                                                                                                                                                                                                                  modification
                                                                                                                                                                                                                                                  or waiver)); provided,
                                                                                                                                                                                                                                                  however,
                                                                                                                                                                                                                                                  no such
                                                                                                                                                                                                                                                  amendment may
                                                                                                                                                                                                                                                  (1) adversely
                                                                                                                                                                                                                                                  affect (x) the
                                                                                                                                                                                                                                                  Trustee,
                                                                                                                                                                                                                                                  without the
                                                                                                                                                                                                                                                  Trustee’s
                                                                                                                                                                                                                                                  prior consent
                                                                                                                                                                                                                                                  or,
                                                                                                                                                                                                                                                  (y) the
                                                                                                                                                                                                                                                  Servicer
                                                                                                                                                                                                                                                  without the
                                                                                                                                                                                                                                                  Servicer’s
                                                                                                                                                                                                                                                  prior consent
                                                                                                                                                                                                                                                  or (z)
                                                                                                                                                                                                                                                  the Back-Up
                                                                                                                                                                                                                                                  Manager
                                                                                                                                                                                                                                                  without the
                                                                                                                                                                                                                                                  Back-Up
                                                                                                                                                                                                                                                  Manager’s
                                                                                                                                                                                                                                                  prior consent
                                                                                                                                                                                                                                                  or (2)

                                                                                                                                                                                                                                                  increase the
                                                                                                                                                                                                                                                  aggregate
                                                                                                                                                                                                                                                  principal
                                                                                                                                                                                                                                                  amount of
                                                                                                                                                                                                                                                  Notes without
                                                                                                                                                                                                                                                  satisfaction
                                                                                                                                                                                                                                                  of the Rating
                                                                                                                                                                                                                                                  Agency
                                                                                                                                                                                                                                                  Condition with
                                                                                                                                                                                                                                                  respect to
                                                                                                                                                                                                                                                  each Series of
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Outstanding
                                                                                                                                                                                                                                                  and (ii) if at
                                                                                                                                                                                                                                                  any time any
                                                                                                                                                                                                                                                  change in GAAP
                                                                                                                                                                                                                                                  (including a
                                                                                                                                                                                                                                                  conversion of
                                                                                                                                                                                                                                                  Jack in the
                                                                                                                                                                                                                                                  Box Inc.’s
                                                                                                                                                                                                                                                  financial
                                                                                                                                                                                                                                                  reporting to
                                                                                                                                                                                                                                                  IFRS) 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 thethis
                                                                                                                                                                                                                                                  Base Indenture
                                                                                                                                                                                                                                                  or any Series
                                                                                                                                                                                                                                                  Supplement
                                                                                                                                                                                                                                                  (including the
                                                                                                                                                                                                                                                  calculation of
                                                                                                                                                                                                                                                  Adjusted
                                                                                                                                                                                                                                                  EBITDA), thethis
                                                                                                                                                                                                                                                  Base Indenture
                                                                                                                                                                                                                                                  or such Series
                                                                                                                                                                                                                                                  Supplement may
                                                                                                                                                                                                                                                  be amended
                                                                                                                                                                                                                                                  with the
                                                                                                                                                                                                                                                  consent of the
                                                                                                                                                                                                                                                  Control Party
                                                                                                                                                                                                                                                  to amend the
                                                                                                                                                                                                                                                  provisions of
                                                                                                                                                                                                                                                  this Base
                                                                                                                                                                                                                                                  Indenture or
                                                                                                                                                                                                                                                  such Series
                                                                                                                                                                                                                                                  Supplement, as
                                                                                                                                                                                                                                                  the case may
                                                                                                                                                                                                                                                  be, related to
                                                                                                                                                                                                                                                  such covenant,
                                                                                                                                                                                                                                                  incurrence
                                                                                                                                                                                                                                                  test or other
                                                                                                                                                                                                                                                  restriction to
                                                                                                                                                                                                                                                  preserve the
                                                                                                                                                                                                                                                  original
                                                                                                                                                                                                                                                  intent thereof
                                                                                                                                                                                                                                                  in light of
                                                                                                                                                                                                                                                  such change in
                                                                                                                                                                                                                                                  GAAP.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (c)          No

                                                                                                                                                                                                                                                  failure or
                                                                                                                                                                                                                                                  delay on the
                                                                                                                                                                                                                                                  part of any
                                                                                                                                                                                                                                                  Noteholder,
                                                                                                                                                                                                                                                  the Trustee or
                                                                                                                                                                                                                                                  any other
                                                                                                                                                                                                                                                  Secured Party
                                                                                                                                                                                                                                                  in exercising
                                                                                                                                                                                                                                                  any power or
                                                                                                                                                                                                                                                  right under thethis
                                                                                                                                                                                                                                                  Base Indenture
                                                                                                                                                                                                                                                  or any Series
                                                                                                                                                                                                                                                  Supplement
                                                                                                                                                                                                                                                  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.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (d)          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 for
                                                                                                                                                                                                                                                  the applicable
                                                                                                                                                                                                                                                  Rating
                                                                                                                                                                                                                                                  Agencies that
                                                                                                                                                                                                                                                  are rating the
                                                                                                                                                                                                                                                  Outstanding
                                                                                                                                                                                                                                                  Notes.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (e)          The

                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entities and
                                                                                                                                                                                                                                                  the Trustee
                                                                                                                                                                                                                                                  agree not to
                                                                                                                                                                                                                                                  amend this
                                                                                                                                                                                                                                                  Base Indenture
                                                                                                                                                                                                                                                  orand
                                                                                                                                                                                                                                                  any Series
                                                                                                                                                                                                                                                  Supplement
                                                                                                                                                                                                                                                  without the
                                                                                                                                                                                                                                                  Servicer’s
                                                                                                                                                                                                                                                  consent if
                                                                                                                                                                                                                                                  such amendment
                                                                                                                                                                                                                                                  would
                                                                                                                                                                                                                                                  materially
                                                                                                                                                                                                                                                  increase the
                                                                                                                                                                                                                                                  Servicer’s
                                                                                                                                                                                                                                                  obligations or
                                                                                                                                                                                                                                                  liabilities or
                                                                                                                                                                                                                                                  materially
                                                                                                                                                                                                                                                  decrease the
                                                                                                                                                                                                                                                  Servicer’s
                                                                                                                                                                                                                                                  rights or
                                                                                                                                                                                                                                                  remedies under
                                                                                                                                                                                                                                                  the Servicing
                                                                                                                                                                                                                                                  Agreement,
                                                                                                                                                                                                                                                  this Base
                                                                                                                                                                                                                                                  Indenture or
                                                                                                                                                                                                                                                  any other
                                                                                                                                                                                                                                                  Related
                                                                                                                                                                                                                                                  Document.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (f)          On
                                                                                                                                                                                                                                                  and after the
                                                                                                                                                                                                                                                  Springing
                                                                                                                                                                                                                                                  Amendments
                                                                                                                                                                                                                                                  Implementation
                                                                                                                                                                                                                                                  Date, the
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entities and
                                                                                                                                                                                                                                                  the Trustee
                                                                                                                                                                                                                                                  agree not to
                                                                                                                                                                                                                                                  amend, modify
                                                                                                                                                                                                                                                  or waive any
                                                                                                                                                                                                                                                  provision of
                                                                                                                                                                                                                                                  this Base
                                                                                                                                                                                                                                                  Indenture and
                                                                                                                                                                                                                                                  any Series
                                                                                                                                                                                                                                                  Supplement
                                                                                                                                                                                                                                                  without the
                                                                                                                                                                                                                                                  Back-Up
                                                                                                                                                                                                                                                  Manager's
                                                                                                                                                                                                                                                  consent if
                                                                                                                                                                                                                                                  such
                                                                                                                                                                                                                                                  amendment,
                                                                                                                                                                                                                                                  modification
                                                                                                                                                                                                                                                  or waiver
                                                                                                                                                                                                                                                  would
                                                                                                                                                                                                                                                  materially
                                                                                                                                                                                                                                                  increase the
                                                                                                                                                                                                                                                  Back-Up
                                                                                                                                                                                                                                                  Manager's
                                                                                                                                                                                                                                                  obligations or
                                                                                                                                                                                                                                                  liabilities or
                                                                                                                                                                                                                                                  materially
                                                                                                                                                                                                                                                  decrease the
                                                                                                                                                                                                                                                  Back-Up
                                                                                                                                                                                                                                                  Manager's
                                                                                                                                                                                                                                                  rights or
                                                                                                                                                                                                                                                  remedies under
                                                                                                                                                                                                                                                  the Back-Up
                                                                                                                                                                                                                                                  Management
                                                                                                                                                                                                                                                  Agreement,
                                                                                                                                                                                                                                                  this Base
                                                                                                                                                                                                                                                  Indenture or
                                                                                                                                                                                                                                                  any other
                                                                                                                                                                                                                                                  Related
                                                                                                                                                                                                                                                  Document.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  Supplements. 

                                                                                                                                                                                                                                                  Each amendment
                                                                                                                                                                                                                                                  or other
                                                                                                                                                                                                                                                  modification
                                                                                                                                                                                                                                                  to this Base
                                                                                                                                                                                                                                                  Indenture, any
                                                                                                                                                                                                                                                  Series
                                                                                                                                                                                                                                                  Supplement or
                                                                                                                                                                                                                                                  the Notes
                                                                                                                                                                                                                                                  shall be set
                                                                                                                                                                                                                                                  forth in a
                                                                                                                                                                                                                                                  Supplement, a
                                                                                                                                                                                                                                                  copy of which
                                                                                                                                                                                                                                                  shall be
                                                                                                                                                                                                                                                  delivered to
                                                                                                                                                                                                                                                  each Rating
                                                                                                                                                                                                                                                  Agency, 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 this Base
                                                                                                                                                                                                                                                  Indenture, any
                                                                                                                                                                                                                                                  Series
                                                                                                                                                                                                                                                  Supplement or
                                                                                                                                                                                                                                                  the Notes 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. 
                                                                                                                                                                                                                                                  Any Series
                                                                                                                                                                                                                                                  Supplement (or
                                                                                                                                                                                                                                                  if a
                                                                                                                                                                                                                                                  Supplement to
                                                                                                                                                                                                                                                  thethis
                                                                                                                                                                                                                                                  Base
                                                                                                                                                                                                                                                  Indenture) may
                                                                                                                                                                                                                                                  be amended in
                                                                                                                                                                                                                                                  accordance
                                                                                                                                                                                                                                                  with the
                                                                                                                                                                                                                                                  manner
                                                                                                                                                                                                                                                  described
                                                                                                                                                                                                                                                  above and any
                                                                                                                                                                                                                                                  such amendment
                                                                                                                                                                                                                                                  may be subject
                                                                                                                                                                                                                                                  to additional
                                                                                                                                                                                                                                                  requirements
                                                                                                                                                                                                                                                  as set forth
                                                                                                                                                                                                                                                  in such Series
                                                                                                                                                                                                                                                  Supplement.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  129

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  Revocation

                                                                                                                                                                                                                                                  and Effect of
                                                                                                                                                                                                                                                  Consents. 
                                                                                                                                                                                                                                                  Until an
                                                                                                                                                                                                                                                  amendment or
                                                                                                                                                                                                                                                  waiver becomes
                                                                                                                                                                                                                                                  effective, a
                                                                                                                                                                                                                                                  consent to it
                                                                                                                                                                                                                                                  by a Holder of
                                                                                                                                                                                                                                                  a Note is a
                                                                                                                                                                                                                                                  continuing
                                                                                                                                                                                                                                                  consent by the
                                                                                                                                                                                                                                                  Holder and
                                                                                                                                                                                                                                                  every
                                                                                                                                                                                                                                                  subsequent
                                                                                                                                                                                                                                                  Holder of a
                                                                                                                                                                                                                                                  Note or
                                                                                                                                                                                                                                                  portion of a
                                                                                                                                                                                                                                                  Note that
                                                                                                                                                                                                                                                  evidences the
                                                                                                                                                                                                                                                  same debt as
                                                                                                                                                                                                                                                  the consenting
                                                                                                                                                                                                                                                  Holder’s Note,
                                                                                                                                                                                                                                                  even if
                                                                                                                                                                                                                                                  notation of
                                                                                                                                                                                                                                                  the consent is
                                                                                                                                                                                                                                                  not made on
                                                                                                                                                                                                                                                  any Note.  Any
                                                                                                                                                                                                                                                  such Holder or
                                                                                                                                                                                                                                                  subsequent
                                                                                                                                                                                                                                                  Holder,
                                                                                                                                                                                                                                                  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
                                                                                                                                                                                                                                                  Holder.  The
                                                                                                                                                                                                                                                  Master Issuer
                                                                                                                                                                                                                                                  may fix a
                                                                                                                                                                                                                                                  record date
                                                                                                                                                                                                                                                  for
                                                                                                                                                                                                                                                  determining
                                                                                                                                                                                                                                                  which Holders
                                                                                                                                                                                                                                                  must consent
                                                                                                                                                                                                                                                  to such
                                                                                                                                                                                                                                                  amendment or
                                                                                                                                                                                                                                                  waiver.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  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.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  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 such
                                                                                                                                                                                                                                                  Supplement
                                                                                                                                                                                                                                                  adversely
                                                                                                                                                                                                                                                  affects the
                                                                                                                                                                                                                                                  rights,
                                                                                                                                                                                                                                                  duties,
                                                                                                                                                                                                                                                  liabilities or
                                                                                                                                                                                                                                                  immunities of
                                                                                                                                                                                                                                                  the Trustee,
                                                                                                                                                                                                                                                  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 10.01,
                                                                                                                                                                                                                                                  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
                                                                                                                                                                                                                                                  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; provided,
                                                                                                                                                                                                                                                  however,
                                                                                                                                                                                                                                                  that such
                                                                                                                                                                                                                                                  opinion may
                                                                                                                                                                                                                                                  indicate that
                                                                                                                                                                                                                                                  any conditions
                                                                                                                                                                                                                                                  precedent,
                                                                                                                                                                                                                                                  which,
                                                                                                                                                                                                                                                  individually
                                                                                                                                                                                                                                                  or in the
                                                                                                                                                                                                                                                  aggregate, do
                                                                                                                                                                                                                                                  not adversely
                                                                                                                                                                                                                                                  affect any
                                                                                                                                                                                                                                                  Noteholder,
                                                                                                                                                                                                                                                  have been
                                                                                                                                                                                                                                                  satisfied.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  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.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  Amendments

                                                                                                                                                                                                                                                  to Certain
                                                                                                                                                                                                                                                  Related
                                                                                                                                                                                                                                                  Documents. 

                                                                                                                                                                                                                                                  Each Related
                                                                                                                                                                                                                                                  Document
                                                                                                                                                                                                                                                  (other than thethis
                                                                                                                                                                                                                                                  Base
                                                                                                                                                                                                                                                  Indenture, any
                                                                                                                                                                                                                                                  Series
                                                                                                                                                                                                                                                  Supplement and
                                                                                                                                                                                                                                                  any
                                                                                                                                                                                                                                                  Supplement)
                                                                                                                                                                                                                                                  may be amended
                                                                                                                                                                                                                                                  or modified
                                                                                                                                                                                                                                                  without
                                                                                                                                                                                                                                                  consent in
                                                                                                                                                                                                                                                  accordance
                                                                                                                                                                                                                                                  with the terms
                                                                                                                                                                                                                                                  of such
                                                                                                                                                                                                                                                  document; provided
                                                                                                                                                                                                                                                  that the
                                                                                                                                                                                                                                                  Master Issuer
                                                                                                                                                                                                                                                  shall not be
                                                                                                                                                                                                                                                  permitted to
                                                                                                                                                                                                                                                  consent to any
                                                                                                                                                                                                                                                  such amendment
                                                                                                                                                                                                                                                  or
                                                                                                                                                                                                                                                  modification
                                                                                                                                                                                                                                                  unless either
                                                                                                                                                                                                                                                  (x) the
                                                                                                                                                                                                                                                  Control Party
                                                                                                                                                                                                                                                  has consented
                                                                                                                                                                                                                                                  to such
                                                                                                                                                                                                                                                  amendment or
                                                                                                                                                                                                                                                  modification
                                                                                                                                                                                                                                                  or (y) such
                                                                                                                                                                                                                                                  amendment or
                                                                                                                                                                                                                                                  modification
                                                                                                                                                                                                                                                  is consistent
                                                                                                                                                                                                                                                  with the
                                                                                                                                                                                                                                                  following
                                                                                                                                                                                                                                                  paragraphs of
                                                                                                                                                                                                                                                  this Section

                                                                                                                                                                                                                                                  13.08.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  130

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  (a)          Related

                                                                                                                                                                                                                                                  Documents
                                                                                                                                                                                                                                                  other than thethis
                                                                                                                                                                                                                                                  Base Indenture
                                                                                                                                                                                                                                                  and any Series
                                                                                                                                                                                                                                                  Supplement.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (i)          Without

                                                                                                                                                                                                                                                  the consent of
                                                                                                                                                                                                                                                  any
                                                                                                                                                                                                                                                  Noteholder,
                                                                                                                                                                                                                                                  the Control
                                                                                                                                                                                                                                                  Party, the
                                                                                                                                                                                                                                                  Controlling
                                                                                                                                                                                                                                                  Class
                                                                                                                                                                                                                                                  Representative
                                                                                                                                                                                                                                                  or any other
                                                                                                                                                                                                                                                  Secured Party,
                                                                                                                                                                                                                                                  the Master
                                                                                                                                                                                                                                                  Issuer may
                                                                                                                                                                                                                                                  enter into one
                                                                                                                                                                                                                                                  or more
                                                                                                                                                                                                                                                  amendments or
                                                                                                                                                                                                                                                  waivers to
                                                                                                                                                                                                                                                  each Related
                                                                                                                                                                                                                                                  Document
                                                                                                                                                                                                                                                  (other than thethis
                                                                                                                                                                                                                                                  Base Indenture
                                                                                                                                                                                                                                                  and any Series
                                                                                                                                                                                                                                                  Supplement),
                                                                                                                                                                                                                                                  in form
                                                                                                                                                                                                                                                  satisfactory
                                                                                                                                                                                                                                                  to the
                                                                                                                                                                                                                                                  Trustee, for
                                                                                                                                                                                                                                                  any of the
                                                                                                                                                                                                                                                  following
                                                                                                                                                                                                                                                  purposes:

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (A)          to
                                                                                                                                                                                                                                                  correct any
                                                                                                                                                                                                                                                  manifest error
                                                                                                                                                                                                                                                  or defect or
                                                                                                                                                                                                                                                  to cure any
                                                                                                                                                                                                                                                  ambiguity,
                                                                                                                                                                                                                                                  defect or
                                                                                                                                                                                                                                                  inconsistency
                                                                                                                                                                                                                                                  or to correct
                                                                                                                                                                                                                                                  or supplement
                                                                                                                                                                                                                                                  any provisions
                                                                                                                                                                                                                                                  in the Related
                                                                                                                                                                                                                                                  Documents
                                                                                                                                                                                                                                                  (other than thethis
                                                                                                                                                                                                                                                  Base Indenture
                                                                                                                                                                                                                                                  and any Series
                                                                                                                                                                                                                                                  Supplement)
                                                                                                                                                                                                                                                  which may be
                                                                                                                                                                                                                                                  inconsistent
                                                                                                                                                                                                                                                  with any
                                                                                                                                                                                                                                                  provision
                                                                                                                                                                                                                                                  therein or any
                                                                                                                                                                                                                                                  other
                                                                                                                                                                                                                                                  Indenture
                                                                                                                                                                                                                                                  Document or
                                                                                                                                                                                                                                                  the related
                                                                                                                                                                                                                                                  offering
                                                                                                                                                                                                                                                  memorandum;

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (B)          to
                                                                                                                                                                                                                                                  evidence and
                                                                                                                                                                                                                                                  provide for
                                                                                                                                                                                                                                                  the acceptance
                                                                                                                                                                                                                                                  of appointment
                                                                                                                                                                                                                                                  hereunder and
                                                                                                                                                                                                                                                  thereunder 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
                                                                                                                                                                                                                                                  as shall be
                                                                                                                                                                                                                                                  necessary to
                                                                                                                                                                                                                                                  provide for or
                                                                                                                                                                                                                                                  facilitate the
                                                                                                                                                                                                                                                  administration
                                                                                                                                                                                                                                                  of the trusts
                                                                                                                                                                                                                                                  hereunder or
                                                                                                                                                                                                                                                  thereunder by
                                                                                                                                                                                                                                                  more than one
                                                                                                                                                                                                                                                  Trustee;

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (C)          to
                                                                                                                                                                                                                                                  comply with
                                                                                                                                                                                                                                                  Requirements
                                                                                                                                                                                                                                                  of Law (as
                                                                                                                                                                                                                                                  evidenced by
                                                                                                                                                                                                                                                  an Opinion of
                                                                                                                                                                                                                                                  Counsel);

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (D)          to
                                                                                                                                                                                                                                                  take any
                                                                                                                                                                                                                                                  action
                                                                                                                                                                                                                                                  necessary or
                                                                                                                                                                                                                                                  helpful to
                                                                                                                                                                                                                                                  avoid the
                                                                                                                                                                                                                                                  imposition,
                                                                                                                                                                                                                                                  under and in
                                                                                                                                                                                                                                                  accordance
                                                                                                                                                                                                                                                  with
                                                                                                                                                                                                                                                  applicable
                                                                                                                                                                                                                                                  law, of any
                                                                                                                                                                                                                                                  Tax, including
                                                                                                                                                                                                                                                  withholding
                                                                                                                                                                                                                                                  Tax;

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (E)          to
                                                                                                                                                                                                                                                  take any
                                                                                                                                                                                                                                                  action
                                                                                                                                                                                                                                                  necessary and
                                                                                                                                                                                                                                                  appropriate to
                                                                                                                                                                                                                                                  facilitate the
                                                                                                                                                                                                                                                  origination of
                                                                                                                                                                                                                                                  Collateral
                                                                                                                                                                                                                                                  Business
                                                                                                                                                                                                                                                  Documents or
                                                                                                                                                                                                                                                  the management
                                                                                                                                                                                                                                                  and
                                                                                                                                                                                                                                                  preservation
                                                                                                                                                                                                                                                  of the
                                                                                                                                                                                                                                                  Collateral
                                                                                                                                                                                                                                                  Business
                                                                                                                                                                                                                                                  Documents, in
                                                                                                                                                                                                                                                  each case, in
                                                                                                                                                                                                                                                  accordance
                                                                                                                                                                                                                                                  with the
                                                                                                                                                                                                                                                  Managing
                                                                                                                                                                                                                                                  Standard;

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (F)          to
                                                                                                                                                                                                                                                  allow any
                                                                                                                                                                                                                                                  additional
                                                                                                                                                                                                                                                  assets (and
                                                                                                                                                                                                                                                  related cash
                                                                                                                                                                                                                                                  flows thereon)
                                                                                                                                                                                                                                                  similar to the
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Assets
                                                                                                                                                                                                                                                  (including any
                                                                                                                                                                                                                                                  assets used in
                                                                                                                                                                                                                                                  connection
                                                                                                                                                                                                                                                  with the
                                                                                                                                                                                                                                                  future
                                                                                                                                                                                                                                                  operation of
                                                                                                                                                                                                                                                  Branded
                                                                                                                                                                                                                                                  Restaurants or
                                                                                                                                                                                                                                                  franchises
                                                                                                                                                                                                                                                  internationally
                                                                                                                                                                                                                                                  (including
                                                                                                                                                                                                                                                  international
                                                                                                                                                                                                                                                  Intellectual
                                                                                                                                                                                                                                                  Property),
                                                                                                                                                                                                                                                  Real Estate
                                                                                                                                                                                                                                                  Assets,
                                                                                                                                                                                                                                                  Franchise
                                                                                                                                                                                                                                                  Agreements and
                                                                                                                                                                                                                                                  Development
                                                                                                                                                                                                                                                  Agreements to
                                                                                                                                                                                                                                                  be contributed
                                                                                                                                                                                                                                                  to, or
                                                                                                                                                                                                                                                  acquired by,
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entities;

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (G)          to
                                                                                                                                                                                                                                                  allow any real
                                                                                                                                                                                                                                                  property,
                                                                                                                                                                                                                                                  lease,
                                                                                                                                                                                                                                                  franchise
                                                                                                                                                                                                                                                  agreement,
                                                                                                                                                                                                                                                  development
                                                                                                                                                                                                                                                  agreement,
                                                                                                                                                                                                                                                  equipment or
                                                                                                                                                                                                                                                  other assets
                                                                                                                                                                                                                                                  related to the
                                                                                                                                                                                                                                                  operation of
                                                                                                                                                                                                                                                  international
                                                                                                                                                                                                                                                  Branded
                                                                                                                                                                                                                                                  Restaurants to
                                                                                                                                                                                                                                                  be contributed
                                                                                                                                                                                                                                                  to, or
                                                                                                                                                                                                                                                  acquired by,
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entities;

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  131

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  (H)          at
                                                                                                                                                                                                                                                  the direction
                                                                                                                                                                                                                                                  of the Master
                                                                                                                                                                                                                                                  Issuer,
                                                                                                                                                                                                                                                  correct or
                                                                                                                                                                                                                                                  supplement any
                                                                                                                                                                                                                                                  provision in
                                                                                                                                                                                                                                                  the Related
                                                                                                                                                                                                                                                  Documents
                                                                                                                                                                                                                                                  (other than thethis
                                                                                                                                                                                                                                                  Base Indenture
                                                                                                                                                                                                                                                  and any Series
                                                                                                                                                                                                                                                  Supplement)
                                                                                                                                                                                                                                                  that may be
                                                                                                                                                                                                                                                  inconsistent
                                                                                                                                                                                                                                                  with any other
                                                                                                                                                                                                                                                  provision or
                                                                                                                                                                                                                                                  to make
                                                                                                                                                                                                                                                  consistent any
                                                                                                                                                                                                                                                  other
                                                                                                                                                                                                                                                  provisions
                                                                                                                                                                                                                                                  with respect
                                                                                                                                                                                                                                                  to matters or
                                                                                                                                                                                                                                                  questions
                                                                                                                                                                                                                                                  arising under
                                                                                                                                                                                                                                                  thethis
                                                                                                                                                                                                                                                  Base
                                                                                                                                                                                                                                                  Indenture, in
                                                                                                                                                                                                                                                  any Series
                                                                                                                                                                                                                                                  Supplement, in
                                                                                                                                                                                                                                                  any
                                                                                                                                                                                                                                                  Supplement, in
                                                                                                                                                                                                                                                  the Guarantee
                                                                                                                                                                                                                                                  and Collateral
                                                                                                                                                                                                                                                  Agreement or
                                                                                                                                                                                                                                                  any other
                                                                                                                                                                                                                                                  Indenture
                                                                                                                                                                                                                                                  Document;

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (I)          allow
                                                                                                                                                                                                                                                  any Future
                                                                                                                                                                                                                                                  Brand to be
                                                                                                                                                                                                                                                  contributed
                                                                                                                                                                                                                                                  to, or
                                                                                                                                                                                                                                                  acquired by,
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entities in a
                                                                                                                                                                                                                                                  manner that
                                                                                                                                                                                                                                                  does not
                                                                                                                                                                                                                                                  violate the
                                                                                                                                                                                                                                                  Managing
                                                                                                                                                                                                                                                  Standard; provided
                                                                                                                                                                                                                                                  that any
                                                                                                                                                                                                                                                  amendment,
                                                                                                                                                                                                                                                  modification
                                                                                                                                                                                                                                                  or supplement
                                                                                                                                                                                                                                                  that alters
                                                                                                                                                                                                                                                  the manner in
                                                                                                                                                                                                                                                  which Net Cash
                                                                                                                                                                                                                                                  Flow or DSCR
                                                                                                                                                                                                                                                  is calculated
                                                                                                                                                                                                                                                  (including by
                                                                                                                                                                                                                                                  any amendment,
                                                                                                                                                                                                                                                  modification
                                                                                                                                                                                                                                                  or supplement
                                                                                                                                                                                                                                                  of any defined
                                                                                                                                                                                                                                                  terms
                                                                                                                                                                                                                                                  contained
                                                                                                                                                                                                                                                  therein) may
                                                                                                                                                                                                                                                  not be
                                                                                                                                                                                                                                                  effected
                                                                                                                                                                                                                                                  unless the
                                                                                                                                                                                                                                                  Rating Agency
                                                                                                                                                                                                                                                  Condition is
                                                                                                                                                                                                                                                  satisfied with
                                                                                                                                                                                                                                                  respect
                                                                                                                                                                                                                                                  thereto;

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (J)          if
                                                                                                                                                                                                                                                  any additional
                                                                                                                                                                                                                                                  changes to the
                                                                                                                                                                                                                                                  Related
                                                                                                                                                                                                                                                  Documents
                                                                                                                                                                                                                                                  (other than thethis
                                                                                                                                                                                                                                                  Base Indenture
                                                                                                                                                                                                                                                  and any Series
                                                                                                                                                                                                                                                  Supplement)
                                                                                                                                                                                                                                                  are required
                                                                                                                                                                                                                                                  or desirable
                                                                                                                                                                                                                                                  to in order to
                                                                                                                                                                                                                                                  facilitate any
                                                                                                                                                                                                                                                  Senior Notes
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Reserve
                                                                                                                                                                                                                                                  Account and/or
                                                                                                                                                                                                                                                  Senior
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes Interest
                                                                                                                                                                                                                                                  Reserve
                                                                                                                                                                                                                                                  Account being
                                                                                                                                                                                                                                                  held in the
                                                                                                                                                                                                                                                  name of a
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity that is
                                                                                                                                                                                                                                                  not the Master
                                                                                                                                                                                                                                                  Issuer, then
                                                                                                                                                                                                                                                  to make such
                                                                                                                                                                                                                                                  changes to the
                                                                                                                                                                                                                                                  Related
                                                                                                                                                                                                                                                  Documents
                                                                                                                                                                                                                                                  (other than thethis
                                                                                                                                                                                                                                                  Base Indenture
                                                                                                                                                                                                                                                  and any Series
                                                                                                                                                                                                                                                  Supplement) to
                                                                                                                                                                                                                                                  facilitate the
                                                                                                                                                                                                                                                  holding of
                                                                                                                                                                                                                                                  such Senior
                                                                                                                                                                                                                                                  Notes Interest
                                                                                                                                                                                                                                                  Reserve
                                                                                                                                                                                                                                                  Account and/or
                                                                                                                                                                                                                                                  Senior
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes Interest
                                                                                                                                                                                                                                                  Reserve
                                                                                                                                                                                                                                                  Account in the
                                                                                                                                                                                                                                                  name of a
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity that is
                                                                                                                                                                                                                                                  not the Master
                                                                                                                                                                                                                                                  Issuer, in
                                                                                                                                                                                                                                                  each case so
                                                                                                                                                                                                                                                  long as the
                                                                                                                                                                                                                                                  Trustee
                                                                                                                                                                                                                                                  maintains a
                                                                                                                                                                                                                                                  perfected
                                                                                                                                                                                                                                                  security
                                                                                                                                                                                                                                                  interest in
                                                                                                                                                                                                                                                  such account;

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (K)          to
                                                                                                                                                                                                                                                  make such
                                                                                                                                                                                                                                                  other
                                                                                                                                                                                                                                                  provisions in
                                                                                                                                                                                                                                                  regard to
                                                                                                                                                                                                                                                  matters or
                                                                                                                                                                                                                                                  questions
                                                                                                                                                                                                                                                  arising under
                                                                                                                                                                                                                                                  the Related
                                                                                                                                                                                                                                                  Documents
                                                                                                                                                                                                                                                  (other than thethis
                                                                                                                                                                                                                                                  Base Indenture
                                                                                                                                                                                                                                                  and any Series
                                                                                                                                                                                                                                                  Supplement) 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 Holder or
                                                                                                                                                                                                                                                  any other
                                                                                                                                                                                                                                                  Secured Party;
                                                                                                                                                                                                                                                  provided
                                                                                                                                                                                                                                                  that an
                                                                                                                                                                                                                                                  Opinion of
                                                                                                                                                                                                                                                  Counsel and an
                                                                                                                                                                                                                                                  Officer’s
                                                                                                                                                                                                                                                  Certificate
                                                                                                                                                                                                                                                  shall be
                                                                                                                                                                                                                                                  delivered to
                                                                                                                                                                                                                                                  the Trustee,
                                                                                                                                                                                                                                                  each Rating
                                                                                                                                                                                                                                                  Agency and the
                                                                                                                                                                                                                                                  Servicer to
                                                                                                                                                                                                                                                  such effect;

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (L)          to
                                                                                                                                                                                                                                                  add to the
                                                                                                                                                                                                                                                  covenants of
                                                                                                                                                                                                                                                  any (I)
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity for the
                                                                                                                                                                                                                                                  benefit of the
                                                                                                                                                                                                                                                  Secured
                                                                                                                                                                                                                                                  Parties or
                                                                                                                                                                                                                                                  (II)
                                                                                                                                                                                                                                                  Non-Securitization
                                                                                                                                                                                                                                                  Entity for the
                                                                                                                                                                                                                                                  benefit of any
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity; or

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (M)          to
                                                                                                                                                                                                                                                  amend any
                                                                                                                                                                                                                                                  Related
                                                                                                                                                                                                                                                  Document in
                                                                                                                                                                                                                                                  order to
                                                                                                                                                                                                                                                  accommodate a
                                                                                                                                                                                                                                                  replacement
                                                                                                                                                                                                                                                  Management
                                                                                                                                                                                                                                                  Agreement,
                                                                                                                                                                                                                                                  Back-Up
                                                                                                                                                                                                                                                  Management
                                                                                                                                                                                                                                                  Agreement or
                                                                                                                                                                                                                                                  Servicing
                                                                                                                                                                                                                                                  Agreement if
                                                                                                                                                                                                                                                  at any time
                                                                                                                                                                                                                                                  (x) such
                                                                                                                                                                                                                                                  agreement is
                                                                                                                                                                                                                                                  terminated or
                                                                                                                                                                                                                                                  (y) the
                                                                                                                                                                                                                                                  Manager, the
                                                                                                                                                                                                                                                  Back-Up
                                                                                                                                                                                                                                                  Manager or the
                                                                                                                                                                                                                                                  Servicer is
                                                                                                                                                                                                                                                  either
                                                                                                                                                                                                                                                  unwilling or
                                                                                                                                                                                                                                                  unable to
                                                                                                                                                                                                                                                  perform its
                                                                                                                                                                                                                                                  obligations
                                                                                                                                                                                                                                                  under the
                                                                                                                                                                                                                                                  Management
                                                                                                                                                                                                                                                  Agreement, the
                                                                                                                                                                                                                                                  Back-Up
                                                                                                                                                                                                                                                  Management
                                                                                                                                                                                                                                                  Agreement or
                                                                                                                                                                                                                                                  the Servicing
                                                                                                                                                                                                                                                  Agreement, as
                                                                                                                                                                                                                                                  applicable; provided
                                                                                                                                                                                                                                                  that Rating
                                                                                                                                                                                                                                                  Agency
                                                                                                                                                                                                                                                  Confirmation
                                                                                                                                                                                                                                                  shall be
                                                                                                                                                                                                                                                  required for
                                                                                                                                                                                                                                                  each Series of
                                                                                                                                                                                                                                                  Notes that
                                                                                                                                                                                                                                                  will remain
                                                                                                                                                                                                                                                  Outstanding
                                                                                                                                                                                                                                                  after the
                                                                                                                                                                                                                                                  effective date
                                                                                                                                                                                                                                                  of such
                                                                                                                                                                                                                                                  Supplement.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  132

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  (ii)          In

                                                                                                                                                                                                                                                  addition to Section

                                                                                                                                                                                                                                                  13.08(a)(i),
                                                                                                                                                                                                                                                  the Master
                                                                                                                                                                                                                                                  Issuer may
                                                                                                                                                                                                                                                  otherwise
                                                                                                                                                                                                                                                  consent to an
                                                                                                                                                                                                                                                  amendment,
                                                                                                                                                                                                                                                  modification
                                                                                                                                                                                                                                                  or waiver of
                                                                                                                                                                                                                                                  the provisions
                                                                                                                                                                                                                                                  of any Related
                                                                                                                                                                                                                                                  Document, from
                                                                                                                                                                                                                                                  time to time,
                                                                                                                                                                                                                                                  if such
                                                                                                                                                                                                                                                  amendment,
                                                                                                                                                                                                                                                  modification
                                                                                                                                                                                                                                                  or waiver is
                                                                                                                                                                                                                                                  in writing and
                                                                                                                                                                                                                                                  consented to
                                                                                                                                                                                                                                                  in writing by
                                                                                                                                                                                                                                                  (i)

                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Control Party
                                                                                                                                                                                                                                                  (at the
                                                                                                                                                                                                                                                  direction of
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Controlling
                                                                                                                                                                                                                                                  Class
                                                                                                                                                                                                                                                  Representative)
                                                                                                                                                                                                                                                  and (ii) on
                                                                                                                                                                                                                                                  and after the
                                                                                                                                                                                                                                                  Springing
                                                                                                                                                                                                                                                  Amendments
                                                                                                                                                                                                                                                  Implementation
                                                                                                                                                                                                                                                  Date, solely
                                                                                                                                                                                                                                                  in the case of
                                                                                                                                                                                                                                                  any amendment,
                                                                                                                                                                                                                                                  modification
                                                                                                                                                                                                                                                  or waiver to
                                                                                                                                                                                                                                                  the Indenture,
                                                                                                                                                                                                                                                  the Management
                                                                                                                                                                                                                                                  Agreement
                                                                                                                                                                                                                                                  and/or the
                                                                                                                                                                                                                                                  Servicing
                                                                                                                                                                                                                                                  Agreement, the
                                                                                                                                                                                                                                                  Back-Up
                                                                                                                                                                                                                                                  Manager solely
                                                                                                                                                                                                                                                  if such
                                                                                                                                                                                                                                                  amendment,
                                                                                                                                                                                                                                                  modification
                                                                                                                                                                                                                                                  or waiver
                                                                                                                                                                                                                                                  would
                                                                                                                                                                                                                                                  materially and
                                                                                                                                                                                                                                                  adversely
                                                                                                                                                                                                                                                  affect the
                                                                                                                                                                                                                                                  Back-Up
                                                                                                                                                                                                                                                  Manager’s
                                                                                                                                                                                                                                                  rights,
                                                                                                                                                                                                                                                  remedies,
                                                                                                                                                                                                                                                  indemnifications,
                                                                                                                                                                                                                                                  protections or
                                                                                                                                                                                                                                                  immunities
                                                                                                                                                                                                                                                  and/or
                                                                                                                                                                                                                                                  materially
                                                                                                                                                                                                                                                  increase the
                                                                                                                                                                                                                                                  duties,
                                                                                                                                                                                                                                                  obligations,
                                                                                                                                                                                                                                                  or liabilities
                                                                                                                                                                                                                                                  of the Back-Up
                                                                                                                                                                                                                                                  Manager under
                                                                                                                                                                                                                                                  such Related
                                                                                                                                                                                                                                                  Document. 

                                                                                                                                                                                                                                                  Notwithstanding

                                                                                                                                                                                                                                                  the foregoing,
                                                                                                                                                                                                                                                  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
                                                                                                                                                                                                                                                  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)          Notwithstanding

                                                                                                                                                                                                                                                  anything to
                                                                                                                                                                                                                                                  the contrary
                                                                                                                                                                                                                                                  herein, in
                                                                                                                                                                                                                                                  addition to
                                                                                                                                                                                                                                                  any amendment,
                                                                                                                                                                                                                                                  modification
                                                                                                                                                                                                                                                  or waiver
                                                                                                                                                                                                                                                  effected in
                                                                                                                                                                                                                                                  accordance
                                                                                                                                                                                                                                                  with the
                                                                                                                                                                                                                                                  provisions of
                                                                                                                                                                                                                                                  this Section

                                                                                                                                                                                                                                                  13.08,
                                                                                                                                                                                                                                                  (i) the
                                                                                                                                                                                                                                                  provisions of
                                                                                                                                                                                                                                                  any Variable
                                                                                                                                                                                                                                                  Funding Note
                                                                                                                                                                                                                                                  Purchase
                                                                                                                                                                                                                                                  Agreement may
                                                                                                                                                                                                                                                  be amended,
                                                                                                                                                                                                                                                  modified or
                                                                                                                                                                                                                                                  waived in
                                                                                                                                                                                                                                                  writing by the
                                                                                                                                                                                                                                                  Master Issuer
                                                                                                                                                                                                                                                  and the
                                                                                                                                                                                                                                                  Trustee with
                                                                                                                                                                                                                                                  the consent of
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Noteholders
                                                                                                                                                                                                                                                  required
                                                                                                                                                                                                                                                  therefor
                                                                                                                                                                                                                                                  pursuant to
                                                                                                                                                                                                                                                  the related
                                                                                                                                                                                                                                                  Variable
                                                                                                                                                                                                                                                  Funding Note
                                                                                                                                                                                                                                                  Purchase
                                                                                                                                                                                                                                                  Agreement(s)
                                                                                                                                                                                                                                                  (but without
                                                                                                                                                                                                                                                  the consent of
                                                                                                                                                                                                                                                  any other
                                                                                                                                                                                                                                                  Person), if
                                                                                                                                                                                                                                                  such
                                                                                                                                                                                                                                                  amendment,
                                                                                                                                                                                                                                                  modification
                                                                                                                                                                                                                                                  or waiver is
                                                                                                                                                                                                                                                  with respect
                                                                                                                                                                                                                                                  to any of the
                                                                                                                                                                                                                                                  terms hereof
                                                                                                                                                                                                                                                  relating to
                                                                                                                                                                                                                                                  the amounts of
                                                                                                                                                                                                                                                  interest, fees
                                                                                                                                                                                                                                                  or other
                                                                                                                                                                                                                                                  related
                                                                                                                                                                                                                                                  amounts
                                                                                                                                                                                                                                                  allocable to
                                                                                                                                                                                                                                                  any Series of
                                                                                                                                                                                                                                                  Class A-1
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  (regardless of
                                                                                                                                                                                                                                                  whether such
                                                                                                                                                                                                                                                  amendment,
                                                                                                                                                                                                                                                  modification
                                                                                                                                                                                                                                                  or waiver
                                                                                                                                                                                                                                                  would have the
                                                                                                                                                                                                                                                  effect of
                                                                                                                                                                                                                                                  modifying
                                                                                                                                                                                                                                                  amounts
                                                                                                                                                                                                                                                  available for
                                                                                                                                                                                                                                                  allocation to
                                                                                                                                                                                                                                                  any Series of
                                                                                                                                                                                                                                                  Notes (it
                                                                                                                                                                                                                                                  being
                                                                                                                                                                                                                                                  understood
                                                                                                                                                                                                                                                  that the
                                                                                                                                                                                                                                                  respective
                                                                                                                                                                                                                                                  order of
                                                                                                                                                                                                                                                  priorities set
                                                                                                                                                                                                                                                  forth in the
                                                                                                                                                                                                                                                  Priority of
                                                                                                                                                                                                                                                  Payments will
                                                                                                                                                                                                                                                  remain
                                                                                                                                                                                                                                                  unaffected as
                                                                                                                                                                                                                                                  a result of
                                                                                                                                                                                                                                                  any such
                                                                                                                                                                                                                                                  amendment,
                                                                                                                                                                                                                                                  modification
                                                                                                                                                                                                                                                  or waiver)); provided,
                                                                                                                                                                                                                                                  however,
                                                                                                                                                                                                                                                  no such
                                                                                                                                                                                                                                                  amendment may
                                                                                                                                                                                                                                                  (1) adversely
                                                                                                                                                                                                                                                  affect (x) the
                                                                                                                                                                                                                                                  Trustee
                                                                                                                                                                                                                                                  without the
                                                                                                                                                                                                                                                  Trustee’s
                                                                                                                                                                                                                                                  prior consent
                                                                                                                                                                                                                                                  or,
                                                                                                                                                                                                                                                  (y) the
                                                                                                                                                                                                                                                  Servicer
                                                                                                                                                                                                                                                  without the
                                                                                                                                                                                                                                                  Servicer’s
                                                                                                                                                                                                                                                  prior consent

                                                                                                                                                                                                                                                  or (z) the
                                                                                                                                                                                                                                                  Back-Up
                                                                                                                                                                                                                                                  Manager
                                                                                                                                                                                                                                                  without the
                                                                                                                                                                                                                                                  Back-Up
                                                                                                                                                                                                                                                  Manager’s consent

                                                                                                                                                                                                                                                  or
                                                                                                                                                                                                                                                  (2) increase
                                                                                                                                                                                                                                                  the aggregate
                                                                                                                                                                                                                                                  principal
                                                                                                                                                                                                                                                  amount of
                                                                                                                                                                                                                                                  Notes without
                                                                                                                                                                                                                                                  satisfaction
                                                                                                                                                                                                                                                  of the Rating
                                                                                                                                                                                                                                                  Agency
                                                                                                                                                                                                                                                  Condition with
                                                                                                                                                                                                                                                  respect to
                                                                                                                                                                                                                                                  each Series of
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Outstanding
                                                                                                                                                                                                                                                  and (ii) if at
                                                                                                                                                                                                                                                  any time any
                                                                                                                                                                                                                                                  change in GAAP
                                                                                                                                                                                                                                                  (including a
                                                                                                                                                                                                                                                  conversion of
                                                                                                                                                                                                                                                  Jack in the
                                                                                                                                                                                                                                                  Box Inc.’s
                                                                                                                                                                                                                                                  financial
                                                                                                                                                                                                                                                  reporting to
                                                                                                                                                                                                                                                  IFRS) 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
                                                                                                                                                                                                                                                  any Related
                                                                                                                                                                                                                                                  Document
                                                                                                                                                                                                                                                  (other than thethis
                                                                                                                                                                                                                                                  Base Indenture
                                                                                                                                                                                                                                                  and any Series
                                                                                                                                                                                                                                                  Supplement)
                                                                                                                                                                                                                                                  (including the
                                                                                                                                                                                                                                                  calculation of
                                                                                                                                                                                                                                                  Adjusted
                                                                                                                                                                                                                                                  EBITDA), such
                                                                                                                                                                                                                                                  Related
                                                                                                                                                                                                                                                  Document may
                                                                                                                                                                                                                                                  be amended
                                                                                                                                                                                                                                                  with the
                                                                                                                                                                                                                                                  consent of the
                                                                                                                                                                                                                                                  Control Party
                                                                                                                                                                                                                                                  to amend the
                                                                                                                                                                                                                                                  provisions of
                                                                                                                                                                                                                                                  such Related
                                                                                                                                                                                                                                                  Document, as
                                                                                                                                                                                                                                                  the case may
                                                                                                                                                                                                                                                  be, related to
                                                                                                                                                                                                                                                  such covenant,
                                                                                                                                                                                                                                                  incurrence
                                                                                                                                                                                                                                                  test or other
                                                                                                                                                                                                                                                  restriction to
                                                                                                                                                                                                                                                  preserve the
                                                                                                                                                                                                                                                  original
                                                                                                                                                                                                                                                  intent thereof
                                                                                                                                                                                                                                                  in light of
                                                                                                                                                                                                                                                  such change in
                                                                                                                                                                                                                                                  GAAP.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  133

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  (b)          Management

                                                                                                                                                                                                                                                  Agreement.
                                                                                                                                                                                                                                                  Subject to the
                                                                                                                                                                                                                                                  conditions
                                                                                                                                                                                                                                                  precedent for
                                                                                                                                                                                                                                                  certain
                                                                                                                                                                                                                                                  amendments and
                                                                                                                                                                                                                                                  modifications
                                                                                                                                                                                                                                                  under this Section

                                                                                                                                                                                                                                                  13.08, the
                                                                                                                                                                                                                                                  Master Issuer
                                                                                                                                                                                                                                                  may enter into
                                                                                                                                                                                                                                                  an amendment
                                                                                                                                                                                                                                                  of the
                                                                                                                                                                                                                                                  Management
                                                                                                                                                                                                                                                  Agreement from
                                                                                                                                                                                                                                                  time to time,
                                                                                                                                                                                                                                                  in writing,
                                                                                                                                                                                                                                                  with the
                                                                                                                                                                                                                                                  written
                                                                                                                                                                                                                                                  consent of the
                                                                                                                                                                                                                                                  Trustee (acting

                                                                                                                                                                                                                                                  at the
                                                                                                                                                                                                                                                  direction of
                                                                                                                                                                                                                                                  the Control
                                                                                                                                                                                                                                                  Party, which
                                                                                                                                                                                                                                                  direction
                                                                                                                                                                                                                                                  shall not be
                                                                                                                                                                                                                                                  unreasonably
                                                                                                                                                                                                                                                  withheld or
                                                                                                                                                                                                                                                  delayed), the
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entities and
                                                                                                                                                                                                                                                  the Manager; provided,
                                                                                                                                                                                                                                                  that no
                                                                                                                                                                                                                                                  consent of the
                                                                                                                                                                                                                                                  Trustee or the
                                                                                                                                                                                                                                                  Control Party
                                                                                                                                                                                                                                                  shall be
                                                                                                                                                                                                                                                  required (and
                                                                                                                                                                                                                                                  the Trustee
                                                                                                                                                                                                                                                  shall execute
                                                                                                                                                                                                                                                  an amendment
                                                                                                                                                                                                                                                  at the
                                                                                                                                                                                                                                                  direction of
                                                                                                                                                                                                                                                  the Master
                                                                                                                                                                                                                                                  Issuer) in
                                                                                                                                                                                                                                                  connection
                                                                                                                                                                                                                                                  with any
                                                                                                                                                                                                                                                  amendment to
                                                                                                                                                                                                                                                  accomplish any
                                                                                                                                                                                                                                                  of the
                                                                                                                                                                                                                                                  following:

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (A)          to

                                                                                                                                                                                                                                                  correct or
                                                                                                                                                                                                                                                  amplify the
                                                                                                                                                                                                                                                  description of
                                                                                                                                                                                                                                                  any required
                                                                                                                                                                                                                                                  activities of
                                                                                                                                                                                                                                                  the Manager;

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (B)          to

                                                                                                                                                                                                                                                  add to the
                                                                                                                                                                                                                                                  duties or
                                                                                                                                                                                                                                                  covenants of
                                                                                                                                                                                                                                                  the Manager
                                                                                                                                                                                                                                                  for the
                                                                                                                                                                                                                                                  benefit of any
                                                                                                                                                                                                                                                  Noteholders or
                                                                                                                                                                                                                                                  any other
                                                                                                                                                                                                                                                  Secured
                                                                                                                                                                                                                                                  Parties, or to
                                                                                                                                                                                                                                                  add provisions
                                                                                                                                                                                                                                                  to the
                                                                                                                                                                                                                                                  Management
                                                                                                                                                                                                                                                  Agreement so
                                                                                                                                                                                                                                                  long as such
                                                                                                                                                                                                                                                  action does
                                                                                                                                                                                                                                                  not modify the
                                                                                                                                                                                                                                                  Managing
                                                                                                                                                                                                                                                  Standard,
                                                                                                                                                                                                                                                  materially and

                                                                                                                                                                                                                                                  adversely

                                                                                                                                                                                                                                                  affect the
                                                                                                                                                                                                                                                  enforceability
                                                                                                                                                                                                                                                  of the
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  IP or
                                                                                                                                                                                                                                                  materially and

                                                                                                                                                                                                                                                  adversely

                                                                                                                                                                                                                                                  affect the
                                                                                                                                                                                                                                                  interests of
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Noteholders;

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (C)          to

                                                                                                                                                                                                                                                  evidence the
                                                                                                                                                                                                                                                  succession of
                                                                                                                                                                                                                                                  another Person
                                                                                                                                                                                                                                                  to any party
                                                                                                                                                                                                                                                  to the
                                                                                                                                                                                                                                                  Management
                                                                                                                                                                                                                                                  Agreement;

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (D)          to

                                                                                                                                                                                                                                                  take any
                                                                                                                                                                                                                                                  action
                                                                                                                                                                                                                                                  necessary and
                                                                                                                                                                                                                                                  appropriate to
                                                                                                                                                                                                                                                  facilitate the
                                                                                                                                                                                                                                                  origination of
                                                                                                                                                                                                                                                  new Managed
                                                                                                                                                                                                                                                  Documents, the
                                                                                                                                                                                                                                                  acquisition,
                                                                                                                                                                                                                                                  disposition
                                                                                                                                                                                                                                                  and management
                                                                                                                                                                                                                                                  of Securitized
                                                                                                                                                                                                                                                  Assets in a
                                                                                                                                                                                                                                                  manner
                                                                                                                                                                                                                                                  consistent
                                                                                                                                                                                                                                                  with thethis
                                                                                                                                                                                                                                                  Base
                                                                                                                                                                                                                                                  Indenture, or
                                                                                                                                                                                                                                                  the management
                                                                                                                                                                                                                                                  and
                                                                                                                                                                                                                                                  preservation
                                                                                                                                                                                                                                                  of the Managed
                                                                                                                                                                                                                                                  Documents, in
                                                                                                                                                                                                                                                  each case, in
                                                                                                                                                                                                                                                  accordance
                                                                                                                                                                                                                                                  with the
                                                                                                                                                                                                                                                  Managing
                                                                                                                                                                                                                                                  Standard; or

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (E)          to

                                                                                                                                                                                                                                                  provide for
                                                                                                                                                                                                                                                  additional
                                                                                                                                                                                                                                                  Services
                                                                                                                                                                                                                                                  related to any
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurants;

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  provided
                                                                                                                                                                                                                                                  that, promptly
                                                                                                                                                                                                                                                  after the
                                                                                                                                                                                                                                                  execution of
                                                                                                                                                                                                                                                  any such
                                                                                                                                                                                                                                                  amendment, the
                                                                                                                                                                                                                                                  Manager shall
                                                                                                                                                                                                                                                  send to the
                                                                                                                                                                                                                                                  Trustee, the
                                                                                                                                                                                                                                                  Servicer, the
                                                                                                                                                                                                                                                  Back-Up
                                                                                                                                                                                                                                                  Manager and
                                                                                                                                                                                                                                                  each Rating
                                                                                                                                                                                                                                                  Agency a
                                                                                                                                                                                                                                                  conformed copy
                                                                                                                                                                                                                                                  of such
                                                                                                                                                                                                                                                  amendment, but
                                                                                                                                                                                                                                                  the failure to
                                                                                                                                                                                                                                                  do so shall
                                                                                                                                                                                                                                                  not impair or
                                                                                                                                                                                                                                                  affect its
                                                                                                                                                                                                                                                  validity.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (c)          Back-Up

                                                                                                                                                                                                                                                  Management
                                                                                                                                                                                                                                                  Agreement.
                                                                                                                                                                                                                                                  Subject to any
                                                                                                                                                                                                                                                  conditions
                                                                                                                                                                                                                                                  precedent for
                                                                                                                                                                                                                                                  certain amendment

                                                                                                                                                                                                                                                  or
                                                                                                                                                                                                                                                  modificationamendments

                                                                                                                                                                                                                                                  or
                                                                                                                                                                                                                                                  modifications
                                                                                                                                                                                                                                                  under this Article

                                                                                                                                                                                                                                                  13.08, the
                                                                                                                                                                                                                                                  Master Issuer
                                                                                                                                                                                                                                                  may enter into
                                                                                                                                                                                                                                                  an amendment
                                                                                                                                                                                                                                                  or
                                                                                                                                                                                                                                                  modification
                                                                                                                                                                                                                                                  of the Back-Up
                                                                                                                                                                                                                                                  Management
                                                                                                                                                                                                                                                  Agreement from
                                                                                                                                                                                                                                                  time to time,
                                                                                                                                                                                                                                                  in writing,
                                                                                                                                                                                                                                                  with the
                                                                                                                                                                                                                                                  consent of the
                                                                                                                                                                                                                                                  parties
                                                                                                                                                                                                                                                  thereto. The
                                                                                                                                                                                                                                                  Back-Up
                                                                                                                                                                                                                                                  Management
                                                                                                                                                                                                                                                  Agreement may
                                                                                                                                                                                                                                                  be amended or
                                                                                                                                                                                                                                                  modified with
                                                                                                                                                                                                                                                  the consent of
                                                                                                                                                                                                                                                  the parties
                                                                                                                                                                                                                                                  thereto and
                                                                                                                                                                                                                                                  such parties
                                                                                                                                                                                                                                                  may waive any
                                                                                                                                                                                                                                                  right under
                                                                                                                                                                                                                                                  the Back-Up
                                                                                                                                                                                                                                                  Management
                                                                                                                                                                                                                                                  Agreement,
                                                                                                                                                                                                                                                  which waiver
                                                                                                                                                                                                                                                  shall be
                                                                                                                                                                                                                                                  effective only
                                                                                                                                                                                                                                                  in the
                                                                                                                                                                                                                                                  specific
                                                                                                                                                                                                                                                  instance and
                                                                                                                                                                                                                                                  for the
                                                                                                                                                                                                                                                  specific
                                                                                                                                                                                                                                                  purpose for
                                                                                                                                                                                                                                                  which it is
                                                                                                                                                                                                                                                  given unless
                                                                                                                                                                                                                                                  otherwise
                                                                                                                                                                                                                                                  specified in
                                                                                                                                                                                                                                                  such waiver.
                                                                                                                                                                                                                                                  The following
                                                                                                                                                                                                                                                  shall not
                                                                                                                                                                                                                                                  operate as a
                                                                                                                                                                                                                                                  waiver of any
                                                                                                                                                                                                                                                  right under
                                                                                                                                                                                                                                                  the Back-Up
                                                                                                                                                                                                                                                  Management
                                                                                                                                                                                                                                                  Agreement or
                                                                                                                                                                                                                                                  applicable
                                                                                                                                                                                                                                                  law: (i) any
                                                                                                                                                                                                                                                  election not
                                                                                                                                                                                                                                                  to exercise,
                                                                                                                                                                                                                                                  (ii) any
                                                                                                                                                                                                                                                  failure to
                                                                                                                                                                                                                                                  exercise or
                                                                                                                                                                                                                                                  delay in
                                                                                                                                                                                                                                                  exercising any
                                                                                                                                                                                                                                                  right, or
                                                                                                                                                                                                                                                  (iii) any
                                                                                                                                                                                                                                                  course of
                                                                                                                                                                                                                                                  dealing or
                                                                                                                                                                                                                                                  performance.
                                                                                                                                                                                                                                                  The single or
                                                                                                                                                                                                                                                  partial
                                                                                                                                                                                                                                                  exercise of
                                                                                                                                                                                                                                                  any right
                                                                                                                                                                                                                                                  under the
                                                                                                                                                                                                                                                  Back-Up
                                                                                                                                                                                                                                                  Management
                                                                                                                                                                                                                                                  Agreement
                                                                                                                                                                                                                                                  shall not
                                                                                                                                                                                                                                                  preclude any
                                                                                                                                                                                                                                                  further
                                                                                                                                                                                                                                                  exercise of
                                                                                                                                                                                                                                                  such right
                                                                                                                                                                                                                                                  thereof or the
                                                                                                                                                                                                                                                  exercise of
                                                                                                                                                                                                                                                  any other
                                                                                                                                                                                                                                                  right under
                                                                                                                                                                                                                                                  the Back-Up
                                                                                                                                                                                                                                                  Management
                                                                                                                                                                                                                                                  Agreement or
                                                                                                                                                                                                                                                  applicable
                                                                                                                                                                                                                                                  law.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  134

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  (d)          Servicing

                                                                                                                                                                                                                                                  Agreement.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (i)          Subject

                                                                                                                                                                                                                                                  to any
                                                                                                                                                                                                                                                  conditions
                                                                                                                                                                                                                                                  precedent for
                                                                                                                                                                                                                                                  certain amendment

                                                                                                                                                                                                                                                  or
                                                                                                                                                                                                                                                  modificationamendments

                                                                                                                                                                                                                                                  or
                                                                                                                                                                                                                                                  modifications
                                                                                                                                                                                                                                                  under this ArticleSection
                                                                                                                                                                                                                                                  13.08 and
                                                                                                                                                                                                                                                  upon
                                                                                                                                                                                                                                                  satisfaction
                                                                                                                                                                                                                                                  of the Rating
                                                                                                                                                                                                                                                  Agency
                                                                                                                                                                                                                                                  Condition with
                                                                                                                                                                                                                                                  respect to an
                                                                                                                                                                                                                                                  amendment or
                                                                                                                                                                                                                                                  modification,
                                                                                                                                                                                                                                                  the Master
                                                                                                                                                                                                                                                  Issuer may
                                                                                                                                                                                                                                                  enter into an
                                                                                                                                                                                                                                                  amendment or
                                                                                                                                                                                                                                                  modification
                                                                                                                                                                                                                                                  of the
                                                                                                                                                                                                                                                  Servicing
                                                                                                                                                                                                                                                  Agreement from
                                                                                                                                                                                                                                                  time to time,
                                                                                                                                                                                                                                                  in writing,
                                                                                                                                                                                                                                                  with the
                                                                                                                                                                                                                                                  consent of the
                                                                                                                                                                                                                                                  parties
                                                                                                                                                                                                                                                  thereto; provided
                                                                                                                                                                                                                                                  that the
                                                                                                                                                                                                                                                  satisfaction
                                                                                                                                                                                                                                                  of the Rating
                                                                                                                                                                                                                                                  Agency
                                                                                                                                                                                                                                                  Condition
                                                                                                                                                                                                                                                  shall not be
                                                                                                                                                                                                                                                  required in
                                                                                                                                                                                                                                                  connection
                                                                                                                                                                                                                                                  with an
                                                                                                                                                                                                                                                  amendment to
                                                                                                                                                                                                                                                  (a) cure any
                                                                                                                                                                                                                                                  ambiguity or
                                                                                                                                                                                                                                                  correct or
                                                                                                                                                                                                                                                  supplement any
                                                                                                                                                                                                                                                  provisions in
                                                                                                                                                                                                                                                  the Servicing
                                                                                                                                                                                                                                                  Agreement that
                                                                                                                                                                                                                                                  are defective
                                                                                                                                                                                                                                                  or
                                                                                                                                                                                                                                                  inconsistent
                                                                                                                                                                                                                                                  with any other
                                                                                                                                                                                                                                                  provisions in
                                                                                                                                                                                                                                                  the Servicing
                                                                                                                                                                                                                                                  Agreement, any
                                                                                                                                                                                                                                                  other Related
                                                                                                                                                                                                                                                  Document or
                                                                                                                                                                                                                                                  each final
                                                                                                                                                                                                                                                  offering
                                                                                                                                                                                                                                                  memoranda or
                                                                                                                                                                                                                                                  private
                                                                                                                                                                                                                                                  placement
                                                                                                                                                                                                                                                  memoranda
                                                                                                                                                                                                                                                  prepared in
                                                                                                                                                                                                                                                  connection
                                                                                                                                                                                                                                                  with the
                                                                                                                                                                                                                                                  then-current
                                                                                                                                                                                                                                                  Outstanding
                                                                                                                                                                                                                                                  Notes or
                                                                                                                                                                                                                                                  (b) reduce the
                                                                                                                                                                                                                                                  Servicing Fee.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (ii)          The

                                                                                                                                                                                                                                                  Master Issuer
                                                                                                                                                                                                                                                  may not
                                                                                                                                                                                                                                                  consent to any
                                                                                                                                                                                                                                                  amendment to
                                                                                                                                                                                                                                                  the Servicing
                                                                                                                                                                                                                                                  Agreement that
                                                                                                                                                                                                                                                  (a) adversely
                                                                                                                                                                                                                                                  affects, in
                                                                                                                                                                                                                                                  any material
                                                                                                                                                                                                                                                  respect, the
                                                                                                                                                                                                                                                  interest of
                                                                                                                                                                                                                                                  the holders of
                                                                                                                                                                                                                                                  any Class of
                                                                                                                                                                                                                                                  Notes in any
                                                                                                                                                                                                                                                  manner,
                                                                                                                                                                                                                                                  without the
                                                                                                                                                                                                                                                  consent of the
                                                                                                                                                                                                                                                  Majority of
                                                                                                                                                                                                                                                  Noteholders of
                                                                                                                                                                                                                                                  such Class
                                                                                                                                                                                                                                                  (or, with
                                                                                                                                                                                                                                                  respect to the
                                                                                                                                                                                                                                                  Controlling
                                                                                                                                                                                                                                                  Class, the
                                                                                                                                                                                                                                                  Controlling
                                                                                                                                                                                                                                                  Class
                                                                                                                                                                                                                                                  Representative)
                                                                                                                                                                                                                                                  or (b) has an
                                                                                                                                                                                                                                                  effect
                                                                                                                                                                                                                                                  comparable to
                                                                                                                                                                                                                                                  any of those
                                                                                                                                                                                                                                                  set forth in Section

                                                                                                                                                                                                                                                  13.02(a)
                                                                                                                                                                                                                                                  that requires
                                                                                                                                                                                                                                                  the consent of
                                                                                                                                                                                                                                                  each
                                                                                                                                                                                                                                                  Noteholder or
                                                                                                                                                                                                                                                  each affected
                                                                                                                                                                                                                                                  Noteholder,
                                                                                                                                                                                                                                                  without the
                                                                                                                                                                                                                                                  consent of
                                                                                                                                                                                                                                                  each
                                                                                                                                                                                                                                                  Noteholder or
                                                                                                                                                                                                                                                  each affected
                                                                                                                                                                                                                                                  Noteholder, as
                                                                                                                                                                                                                                                  applicable; provided
                                                                                                                                                                                                                                                  that any
                                                                                                                                                                                                                                                  amendment to
                                                                                                                                                                                                                                                  reduce the
                                                                                                                                                                                                                                                  Servicing Fee
                                                                                                                                                                                                                                                  may be agreed
                                                                                                                                                                                                                                                  by the
                                                                                                                                                                                                                                                  Servicer
                                                                                                                                                                                                                                                  without the
                                                                                                                                                                                                                                                  consent of the
                                                                                                                                                                                                                                                  Master Issuer,
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Noteholders or
                                                                                                                                                                                                                                                  any other
                                                                                                                                                                                                                                                  party.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (iii)          The

                                                                                                                                                                                                                                                  parties
                                                                                                                                                                                                                                                  thereto may
                                                                                                                                                                                                                                                  waive any
                                                                                                                                                                                                                                                  right under
                                                                                                                                                                                                                                                  the Servicing
                                                                                                                                                                                                                                                  Agreement,
                                                                                                                                                                                                                                                  which waiver
                                                                                                                                                                                                                                                  will be
                                                                                                                                                                                                                                                  effective only
                                                                                                                                                                                                                                                  in the
                                                                                                                                                                                                                                                  specific
                                                                                                                                                                                                                                                  instance and
                                                                                                                                                                                                                                                  for the
                                                                                                                                                                                                                                                  specific
                                                                                                                                                                                                                                                  purpose for
                                                                                                                                                                                                                                                  which it is
                                                                                                                                                                                                                                                  given unless
                                                                                                                                                                                                                                                  otherwise
                                                                                                                                                                                                                                                  specified in
                                                                                                                                                                                                                                                  such waiver.
                                                                                                                                                                                                                                                  The following
                                                                                                                                                                                                                                                  will not
                                                                                                                                                                                                                                                  operate as a
                                                                                                                                                                                                                                                  waiver of any
                                                                                                                                                                                                                                                  right under
                                                                                                                                                                                                                                                  the Servicing
                                                                                                                                                                                                                                                  Agreement or
                                                                                                                                                                                                                                                  applicable
                                                                                                                                                                                                                                                  law: (a) any
                                                                                                                                                                                                                                                  election not
                                                                                                                                                                                                                                                  to exercise,
                                                                                                                                                                                                                                                  (b) any
                                                                                                                                                                                                                                                  failure to
                                                                                                                                                                                                                                                  exercise or
                                                                                                                                                                                                                                                  delay in
                                                                                                                                                                                                                                                  exercising any
                                                                                                                                                                                                                                                  right, or
                                                                                                                                                                                                                                                  (c) any course
                                                                                                                                                                                                                                                  of dealing or
                                                                                                                                                                                                                                                  performance.
                                                                                                                                                                                                                                                  The single or
                                                                                                                                                                                                                                                  partial
                                                                                                                                                                                                                                                  exercise of
                                                                                                                                                                                                                                                  any right
                                                                                                                                                                                                                                                  under the
                                                                                                                                                                                                                                                  Servicing
                                                                                                                                                                                                                                                  Agreement will
                                                                                                                                                                                                                                                  not preclude
                                                                                                                                                                                                                                                  any further
                                                                                                                                                                                                                                                  exercise of
                                                                                                                                                                                                                                                  such right
                                                                                                                                                                                                                                                  thereof or the
                                                                                                                                                                                                                                                  exercise of
                                                                                                                                                                                                                                                  any other
                                                                                                                                                                                                                                                  right under
                                                                                                                                                                                                                                                  the Servicing
                                                                                                                                                                                                                                                  Agreement or
                                                                                                                                                                                                                                                  applicable
                                                                                                                                                                                                                                                  law.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (iv)

                                                                                                                                                                                                                                                  The

                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entities and
                                                                                                                                                                                                                                                  the Trustee
                                                                                                                                                                                                                                                  agree not to
                                                                                                                                                                                                                                                  amend the
                                                                                                                                                                                                                                                  Related
                                                                                                                                                                                                                                                  Documents
                                                                                                                                                                                                                                                  (other than the

                                                                                                                                                                                                                                                  Base

                                                                                                                                                                                                                                                  Indenture and
                                                                                                                                                                                                                                                  any Series
                                                                                                                                                                                                                                                  Supplement)
                                                                                                                                                                                                                                                  without the
                                                                                                                                                                                                                                                  Servicer’s
                                                                                                                                                                                                                                                  consent if
                                                                                                                                                                                                                                                  such amendment
                                                                                                                                                                                                                                                  would
                                                                                                                                                                                                                                                  materially
                                                                                                                                                                                                                                                  increase the
                                                                                                                                                                                                                                                  Servicer’s
                                                                                                                                                                                                                                                  obligations or
                                                                                                                                                                                                                                                  liabilities or
                                                                                                                                                                                                                                                  materially
                                                                                                                                                                                                                                                  decrease the
                                                                                                                                                                                                                                                  Servicer’s
                                                                                                                                                                                                                                                  rights or
                                                                                                                                                                                                                                                  remedies under
                                                                                                                                                                                                                                                  the Servicing
                                                                                                                                                                                                                                                  Agreement,
                                                                                                                                                                                                                                                  this Base
                                                                                                                                                                                                                                                  Indenture or
                                                                                                                                                                                                                                                  any other
                                                                                                                                                                                                                                                  Related
                                                                                                                                                                                                                                                  Document.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (e)          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 for
                                                                                                                                                                                                                                                  the applicable
                                                                                                                                                                                                                                                  Rating
                                                                                                                                                                                                                                                  Agencies that
                                                                                                                                                                                                                                                  are rating the
                                                                                                                                                                                                                                                  Outstanding
                                                                                                                                                                                                                                                  Notes.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  135

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  (f)          No

                                                                                                                                                                                                                                                  failure or
                                                                                                                                                                                                                                                  delay on the
                                                                                                                                                                                                                                                  part of any
                                                                                                                                                                                                                                                  Noteholder,
                                                                                                                                                                                                                                                  the Trustee or
                                                                                                                                                                                                                                                  any other
                                                                                                                                                                                                                                                  Secured Party
                                                                                                                                                                                                                                                  in exercising
                                                                                                                                                                                                                                                  any power or
                                                                                                                                                                                                                                                  right under
                                                                                                                                                                                                                                                  any Related
                                                                                                                                                                                                                                                  Document
                                                                                                                                                                                                                                                  (other than thethis
                                                                                                                                                                                                                                                  Base Indenture
                                                                                                                                                                                                                                                  and any Series
                                                                                                                                                                                                                                                  Supplement)
                                                                                                                                                                                                                                                  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.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (g)          To

                                                                                                                                                                                                                                                  the extent
                                                                                                                                                                                                                                                  that the
                                                                                                                                                                                                                                                  Trustee and/or
                                                                                                                                                                                                                                                  Control Party
                                                                                                                                                                                                                                                  is party to a
                                                                                                                                                                                                                                                  Related
                                                                                                                                                                                                                                                  Document
                                                                                                                                                                                                                                                  (other than thethis
                                                                                                                                                                                                                                                  Base Indenture
                                                                                                                                                                                                                                                  and any Series
                                                                                                                                                                                                                                                  Supplement) to
                                                                                                                                                                                                                                                  be amended or
                                                                                                                                                                                                                                                  modified
                                                                                                                                                                                                                                                  pursuant to
                                                                                                                                                                                                                                                  this Section

                                                                                                                                                                                                                                                  13.08, the
                                                                                                                                                                                                                                                  Trustee and/or
                                                                                                                                                                                                                                                  Control Party
                                                                                                                                                                                                                                                  shall sign
                                                                                                                                                                                                                                                  such amendment
                                                                                                                                                                                                                                                  or
                                                                                                                                                                                                                                                  modification,
                                                                                                                                                                                                                                                  so long as
                                                                                                                                                                                                                                                  such amendment
                                                                                                                                                                                                                                                  or
                                                                                                                                                                                                                                                  modification
                                                                                                                                                                                                                                                  does not
                                                                                                                                                                                                                                                  adversely
                                                                                                                                                                                                                                                  affect the
                                                                                                                                                                                                                                                  rights,
                                                                                                                                                                                                                                                  duties,
                                                                                                                                                                                                                                                  liabilities or
                                                                                                                                                                                                                                                  immunities of
                                                                                                                                                                                                                                                  the Trustee
                                                                                                                                                                                                                                                  and/or Control
                                                                                                                                                                                                                                                  Party.  If
                                                                                                                                                                                                                                                  such amendment
                                                                                                                                                                                                                                                  or
                                                                                                                                                                                                                                                  modification
                                                                                                                                                                                                                                                  does adversely
                                                                                                                                                                                                                                                  affect the
                                                                                                                                                                                                                                                  rights,
                                                                                                                                                                                                                                                  duties,
                                                                                                                                                                                                                                                  liabilities or
                                                                                                                                                                                                                                                  immunities of
                                                                                                                                                                                                                                                  the Trustee
                                                                                                                                                                                                                                                  and/or Control
                                                                                                                                                                                                                                                  Party, the
                                                                                                                                                                                                                                                  Trustee and/or
                                                                                                                                                                                                                                                  Control Party
                                                                                                                                                                                                                                                  may, but need
                                                                                                                                                                                                                                                  not, sign it.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (h)          The

                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entities and
                                                                                                                                                                                                                                                  the Trustee
                                                                                                                                                                                                                                                  agree not to
                                                                                                                                                                                                                                                  amend the
                                                                                                                                                                                                                                                  Related
                                                                                                                                                                                                                                                  Documents
                                                                                                                                                                                                                                                  (other than this

                                                                                                                                                                                                                                                  Base

                                                                                                                                                                                                                                                  Indenture and
                                                                                                                                                                                                                                                  any Series
                                                                                                                                                                                                                                                  Supplement)
                                                                                                                                                                                                                                                  without the
                                                                                                                                                                                                                                                  Servicer’s
                                                                                                                                                                                                                                                  consent if
                                                                                                                                                                                                                                                  such amendment
                                                                                                                                                                                                                                                  would
                                                                                                                                                                                                                                                  materially
                                                                                                                                                                                                                                                  increase the
                                                                                                                                                                                                                                                  Servicer’s
                                                                                                                                                                                                                                                  obligations or
                                                                                                                                                                                                                                                  liabilities or
                                                                                                                                                                                                                                                  materially
                                                                                                                                                                                                                                                  decrease the
                                                                                                                                                                                                                                                  Servicer’s
                                                                                                                                                                                                                                                  rights or
                                                                                                                                                                                                                                                  remedies under
                                                                                                                                                                                                                                                  the Servicing
                                                                                                                                                                                                                                                  Agreement,
                                                                                                                                                                                                                                                  this Base
                                                                                                                                                                                                                                                  Indenture or
                                                                                                                                                                                                                                                  any other
                                                                                                                                                                                                                                                  Related
                                                                                                                                                                                                                                                  Document.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (i)          On
                                                                                                                                                                                                                                                  and after the
                                                                                                                                                                                                                                                  Springing
                                                                                                                                                                                                                                                  Amendments
                                                                                                                                                                                                                                                  Implementation
                                                                                                                                                                                                                                                  Date, solely
                                                                                                                                                                                                                                                  in the case of
                                                                                                                                                                                                                                                  any amendment,
                                                                                                                                                                                                                                                  modification
                                                                                                                                                                                                                                                  or waiver to
                                                                                                                                                                                                                                                  the Management
                                                                                                                                                                                                                                                  Agreement
                                                                                                                                                                                                                                                  and/or the
                                                                                                                                                                                                                                                  Servicing
                                                                                                                                                                                                                                                  Agreement,
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entities and
                                                                                                                                                                                                                                                  the Trustee

                                                                                                                                                                                                                                                  agree not to
                                                                                                                                                                                                                                                  amend, modify
                                                                                                                                                                                                                                                  or waive any
                                                                                                                                                                                                                                                  provision of
                                                                                                                                                                                                                                                  the Management
                                                                                                                                                                                                                                                  Agreement or
                                                                                                                                                                                                                                                  the Servicing
                                                                                                                                                                                                                                                  Agreement, as
                                                                                                                                                                                                                                                  applicable,
                                                                                                                                                                                                                                                  without the
                                                                                                                                                                                                                                                  Back-Up
                                                                                                                                                                                                                                                  Manager's
                                                                                                                                                                                                                                                  consent if
                                                                                                                                                                                                                                                  such
                                                                                                                                                                                                                                                  amendment,
                                                                                                                                                                                                                                                  modification
                                                                                                                                                                                                                                                  or waiver
                                                                                                                                                                                                                                                  would
                                                                                                                                                                                                                                                  materially
                                                                                                                                                                                                                                                  increase the
                                                                                                                                                                                                                                                  Back-Up
                                                                                                                                                                                                                                                  Manager's
                                                                                                                                                                                                                                                  obligations or
                                                                                                                                                                                                                                                  liabilities or
                                                                                                                                                                                                                                                  materially
                                                                                                                                                                                                                                                  decrease the
                                                                                                                                                                                                                                                  Back-Up
                                                                                                                                                                                                                                                  Manager's
                                                                                                                                                                                                                                                  rights or
                                                                                                                                                                                                                                                  remedies under

                                                                                                                                                                                                                                                  the Back-Up
                                                                                                                                                                                                                                                  Management
                                                                                                                                                                                                                                                  Agreement,
                                                                                                                                                                                                                                                  this Base
                                                                                                                                                                                                                                                  Indenture or
                                                                                                                                                                                                                                                  any other
                                                                                                                                                                                                                                                  Related
                                                                                                                                                                                                                                                  Document.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  Article

                                                                                                                                                                                                                                                  XIV

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  MISCELLANEOUS

                                                                                                                                                                                                                                                   

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

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  If
                                                                                                                                                                                                                                                  to the Master
                                                                                                                                                                                                                                                  Issuer:

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  Jack in
                                                                                                                                                                                                                                                  the Box
                                                                                                                                                                                                                                                  Funding, LLC

                                                                                                                                                                                                                                                  9330

                                                                                                                                                                                                                                                  Balboa Avenue

                                                                                                                                                                                                                                                  9357

                                                                                                                                                                                                                                                  Spectrum
                                                                                                                                                                                                                                                  Center
                                                                                                                                                                                                                                                  Boulevard

                                                                                                                                                                                                                                                  San
                                                                                                                                                                                                                                                  Diego, CACalifornia
                                                                                                                                                                                                                                                  92123

                                                                                                                                                                                                                                                  Attention:

                                                                                                                                                                                                                                                  General

                                                                                                                                                                                                                                                  CounselChief

                                                                                                                                                                                                                                                  Legal Officer

                                                                                                                                                                                                                                                  Email:
sarah.super@jackinthebox.com

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  136

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  If
                                                                                                                                                                                                                                                  to the Manager:

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  Jack in
                                                                                                                                                                                                                                                  the Box Inc.

                                                                                                                                                                                                                                                  9330

                                                                                                                                                                                                                                                  Balboa Avenue

                                                                                                                                                                                                                                                  9357

                                                                                                                                                                                                                                                  Spectrum
                                                                                                                                                                                                                                                  Center
                                                                                                                                                                                                                                                  Boulevard

                                                                                                                                                                                                                                                  San
                                                                                                                                                                                                                                                  Diego, CACalifornia
                                                                                                                                                                                                                                                  92123

                                                                                                                                                                                                                                                  Attention:

                                                                                                                                                                                                                                                  General

                                                                                                                                                                                                                                                  CounselChief

                                                                                                                                                                                                                                                  Legal Officer

                                                                                                                                                                                                                                                  Email:
sarah.super@jackinthebox.com

                                                                                                                                                                                                                                                   

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

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  White
                                                                                                                                                                                                                                                  & Case LLP

                                                                                                                                                                                                                                                  1221
                                                                                                                                                                                                                                                  Avenue of the
                                                                                                                                                                                                                                                  Americas

                                                                                                                                                                                                                                                  New York, NYNew

                                                                                                                                                                                                                                                  York
                                                                                                                                                                                                                                                  10020

                                                                                                                                                                                                                                                  Attention:
                                                                                                                                                                                                                                                  David Thatch

                                                                                                                                                                                                                                                  Facsimile:
                                                                                                                                                                                                                                                  212-354-8113

                                                                                                                                                                                                                                                  Email:
dthatch@whitecase.com

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                   

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

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  White
                                                                                                                                                                                                                                                  & Case LLP

                                                                                                                                                                                                                                                  1221
                                                                                                                                                                                                                                                  Avenue of the
                                                                                                                                                                                                                                                  Americas

                                                                                                                                                                                                                                                  New York, New
                                                                                                                                                                                                                                                  York 10020

                                                                                                                                                                                                                                                  Attention:
                                                                                                                                                                                                                                                  David Thatch

                                                                                                                                                                                                                                                  Facsimile:
                                                                                                                                                                                                                                                  212-354-8113

                                                                                                                                                                                                                                                  Email:
dthatch@whitecase.com

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  If
                                                                                                                                                                                                                                                  to the Back-Up
                                                                                                                                                                                                                                                  Manager:

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  FTI
                                                                                                                                                                                                                                                  Consulting,
                                                                                                                                                                                                                                                  Inc.

                                                                                                                                                                                                                                                  3
                                                                                                                                                                                                                                                  Times Square,
                                                                                                                                                                                                                                                  9th1166

                                                                                                                                                                                                                                                  Avenue of the
                                                                                                                                                                                                                                                  Americas, 15th
                                                                                                                                                                                                                                                  Floor

                                                                                                                                                                                                                                                  New
                                                                                                                                                                                                                                                  York, New York
                                                                                                                                                                                                                                                  10036

                                                                                                                                                                                                                                                  Attention:

                                                                                                                                                                                                                                                  Back-Up

                                                                                                                                                                                                                                                  Manager c/o Robert

                                                                                                                                                                                                                                                  J. Darefsky

                                                                                                                                                                                                                                                  Facsimile:

                                                                                                                                                                                                                                                  212-841-9350

                                                                                                                                                                                                                                                  Email:
backupmanager@fticonsulting.com

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  If
                                                                                                                                                                                                                                                  to the
                                                                                                                                                                                                                                                  Servicer:

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  Midland
                                                                                                                                                                                                                                                  Loan Services,
                                                                                                                                                                                                                                                  a division of
                                                                                                                                                                                                                                                  PNC Bank,
                                                                                                                                                                                                                                                  National
                                                                                                                                                                                                                                                  Association

                                                                                                                                                                                                                                                  10851
                                                                                                                                                                                                                                                  Mastin Street
                                                                                                                                                                                                                                                  Building 82,
                                                                                                                                                                                                                                                  Suite 700

                                                                                                                                                                                                                                                  Overland

                                                                                                                                                                                                                                                  Park, Kansas
                                                                                                                                                                                                                                                  66210

                                                                                                                                                                                                                                                  Attention: 

                                                                                                                                                                                                                                                  President

                                                                                                                                                                                                                                                  Facsimile: 

                                                                                                                                                                                                                                                  913-253-9709

                                                                                                                                                                                                                                                  Email:
noticeadmin@midlandls.com

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  137

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  If
                                                                                                                                                                                                                                                  to the Trustee:

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  Citibank,

                                                                                                                                                                                                                                                  N.A.

                                                                                                                                                                                                                                                  388
                                                                                                                                                                                                                                                  Greenwich
                                                                                                                                                                                                                                                  Street

                                                                                                                                                                                                                                                  New
                                                                                                                                                                                                                                                  York, New York
                                                                                                                                                                                                                                                  10013

                                                                                                                                                                                                                                                  Attention:

                                                                                                                                                                                                                                                  Citibank
                                                                                                                                                                                                                                                  Agency &
                                                                                                                                                                                                                                                  Trust – Jack
                                                                                                                                                                                                                                                  in the Box
                                                                                                                                                                                                                                                  Funding, LLC

                                                                                                                                                                                                                                                  Email:
                                                                                                                                                                                                                                                  jacqueline.suarez@citi.com

                                                                                                                                                                                                                                                  or contact
                                                                                                                                                                                                                                                  Citibank,
                                                                                                                                                                                                                                                  N.A.’s
                                                                                                                                                                                                                                                  customer
                                                                                                                                                                                                                                                  service desk
                                                                                                                                                                                                                                                  at (888)
                                                                                                                                                                                                                                                  855-9695

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  If
                                                                                                                                                                                                                                                  to any Rating
                                                                                                                                                                                                                                                  Agency: 
                                                                                                                                                                                                                                                  At the notice
                                                                                                                                                                                                                                                  address set
                                                                                                                                                                                                                                                  forth in the
                                                                                                                                                                                                                                                  applicable
                                                                                                                                                                                                                                                  Series
                                                                                                                                                                                                                                                  Supplement.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  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.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (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.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  138

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  (g)          Notwithstanding

                                                                                                                                                                                                                                                  any other
                                                                                                                                                                                                                                                  provision
                                                                                                                                                                                                                                                  herein, for so
                                                                                                                                                                                                                                                  long as Jack
                                                                                                                                                                                                                                                  in the Box
                                                                                                                                                                                                                                                  Inc. 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
                                                                                                                                                                                                                                                  14.01(g).

                                                                                                                                                                                                                                                   

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

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  Communication

                                                                                                                                                                                                                                                  by Holders
                                                                                                                                                                                                                                                  With Other
                                                                                                                                                                                                                                                  Holders. 
                                                                                                                                                                                                                                                  Holders may
                                                                                                                                                                                                                                                  communicate
                                                                                                                                                                                                                                                  with other
                                                                                                                                                                                                                                                  Holders with
                                                                                                                                                                                                                                                  respect to
                                                                                                                                                                                                                                                  their rights
                                                                                                                                                                                                                                                  under the
                                                                                                                                                                                                                                                  Indenture or
                                                                                                                                                                                                                                                  the Notes.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  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
                                                                                                                                                                                                                                                  14.04),
                                                                                                                                                                                                                                                  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.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  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;

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  139

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  (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.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  Rules

                                                                                                                                                                                                                                                  by the Trustee. 

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

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  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.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  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.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  Governing

                                                                                                                                                                                                                                                  Law.  THIS
                                                                                                                                                                                                                                                  BASE INDENTURE
                                                                                                                                                                                                                                                  SHALL BE
                                                                                                                                                                                                                                                  GOVERNED BY,
                                                                                                                                                                                                                                                  AND CONSTRUED
                                                                                                                                                                                                                                                  AND
                                                                                                                                                                                                                                                  INTERPRETED IN
                                                                                                                                                                                                                                                  ACCORDANCE
                                                                                                                                                                                                                                                  WITH, THE LAWS
                                                                                                                                                                                                                                                  OF THE STATE
                                                                                                                                                                                                                                                  OF NEW YORK
                                                                                                                                                                                                                                                  WITHOUT REGARD
                                                                                                                                                                                                                                                  TO CONFLICTS
                                                                                                                                                                                                                                                  OF LAW
                                                                                                                                                                                                                                                  PRINCIPLES
                                                                                                                                                                                                                                                  (OTHER THAN
                                                                                                                                                                                                                                                  SECTIONS
                                                                                                                                                                                                                                                  5-1401 AND
                                                                                                                                                                                                                                                  5-1402 OF THE
                                                                                                                                                                                                                                                  NEW YORK
                                                                                                                                                                                                                                                  GENERAL
                                                                                                                                                                                                                                                  OBLIGATIONS
                                                                                                                                                                                                                                                  LAW).

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  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.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  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.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  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.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  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.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  140

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  No
                                                                                                                                                                                                                                                  Bankruptcy
                                                                                                                                                                                                                                                  Petition
                                                                                                                                                                                                                                                  Against the
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entities. 
                                                                                                                                                                                                                                                  Each of the
                                                                                                                                                                                                                                                  Holders, the
                                                                                                                                                                                                                                                  Trustee and
                                                                                                                                                                                                                                                  the other
                                                                                                                                                                                                                                                  Secured
                                                                                                                                                                                                                                                  Parties hereby
                                                                                                                                                                                                                                                  covenants and
                                                                                                                                                                                                                                                  agrees that,
                                                                                                                                                                                                                                                  prior to the
                                                                                                                                                                                                                                                  date which is
                                                                                                                                                                                                                                                  one (1) year
                                                                                                                                                                                                                                                  and one (1)
                                                                                                                                                                                                                                                  day after 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
                                                                                                                                                                                                                                                  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
                                                                                                                                                                                                                                                  Holder 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
                                                                                                                                                                                                                                                  Holder or
                                                                                                                                                                                                                                                  Secured Party
                                                                                                                                                                                                                                                  or the Trustee
                                                                                                                                                                                                                                                  against such
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity or the
                                                                                                                                                                                                                                                  commencement
                                                                                                                                                                                                                                                  of such action
                                                                                                                                                                                                                                                  and raising
                                                                                                                                                                                                                                                  the defense
                                                                                                                                                                                                                                                  that such
                                                                                                                                                                                                                                                  Holder 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 Holder
                                                                                                                                                                                                                                                  or any other
                                                                                                                                                                                                                                                  Secured Party
                                                                                                                                                                                                                                                  or the Trustee
                                                                                                                                                                                                                                                  in the
                                                                                                                                                                                                                                                  assertion or
                                                                                                                                                                                                                                                  defense of its
                                                                                                                                                                                                                                                  claims in any
                                                                                                                                                                                                                                                  such
                                                                                                                                                                                                                                                  proceeding
                                                                                                                                                                                                                                                  involving any
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  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.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  Waiver

                                                                                                                                                                                                                                                  of Jury Trial. 

                                                                                                                                                                                                                                                  EACH OF 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.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  Submission

                                                                                                                                                                                                                                                  to
                                                                                                                                                                                                                                                  Jurisdiction;
                                                                                                                                                                                                                                                  Waivers. 
                                                                                                                                                                                                                                                  Each of 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 14.01
                                                                                                                                                                                                                                                  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.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  141

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  Permitted

                                                                                                                                                                                                                                                  Asset
                                                                                                                                                                                                                                                  Dispositions;
                                                                                                                                                                                                                                                  Release of
                                                                                                                                                                                                                                                  Collateral. 

                                                                                                                                                                                                                                                  Upon
                                                                                                                                                                                                                                                  consummation
                                                                                                                                                                                                                                                  of a Permitted
                                                                                                                                                                                                                                                  Asset
                                                                                                                                                                                                                                                  Disposition,
                                                                                                                                                                                                                                                  all Liens with
                                                                                                                                                                                                                                                  respect to the
                                                                                                                                                                                                                                                  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
                                                                                                                                                                                                                                                  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 the
                                                                                                                                                                                                                                                  Master
                                                                                                                                                                                                                                                  Issuer’s
                                                                                                                                                                                                                                                  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.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  Calculation

                                                                                                                                                                                                                                                  of Holdco
                                                                                                                                                                                                                                                  Leverage Ratio
                                                                                                                                                                                                                                                  and Senior ABS
                                                                                                                                                                                                                                                  Leverage Ratio.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (a)          Holdco

                                                                                                                                                                                                                                                  Leverage Ratio. 

                                                                                                                                                                                                                                                  For purposes
                                                                                                                                                                                                                                                  of making the
                                                                                                                                                                                                                                                  computation of
                                                                                                                                                                                                                                                  the Holdco
                                                                                                                                                                                                                                                  Leverage Ratio
                                                                                                                                                                                                                                                  (including,
                                                                                                                                                                                                                                                  without
                                                                                                                                                                                                                                                  limitation the
                                                                                                                                                                                                                                                  calculation of
                                                                                                                                                                                                                                                  Adjusted
                                                                                                                                                                                                                                                  EBITDA used
                                                                                                                                                                                                                                                  therein),
                                                                                                                                                                                                                                                  investments,
                                                                                                                                                                                                                                                  acquisitions,
                                                                                                                                                                                                                                                  dispositions,
                                                                                                                                                                                                                                                  mergers,
                                                                                                                                                                                                                                                  amalgamations,
                                                                                                                                                                                                                                                  consolidations
                                                                                                                                                                                                                                                  and
                                                                                                                                                                                                                                                  discontinued
                                                                                                                                                                                                                                                  operations, in
                                                                                                                                                                                                                                                  each case with
                                                                                                                                                                                                                                                  respect to an
                                                                                                                                                                                                                                                  operating unit
                                                                                                                                                                                                                                                  of a business,
                                                                                                                                                                                                                                                  and any
                                                                                                                                                                                                                                                  restructurings
                                                                                                                                                                                                                                                  or
                                                                                                                                                                                                                                                  reorganizations,
                                                                                                                                                                                                                                                  that any of
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Non-Securitization
                                                                                                                                                                                                                                                  Entities has
                                                                                                                                                                                                                                                  either
                                                                                                                                                                                                                                                  determined to
                                                                                                                                                                                                                                                  make or made
                                                                                                                                                                                                                                                  during the
                                                                                                                                                                                                                                                  preceding four
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  Periods or
                                                                                                                                                                                                                                                  subsequent to
                                                                                                                                                                                                                                                  such preceding
                                                                                                                                                                                                                                                  four Quarterly
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  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, at the
                                                                                                                                                                                                                                                  discretion of
                                                                                                                                                                                                                                                  the Manager,
                                                                                                                                                                                                                                                  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
                                                                                                                                                                                                                                                  Adjusted
                                                                                                                                                                                                                                                  EBITDA
                                                                                                                                                                                                                                                  resulting
                                                                                                                                                                                                                                                  therefrom) had
                                                                                                                                                                                                                                                  occurred on
                                                                                                                                                                                                                                                  the first day
                                                                                                                                                                                                                                                  of such
                                                                                                                                                                                                                                                  preceding four
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  Periods.  If
                                                                                                                                                                                                                                                  since the
                                                                                                                                                                                                                                                  beginning of
                                                                                                                                                                                                                                                  such period
                                                                                                                                                                                                                                                  any Person
                                                                                                                                                                                                                                                  that
                                                                                                                                                                                                                                                  subsequently
                                                                                                                                                                                                                                                  became a
                                                                                                                                                                                                                                                  Non-Securitization
                                                                                                                                                                                                                                                  Entity since
                                                                                                                                                                                                                                                  the beginning
                                                                                                                                                                                                                                                  of such
                                                                                                                                                                                                                                                  preceding four
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  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 been
                                                                                                                                                                                                                                                  subject to
                                                                                                                                                                                                                                                  adjustment
                                                                                                                                                                                                                                                  pursuant to
                                                                                                                                                                                                                                                  this Section

                                                                                                                                                                                                                                                  14.18,
                                                                                                                                                                                                                                                  then the
                                                                                                                                                                                                                                                  Holdco
                                                                                                                                                                                                                                                  Leverage Ratio
                                                                                                                                                                                                                                                  shall, at the
                                                                                                                                                                                                                                                  discretion of
                                                                                                                                                                                                                                                  the Manager,
                                                                                                                                                                                                                                                  be calculated
                                                                                                                                                                                                                                                  giving pro forma
                                                                                                                                                                                                                                                  effect thereto
                                                                                                                                                                                                                                                  for such
                                                                                                                                                                                                                                                  period as if
                                                                                                                                                                                                                                                  such
                                                                                                                                                                                                                                                  investment,
                                                                                                                                                                                                                                                  acquisition,
                                                                                                                                                                                                                                                  disposition,
                                                                                                                                                                                                                                                  discontinued
                                                                                                                                                                                                                                                  operation,
                                                                                                                                                                                                                                                  merger,
                                                                                                                                                                                                                                                  consolidation,
                                                                                                                                                                                                                                                  restructuring
                                                                                                                                                                                                                                                  or
                                                                                                                                                                                                                                                  reorganization
                                                                                                                                                                                                                                                  had occurred
                                                                                                                                                                                                                                                  at the
                                                                                                                                                                                                                                                  beginning of
                                                                                                                                                                                                                                                  the applicable
                                                                                                                                                                                                                                                  preceding four
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  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,
                                                                                                                                                                                                                                                  at the
                                                                                                                                                                                                                                                  discretion of
                                                                                                                                                                                                                                                  the Manager,
                                                                                                                                                                                                                                                  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
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  Periods.  If
                                                                                                                                                                                                                                                  since the
                                                                                                                                                                                                                                                  beginning of
                                                                                                                                                                                                                                                  such period
                                                                                                                                                                                                                                                  any Person
                                                                                                                                                                                                                                                  that
                                                                                                                                                                                                                                                  subsequently
                                                                                                                                                                                                                                                  became a
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity since
                                                                                                                                                                                                                                                  the beginning
                                                                                                                                                                                                                                                  of such
                                                                                                                                                                                                                                                  preceding four
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  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 been
                                                                                                                                                                                                                                                  subject to
                                                                                                                                                                                                                                                  adjustment
                                                                                                                                                                                                                                                  pursuant to
                                                                                                                                                                                                                                                  this Section

                                                                                                                                                                                                                                                  14.18,
                                                                                                                                                                                                                                                  then the
                                                                                                                                                                                                                                                  Senior ABS
                                                                                                                                                                                                                                                  Leverage Ratio
                                                                                                                                                                                                                                                  shall, at the
                                                                                                                                                                                                                                                  discretion of
                                                                                                                                                                                                                                                  the Manager,
                                                                                                                                                                                                                                                  be calculated
                                                                                                                                                                                                                                                  giving
                                                                                                                                                                                                                                                  pro forma
                                                                                                                                                                                                                                                  effect for any
                                                                                                                                                                                                                                                  related
                                                                                                                                                                                                                                                  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
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  Periods.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  142

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  (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
                                                                                                                                                                                                                                                  “Adjusted
                                                                                                                                                                                                                                                  EBITDA” or
                                                                                                                                                                                                                                                  “Net Cash
                                                                                                                                                                                                                                                  Flow” as set
                                                                                                                                                                                                                                                  forth in the
                                                                                                                                                                                                                                                  definition
                                                                                                                                                                                                                                                  thereof, to
                                                                                                                                                                                                                                                  the extent
                                                                                                                                                                                                                                                  such
                                                                                                                                                                                                                                                  adjustments,
                                                                                                                                                                                                                                                  without
                                                                                                                                                                                                                                                  duplication,
                                                                                                                                                                                                                                                  continue to be
                                                                                                                                                                                                                                                  applicable to
                                                                                                                                                                                                                                                  such preceding
                                                                                                                                                                                                                                                  four Quarterly
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  Periods.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (d)          Changes

                                                                                                                                                                                                                                                  in GAAP. 
                                                                                                                                                                                                                                                  If at any time
                                                                                                                                                                                                                                                  any change in
                                                                                                                                                                                                                                                  GAAP
                                                                                                                                                                                                                                                  (including a
                                                                                                                                                                                                                                                  conversion of
                                                                                                                                                                                                                                                  Jack in the
                                                                                                                                                                                                                                                  Box Inc.’s
                                                                                                                                                                                                                                                  financial
                                                                                                                                                                                                                                                  reporting to
                                                                                                                                                                                                                                                  IFRS) 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
                                                                                                                                                                                                                                                  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 Jack in
                                                                                                                                                                                                                                                  the Box Inc.
                                                                                                                                                                                                                                                  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,
                                                                                                                                                                                                                                                  Jack in the
                                                                                                                                                                                                                                                  Box Inc.
                                                                                                                                                                                                                                                  cannot elect
                                                                                                                                                                                                                                                  to report
                                                                                                                                                                                                                                                  under U.S.
                                                                                                                                                                                                                                                  generally
                                                                                                                                                                                                                                                  accepted
                                                                                                                                                                                                                                                  accounting
                                                                                                                                                                                                                                                  principles).

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  Instructions

                                                                                                                                                                                                                                                  and Directions
                                                                                                                                                                                                                                                  on Behalf of
                                                                                                                                                                                                                                                  the Master
                                                                                                                                                                                                                                                  Issuer.
                                                                                                                                                                                                                                                  Instructions,
                                                                                                                                                                                                                                                  directions,
                                                                                                                                                                                                                                                  notices or
                                                                                                                                                                                                                                                  reports to be
                                                                                                                                                                                                                                                  provided by
                                                                                                                                                                                                                                                  the Master
                                                                                                                                                                                                                                                  Issuer or any
                                                                                                                                                                                                                                                  other
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity
                                                                                                                                                                                                                                                  hereunder, may
                                                                                                                                                                                                                                                  be provided by
                                                                                                                                                                                                                                                  the Manager on
                                                                                                                                                                                                                                                  behalf of the
                                                                                                                                                                                                                                                  Master Issuer
                                                                                                                                                                                                                                                  or such other
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  143

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  Electronic

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

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

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  Signature

                                                                                                                                                                                                                                                  Pages Follow

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  *     *     *

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  144

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  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.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  JACK IN
                                                                                                                                                                                                                                                  THE BOX
                                                                                                                                                                                                                                                  FUNDING, LLC,

                                                                                                                                                                                                                                                  a
                                                                                                                                                                                                                                                  Delaware
                                                                                                                                                                                                                                                  limited
                                                                                                                                                                                                                                                  liability
                                                                                                                                                                                                                                                  company, as
                                                                                                                                                                                                                                                  Master Issuer

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  By:        

                                                                                                                                                                                                                                                               
                                                                                                                                                                                                                                                               
                                                                                                                                                                                                                                                               
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  Name:          Michael

                                                                                                                                                                                                                                                  J. Snider

                                                                                                                                                                                                                                                  Title:          Assistant

                                                                                                                                                                                                                                                  Secretary

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  CITIBANK,

                                                                                                                                                                                                                                                  N.A.,
                                                                                                                                                                                                                                                  in its
                                                                                                                                                                                                                                                  capacity as
                                                                                                                                                                                                                                                  Trustee

                                                                                                                                                                                                                                                  and as
                                                                                                                                                                                                                                                  Securities
                                                                                                                                                                                                                                                  Intermediary

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  By:                                                

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  Name:

                                                                                                                                                                                                                                                  Title:

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX

                                                                                                                                                                                                                                                  A

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  BASE

                                                                                                                                                                                                                                                  INDENTURE
                                                                                                                                                                                                                                                  DEFINITIONS
                                                                                                                                                                                                                                                  LIST

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “1933

                                                                                                                                                                                                                                                  Act” means
                                                                                                                                                                                                                                                  the Securities
                                                                                                                                                                                                                                                  Act of 1933,
                                                                                                                                                                                                                                                  as amended.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “1934

                                                                                                                                                                                                                                                  Act” means
                                                                                                                                                                                                                                                  the Securities
                                                                                                                                                                                                                                                  Exchange Act
                                                                                                                                                                                                                                                  of 1934, as
                                                                                                                                                                                                                                                  amended.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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 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 either
                                                                                                                                                                                                                                                  held by the
                                                                                                                                                                                                                                                  Trustee for
                                                                                                                                                                                                                                                  the benefit of
                                                                                                                                                                                                                                                  the Secured
                                                                                                                                                                                                                                                  Parties or
                                                                                                                                                                                                                                                  subject to an
                                                                                                                                                                                                                                                  Account
                                                                                                                                                                                                                                                  Control
                                                                                                                                                                                                                                                  Agreement.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Actual

                                                                                                                                                                                                                                                  Knowledge”
                                                                                                                                                                                                                                                  means the
                                                                                                                                                                                                                                                  actual
                                                                                                                                                                                                                                                  knowledge of
                                                                                                                                                                                                                                                  (i) in the
                                                                                                                                                                                                                                                  case of Jack
                                                                                                                                                                                                                                                  in the Box
                                                                                                                                                                                                                                                  Inc., 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
                                                                                                                                                                                                                                                  Jack in the
                                                                                                                                                                                                                                                  Box Inc.,
                                                                                                                                                                                                                                                  (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
                                                                                                                                                                                                                                                  Jack in the
                                                                                                                                                                                                                                                  Box Inc.
                                                                                                                                                                                                                                                  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.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Additional

                                                                                                                                                                                                                                                  Management
                                                                                                                                                                                                                                                  Account”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in
                                                                                                                                                                                                                                                  Section
                                                                                                                                                                                                                                                  5.02(a)(vi)
                                                                                                                                                                                                                                                  of this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Additional

                                                                                                                                                                                                                                                  Notes”
                                                                                                                                                                                                                                                  means any
                                                                                                                                                                                                                                                  Series, Class,
                                                                                                                                                                                                                                                  Subclass and
                                                                                                                                                                                                                                                  Tranche of
                                                                                                                                                                                                                                                  Notes and
                                                                                                                                                                                                                                                  additional
                                                                                                                                                                                                                                                  Notes of an
                                                                                                                                                                                                                                                  existing
                                                                                                                                                                                                                                                  Series, Class,
                                                                                                                                                                                                                                                  Subclass or
                                                                                                                                                                                                                                                  Tranche of
                                                                                                                                                                                                                                                  Notes, in each
                                                                                                                                                                                                                                                  case, issued
                                                                                                                                                                                                                                                  by the Master
                                                                                                                                                                                                                                                  Issuer after
                                                                                                                                                                                                                                                  the Closing
                                                                                                                                                                                                                                                  Date.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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
                                                                                                                                                                                                                                                  this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-1

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “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) gains

                                                                                                                                                                                                                                                  or losses from
                                                                                                                                                                                                                                                  discontinued
                                                                                                                                                                                                                                                  operations;
                                                                                                                                                                                                                                                  (ii) Consolidated

                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Expense, Net;
                                                                                                                                                                                                                                                  (iiiii)
                                                                                                                                                                                                                                                  provision for
                                                                                                                                                                                                                                                  federal,
                                                                                                                                                                                                                                                  state, local
                                                                                                                                                                                                                                                  and foreign
                                                                                                                                                                                                                                                  income taxes;
                                                                                                                                                                                                                                                  (iii)iv)
                                                                                                                                                                                                                                                  depreciation
                                                                                                                                                                                                                                                  and
                                                                                                                                                                                                                                                  amortization
                                                                                                                                                                                                                                                  expense; (ivv)
                                                                                                                                                                                                                                                  stock-based
                                                                                                                                                                                                                                                  compensation;
                                                                                                                                                                                                                                                  (vvi)
                                                                                                                                                                                                                                                  impairment and
                                                                                                                                                                                                                                                  other (gains)

                                                                                                                                                                                                                                                  charges,

                                                                                                                                                                                                                                                  net (i.e.,
                                                                                                                                                                                                                                                  restructuring
                                                                                                                                                                                                                                                  costs, cost of
                                                                                                                                                                                                                                                  closed
                                                                                                                                                                                                                                                  restaurants
                                                                                                                                                                                                                                                  and gains/losses

                                                                                                                                                                                                                                                  on disposition
                                                                                                                                                                                                                                                  of property
                                                                                                                                                                                                                                                  and equipment,
                                                                                                                                                                                                                                                  accelerated
                                                                                                                                                                                                                                                  depreciation
                                                                                                                                                                                                                                                  and operating
                                                                                                                                                                                                                                                  restaurant
                                                                                                                                                                                                                                                  impairment); and

                                                                                                                                                                                                                                                  (vivii)
                                                                                                                                                                                                                                                  franchise
                                                                                                                                                                                                                                                  tenant
                                                                                                                                                                                                                                                  improvement
                                                                                                                                                                                                                                                  allowance and

                                                                                                                                                                                                                                                  other amortization;

                                                                                                                                                                                                                                                  and(viii)

                                                                                                                                                                                                                                                  pension
                                                                                                                                                                                                                                                  settlement
                                                                                                                                                                                                                                                  charges; and
                                                                                                                                                                                                                                                  (ix) other
                                                                                                                                                                                                                                                  extraordinary
                                                                                                                                                                                                                                                  or
                                                                                                                                                                                                                                                  nonrecurring
                                                                                                                                                                                                                                                  items; and
                                                                                                                                                                                                                                                  (b) minus,
                                                                                                                                                                                                                                                  without
                                                                                                                                                                                                                                                  duplication,
                                                                                                                                                                                                                                                  to the extent
                                                                                                                                                                                                                                                  added in
                                                                                                                                                                                                                                                  calculating
                                                                                                                                                                                                                                                  such
                                                                                                                                                                                                                                                  Consolidated
                                                                                                                                                                                                                                                  Net Income,
                                                                                                                                                                                                                                                  gains
                                                                                                                                                                                                                                                  (losses), net
                                                                                                                                                                                                                                                  attributable
                                                                                                                                                                                                                                                  to sales of
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurants
                                                                                                                                                                                                                                                  and other
                                                                                                                                                                                                                                                  extraordinary
                                                                                                                                                                                                                                                  or
                                                                                                                                                                                                                                                  nonrecurring
                                                                                                                                                                                                                                                  items;
                                                                                                                                                                                                                                                  provided,
                                                                                                                                                                                                                                                  however,
                                                                                                                                                                                                                                                  that, with
                                                                                                                                                                                                                                                  respect to the
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entities,
                                                                                                                                                                                                                                                  items that
                                                                                                                                                                                                                                                  would have
                                                                                                                                                                                                                                                  been accounted
                                                                                                                                                                                                                                                  for as
                                                                                                                                                                                                                                                  operating
                                                                                                                                                                                                                                                  leases under
                                                                                                                                                                                                                                                  GAAP as in
                                                                                                                                                                                                                                                  effect on the
                                                                                                                                                                                                                                                  Closing Date
                                                                                                                                                                                                                                                  may be treated
                                                                                                                                                                                                                                                  as operating
                                                                                                                                                                                                                                                  leases for
                                                                                                                                                                                                                                                  purposes of
                                                                                                                                                                                                                                                  this
                                                                                                                                                                                                                                                  definition
                                                                                                                                                                                                                                                  irrespective
                                                                                                                                                                                                                                                  of any change
                                                                                                                                                                                                                                                  in GAAP
                                                                                                                                                                                                                                                  subsequent to
                                                                                                                                                                                                                                                  the Closing
                                                                                                                                                                                                                                                  Date at the
                                                                                                                                                                                                                                                  discretion of
                                                                                                                                                                                                                                                  the Manager in
                                                                                                                                                                                                                                                  accordance
                                                                                                                                                                                                                                                  with the
                                                                                                                                                                                                                                                  Managing
                                                                                                                                                                                                                                                  Standard; provided,
                                                                                                                                                                                                                                                  further,
                                                                                                                                                                                                                                                  that, with
                                                                                                                                                                                                                                                  respect to the
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entities, the
                                                                                                                                                                                                                                                  Manager, in
                                                                                                                                                                                                                                                  accordance
                                                                                                                                                                                                                                                  with the
                                                                                                                                                                                                                                                  Managing
                                                                                                                                                                                                                                                  Standard, may
                                                                                                                                                                                                                                                  amend the
                                                                                                                                                                                                                                                  definition of
                                                                                                                                                                                                                                                  “Adjusted
                                                                                                                                                                                                                                                  EBITDA” after
                                                                                                                                                                                                                                                  the Closing
                                                                                                                                                                                                                                                  Date with the
                                                                                                                                                                                                                                                  consent of the
                                                                                                                                                                                                                                                  Control Party.

                                                                                                                                                                                                                                                   

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

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Advance

                                                                                                                                                                                                                                                  Interest Rate”
                                                                                                                                                                                                                                                  means a rate
                                                                                                                                                                                                                                                  equal to the
                                                                                                                                                                                                                                                  Prime Rate plus
                                                                                                                                                                                                                                                  3.0% per annum,
                                                                                                                                                                                                                                                  compounded
                                                                                                                                                                                                                                                  monthly.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Advance

                                                                                                                                                                                                                                                  Period”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in the
                                                                                                                                                                                                                                                  Servicing
                                                                                                                                                                                                                                                  Agreement.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Advance

                                                                                                                                                                                                                                                  Suspension
                                                                                                                                                                                                                                                  Period” has
                                                                                                                                                                                                                                                  the meaning
                                                                                                                                                                                                                                                  set forth in
                                                                                                                                                                                                                                                  the Servicing
                                                                                                                                                                                                                                                  Agreement.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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 Jack
                                                                                                                                                                                                                                                  in the Box
                                                                                                                                                                                                                                                  Inc. or any
                                                                                                                                                                                                                                                  Affiliate of
                                                                                                                                                                                                                                                  such equity
                                                                                                                                                                                                                                                  holder shall
                                                                                                                                                                                                                                                  be deemed to
                                                                                                                                                                                                                                                  be an
                                                                                                                                                                                                                                                  Affiliate of
                                                                                                                                                                                                                                                  any
                                                                                                                                                                                                                                                  Non-Securitization
                                                                                                                                                                                                                                                  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

                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  IP” means
                                                                                                                                                                                                                                                  all
                                                                                                                                                                                                                                                  Intellectual
                                                                                                                                                                                                                                                  Property
                                                                                                                                                                                                                                                  (other than
                                                                                                                                                                                                                                                  Excluded IP)
                                                                                                                                                                                                                                                  throughout the
                                                                                                                                                                                                                                                  United States
                                                                                                                                                                                                                                                  created,
                                                                                                                                                                                                                                                  developed,
                                                                                                                                                                                                                                                  authored or
                                                                                                                                                                                                                                                  acquired by or
                                                                                                                                                                                                                                                  on behalf of,
                                                                                                                                                                                                                                                  or licensed to
                                                                                                                                                                                                                                                  or on behalf
                                                                                                                                                                                                                                                  of, the
                                                                                                                                                                                                                                                  Franchisor or
                                                                                                                                                                                                                                                  any additional
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entities after
                                                                                                                                                                                                                                                  the Closing
                                                                                                                                                                                                                                                  Date pursuant
                                                                                                                                                                                                                                                  to the IP
                                                                                                                                                                                                                                                  License
                                                                                                                                                                                                                                                  Agreements or
                                                                                                                                                                                                                                                  otherwise,
                                                                                                                                                                                                                                                  including,
                                                                                                                                                                                                                                                  without
                                                                                                                                                                                                                                                  limitation,
                                                                                                                                                                                                                                                  all
                                                                                                                                                                                                                                                  Manager-Developed
                                                                                                                                                                                                                                                  IP and all
                                                                                                                                                                                                                                                  Licensee-Developed
                                                                                                                                                                                                                                                  IP.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Agent”
                                                                                                                                                                                                                                                  means any
                                                                                                                                                                                                                                                  Registrar or
                                                                                                                                                                                                                                                  Paying Agent.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Aggregate

                                                                                                                                                                                                                                                  Outstanding
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Amount”
                                                                                                                                                                                                                                                  means the sum
                                                                                                                                                                                                                                                  of the
                                                                                                                                                                                                                                                  Outstanding
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Amounts with
                                                                                                                                                                                                                                                  respect to all
                                                                                                                                                                                                                                                  Series of
                                                                                                                                                                                                                                                  Notes.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Allocated

                                                                                                                                                                                                                                                  Note Amount”
                                                                                                                                                                                                                                                  means, as of
                                                                                                                                                                                                                                                  any date of
                                                                                                                                                                                                                                                  determination,
                                                                                                                                                                                                                                                  an amount
                                                                                                                                                                                                                                                  equal to the
                                                                                                                                                                                                                                                  greater of (x)
                                                                                                                                                                                                                                                  zero and (y)
                                                                                                                                                                                                                                                  with respect
                                                                                                                                                                                                                                                  to any
                                                                                                                                                                                                                                                  Contributed
                                                                                                                                                                                                                                                  Asset in
                                                                                                                                                                                                                                                  existence on
                                                                                                                                                                                                                                                  the Closing
                                                                                                                                                                                                                                                  Date, the pro rata
                                                                                                                                                                                                                                                  portion of
                                                                                                                                                                                                                                                  $1,300,000,000
                                                                                                                                                                                                                                                  allocated to
                                                                                                                                                                                                                                                  such asset on
                                                                                                                                                                                                                                                  the Closing
                                                                                                                                                                                                                                                  Date based on
                                                                                                                                                                                                                                                  such asset’s
                                                                                                                                                                                                                                                  expected
                                                                                                                                                                                                                                                  contribution
                                                                                                                                                                                                                                                  to Retained
                                                                                                                                                                                                                                                  Collections as
                                                                                                                                                                                                                                                  estimated by
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  calculation of
                                                                                                                                                                                                                                                  Transaction-adjusted

                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Net Cash Flow
                                                                                                                                                                                                                                                  (as such term
                                                                                                                                                                                                                                                  is used in the
                                                                                                                                                                                                                                                  Offering
                                                                                                                                                                                                                                                  Memorandum
                                                                                                                                                                                                                                                  dated June 28,
                                                                                                                                                                                                                                                  2019 for the
                                                                                                                                                                                                                                                  Notes issued
                                                                                                                                                                                                                                                  on the Closing
                                                                                                                                                                                                                                                  Date) and (ii)
                                                                                                                                                                                                                                                  any 
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Asset arising
                                                                                                                                                                                                                                                  or entered
                                                                                                                                                                                                                                                  into after the
                                                                                                                                                                                                                                                  Closing Date
                                                                                                                                                                                                                                                  that is
                                                                                                                                                                                                                                                  contributed by
                                                                                                                                                                                                                                                  a
                                                                                                                                                                                                                                                  Non-Securitization
                                                                                                                                                                                                                                                  Entity, the
                                                                                                                                                                                                                                                  Outstanding
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Amount of the
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  allocated to
                                                                                                                                                                                                                                                  such asset, on
                                                                                                                                                                                                                                                  the date such
                                                                                                                                                                                                                                                  asset was
                                                                                                                                                                                                                                                  included in
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Assets, based
                                                                                                                                                                                                                                                  on such
                                                                                                                                                                                                                                                  asset’s
                                                                                                                                                                                                                                                  contribution
                                                                                                                                                                                                                                                  to Retained
                                                                                                                                                                                                                                                  Collections
                                                                                                                                                                                                                                                  during the
                                                                                                                                                                                                                                                  then-most
                                                                                                                                                                                                                                                  recently ended
                                                                                                                                                                                                                                                  four Quarterly
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  Periods (or in
                                                                                                                                                                                                                                                  the case of
                                                                                                                                                                                                                                                  the first four
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  Periods, the
                                                                                                                                                                                                                                                  estimated
                                                                                                                                                                                                                                                  Retained
                                                                                                                                                                                                                                                  Collections).
                                                                                                                                                                                                                                                  With respect
                                                                                                                                                                                                                                                  to any
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Asset that
                                                                                                                                                                                                                                                  does not have
                                                                                                                                                                                                                                                  a four
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  Period
                                                                                                                                                                                                                                                  operating
                                                                                                                                                                                                                                                  period as of
                                                                                                                                                                                                                                                  the date such
                                                                                                                                                                                                                                                  asset was
                                                                                                                                                                                                                                                  included in
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Assets, such
                                                                                                                                                                                                                                                  asset’s
                                                                                                                                                                                                                                                  contribution
                                                                                                                                                                                                                                                  to Retained
                                                                                                                                                                                                                                                  Collections
                                                                                                                                                                                                                                                  will equal, as
                                                                                                                                                                                                                                                  applicable,
                                                                                                                                                                                                                                                  either (a) in
                                                                                                                                                                                                                                                  the case of
                                                                                                                                                                                                                                                  any Franchise
                                                                                                                                                                                                                                                  Document, the
                                                                                                                                                                                                                                                  average of all
                                                                                                                                                                                                                                                  payments or
                                                                                                                                                                                                                                                  fees collected
                                                                                                                                                                                                                                                  under the
                                                                                                                                                                                                                                                  related
                                                                                                                                                                                                                                                  agreements
                                                                                                                                                                                                                                                  during the
                                                                                                                                                                                                                                                  four Quarterly
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  Periods ending
                                                                                                                                                                                                                                                  as of the date
                                                                                                                                                                                                                                                  such agreement
                                                                                                                                                                                                                                                  was included
                                                                                                                                                                                                                                                  in the
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Assets, (b) in
                                                                                                                                                                                                                                                  the case of
                                                                                                                                                                                                                                                  any Franchisee
                                                                                                                                                                                                                                                  Note, the
                                                                                                                                                                                                                                                  aggregate
                                                                                                                                                                                                                                                  scheduled
                                                                                                                                                                                                                                                  payments due
                                                                                                                                                                                                                                                  thereunder
                                                                                                                                                                                                                                                  during the
                                                                                                                                                                                                                                                  twelve-month
                                                                                                                                                                                                                                                  period after
                                                                                                                                                                                                                                                  such
                                                                                                                                                                                                                                                  inclusion, (c)
                                                                                                                                                                                                                                                  in the case of
                                                                                                                                                                                                                                                  any
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Lease, the
                                                                                                                                                                                                                                                  aggregate
                                                                                                                                                                                                                                                  scheduled
                                                                                                                                                                                                                                                  lease payments
                                                                                                                                                                                                                                                  due to the
                                                                                                                                                                                                                                                  applicable
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity in
                                                                                                                                                                                                                                                  respect
                                                                                                                                                                                                                                                  thereof during
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  twelve-month
                                                                                                                                                                                                                                                  period after
                                                                                                                                                                                                                                                  such inclusion
                                                                                                                                                                                                                                                  (if
                                                                                                                                                                                                                                                  applicable,
                                                                                                                                                                                                                                                  net of the
                                                                                                                                                                                                                                                  aggregate
                                                                                                                                                                                                                                                  scheduled
                                                                                                                                                                                                                                                  lease payments
                                                                                                                                                                                                                                                  payable by
                                                                                                                                                                                                                                                  such
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity in
                                                                                                                                                                                                                                                  respect
                                                                                                                                                                                                                                                  thereof during
                                                                                                                                                                                                                                                  such period)
                                                                                                                                                                                                                                                  or (d) in the
                                                                                                                                                                                                                                                  case of a
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant,
                                                                                                                                                                                                                                                  the average of
                                                                                                                                                                                                                                                  the sum of (A)
                                                                                                                                                                                                                                                  the Four-Week
                                                                                                                                                                                                                                                  Fiscal Period
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Accrual
                                                                                                                                                                                                                                                  Profits Amount
                                                                                                                                                                                                                                                  plus
                                                                                                                                                                                                                                                  (B) the
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant IP
                                                                                                                                                                                                                                                  License Fees plus
                                                                                                                                                                                                                                                  (C) any
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Synthetic
                                                                                                                                                                                                                                                  Lease
                                                                                                                                                                                                                                                  Payments, in
                                                                                                                                                                                                                                                  each case,
                                                                                                                                                                                                                                                  with respect
                                                                                                                                                                                                                                                  to such
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  during the
                                                                                                                                                                                                                                                  twelve-month
                                                                                                                                                                                                                                                  period after
                                                                                                                                                                                                                                                  such
                                                                                                                                                                                                                                                  inclusion.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-2

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “alphanumerical”
                                                                                                                                                                                                                                                  means, with
                                                                                                                                                                                                                                                  respect to
                                                                                                                                                                                                                                                  distributions
                                                                                                                                                                                                                                                  in respect of
                                                                                                                                                                                                                                                  all Notes, an
                                                                                                                                                                                                                                                  order of
                                                                                                                                                                                                                                                  priority that
                                                                                                                                                                                                                                                  is first by
                                                                                                                                                                                                                                                  alphabetical
                                                                                                                                                                                                                                                  designation
                                                                                                                                                                                                                                                  (i.e., letter)

                                                                                                                                                                                                                                                  and then by
                                                                                                                                                                                                                                                  numerical
                                                                                                                                                                                                                                                  order for the
                                                                                                                                                                                                                                                  same letter (i.e.,
                                                                                                                                                                                                                                                  A-1, A-2, B-1,
                                                                                                                                                                                                                                                  B-2 and not
                                                                                                                                                                                                                                                  A-1, B-1, A-2,
                                                                                                                                                                                                                                                  B-2) as set
                                                                                                                                                                                                                                                  forth in
                                                                                                                                                                                                                                                  herein, and pro rata
                                                                                                                                                                                                                                                  among holders
                                                                                                                                                                                                                                                  of Notes
                                                                                                                                                                                                                                                  within each
                                                                                                                                                                                                                                                  Class of the
                                                                                                                                                                                                                                                  same
                                                                                                                                                                                                                                                  alphanumerical
                                                                                                                                                                                                                                                  designation,
                                                                                                                                                                                                                                                  as set forth
                                                                                                                                                                                                                                                  in the Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series
                                                                                                                                                                                                                                                  (unless
                                                                                                                                                                                                                                                  specified
                                                                                                                                                                                                                                                  otherwise in
                                                                                                                                                                                                                                                  the Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series
                                                                                                                                                                                                                                                  or, with
                                                                                                                                                                                                                                                  respect to any
                                                                                                                                                                                                                                                  Series of
                                                                                                                                                                                                                                                  Class A-1
                                                                                                                                                                                                                                                  Notes, in the
                                                                                                                                                                                                                                                  applicable
                                                                                                                                                                                                                                                  Variable
                                                                                                                                                                                                                                                  Funding Note
                                                                                                                                                                                                                                                  Purchase
                                                                                                                                                                                                                                                  Agreement); provided,
                                                                                                                                                                                                                                                  however,
                                                                                                                                                                                                                                                  that except as
                                                                                                                                                                                                                                                  otherwise set
                                                                                                                                                                                                                                                  forth in a
                                                                                                                                                                                                                                                  Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  a Tranche of
                                                                                                                                                                                                                                                  Notes, a
                                                                                                                                                                                                                                                  designation
                                                                                                                                                                                                                                                  beyond a
                                                                                                                                                                                                                                                  letter and an
                                                                                                                                                                                                                                                  Arabic number
                                                                                                                                                                                                                                                  (i.e., the
                                                                                                                                                                                                                                                  addition of a
                                                                                                                                                                                                                                                  roman numeral)
                                                                                                                                                                                                                                                  will not
                                                                                                                                                                                                                                                  affect the
                                                                                                                                                                                                                                                  priority of
                                                                                                                                                                                                                                                  distributions
                                                                                                                                                                                                                                                  and
                                                                                                                                                                                                                                                  distributions
                                                                                                                                                                                                                                                  to such Notes
                                                                                                                                                                                                                                                  will be pari passu
                                                                                                                                                                                                                                                  and pro rata.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Annual

                                                                                                                                                                                                                                                  Election Date”
                                                                                                                                                                                                                                                  means,
                                                                                                                                                                                                                                                  prior to the
                                                                                                                                                                                                                                                  Springing
                                                                                                                                                                                                                                                  Amendments
                                                                                                                                                                                                                                                  Implementation
                                                                                                                                                                                                                                                  Date,
                                                                                                                                                                                                                                                  June 1st
                                                                                                                                                                                                                                                  of every
                                                                                                                                                                                                                                                  calendar year
                                                                                                                                                                                                                                                  beginning on
                                                                                                                                                                                                                                                  June 1, 2019,
                                                                                                                                                                                                                                                  unless a
                                                                                                                                                                                                                                                  Controlling
                                                                                                                                                                                                                                                  Class
                                                                                                                                                                                                                                                  Representative
                                                                                                                                                                                                                                                  has been
                                                                                                                                                                                                                                                  elected or
                                                                                                                                                                                                                                                  re-elected on
                                                                                                                                                                                                                                                  or after
                                                                                                                                                                                                                                                  January 1st
                                                                                                                                                                                                                                                  of that same
                                                                                                                                                                                                                                                  calendar year,
                                                                                                                                                                                                                                                  in which case
                                                                                                                                                                                                                                                  the Annual
                                                                                                                                                                                                                                                  Election Date
                                                                                                                                                                                                                                                  will be deemed
                                                                                                                                                                                                                                                  to not occur
                                                                                                                                                                                                                                                  during such
                                                                                                                                                                                                                                                  calendar year.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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
                                                                                                                                                                                                                                                  2.07(a) of
                                                                                                                                                                                                                                                  this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Asset

                                                                                                                                                                                                                                                  Disposition
                                                                                                                                                                                                                                                  Collections”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in Section

                                                                                                                                                                                                                                                  8.16 of
                                                                                                                                                                                                                                                  this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Asset

                                                                                                                                                                                                                                                  Disposition
                                                                                                                                                                                                                                                  Proceeds”
                                                                                                                                                                                                                                                  means, with
                                                                                                                                                                                                                                                  respect to any
                                                                                                                                                                                                                                                  disposition of
                                                                                                                                                                                                                                                  property by a
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity, other
                                                                                                                                                                                                                                                  than
                                                                                                                                                                                                                                                  dispositions
                                                                                                                                                                                                                                                  resulting in
                                                                                                                                                                                                                                                  Asset
                                                                                                                                                                                                                                                  Disposition
                                                                                                                                                                                                                                                  Collections,
                                                                                                                                                                                                                                                  the excess, if
                                                                                                                                                                                                                                                  any, 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
                                                                                                                                                                                                                                                  disposition
                                                                                                                                                                                                                                                  (other than
                                                                                                                                                                                                                                                  Indebtedness
                                                                                                                                                                                                                                                  under the
                                                                                                                                                                                                                                                  Notes) to the
                                                                                                                                                                                                                                                  extent such
                                                                                                                                                                                                                                                  principal
                                                                                                                                                                                                                                                  amount is
                                                                                                                                                                                                                                                  actually
                                                                                                                                                                                                                                                  repaid,
                                                                                                                                                                                                                                                  (B) the
                                                                                                                                                                                                                                                  reasonable and
                                                                                                                                                                                                                                                  customary
                                                                                                                                                                                                                                                  out-of-pocket
                                                                                                                                                                                                                                                  expenses
                                                                                                                                                                                                                                                  incurred by
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entities in
                                                                                                                                                                                                                                                  connection
                                                                                                                                                                                                                                                  with such
                                                                                                                                                                                                                                                  disposition
                                                                                                                                                                                                                                                  and (C) income
                                                                                                                                                                                                                                                  Taxes
                                                                                                                                                                                                                                                  reasonably
                                                                                                                                                                                                                                                  estimated to
                                                                                                                                                                                                                                                  be actually
                                                                                                                                                                                                                                                  payable within
                                                                                                                                                                                                                                                  two (2) years
                                                                                                                                                                                                                                                  of such
                                                                                                                                                                                                                                                  disposition as
                                                                                                                                                                                                                                                  a result of
                                                                                                                                                                                                                                                  any gain
                                                                                                                                                                                                                                                  recognized in
                                                                                                                                                                                                                                                  connection
                                                                                                                                                                                                                                                  therewith.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Asset

                                                                                                                                                                                                                                                  Disposition
                                                                                                                                                                                                                                                  Proceeds
                                                                                                                                                                                                                                                  Account”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in Section

                                                                                                                                                                                                                                                  5.02(a)(iv)
                                                                                                                                                                                                                                                  of this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Asset

                                                                                                                                                                                                                                                  Disposition
                                                                                                                                                                                                                                                  Reinvestment
                                                                                                                                                                                                                                                  Period”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in Section

                                                                                                                                                                                                                                                  5.11(a)(v)
                                                                                                                                                                                                                                                  of this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Assumption

                                                                                                                                                                                                                                                  Agreement”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in Section

                                                                                                                                                                                                                                                  8.34(d) of
                                                                                                                                                                                                                                                  this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-3

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “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) Jack in
                                                                                                                                                                                                                                                  the Box Inc.,
                                                                                                                                                                                                                                                  in its
                                                                                                                                                                                                                                                  individual
                                                                                                                                                                                                                                                  capacity and
                                                                                                                                                                                                                                                  in its
                                                                                                                                                                                                                                                  capacity as
                                                                                                                                                                                                                                                  the Manager,
                                                                                                                                                                                                                                                  the Chief
                                                                                                                                                                                                                                                  Executive
                                                                                                                                                                                                                                                  Officer, the
                                                                                                                                                                                                                                                  President, the
                                                                                                                                                                                                                                                  Chief
                                                                                                                                                                                                                                                  Financial
                                                                                                                                                                                                                                                  Officer, the
                                                                                                                                                                                                                                                  General
                                                                                                                                                                                                                                                  Counsel, the
                                                                                                                                                                                                                                                  Treasurer or
                                                                                                                                                                                                                                                  any Senior
                                                                                                                                                                                                                                                  Vice President
                                                                                                                                                                                                                                                  of Jack in the
                                                                                                                                                                                                                                                  Box Inc. or
                                                                                                                                                                                                                                                  any other
                                                                                                                                                                                                                                                  officer of
                                                                                                                                                                                                                                                  Jack in the
                                                                                                                                                                                                                                                  Box Inc. who
                                                                                                                                                                                                                                                  is directly
                                                                                                                                                                                                                                                  responsible
                                                                                                                                                                                                                                                  for managing
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  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 and
                                                                                                                                                                                                                                                  Consulting
                                                                                                                                                                                                                                                  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 amounts
                                                                                                                                                                                                                                                  paid to the
                                                                                                                                                                                                                                                  Back-Up
                                                                                                                                                                                                                                                  Manager to (i)
                                                                                                                                                                                                                                                  reimburse for
                                                                                                                                                                                                                                                  reasonable
                                                                                                                                                                                                                                                  out-of-pocket
                                                                                                                                                                                                                                                  expenses and
                                                                                                                                                                                                                                                  (ii) pay a fee
                                                                                                                                                                                                                                                  as agreed upon
                                                                                                                                                                                                                                                  under a
                                                                                                                                                                                                                                                  separate fee
                                                                                                                                                                                                                                                  letter among
                                                                                                                                                                                                                                                  the Manager,
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entities and
                                                                                                                                                                                                                                                  the Back-Up

                                                                                                                                                                                                                                                  Manager, in
                                                                                                                                                                                                                                                  each case
                                                                                                                                                                                                                                                  incurred by
                                                                                                                                                                                                                                                  the Back-Up
                                                                                                                                                                                                                                                  Manager in
                                                                                                                                                                                                                                                  performing
                                                                                                                                                                                                                                                  services under

                                                                                                                                                                                                                                                  the Back-Up
                                                                                                                                                                                                                                                  Management
                                                                                                                                                                                                                                                  Agreement.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Back-Up

                                                                                                                                                                                                                                                  Manager
                                                                                                                                                                                                                                                  Consent
                                                                                                                                                                                                                                                  Consultation
                                                                                                                                                                                                                                                  Fees” has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in has
                                                                                                                                                                                                                                                  the meaning
                                                                                                                                                                                                                                                  set forth in
                                                                                                                                                                                                                                                  the Back-Up
                                                                                                                                                                                                                                                  Management
                                                                                                                                                                                                                                                  Agreement.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Back-Up

                                                                                                                                                                                                                                                  Manager Fees”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in 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 thethis
                                                                                                                                                                                                                                                  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
                                                                                                                                                                                                                                                  Supplement.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Base

                                                                                                                                                                                                                                                  Indenture
                                                                                                                                                                                                                                                  Account”
                                                                                                                                                                                                                                                  means any
                                                                                                                                                                                                                                                  account or
                                                                                                                                                                                                                                                  accounts
                                                                                                                                                                                                                                                  authorized and
                                                                                                                                                                                                                                                  established
                                                                                                                                                                                                                                                  pursuant to thethis
                                                                                                                                                                                                                                                  Base Indenture
                                                                                                                                                                                                                                                  for the
                                                                                                                                                                                                                                                  benefit of the
                                                                                                                                                                                                                                                  Secured
                                                                                                                                                                                                                                                  Parties,
                                                                                                                                                                                                                                                  including,
                                                                                                                                                                                                                                                  without
                                                                                                                                                                                                                                                  limitation,
                                                                                                                                                                                                                                                  each account
                                                                                                                                                                                                                                                  established
                                                                                                                                                                                                                                                  pursuant to
                                                                                                                                                                                                                                                  Article V of
                                                                                                                                                                                                                                                  this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Base

                                                                                                                                                                                                                                                  Indenture
                                                                                                                                                                                                                                                  Definitions
                                                                                                                                                                                                                                                  List” has
                                                                                                                                                                                                                                                  the meaning
                                                                                                                                                                                                                                                  set forth in
                                                                                                                                                                                                                                                  Section 1.01(a)
                                                                                                                                                                                                                                                  of this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Board

                                                                                                                                                                                                                                                  of Directors”
                                                                                                                                                                                                                                                  means the
                                                                                                                                                                                                                                                  Board of
                                                                                                                                                                                                                                                  Directors of
                                                                                                                                                                                                                                                  any
                                                                                                                                                                                                                                                  corporation or
                                                                                                                                                                                                                                                  any unlimited
                                                                                                                                                                                                                                                  company, or
                                                                                                                                                                                                                                                  any authorized
                                                                                                                                                                                                                                                  committee of
                                                                                                                                                                                                                                                  such Board of
                                                                                                                                                                                                                                                  Directors.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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 this 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.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-4

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “Branded

                                                                                                                                                                                                                                                  Restaurants”
                                                                                                                                                                                                                                                  means, as of
                                                                                                                                                                                                                                                  any date of
                                                                                                                                                                                                                                                  determination,
                                                                                                                                                                                                                                                  all
                                                                                                                                                                                                                                                  restaurants,
                                                                                                                                                                                                                                                  whether or not
                                                                                                                                                                                                                                                  such
                                                                                                                                                                                                                                                  restaurants
                                                                                                                                                                                                                                                  offer sit-down
                                                                                                                                                                                                                                                  dining,
                                                                                                                                                                                                                                                  operated in
                                                                                                                                                                                                                                                  the United
                                                                                                                                                                                                                                                  States under
                                                                                                                                                                                                                                                  the Jack in
                                                                                                                                                                                                                                                  the Box Brand.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Business

                                                                                                                                                                                                                                                  Day” means
                                                                                                                                                                                                                                                  any day other
                                                                                                                                                                                                                                                  than Saturday
                                                                                                                                                                                                                                                  or Sunday or
                                                                                                                                                                                                                                                  any other day
                                                                                                                                                                                                                                                  on which
                                                                                                                                                                                                                                                  commercial
                                                                                                                                                                                                                                                  banks are
                                                                                                                                                                                                                                                  authorized to
                                                                                                                                                                                                                                                  close under
                                                                                                                                                                                                                                                  the laws of,
                                                                                                                                                                                                                                                  or are in fact
                                                                                                                                                                                                                                                  closed in, the

                                                                                                                                                                                                                                                  states of New

                                                                                                                                                                                                                                                  York, New

                                                                                                                                                                                                                                                  York, San
                                                                                                                                                                                                                                                  Diego, California

                                                                                                                                                                                                                                                  or the citystate
                                                                                                                                                                                                                                                  in which the
                                                                                                                                                                                                                                                  Corporate
                                                                                                                                                                                                                                                  Trust Office
                                                                                                                                                                                                                                                  of any
                                                                                                                                                                                                                                                  successor
                                                                                                                                                                                                                                                  Trustee is
                                                                                                                                                                                                                                                  located if so
                                                                                                                                                                                                                                                  required by
                                                                                                                                                                                                                                                  such
                                                                                                                                                                                                                                                  successor.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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
                                                                                                                                                                                                                                                  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 during
                                                                                                                                                                                                                                                  each fiscal
                                                                                                                                                                                                                                                  year of the
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entities, 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,
                                                                                                                                                                                                                                                  such amount
                                                                                                                                                                                                                                                  shall
                                                                                                                                                                                                                                                  automatically
                                                                                                                                                                                                                                                  be increased
                                                                                                                                                                                                                                                  by an
                                                                                                                                                                                                                                                  additional
                                                                                                                                                                                                                                                  $500,000
                                                                                                                                                                                                                                                  solely in
                                                                                                                                                                                                                                                  order to
                                                                                                                                                                                                                                                  provide for
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  reimbursement
                                                                                                                                                                                                                                                  of any
                                                                                                                                                                                                                                                  increased fees
                                                                                                                                                                                                                                                  and expenses
                                                                                                                                                                                                                                                  incurred by
                                                                                                                                                                                                                                                  the Back-Up
                                                                                                                                                                                                                                                  Manager
                                                                                                                                                                                                                                                  associated
                                                                                                                                                                                                                                                  with the
                                                                                                                                                                                                                                                  provision of
                                                                                                                                                                                                                                                  such services
                                                                                                                                                                                                                                                  and the
                                                                                                                                                                                                                                                  Control Party,
                                                                                                                                                                                                                                                  acting at the
                                                                                                                                                                                                                                                  direction of
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Controlling
                                                                                                                                                                                                                                                  Class
                                                                                                                                                                                                                                                  Representative,
                                                                                                                                                                                                                                                  may further
                                                                                                                                                                                                                                                  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.;
                                                                                                                                                                                                                                                  provided,
                                                                                                                                                                                                                                                  further, that
                                                                                                                                                                                                                                                  the Capped
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Operating
                                                                                                                                                                                                                                                  Expense Amount
                                                                                                                                                                                                                                                  will not be
                                                                                                                                                                                                                                                  applicable if
                                                                                                                                                                                                                                                  and for so
                                                                                                                                                                                                                                                  long as an
                                                                                                                                                                                                                                                  Event of
                                                                                                                                                                                                                                                  Default has
                                                                                                                                                                                                                                                  occurred and
                                                                                                                                                                                                                                                  is continuing;
                                                                                                                                                                                                                                                  provided,
                                                                                                                                                                                                                                                  further, that
                                                                                                                                                                                                                                                  the payment of
                                                                                                                                                                                                                                                  any such fees,
                                                                                                                                                                                                                                                  expenses and
                                                                                                                                                                                                                                                  indemnities
                                                                                                                                                                                                                                                  that were
                                                                                                                                                                                                                                                  incurred
                                                                                                                                                                                                                                                  during any
                                                                                                                                                                                                                                                  period while
                                                                                                                                                                                                                                                  an Event of
                                                                                                                                                                                                                                                  Default was
                                                                                                                                                                                                                                                  outstanding
                                                                                                                                                                                                                                                  will not be
                                                                                                                                                                                                                                                  subject to the
                                                                                                                                                                                                                                                  Capped
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Operating
                                                                                                                                                                                                                                                  Expense
                                                                                                                                                                                                                                                  Amount,
                                                                                                                                                                                                                                                  regardless of
                                                                                                                                                                                                                                                  whether or not
                                                                                                                                                                                                                                                  an Event of
                                                                                                                                                                                                                                                  Default exists
                                                                                                                                                                                                                                                  at the time of
                                                                                                                                                                                                                                                  such payment.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Cash

                                                                                                                                                                                                                                                  Collateral”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in
                                                                                                                                                                                                                                                  Section
                                                                                                                                                                                                                                                  5.13(d)(iii)
                                                                                                                                                                                                                                                  of this 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.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-5

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “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 at the
                                                                                                                                                                                                                                                  close of
                                                                                                                                                                                                                                                  business on
                                                                                                                                                                                                                                                  any Quarterly
                                                                                                                                                                                                                                                  Payment Date
                                                                                                                                                                                                                                                  on which the
                                                                                                                                                                                                                                                  DSCR as
                                                                                                                                                                                                                                                  calculated as
                                                                                                                                                                                                                                                  of the
                                                                                                                                                                                                                                                  immediately
                                                                                                                                                                                                                                                  preceding
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Calculation
                                                                                                                                                                                                                                                  Date is less
                                                                                                                                                                                                                                                  than the Cash
                                                                                                                                                                                                                                                  Trapping DSCR
                                                                                                                                                                                                                                                  Threshold and
                                                                                                                                                                                                                                                  will end on
                                                                                                                                                                                                                                                  the first
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Payment Date
                                                                                                                                                                                                                                                  on which the
                                                                                                                                                                                                                                                  DSCR as
                                                                                                                                                                                                                                                  calculated as
                                                                                                                                                                                                                                                  of the
                                                                                                                                                                                                                                                  immediately
                                                                                                                                                                                                                                                  preceding
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Calculation
                                                                                                                                                                                                                                                  Date is equal
                                                                                                                                                                                                                                                  to or exceeds
                                                                                                                                                                                                                                                  the Cash
                                                                                                                                                                                                                                                  Trapping DSCR
                                                                                                                                                                                                                                                  Threshold.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Cash

                                                                                                                                                                                                                                                  Trapping
                                                                                                                                                                                                                                                  Release Amount”
                                                                                                                                                                                                                                                  means, (i)
                                                                                                                                                                                                                                                  with respect
                                                                                                                                                                                                                                                  to any Cash
                                                                                                                                                                                                                                                  Trapping
                                                                                                                                                                                                                                                  Release Date
                                                                                                                                                                                                                                                  on which a
                                                                                                                                                                                                                                                  Cash Trapping
                                                                                                                                                                                                                                                  Period is no
                                                                                                                                                                                                                                                  longer in
                                                                                                                                                                                                                                                  effect, the
                                                                                                                                                                                                                                                  full amount on
                                                                                                                                                                                                                                                  deposit in the
                                                                                                                                                                                                                                                  Cash Trap
                                                                                                                                                                                                                                                  Reserve
                                                                                                                                                                                                                                                  Account, and
                                                                                                                                                                                                                                                  (ii) with
                                                                                                                                                                                                                                                  respect to any
                                                                                                                                                                                                                                                  other Cash
                                                                                                                                                                                                                                                  Trapping
                                                                                                                                                                                                                                                  Release Date,
                                                                                                                                                                                                                                                  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
                                                                                                                                                                                                                                                  (i) on which a
                                                                                                                                                                                                                                                  Cash Trapping
                                                                                                                                                                                                                                                  Period is no
                                                                                                                                                                                                                                                  longer
                                                                                                                                                                                                                                                  continuing or
                                                                                                                                                                                                                                                  (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%.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Cash

                                                                                                                                                                                                                                                  Trap Reserve
                                                                                                                                                                                                                                                  Account”
                                                                                                                                                                                                                                                  means the
                                                                                                                                                                                                                                                  reserve
                                                                                                                                                                                                                                                  account
                                                                                                                                                                                                                                                  no. 12206100
                                                                                                                                                                                                                                                  entitled
                                                                                                                                                                                                                                                  “Citibank,
                                                                                                                                                                                                                                                  N.A. f/b/o
                                                                                                                                                                                                                                                  Jack in the
                                                                                                                                                                                                                                                  Box Funding,
                                                                                                                                                                                                                                                  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 thethis
                                                                                                                                                                                                                                                  Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Casualty

                                                                                                                                                                                                                                                  Reinvestment
                                                                                                                                                                                                                                                  Period”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in Section

                                                                                                                                                                                                                                                  5.11(a)(vi)
                                                                                                                                                                                                                                                  of this 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,
                                                                                                                                                                                                                                                  (ii) that such
                                                                                                                                                                                                                                                  Independent
                                                                                                                                                                                                                                                  Manager no
                                                                                                                                                                                                                                                  longer meets
                                                                                                                                                                                                                                                  the definition
                                                                                                                                                                                                                                                  of
                                                                                                                                                                                                                                                  “Independent
                                                                                                                                                                                                                                                  Manager” as
                                                                                                                                                                                                                                                  set forth in
                                                                                                                                                                                                                                                  the applicable
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity’s
                                                                                                                                                                                                                                                  Charter
                                                                                                                                                                                                                                                  Documents or
                                                                                                                                                                                                                                                  (iii) a
                                                                                                                                                                                                                                                  material
                                                                                                                                                                                                                                                  increase in
                                                                                                                                                                                                                                                  fees charged
                                                                                                                                                                                                                                                  by such
                                                                                                                                                                                                                                                  Independent
                                                                                                                                                                                                                                                  Manager; provided,
                                                                                                                                                                                                                                                  that the
                                                                                                                                                                                                                                                  Independent
                                                                                                                                                                                                                                                  Manager may
                                                                                                                                                                                                                                                  only be
                                                                                                                                                                                                                                                  removed for
                                                                                                                                                                                                                                                  Cause pursuant
                                                                                                                                                                                                                                                  to this clause (iii)
                                                                                                                                                                                                                                                  with the
                                                                                                                                                                                                                                                  consent of the
                                                                                                                                                                                                                                                  Control Party.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “CCR
                                                                                                                                                                                                                                                  Acceptance
                                                                                                                                                                                                                                                  Letter”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in Section

                                                                                                                                                                                                                                                  11.01(e)
                                                                                                                                                                                                                                                  of this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “CCR
                                                                                                                                                                                                                                                  Ballot”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in Section

                                                                                                                                                                                                                                                  11.01(c)
                                                                                                                                                                                                                                                  of this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “CCR
                                                                                                                                                                                                                                                  Candidate”
                                                                                                                                                                                                                                                  means any
                                                                                                                                                                                                                                                  nominee
                                                                                                                                                                                                                                                  submitted to
                                                                                                                                                                                                                                                  the Trustee on
                                                                                                                                                                                                                                                  a CCR
                                                                                                                                                                                                                                                  Nomination
                                                                                                                                                                                                                                                  pursuant to Section

                                                                                                                                                                                                                                                  11.01(b)
                                                                                                                                                                                                                                                  of this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “CCR
                                                                                                                                                                                                                                                  Election”
                                                                                                                                                                                                                                                  means an
                                                                                                                                                                                                                                                  election of a
                                                                                                                                                                                                                                                  Controlling
                                                                                                                                                                                                                                                  Class
                                                                                                                                                                                                                                                  Representative
                                                                                                                                                                                                                                                  as set forth
                                                                                                                                                                                                                                                  in Section 11.01(a)
                                                                                                                                                                                                                                                  and (b)
                                                                                                                                                                                                                                                  of this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “CCR
                                                                                                                                                                                                                                                  Election
                                                                                                                                                                                                                                                  Notice”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in Section

                                                                                                                                                                                                                                                  11.01(b)
                                                                                                                                                                                                                                                  of this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-6

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “CCR
                                                                                                                                                                                                                                                  Election
                                                                                                                                                                                                                                                  Period”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in Section

                                                                                                                                                                                                                                                  11.01(c)
                                                                                                                                                                                                                                                  of this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “CCR
                                                                                                                                                                                                                                                  Nomination”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in Section

                                                                                                                                                                                                                                                  11.01(b)
                                                                                                                                                                                                                                                  of this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “CCR
                                                                                                                                                                                                                                                  Nomination
                                                                                                                                                                                                                                                  Period”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in Section

                                                                                                                                                                                                                                                  11.01(b)
                                                                                                                                                                                                                                                  of this 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
                                                                                                                                                                                                                                                  Controlling
                                                                                                                                                                                                                                                  Class Member
                                                                                                                                                                                                                                                  and such
                                                                                                                                                                                                                                                  election has
                                                                                                                                                                                                                                                  been consented
                                                                                                                                                                                                                                                  to by the
                                                                                                                                                                                                                                                  Control Party
                                                                                                                                                                                                                                                  in its sole
                                                                                                                                                                                                                                                  discretion,
                                                                                                                                                                                                                                                  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,
                                                                                                                                                                                                                                                  (vi) there is
                                                                                                                                                                                                                                                  no Controlling
                                                                                                                                                                                                                                                  Class
                                                                                                                                                                                                                                                  Representative
                                                                                                                                                                                                                                                  and the
                                                                                                                                                                                                                                                  Control Party
                                                                                                                                                                                                                                                  requests an
                                                                                                                                                                                                                                                  election be
                                                                                                                                                                                                                                                  held or (vii)
                                                                                                                                                                                                                                                  prior

                                                                                                                                                                                                                                                  to the
                                                                                                                                                                                                                                                  Springing
                                                                                                                                                                                                                                                  Amendments
                                                                                                                                                                                                                                                  Implementation
                                                                                                                                                                                                                                                  Date, an

                                                                                                                                                                                                                                                  Annual
                                                                                                                                                                                                                                                  Election Date
                                                                                                                                                                                                                                                  occurs; provided
                                                                                                                                                                                                                                                  that with
                                                                                                                                                                                                                                                  respect to a
                                                                                                                                                                                                                                                  CCR
                                                                                                                                                                                                                                                  Re-election
                                                                                                                                                                                                                                                  Event that
                                                                                                                                                                                                                                                  occurs as a
                                                                                                                                                                                                                                                  result of clauses

                                                                                                                                                                                                                                                  (iv), (vi)
                                                                                                                                                                                                                                                  and (vii),
                                                                                                                                                                                                                                                  no CCR
                                                                                                                                                                                                                                                  Re-election
                                                                                                                                                                                                                                                  Event will be
                                                                                                                                                                                                                                                  deemed to have
                                                                                                                                                                                                                                                  occurred if it
                                                                                                                                                                                                                                                  would result
                                                                                                                                                                                                                                                  in more than
                                                                                                                                                                                                                                                  two (2) CCR
                                                                                                                                                                                                                                                  Re-election
                                                                                                                                                                                                                                                  Events
                                                                                                                                                                                                                                                  occurring in a
                                                                                                                                                                                                                                                  single
                                                                                                                                                                                                                                                  calendar year.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “CCR
                                                                                                                                                                                                                                                  Voting Record
                                                                                                                                                                                                                                                  Date” has
                                                                                                                                                                                                                                                  the meaning
                                                                                                                                                                                                                                                  set forth in
                                                                                                                                                                                                                                                  Section
                                                                                                                                                                                                                                                  11.01(c) of
                                                                                                                                                                                                                                                  this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Class”
                                                                                                                                                                                                                                                  means, with
                                                                                                                                                                                                                                                  respect to any
                                                                                                                                                                                                                                                  Series of
                                                                                                                                                                                                                                                  Notes, any one
                                                                                                                                                                                                                                                  of the classes
                                                                                                                                                                                                                                                  of Notes of
                                                                                                                                                                                                                                                  such Series as
                                                                                                                                                                                                                                                  specified in
                                                                                                                                                                                                                                                  the Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series,
                                                                                                                                                                                                                                                  which may
                                                                                                                                                                                                                                                  include
                                                                                                                                                                                                                                                  Subclasses or
                                                                                                                                                                                                                                                  Tranches.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Class A‐1

                                                                                                                                                                                                                                                  Administrative
                                                                                                                                                                                                                                                  Agent”
                                                                                                                                                                                                                                                  means, with
                                                                                                                                                                                                                                                  respect to any
                                                                                                                                                                                                                                                  Series of
                                                                                                                                                                                                                                                  Class A‐1
                                                                                                                                                                                                                                                  Notes, the
                                                                                                                                                                                                                                                  Person
                                                                                                                                                                                                                                                  identified as
                                                                                                                                                                                                                                                  the “Class A‐1
                                                                                                                                                                                                                                                  Administrative
                                                                                                                                                                                                                                                  Agent” in the
                                                                                                                                                                                                                                                  Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series or
                                                                                                                                                                                                                                                  Variable
                                                                                                                                                                                                                                                  Funding Note
                                                                                                                                                                                                                                                  Purchase
                                                                                                                                                                                                                                                  Agreement.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Class

                                                                                                                                                                                                                                                  A-1 Commitment
                                                                                                                                                                                                                                                  Fee Adjustment
                                                                                                                                                                                                                                                  Amount”
                                                                                                                                                                                                                                                  means, for any
                                                                                                                                                                                                                                                  Series 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
                                                                                                                                                                                                                                                  Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series or
                                                                                                                                                                                                                                                  Variable
                                                                                                                                                                                                                                                  Funding Note
                                                                                                                                                                                                                                                  Purchase
                                                                                                                                                                                                                                                  Agreement.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Class A‐1

                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Adjustment
                                                                                                                                                                                                                                                  Amount”
                                                                                                                                                                                                                                                  means, for any
                                                                                                                                                                                                                                                  Series 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
                                                                                                                                                                                                                                                  Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series or
                                                                                                                                                                                                                                                  Variable
                                                                                                                                                                                                                                                  Funding Note
                                                                                                                                                                                                                                                  Purchase
                                                                                                                                                                                                                                                  Agreement.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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 the
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Accrual Period
                                                                                                                                                                                                                                                  beginning
                                                                                                                                                                                                                                                  during such
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  Period, and
                                                                                                                                                                                                                                                  with respect
                                                                                                                                                                                                                                                  to any Series
                                                                                                                                                                                                                                                  of Class A-1
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Outstanding,
                                                                                                                                                                                                                                                  the aggregate
                                                                                                                                                                                                                                                  amount of
                                                                                                                                                                                                                                                  commitment
                                                                                                                                                                                                                                                  fees due and
                                                                                                                                                                                                                                                  payable, with
                                                                                                                                                                                                                                                  respect to
                                                                                                                                                                                                                                                  such Weekly
                                                                                                                                                                                                                                                  Allocation
                                                                                                                                                                                                                                                  Date on such
                                                                                                                                                                                                                                                  Series of
                                                                                                                                                                                                                                                  Class A‐1
                                                                                                                                                                                                                                                  Notes that is
                                                                                                                                                                                                                                                  identified as
                                                                                                                                                                                                                                                  “Class A-1
                                                                                                                                                                                                                                                  Notes Accrued
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Commitment Fee
                                                                                                                                                                                                                                                  Amount” in the
                                                                                                                                                                                                                                                  Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series or
                                                                                                                                                                                                                                                  Variable
                                                                                                                                                                                                                                                  Funding Note
                                                                                                                                                                                                                                                  Purchase
                                                                                                                                                                                                                                                  Agreement.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-7

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “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 Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series or
                                                                                                                                                                                                                                                  Variable
                                                                                                                                                                                                                                                  Funding Note
                                                                                                                                                                                                                                                  Purchase
                                                                                                                                                                                                                                                  Agreement.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Class A‐1

                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Amortization
                                                                                                                                                                                                                                                  Event”
                                                                                                                                                                                                                                                  means any
                                                                                                                                                                                                                                                  event
                                                                                                                                                                                                                                                  designated as
                                                                                                                                                                                                                                                  a “Class A‐1
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Amortization
                                                                                                                                                                                                                                                  Event” in any
                                                                                                                                                                                                                                                  Series
                                                                                                                                                                                                                                                  Supplement or
                                                                                                                                                                                                                                                  Variable
                                                                                                                                                                                                                                                  Funding Note
                                                                                                                                                                                                                                                  Purchase
                                                                                                                                                                                                                                                  Agreement.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Class A‐1

                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Commitment
                                                                                                                                                                                                                                                  Fees Account”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in
                                                                                                                                                                                                                                                  Section
                                                                                                                                                                                                                                                  5.07(a)(iv) of
                                                                                                                                                                                                                                                  this 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
                                                                                                                                                                                                                                                  Series of
                                                                                                                                                                                                                                                  Class A‐1
                                                                                                                                                                                                                                                  Notes as
                                                                                                                                                                                                                                                  identified in
                                                                                                                                                                                                                                                  the Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series or
                                                                                                                                                                                                                                                  Variable
                                                                                                                                                                                                                                                  Funding Note
                                                                                                                                                                                                                                                  Purchase
                                                                                                                                                                                                                                                  Agreement as
                                                                                                                                                                                                                                                  reduced by any
                                                                                                                                                                                                                                                  permanent
                                                                                                                                                                                                                                                  reductions of
                                                                                                                                                                                                                                                  commitments
                                                                                                                                                                                                                                                  with respect
                                                                                                                                                                                                                                                  to such Series
                                                                                                                                                                                                                                                  of Class A‐1
                                                                                                                                                                                                                                                  Notes and any
                                                                                                                                                                                                                                                  cancellations
                                                                                                                                                                                                                                                  of repurchased
                                                                                                                                                                                                                                                  Class A‐1
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  thereunder.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Class A‐1

                                                                                                                                                                                                                                                  Notes Other
                                                                                                                                                                                                                                                  Amounts”
                                                                                                                                                                                                                                                  means all
                                                                                                                                                                                                                                                  amounts due
                                                                                                                                                                                                                                                  and payable
                                                                                                                                                                                                                                                  pursuant to
                                                                                                                                                                                                                                                  any Variable
                                                                                                                                                                                                                                                  Funding Note
                                                                                                                                                                                                                                                  Purchase
                                                                                                                                                                                                                                                  Agreement that
                                                                                                                                                                                                                                                  are identified
                                                                                                                                                                                                                                                  as “Class A-1
                                                                                                                                                                                                                                                  Notes Other
                                                                                                                                                                                                                                                  Amounts” in
                                                                                                                                                                                                                                                  such Variable
                                                                                                                                                                                                                                                  Funding Note
                                                                                                                                                                                                                                                  Purchase
                                                                                                                                                                                                                                                  Agreement.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Class A‐1

                                                                                                                                                                                                                                                  Notes Renewal
                                                                                                                                                                                                                                                  Date”
                                                                                                                                                                                                                                                  means, with
                                                                                                                                                                                                                                                  respect to any
                                                                                                                                                                                                                                                  Series of
                                                                                                                                                                                                                                                  Class A‐1
                                                                                                                                                                                                                                                  Notes, the
                                                                                                                                                                                                                                                  date
                                                                                                                                                                                                                                                  identified as
                                                                                                                                                                                                                                                  the “Class A‐1
                                                                                                                                                                                                                                                  Notes Renewal
                                                                                                                                                                                                                                                  Date” in the
                                                                                                                                                                                                                                                  Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series or
                                                                                                                                                                                                                                                  Variable
                                                                                                                                                                                                                                                  Funding Note
                                                                                                                                                                                                                                                  Purchase
                                                                                                                                                                                                                                                  Agreement.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Class A‐1

                                                                                                                                                                                                                                                  Notes Voting
                                                                                                                                                                                                                                                  Amount”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in
                                                                                                                                                                                                                                                  Section
                                                                                                                                                                                                                                                  2.01(b)(i) of
                                                                                                                                                                                                                                                  this Base
                                                                                                                                                                                                                                                  Indenture or
                                                                                                                                                                                                                                                  Variable
                                                                                                                                                                                                                                                  Funding Note
                                                                                                                                                                                                                                                  Purchase
                                                                                                                                                                                                                                                  Agreement.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Class

                                                                                                                                                                                                                                                  A-1 Quarterly
                                                                                                                                                                                                                                                  Commitment Fee
                                                                                                                                                                                                                                                  Amounts”
                                                                                                                                                                                                                                                  means, for any
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Accrual
                                                                                                                                                                                                                                                  Period, with
                                                                                                                                                                                                                                                  respect to
                                                                                                                                                                                                                                                  each Series of
                                                                                                                                                                                                                                                  Class A‐1
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Outstanding,
                                                                                                                                                                                                                                                  the aggregate
                                                                                                                                                                                                                                                  amount of
                                                                                                                                                                                                                                                  commitment
                                                                                                                                                                                                                                                  fees due and
                                                                                                                                                                                                                                                  payable, with
                                                                                                                                                                                                                                                  respect to
                                                                                                                                                                                                                                                  such Interest
                                                                                                                                                                                                                                                  Accrual
                                                                                                                                                                                                                                                  Period, on
                                                                                                                                                                                                                                                  such Series of
                                                                                                                                                                                                                                                  Class A‐1
                                                                                                                                                                                                                                                  Notes that is
                                                                                                                                                                                                                                                  identified as
                                                                                                                                                                                                                                                  “Class A-1
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Commitment Fee
                                                                                                                                                                                                                                                  Amounts” in
                                                                                                                                                                                                                                                  the Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series or
                                                                                                                                                                                                                                                  Variable
                                                                                                                                                                                                                                                  Funding Note
                                                                                                                                                                                                                                                  Purchase
                                                                                                                                                                                                                                                  Agreement.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Class

                                                                                                                                                                                                                                                  A-1 Quarterly
                                                                                                                                                                                                                                                  Commitment
                                                                                                                                                                                                                                                  Fees Shortfall
                                                                                                                                                                                                                                                  Amount”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in
                                                                                                                                                                                                                                                  Section
                                                                                                                                                                                                                                                  5.13(b)(iii)
                                                                                                                                                                                                                                                  of this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Class

                                                                                                                                                                                                                                                  A-2 Notes”
                                                                                                                                                                                                                                                  means any
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  alphanumerically
                                                                                                                                                                                                                                                  designated as
                                                                                                                                                                                                                                                  “Class A-2”
                                                                                                                                                                                                                                                  pursuant to
                                                                                                                                                                                                                                                  the Series
                                                                                                                                                                                                                                                  Supplement
                                                                                                                                                                                                                                                  applicable to
                                                                                                                                                                                                                                                  such Class of
                                                                                                                                                                                                                                                  Notes.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Clearing

                                                                                                                                                                                                                                                  Agency”
                                                                                                                                                                                                                                                  means an
                                                                                                                                                                                                                                                  organization
                                                                                                                                                                                                                                                  registered as
                                                                                                                                                                                                                                                  a “clearing
                                                                                                                                                                                                                                                  agency”
                                                                                                                                                                                                                                                  pursuant to
                                                                                                                                                                                                                                                  Section 17A of
                                                                                                                                                                                                                                                  the 1934 Act
                                                                                                                                                                                                                                                  or any
                                                                                                                                                                                                                                                  successor
                                                                                                                                                                                                                                                  provision
                                                                                                                                                                                                                                                  thereto or
                                                                                                                                                                                                                                                  Euroclear or
                                                                                                                                                                                                                                                  Clearstream.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Clearing

                                                                                                                                                                                                                                                  Agency
                                                                                                                                                                                                                                                  Participant”
                                                                                                                                                                                                                                                  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
                                                                                                                                                                                                                                                  and any
                                                                                                                                                                                                                                                  successor
                                                                                                                                                                                                                                                  entity.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Closing

                                                                                                                                                                                                                                                  Date”
                                                                                                                                                                                                                                                  means July 8,
                                                                                                                                                                                                                                                  2019.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Closing

                                                                                                                                                                                                                                                  Date
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  IP” means
                                                                                                                                                                                                                                                  all
                                                                                                                                                                                                                                                  Intellectual
                                                                                                                                                                                                                                                  Property
                                                                                                                                                                                                                                                  (other than
                                                                                                                                                                                                                                                  the Excluded
                                                                                                                                                                                                                                                  IP) throughout
                                                                                                                                                                                                                                                  the United
                                                                                                                                                                                                                                                  States
                                                                                                                                                                                                                                                  created,
                                                                                                                                                                                                                                                  developed,
                                                                                                                                                                                                                                                  authored,
                                                                                                                                                                                                                                                  acquired or
                                                                                                                                                                                                                                                  owned by or on
                                                                                                                                                                                                                                                  behalf of, or
                                                                                                                                                                                                                                                  licensed to or
                                                                                                                                                                                                                                                  on behalf of,
                                                                                                                                                                                                                                                  Jack in the
                                                                                                                                                                                                                                                  Box Inc.,

                                                                                                                                                                                                                                                  Jack in the
                                                                                                                                                                                                                                                  Box Eastern
                                                                                                                                                                                                                                                  Division L.P.,

                                                                                                                                                                                                                                                  the Holding
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Guarantor, the
                                                                                                                                                                                                                                                  Master Issuer,
                                                                                                                                                                                                                                                  JIB
                                                                                                                                                                                                                                                  Properties,
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Franchisor,
                                                                                                                                                                                                                                                  Jack in the
                                                                                                                                                                                                                                                  Box Foundation
                                                                                                                                                                                                                                                  or JIB Stored
                                                                                                                                                                                                                                                  Value Cards,
                                                                                                                                                                                                                                                  LLC as of the
                                                                                                                                                                                                                                                  Closing Date
                                                                                                                                                                                                                                                  covering,
                                                                                                                                                                                                                                                  reading on,
                                                                                                                                                                                                                                                  embodied in or
                                                                                                                                                                                                                                                  otherwise
                                                                                                                                                                                                                                                  relating to
                                                                                                                                                                                                                                                  (i) the Jack
                                                                                                                                                                                                                                                  in the Box
                                                                                                                                                                                                                                                  System and
                                                                                                                                                                                                                                                  Jack in the
                                                                                                                                                                                                                                                  Box Brand,
                                                                                                                                                                                                                                                  (ii) products
                                                                                                                                                                                                                                                  or services
                                                                                                                                                                                                                                                  sold or
                                                                                                                                                                                                                                                  distributed
                                                                                                                                                                                                                                                  via the Jack
                                                                                                                                                                                                                                                  in the Box
                                                                                                                                                                                                                                                  System under
                                                                                                                                                                                                                                                  the Jack in
                                                                                                                                                                                                                                                  the Box Brand,
                                                                                                                                                                                                                                                  (iii) the
                                                                                                                                                                                                                                                  Branded
                                                                                                                                                                                                                                                  Restaurants,
                                                                                                                                                                                                                                                  (iv)  the
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchised
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Business or
                                                                                                                                                                                                                                                  (v) the
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Business, and
                                                                                                                                                                                                                                                  also including
                                                                                                                                                                                                                                                  the JIB Mobile
                                                                                                                                                                                                                                                  Apps.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-8

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “Code”
                                                                                                                                                                                                                                                  means the U.S.
                                                                                                                                                                                                                                                  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

                                                                                                                                                                                                                                                  Business
                                                                                                                                                                                                                                                  Documents”
                                                                                                                                                                                                                                                  means,
                                                                                                                                                                                                                                                  collectively,
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchise
                                                                                                                                                                                                                                                  Documents, the
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Notes, the
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Owned-Property
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Leases and the
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Back-to-Back
                                                                                                                                                                                                                                                  Subleases.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Collateral

                                                                                                                                                                                                                                                  Exclusions”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in Section

                                                                                                                                                                                                                                                  3.01(b) of
                                                                                                                                                                                                                                                  this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Collateralized

                                                                                                                                                                                                                                                  Letters of
                                                                                                                                                                                                                                                  Credit”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in
                                                                                                                                                                                                                                                  Section
                                                                                                                                                                                                                                                  5.13(d)(iii)
                                                                                                                                                                                                                                                  of this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Collateral

                                                                                                                                                                                                                                                  Protection
                                                                                                                                                                                                                                                  Advance”
                                                                                                                                                                                                                                                  means any
                                                                                                                                                                                                                                                  advance of
                                                                                                                                                                                                                                                  (a) payment of
                                                                                                                                                                                                                                                  Taxes, rent,
                                                                                                                                                                                                                                                  assessments,
                                                                                                                                                                                                                                                  insurance
                                                                                                                                                                                                                                                  premiums and
                                                                                                                                                                                                                                                  other related
                                                                                                                                                                                                                                                  or similar
                                                                                                                                                                                                                                                  costs and
                                                                                                                                                                                                                                                  expenses
                                                                                                                                                                                                                                                  necessary to
                                                                                                                                                                                                                                                  protect,
                                                                                                                                                                                                                                                  preserve or
                                                                                                                                                                                                                                                  restore the
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Assets and
                                                                                                                                                                                                                                                  (b) payments
                                                                                                                                                                                                                                                  of any
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Operating
                                                                                                                                                                                                                                                  Expenses
                                                                                                                                                                                                                                                  (excluding
                                                                                                                                                                                                                                                  (i) any
                                                                                                                                                                                                                                                  indemnification
                                                                                                                                                                                                                                                  obligations,
                                                                                                                                                                                                                                                  (ii) business
                                                                                                                                                                                                                                                  and/or asset
                                                                                                                                                                                                                                                  related
                                                                                                                                                                                                                                                  operating
                                                                                                                                                                                                                                                  expenses, (including,

                                                                                                                                                                                                                                                  but not
                                                                                                                                                                                                                                                  limited to,
                                                                                                                                                                                                                                                  any Net
                                                                                                                                                                                                                                                  Back-to-Back
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Lease
                                                                                                                                                                                                                                                  Payments, any
                                                                                                                                                                                                                                                  JIB
                                                                                                                                                                                                                                                  Back-to-Back
                                                                                                                                                                                                                                                  Lease
                                                                                                                                                                                                                                                  Obligations
                                                                                                                                                                                                                                                  Advance, any
                                                                                                                                                                                                                                                  JIB Tenant
                                                                                                                                                                                                                                                  Improvement
                                                                                                                                                                                                                                                  Payments, any
                                                                                                                                                                                                                                                  JIB
                                                                                                                                                                                                                                                  Maintenance
                                                                                                                                                                                                                                                  Payments, any
                                                                                                                                                                                                                                                  JIB Remodeling
                                                                                                                                                                                                                                                  Incentive
                                                                                                                                                                                                                                                  Payments, any
                                                                                                                                                                                                                                                  JIB Franchise
                                                                                                                                                                                                                                                  Incentive
                                                                                                                                                                                                                                                  Contributions,
                                                                                                                                                                                                                                                  any Restaurant
                                                                                                                                                                                                                                                  Operating
                                                                                                                                                                                                                                                  Expenses, any
                                                                                                                                                                                                                                                  Pass-Through
                                                                                                                                                                                                                                                  Amounts, and
                                                                                                                                                                                                                                                  any reserve
                                                                                                                                                                                                                                                  amounts
                                                                                                                                                                                                                                                  (including any
                                                                                                                                                                                                                                                  Lease Reserve
                                                                                                                                                                                                                                                  Amount and the
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Working
                                                                                                                                                                                                                                                  Capital
                                                                                                                                                                                                                                                  Reserve
                                                                                                                                                                                                                                                  Amount)),
                                                                                                                                                                                                                                                  (iii) fees and
                                                                                                                                                                                                                                                  expenses of
                                                                                                                                                                                                                                                  external legal
                                                                                                                                                                                                                                                  counsel that
                                                                                                                                                                                                                                                  are not
                                                                                                                                                                                                                                                  directly
                                                                                                                                                                                                                                                  related to the
                                                                                                                                                                                                                                                  maintenance or
                                                                                                                                                                                                                                                  preservation
                                                                                                                                                                                                                                                  of the
                                                                                                                                                                                                                                                  Collateral,
                                                                                                                                                                                                                                                  (iv) fees and
                                                                                                                                                                                                                                                  expenses of
                                                                                                                                                                                                                                                  any entity
                                                                                                                                                                                                                                                  other than a
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity and
                                                                                                                                                                                                                                                  (v) damages,
                                                                                                                                                                                                                                                  costs, or
                                                                                                                                                                                                                                                  expenses
                                                                                                                                                                                                                                                  relating to
                                                                                                                                                                                                                                                  fraud, bad
                                                                                                                                                                                                                                                  faith, willful
                                                                                                                                                                                                                                                  misconduct,
                                                                                                                                                                                                                                                  violations of
                                                                                                                                                                                                                                                  law, bodily
                                                                                                                                                                                                                                                  injury,
                                                                                                                                                                                                                                                  property
                                                                                                                                                                                                                                                  damage or
                                                                                                                                                                                                                                                  misappropriation
                                                                                                                                                                                                                                                  of funds), 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.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Collection

                                                                                                                                                                                                                                                  Account”
                                                                                                                                                                                                                                                  means account
                                                                                                                                                                                                                                                  no. 12205400
                                                                                                                                                                                                                                                  entitled
                                                                                                                                                                                                                                                  “Citibank,
                                                                                                                                                                                                                                                  N.A. f/b/o
                                                                                                                                                                                                                                                  Jack in the
                                                                                                                                                                                                                                                  Box Funding,
                                                                                                                                                                                                                                                  LLC,
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  Account”,
                                                                                                                                                                                                                                                  which account
                                                                                                                                                                                                                                                  is maintained
                                                                                                                                                                                                                                                  by the Trustee
                                                                                                                                                                                                                                                  pursuant to
                                                                                                                                                                                                                                                  Section 5.06
                                                                                                                                                                                                                                                  of this Base
                                                                                                                                                                                                                                                  Indenture or
                                                                                                                                                                                                                                                  any successor
                                                                                                                                                                                                                                                  securities
                                                                                                                                                                                                                                                  account
                                                                                                                                                                                                                                                  maintained
                                                                                                                                                                                                                                                  pursuant to
                                                                                                                                                                                                                                                  Section 5.06
                                                                                                                                                                                                                                                  of this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Collection

                                                                                                                                                                                                                                                  Account
                                                                                                                                                                                                                                                  Administrative
                                                                                                                                                                                                                                                  Accounts”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in
                                                                                                                                                                                                                                                  Section 5.07
                                                                                                                                                                                                                                                  of this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-9

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

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

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (i)          Securitized

                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Payments,
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Note Payments,
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Owned-Property
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Lease
                                                                                                                                                                                                                                                  Payments,
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Back-to-Back
                                                                                                                                                                                                                                                  Sublease
                                                                                                                                                                                                                                                  Payments,
                                                                                                                                                                                                                                                  Non-Branded
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Lease Payments
                                                                                                                                                                                                                                                  and any
                                                                                                                                                                                                                                                  Non-Securitization
                                                                                                                                                                                                                                                  Entity Lease
                                                                                                                                                                                                                                                  Payments
                                                                                                                                                                                                                                                  deposited into
                                                                                                                                                                                                                                                  any
                                                                                                                                                                                                                                                  Concentration
                                                                                                                                                                                                                                                  Account;

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (ii)          all

                                                                                                                                                                                                                                                  amounts
                                                                                                                                                                                                                                                  received under
                                                                                                                                                                                                                                                  the IP License
                                                                                                                                                                                                                                                  Agreements and
                                                                                                                                                                                                                                                  all other
                                                                                                                                                                                                                                                  license fees,
                                                                                                                                                                                                                                                  including the
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant IP
                                                                                                                                                                                                                                                  License Fees
                                                                                                                                                                                                                                                  and other
                                                                                                                                                                                                                                                  amounts
                                                                                                                                                                                                                                                  received in
                                                                                                                                                                                                                                                  respect of the
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  IP, including
                                                                                                                                                                                                                                                  recoveries
                                                                                                                                                                                                                                                  from the
                                                                                                                                                                                                                                                  enforcement of
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  IP;

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (iii)          all

                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Collections;
                                                                                                                                                                                                                                                  including
                                                                                                                                                                                                                                                  amounts in
                                                                                                                                                                                                                                                  respect of
                                                                                                                                                                                                                                                  sales Taxes
                                                                                                                                                                                                                                                  and other
                                                                                                                                                                                                                                                  comparable
                                                                                                                                                                                                                                                  Taxes, payroll
                                                                                                                                                                                                                                                  Taxes, wage
                                                                                                                                                                                                                                                  garnishments
                                                                                                                                                                                                                                                  and other
                                                                                                                                                                                                                                                  amounts
                                                                                                                                                                                                                                                  received by
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurants
                                                                                                                                                                                                                                                  that are due
                                                                                                                                                                                                                                                  and payable to
                                                                                                                                                                                                                                                  a Governmental
                                                                                                                                                                                                                                                  Authority or
                                                                                                                                                                                                                                                  other
                                                                                                                                                                                                                                                  unaffiliated
                                                                                                                                                                                                                                                  third party (“Pass-Through

                                                                                                                                                                                                                                                  Amounts”);

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (iv)          Indemnification

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

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (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;

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (vi)          Investment

                                                                                                                                                                                                                                                  Income earned
                                                                                                                                                                                                                                                  on amounts on
                                                                                                                                                                                                                                                  deposit in the
                                                                                                                                                                                                                                                  Accounts; provided
                                                                                                                                                                                                                                                  that
                                                                                                                                                                                                                                                  Investment
                                                                                                                                                                                                                                                  Income will
                                                                                                                                                                                                                                                  only be
                                                                                                                                                                                                                                                  considered
                                                                                                                                                                                                                                                  “Collections”
                                                                                                                                                                                                                                                  if it is
                                                                                                                                                                                                                                                  greater than
                                                                                                                                                                                                                                                  or equal to
                                                                                                                                                                                                                                                  $100 per
                                                                                                                                                                                                                                                  Account with
                                                                                                                                                                                                                                                  respect to
                                                                                                                                                                                                                                                  such Weekly
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  Period;

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (vii)          equity

                                                                                                                                                                                                                                                  contributions
                                                                                                                                                                                                                                                  made to the
                                                                                                                                                                                                                                                  Master Issuer
                                                                                                                                                                                                                                                  directed to be
                                                                                                                                                                                                                                                  deposited to
                                                                                                                                                                                                                                                  any
                                                                                                                                                                                                                                                  Concentration
                                                                                                                                                                                                                                                  Account;

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (viii)          to

                                                                                                                                                                                                                                                  the extent not
                                                                                                                                                                                                                                                  otherwise
                                                                                                                                                                                                                                                  included
                                                                                                                                                                                                                                                  above,
                                                                                                                                                                                                                                                  payments from
                                                                                                                                                                                                                                                  Franchisees or
                                                                                                                                                                                                                                                  any other
                                                                                                                                                                                                                                                  Person in
                                                                                                                                                                                                                                                  respect of
                                                                                                                                                                                                                                                  Excluded
                                                                                                                                                                                                                                                  Amounts
                                                                                                                                                                                                                                                  deposited in
                                                                                                                                                                                                                                                  any
                                                                                                                                                                                                                                                  Concentration
                                                                                                                                                                                                                                                  Account;

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (ix)          any

                                                                                                                                                                                                                                                  payments
                                                                                                                                                                                                                                                  received under
                                                                                                                                                                                                                                                  the Letter of
                                                                                                                                                                                                                                                  Credit
                                                                                                                                                                                                                                                  Reimbursement
                                                                                                                                                                                                                                                  Agreement from
                                                                                                                                                                                                                                                  any
                                                                                                                                                                                                                                                  Non-Securitization
                                                                                                                                                                                                                                                  Entity; and

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (x)          any

                                                                                                                                                                                                                                                  other payments
                                                                                                                                                                                                                                                  or proceeds
                                                                                                                                                                                                                                                  received with
                                                                                                                                                                                                                                                  respect to the
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Assets.

                                                                                                                                                                                                                                                   

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

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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

                                                                                                                                                                                                                                                  Restaurant IP
                                                                                                                                                                                                                                                  License Fees”
                                                                                                                                                                                                                                                  means the
                                                                                                                                                                                                                                                  licensing fees
                                                                                                                                                                                                                                                  payable by JIB
                                                                                                                                                                                                                                                  Properties, or
                                                                                                                                                                                                                                                  Jack in the
                                                                                                                                                                                                                                                  Box Inc.
                                                                                                                                                                                                                                                  or Jack in the
                                                                                                                                                                                                                                                  Box Eastern
                                                                                                                                                                                                                                                  Division L.P.
                                                                                                                                                                                                                                                  under the
                                                                                                                                                                                                                                                  applicable
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant IP
                                                                                                                                                                                                                                                  License, at a
                                                                                                                                                                                                                                                  rate equal to
                                                                                                                                                                                                                                                  five percent
                                                                                                                                                                                                                                                  (5%) of the
                                                                                                                                                                                                                                                  Gross Sales of
                                                                                                                                                                                                                                                  each Company
                                                                                                                                                                                                                                                  Restaurant,
                                                                                                                                                                                                                                                  owned and
                                                                                                                                                                                                                                                  operated by
                                                                                                                                                                                                                                                  JIB Properties, or
                                                                                                                                                                                                                                                  Jack in the
                                                                                                                                                                                                                                                  Box Inc.
                                                                                                                                                                                                                                                  or Jack in the
                                                                                                                                                                                                                                                  Box Eastern
                                                                                                                                                                                                                                                  Division L.P.,
                                                                                                                                                                                                                                                  as applicable
                                                                                                                                                                                                                                                  (paid weekly).

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-10

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “Company

                                                                                                                                                                                                                                                  Restaurant IP
                                                                                                                                                                                                                                                  Licenses”
                                                                                                                                                                                                                                                  means
                                                                                                                                                                                                                                                  collectively,
                                                                                                                                                                                                                                                  the Jack in
                                                                                                                                                                                                                                                  the Box Inc.
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant IP
                                                                                                                                                                                                                                                  License,
                                                                                                                                                                                                                                                  the Jack in
                                                                                                                                                                                                                                                  the Box
                                                                                                                                                                                                                                                  Eastern
                                                                                                                                                                                                                                                  Division
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant IP
                                                                                                                                                                                                                                                  License 
                                                                                                                                                                                                                                                  and the JIB
                                                                                                                                                                                                                                                  Properties
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant IP
                                                                                                                                                                                                                                                  License.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Company

                                                                                                                                                                                                                                                  Restaurants”
                                                                                                                                                                                                                                                  means Branded
                                                                                                                                                                                                                                                  Restaurants
                                                                                                                                                                                                                                                  owned and
                                                                                                                                                                                                                                                  operated by
                                                                                                                                                                                                                                                  any
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity or
                                                                                                                                                                                                                                                  Non-Securitization
                                                                                                                                                                                                                                                  Entity.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Company

                                                                                                                                                                                                                                                  Synthetic
                                                                                                                                                                                                                                                  Lease Payment”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in Section

                                                                                                                                                                                                                                                  5.11(a)(ii)
                                                                                                                                                                                                                                                  of this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Competitor”
                                                                                                                                                                                                                                                  means any
                                                                                                                                                                                                                                                  Person that is
                                                                                                                                                                                                                                                  a direct or
                                                                                                                                                                                                                                                  indirect
                                                                                                                                                                                                                                                  franchisor,
                                                                                                                                                                                                                                                  franchisee,
                                                                                                                                                                                                                                                  owner or
                                                                                                                                                                                                                                                  operator of a
                                                                                                                                                                                                                                                  large regional
                                                                                                                                                                                                                                                  or national
                                                                                                                                                                                                                                                  quick service
                                                                                                                                                                                                                                                  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 5.0%
                                                                                                                                                                                                                                                  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 5.0%
                                                                                                                                                                                                                                                  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
                                                                                                                                                                                                                                                  Holder 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
                                                                                                                                                                                                                                                  restaurant
                                                                                                                                                                                                                                                  concept and
                                                                                                                                                                                                                                                  (b) such
                                                                                                                                                                                                                                                  Person is a
                                                                                                                                                                                                                                                  passive
                                                                                                                                                                                                                                                  investor in a
                                                                                                                                                                                                                                                  “Competitor”
                                                                                                                                                                                                                                                  as described
                                                                                                                                                                                                                                                  in Rule
                                                                                                                                                                                                                                                  13d-1(b)(1) of
                                                                                                                                                                                                                                                  the 1934 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 1934 Act)
                                                                                                                                                                                                                                                  or operator of
                                                                                                                                                                                                                                                  a large
                                                                                                                                                                                                                                                  regional or
                                                                                                                                                                                                                                                  national quick
                                                                                                                                                                                                                                                  service
                                                                                                                                                                                                                                                  restaurant
                                                                                                                                                                                                                                                  concept
                                                                                                                                                                                                                                                  (including a
                                                                                                                                                                                                                                                  Franchisee).

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Concentration

                                                                                                                                                                                                                                                  Accounts”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in Section

                                                                                                                                                                                                                                                  5.02(a)(iii)
                                                                                                                                                                                                                                                  of this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Consent

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

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Consolidated

                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Expense, Net”
                                                                                                                                                                                                                                                  means, with
                                                                                                                                                                                                                                                  respect to any
                                                                                                                                                                                                                                                  Person for any
                                                                                                                                                                                                                                                  period,
                                                                                                                                                                                                                                                  consolidated
                                                                                                                                                                                                                                                  net interest
                                                                                                                                                                                                                                                  expense,
                                                                                                                                                                                                                                                  whether paid
                                                                                                                                                                                                                                                  or accrued, of
                                                                                                                                                                                                                                                  such Person
                                                                                                                                                                                                                                                  and its
                                                                                                                                                                                                                                                  Subsidiaries
                                                                                                                                                                                                                                                  for such
                                                                                                                                                                                                                                                  period
                                                                                                                                                                                                                                                  determined in
                                                                                                                                                                                                                                                  accordance
                                                                                                                                                                                                                                                  with GAAP.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-11

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “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.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Contributed

                                                                                                                                                                                                                                                  Assets”
                                                                                                                                                                                                                                                  means all
                                                                                                                                                                                                                                                  assets
                                                                                                                                                                                                                                                  contributed
                                                                                                                                                                                                                                                  under the
                                                                                                                                                                                                                                                  Contribution
                                                                                                                                                                                                                                                  Agreements.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Contributed

                                                                                                                                                                                                                                                  Real Estate
                                                                                                                                                                                                                                                  Assets”
                                                                                                                                                                                                                                                  means (i) the
                                                                                                                                                                                                                                                  Contributed
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Owned Real
                                                                                                                                                                                                                                                  Property and
                                                                                                                                                                                                                                                  (ii) the
                                                                                                                                                                                                                                                  Contributed
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Leases.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Contributed

                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Back-to-Back
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Lease
                                                                                                                                                                                                                                                  Arrangements”
                                                                                                                                                                                                                                                  means lease
                                                                                                                                                                                                                                                  arrangements
                                                                                                                                                                                                                                                  for certain
                                                                                                                                                                                                                                                  Franchised
                                                                                                                                                                                                                                                  Restaurants
                                                                                                                                                                                                                                                  comprised of
                                                                                                                                                                                                                                                  (i)
                                                                                                                                                                                                                                                  Contributed
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  JIB
                                                                                                                                                                                                                                                  Back-to-Back
                                                                                                                                                                                                                                                  Leases and
                                                                                                                                                                                                                                                  (ii)
                                                                                                                                                                                                                                                  Contributed
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Back-to-Back
                                                                                                                                                                                                                                                  Subleases
                                                                                                                                                                                                                                                  which are
                                                                                                                                                                                                                                                  collectively
                                                                                                                                                                                                                                                  contributed to
                                                                                                                                                                                                                                                  JIB Properties
                                                                                                                                                                                                                                                  on the Closing
                                                                                                                                                                                                                                                  Date pursuant
                                                                                                                                                                                                                                                  to the
                                                                                                                                                                                                                                                  applicable
                                                                                                                                                                                                                                                  Contribution
                                                                                                                                                                                                                                                  Agreement.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Contributed

                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurants”
                                                                                                                                                                                                                                                  means Company
                                                                                                                                                                                                                                                  Restaurants
                                                                                                                                                                                                                                                  existing on
                                                                                                                                                                                                                                                  the Closing
                                                                                                                                                                                                                                                  Date that arewere
                                                                                                                                                                                                                                                  contributed to
                                                                                                                                                                                                                                                  JIB Properties
                                                                                                                                                                                                                                                  on the Closing
                                                                                                                                                                                                                                                  Date pursuant
                                                                                                                                                                                                                                                  to the
                                                                                                                                                                                                                                                  applicable
                                                                                                                                                                                                                                                  Contribution
                                                                                                                                                                                                                                                  Agreement.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Contributed

                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Third-Party
                                                                                                                                                                                                                                                  Leases”
                                                                                                                                                                                                                                                  means leases
                                                                                                                                                                                                                                                  for certain
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurants
                                                                                                                                                                                                                                                  under which
                                                                                                                                                                                                                                                  JIB Properties
                                                                                                                                                                                                                                                  will act as
                                                                                                                                                                                                                                                  lessee under
                                                                                                                                                                                                                                                  leases with
                                                                                                                                                                                                                                                  third-party
                                                                                                                                                                                                                                                  landlords,
                                                                                                                                                                                                                                                  which are
                                                                                                                                                                                                                                                  contributed to
                                                                                                                                                                                                                                                  JIB Properties
                                                                                                                                                                                                                                                  on the Closing
                                                                                                                                                                                                                                                  Date pursuant
                                                                                                                                                                                                                                                  to the
                                                                                                                                                                                                                                                  applicable
                                                                                                                                                                                                                                                  Contribution
                                                                                                                                                                                                                                                  Agreement.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Contributed

                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Development
                                                                                                                                                                                                                                                  Agreements”
                                                                                                                                                                                                                                                  means all
                                                                                                                                                                                                                                                  Development
                                                                                                                                                                                                                                                  Agreements and
                                                                                                                                                                                                                                                  related
                                                                                                                                                                                                                                                  guaranty
                                                                                                                                                                                                                                                  agreements
                                                                                                                                                                                                                                                  existing as of
                                                                                                                                                                                                                                                  the Closing
                                                                                                                                                                                                                                                  Date that are
                                                                                                                                                                                                                                                  contributed to
                                                                                                                                                                                                                                                  any
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity on the
                                                                                                                                                                                                                                                  Closing Date
                                                                                                                                                                                                                                                  pursuant to
                                                                                                                                                                                                                                                  the applicable
                                                                                                                                                                                                                                                  Contribution
                                                                                                                                                                                                                                                  Agreements.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Contributed

                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchise
                                                                                                                                                                                                                                                  Agreements”
                                                                                                                                                                                                                                                  means all
                                                                                                                                                                                                                                                  Franchise
                                                                                                                                                                                                                                                  Agreements and
                                                                                                                                                                                                                                                  related
                                                                                                                                                                                                                                                  guaranty
                                                                                                                                                                                                                                                  agreements
                                                                                                                                                                                                                                                  existing as of
                                                                                                                                                                                                                                                  the Closing
                                                                                                                                                                                                                                                  Date that are
                                                                                                                                                                                                                                                  contributed to
                                                                                                                                                                                                                                                  the Franchisor
                                                                                                                                                                                                                                                  on the Closing
                                                                                                                                                                                                                                                  Date pursuant
                                                                                                                                                                                                                                                  to the
                                                                                                                                                                                                                                                  applicable
                                                                                                                                                                                                                                                  Contribution
                                                                                                                                                                                                                                                  Agreements.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Contributed

                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchised
                                                                                                                                                                                                                                                  Restaurants”
                                                                                                                                                                                                                                                  means
                                                                                                                                                                                                                                                  Franchised
                                                                                                                                                                                                                                                  Restaurants
                                                                                                                                                                                                                                                  existing as of
                                                                                                                                                                                                                                                  the Closing
                                                                                                                                                                                                                                                  Date that are
                                                                                                                                                                                                                                                  franchised
                                                                                                                                                                                                                                                  pursuant to
                                                                                                                                                                                                                                                  Franchise
                                                                                                                                                                                                                                                  Agreements
                                                                                                                                                                                                                                                  contributed to
                                                                                                                                                                                                                                                  the Franchisor
                                                                                                                                                                                                                                                  on the Closing
                                                                                                                                                                                                                                                  Date pursuant
                                                                                                                                                                                                                                                  to the
                                                                                                                                                                                                                                                  applicable
                                                                                                                                                                                                                                                  Contribution
                                                                                                                                                                                                                                                  Agreement.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Contributed

                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Back-to-Back
                                                                                                                                                                                                                                                  Subleases”
                                                                                                                                                                                                                                                  means for
                                                                                                                                                                                                                                                  certain
                                                                                                                                                                                                                                                  Franchised
                                                                                                                                                                                                                                                  Restaurants,
                                                                                                                                                                                                                                                  leases under
                                                                                                                                                                                                                                                  which JIB
                                                                                                                                                                                                                                                  Properties
                                                                                                                                                                                                                                                  acquires
                                                                                                                                                                                                                                                  rights to a
                                                                                                                                                                                                                                                  property as
                                                                                                                                                                                                                                                  lessee from a
                                                                                                                                                                                                                                                  third-party
                                                                                                                                                                                                                                                  landlord (or a
                                                                                                                                                                                                                                                  landlord that
                                                                                                                                                                                                                                                  is a
                                                                                                                                                                                                                                                  Non-Securitization
                                                                                                                                                                                                                                                  Entity, if
                                                                                                                                                                                                                                                  such lease is
                                                                                                                                                                                                                                                  on arm’s
                                                                                                                                                                                                                                                  length terms)
                                                                                                                                                                                                                                                  and in turn
                                                                                                                                                                                                                                                  leases that
                                                                                                                                                                                                                                                  property to a
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  that are
                                                                                                                                                                                                                                                  contributed to
                                                                                                                                                                                                                                                  JIB Properties
                                                                                                                                                                                                                                                  on the Closing
                                                                                                                                                                                                                                                  Date pursuant
                                                                                                                                                                                                                                                  to the
                                                                                                                                                                                                                                                  applicable
                                                                                                                                                                                                                                                  Contribution
                                                                                                                                                                                                                                                  Agreements.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-12

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “Contributed

                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Notes”
                                                                                                                                                                                                                                                  means all
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Notes and
                                                                                                                                                                                                                                                  related
                                                                                                                                                                                                                                                  guaranty and
                                                                                                                                                                                                                                                  collateral
                                                                                                                                                                                                                                                  agreements
                                                                                                                                                                                                                                                  existing as of
                                                                                                                                                                                                                                                  the Closing
                                                                                                                                                                                                                                                  Date that are
                                                                                                                                                                                                                                                  contributed to
                                                                                                                                                                                                                                                  the Franchisor
                                                                                                                                                                                                                                                  on the Closing
                                                                                                                                                                                                                                                  Date, if any.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Contributed

                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  JIB
                                                                                                                                                                                                                                                  Back-to-Back
                                                                                                                                                                                                                                                  Lease”
                                                                                                                                                                                                                                                  means for
                                                                                                                                                                                                                                                  certain
                                                                                                                                                                                                                                                  Franchised
                                                                                                                                                                                                                                                  Restaurants,
                                                                                                                                                                                                                                                  leases under
                                                                                                                                                                                                                                                  which (a) JIB
                                                                                                                                                                                                                                                  Properties
                                                                                                                                                                                                                                                  acts as lessee
                                                                                                                                                                                                                                                  to a
                                                                                                                                                                                                                                                  third-party
                                                                                                                                                                                                                                                  landlord (or a
                                                                                                                                                                                                                                                  landlord that
                                                                                                                                                                                                                                                  is a
                                                                                                                                                                                                                                                  Non-Securitization
                                                                                                                                                                                                                                                  Entity, if
                                                                                                                                                                                                                                                  such lease is
                                                                                                                                                                                                                                                  on arm’s
                                                                                                                                                                                                                                                  length terms)
                                                                                                                                                                                                                                                  and (b) JIB
                                                                                                                                                                                                                                                  Properties
                                                                                                                                                                                                                                                  subleases such
                                                                                                                                                                                                                                                  lease to a
                                                                                                                                                                                                                                                  Franchisee,
                                                                                                                                                                                                                                                  that are
                                                                                                                                                                                                                                                  contributed to
                                                                                                                                                                                                                                                  JIB Properties
                                                                                                                                                                                                                                                  on the Closing
                                                                                                                                                                                                                                                  Date pursuant
                                                                                                                                                                                                                                                  to the
                                                                                                                                                                                                                                                  applicable
                                                                                                                                                                                                                                                  Contribution
                                                                                                                                                                                                                                                  Agreements.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Contributed

                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Leases”
                                                                                                                                                                                                                                                  means
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Leases
                                                                                                                                                                                                                                                  existing as of
                                                                                                                                                                                                                                                  the Closing
                                                                                                                                                                                                                                                  Date that are
                                                                                                                                                                                                                                                  contributed to
                                                                                                                                                                                                                                                  JIB Properties
                                                                                                                                                                                                                                                  on the Closing
                                                                                                                                                                                                                                                  Date.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Contributed

                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Owned Real
                                                                                                                                                                                                                                                  Property”
                                                                                                                                                                                                                                                  means the real
                                                                                                                                                                                                                                                  property
                                                                                                                                                                                                                                                  (including the
                                                                                                                                                                                                                                                  land,
                                                                                                                                                                                                                                                  buildings and
                                                                                                                                                                                                                                                  fixtures)
                                                                                                                                                                                                                                                  owned in fee
                                                                                                                                                                                                                                                  by Jack in the
                                                                                                                                                                                                                                                  Box Inc. or
                                                                                                                                                                                                                                                  its
                                                                                                                                                                                                                                                  Subsidiaries
                                                                                                                                                                                                                                                  that arewere
                                                                                                                                                                                                                                                  contributed to
                                                                                                                                                                                                                                                  JIB Properties
                                                                                                                                                                                                                                                  on the Closing
                                                                                                                                                                                                                                                  Date pursuant
                                                                                                                                                                                                                                                  to the
                                                                                                                                                                                                                                                  applicable
                                                                                                                                                                                                                                                  Contribution
                                                                                                                                                                                                                                                  Agreements.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Contributed

                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Owned-Property
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Leases”
                                                                                                                                                                                                                                                  means leases
                                                                                                                                                                                                                                                  for certain
                                                                                                                                                                                                                                                  Franchised
                                                                                                                                                                                                                                                  Restaurants
                                                                                                                                                                                                                                                  under which
                                                                                                                                                                                                                                                  the real
                                                                                                                                                                                                                                                  property is
                                                                                                                                                                                                                                                  owned by JIB
                                                                                                                                                                                                                                                  Properties, a
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  will act as
                                                                                                                                                                                                                                                  lessee and JIB
                                                                                                                                                                                                                                                  Properties
                                                                                                                                                                                                                                                  will act as
                                                                                                                                                                                                                                                  lessor, which
                                                                                                                                                                                                                                                  are
                                                                                                                                                                                                                                                  contributed to
                                                                                                                                                                                                                                                  JIB Properties
                                                                                                                                                                                                                                                  on the Closing
                                                                                                                                                                                                                                                  Date pursuant
                                                                                                                                                                                                                                                  to the
                                                                                                                                                                                                                                                  applicable
                                                                                                                                                                                                                                                  Contribution
                                                                                                                                                                                                                                                  Agreement.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Contribution

                                                                                                                                                                                                                                                  Agreements”
                                                                                                                                                                                                                                                  means the
                                                                                                                                                                                                                                                  following
                                                                                                                                                                                                                                                  agreements:

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (a)          Properties

                                                                                                                                                                                                                                                  1 Contribution
                                                                                                                                                                                                                                                  Agreement,
                                                                                                                                                                                                                                                  dated as of
                                                                                                                                                                                                                                                  the Closing
                                                                                                                                                                                                                                                  Date, by and
                                                                                                                                                                                                                                                  between Jack
                                                                                                                                                                                                                                                  in the Box
                                                                                                                                                                                                                                                  Eastern
                                                                                                                                                                                                                                                  Division L.P.
                                                                                                                                                                                                                                                  and JIB
                                                                                                                                                                                                                                                  Properties;

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (b)          Eastern

                                                                                                                                                                                                                                                  Distribution
                                                                                                                                                                                                                                                  Agreement,
                                                                                                                                                                                                                                                  dated as of
                                                                                                                                                                                                                                                  the Closing
                                                                                                                                                                                                                                                  Date, by and
                                                                                                                                                                                                                                                  between Jack
                                                                                                                                                                                                                                                  in the Box
                                                                                                                                                                                                                                                  Eastern
                                                                                                                                                                                                                                                  Division L.P.
                                                                                                                                                                                                                                                  and JBX
                                                                                                                                                                                                                                                  General
                                                                                                                                                                                                                                                  Partner LLC;

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (c)          Eastern

                                                                                                                                                                                                                                                  Distribution
                                                                                                                                                                                                                                                  Agreement,
                                                                                                                                                                                                                                                  dated as of
                                                                                                                                                                                                                                                  the Closing
                                                                                                                                                                                                                                                  Date, by and
                                                                                                                                                                                                                                                  between Jack
                                                                                                                                                                                                                                                  in the Box
                                                                                                                                                                                                                                                  Eastern
                                                                                                                                                                                                                                                  Division L.P.
                                                                                                                                                                                                                                                  and JBX
                                                                                                                                                                                                                                                  Limited
                                                                                                                                                                                                                                                  Partner LLC;

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (d)          JBX

                                                                                                                                                                                                                                                  GP
                                                                                                                                                                                                                                                  Distribution
                                                                                                                                                                                                                                                  Agreement,
                                                                                                                                                                                                                                                  dated as of
                                                                                                                                                                                                                                                  the Closing
                                                                                                                                                                                                                                                  Date, by and
                                                                                                                                                                                                                                                  between JBX
                                                                                                                                                                                                                                                  General
                                                                                                                                                                                                                                                  Partner LLC
                                                                                                                                                                                                                                                  and Jack in
                                                                                                                                                                                                                                                  the Box Inc.;

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (e)          JBX

                                                                                                                                                                                                                                                  LP
                                                                                                                                                                                                                                                  Distribution
                                                                                                                                                                                                                                                  Agreement,
                                                                                                                                                                                                                                                  dated as of
                                                                                                                                                                                                                                                  the Closing
                                                                                                                                                                                                                                                  Date, by and
                                                                                                                                                                                                                                                  between JBX
                                                                                                                                                                                                                                                  Limited
                                                                                                                                                                                                                                                  Partner LLC
                                                                                                                                                                                                                                                  and Jack in
                                                                                                                                                                                                                                                  the Box Inc.;

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (f)          Properties

                                                                                                                                                                                                                                                  2 Contribution
                                                                                                                                                                                                                                                  Agreement,
                                                                                                                                                                                                                                                  dated as of
                                                                                                                                                                                                                                                  the Closing
                                                                                                                                                                                                                                                  Date, by and
                                                                                                                                                                                                                                                  between Jack
                                                                                                                                                                                                                                                  in the Box
                                                                                                                                                                                                                                                  Inc. and JIB
                                                                                                                                                                                                                                                  Properties;

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (g)          Franchisor

                                                                                                                                                                                                                                                  Contribution
                                                                                                                                                                                                                                                  Agreement,
                                                                                                                                                                                                                                                  dated as of
                                                                                                                                                                                                                                                  the Closing
                                                                                                                                                                                                                                                  Date, by and
                                                                                                                                                                                                                                                  between Jack
                                                                                                                                                                                                                                                  in the Box
                                                                                                                                                                                                                                                  Inc. and the
                                                                                                                                                                                                                                                  Franchisor;

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (h)          Holding

                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Guarantor
                                                                                                                                                                                                                                                  Contribution
                                                                                                                                                                                                                                                  Agreement,
                                                                                                                                                                                                                                                  dated as of
                                                                                                                                                                                                                                                  the Closing
                                                                                                                                                                                                                                                  Date, by and
                                                                                                                                                                                                                                                  between Jack
                                                                                                                                                                                                                                                  in the Box
                                                                                                                                                                                                                                                  Inc. and the
                                                                                                                                                                                                                                                  Holding
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Guarantor;

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (i)          Master

                                                                                                                                                                                                                                                  Issuer
                                                                                                                                                                                                                                                  Contribution
                                                                                                                                                                                                                                                  Agreement,
                                                                                                                                                                                                                                                  dated as of
                                                                                                                                                                                                                                                  the Closing
                                                                                                                                                                                                                                                  Date, by and
                                                                                                                                                                                                                                                  between the
                                                                                                                                                                                                                                                  Holding
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Guarantor and
                                                                                                                                                                                                                                                  the Master
                                                                                                                                                                                                                                                  Issuer.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-13

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “Controlled

                                                                                                                                                                                                                                                  Foreign
                                                                                                                                                                                                                                                  Corporation”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning given
                                                                                                                                                                                                                                                  to such term
                                                                                                                                                                                                                                                  in Section 957
                                                                                                                                                                                                                                                  of the Code.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Controlled

                                                                                                                                                                                                                                                  Group”
                                                                                                                                                                                                                                                  means any
                                                                                                                                                                                                                                                  trade or
                                                                                                                                                                                                                                                  businesses
                                                                                                                                                                                                                                                  (whether or
                                                                                                                                                                                                                                                  not
                                                                                                                                                                                                                                                  incorporated)
                                                                                                                                                                                                                                                  that, together
                                                                                                                                                                                                                                                  with any
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity, is
                                                                                                                                                                                                                                                  treated as a
                                                                                                                                                                                                                                                  single
                                                                                                                                                                                                                                                  employer under
                                                                                                                                                                                                                                                  Section 414(b)
                                                                                                                                                                                                                                                  or (c) of the
                                                                                                                                                                                                                                                  Code (and
                                                                                                                                                                                                                                                  Sections 414(m)
                                                                                                                                                                                                                                                  and (o) of the
                                                                                                                                                                                                                                                  Code for
                                                                                                                                                                                                                                                  purposes of
                                                                                                                                                                                                                                                  provisions
                                                                                                                                                                                                                                                  relating to
                                                                                                                                                                                                                                                  Section 412 of
                                                                                                                                                                                                                                                  the Code).

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Controlling

                                                                                                                                                                                                                                                  Class”
                                                                                                                                                                                                                                                  means the most
                                                                                                                                                                                                                                                  senior Class
                                                                                                                                                                                                                                                  of Notes (by
                                                                                                                                                                                                                                                  alphabetical
                                                                                                                                                                                                                                                  designation
                                                                                                                                                                                                                                                  (as opposed to
                                                                                                                                                                                                                                                  alphanumerical
                                                                                                                                                                                                                                                  designation))
                                                                                                                                                                                                                                                  then
                                                                                                                                                                                                                                                  Outstanding
                                                                                                                                                                                                                                                  among all
                                                                                                                                                                                                                                                  Series of
                                                                                                                                                                                                                                                  Notes then
                                                                                                                                                                                                                                                  Outstanding.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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 11.01
                                                                                                                                                                                                                                                  of this Base
                                                                                                                                                                                                                                                  Indenture by
                                                                                                                                                                                                                                                  the Majority
                                                                                                                                                                                                                                                  of Controlling
                                                                                                                                                                                                                                                  Class
                                                                                                                                                                                                                                                  Members.  The
                                                                                                                                                                                                                                                  Controlling
                                                                                                                                                                                                                                                  Class
                                                                                                                                                                                                                                                  Representative
                                                                                                                                                                                                                                                  may not be a
                                                                                                                                                                                                                                                  Competitor.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Copyrights”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in the
                                                                                                                                                                                                                                                  definition of
                                                                                                                                                                                                                                                  “Intellectual
                                                                                                                                                                                                                                                  Property.”

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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:
                                                                                                                                                                                                                                                  Securities
                                                                                                                                                                                                                                                  Window - Jack
                                                                                                                                                                                                                                                  in the Box
                                                                                                                                                                                                                                                  Funding, LLC
                                                                                                                                                                                                                                                  and (b) for
                                                                                                                                                                                                                                                  all other
                                                                                                                                                                                                                                                  purposes,
                                                                                                                                                                                                                                                  Citibank,
                                                                                                                                                                                                                                                  N.A., 388
                                                                                                                                                                                                                                                  Greenwich
                                                                                                                                                                                                                                                  Street, New
                                                                                                                                                                                                                                                  York, New York
                                                                                                                                                                                                                                                  10013,
                                                                                                                                                                                                                                                  Attention:
                                                                                                                                                                                                                                                  Citibank
                                                                                                                                                                                                                                                  Agency &
                                                                                                                                                                                                                                                  Trust - Jack
                                                                                                                                                                                                                                                  in the Box
                                                                                                                                                                                                                                                  Funding, LLC,
                                                                                                                                                                                                                                                  email:

                                                                                                                                                                                                                                                  jacqueline.suarez@citi.com

                                                                                                                                                                                                                                                  orfacsimile:
                                                                                                                                                                                                                                                  call (888)
                                                                                                                                                                                                                                                  855-9695 to
                                                                                                                                                                                                                                                  obtain
                                                                                                                                                                                                                                                  Citibank, N.A.
                                                                                                                                                                                                                                                  account
                                                                                                                                                                                                                                                  manager’s
                                                                                                                                                                                                                                                  email address,
                                                                                                                                                                                                                                                  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.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Cut-Off

                                                                                                                                                                                                                                                  Date”
                                                                                                                                                                                                                                                  means July 8,
                                                                                                                                                                                                                                                  2019.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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
                                                                                                                                                                                                                                                  respect to any
                                                                                                                                                                                                                                                  Class of
                                                                                                                                                                                                                                                  Senior Notes
                                                                                                                                                                                                                                                  and Senior
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Outstanding,
                                                                                                                                                                                                                                                  the aggregate
                                                                                                                                                                                                                                                  amount of
                                                                                                                                                                                                                                                  Scheduled
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Payments
                                                                                                                                                                                                                                                  (including,
                                                                                                                                                                                                                                                  for the
                                                                                                                                                                                                                                                  avoidance of
                                                                                                                                                                                                                                                  doubt, the
                                                                                                                                                                                                                                                  Senior Notes
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Scheduled
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Amount) due
                                                                                                                                                                                                                                                  and payable on
                                                                                                                                                                                                                                                  such Quarterly
                                                                                                                                                                                                                                                  Payment Date,
                                                                                                                                                                                                                                                  as such
                                                                                                                                                                                                                                                  Scheduled
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Payments may
                                                                                                                                                                                                                                                  be 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, 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) on a
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Payment Date
                                                                                                                                                                                                                                                  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
                                                                                                                                                                                                                                                  12.01(c) of
                                                                                                                                                                                                                                                  this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Definitive

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

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-14

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “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 Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Development

                                                                                                                                                                                                                                                  Agreements”
                                                                                                                                                                                                                                                  means all
                                                                                                                                                                                                                                                  development
                                                                                                                                                                                                                                                  agreements for
                                                                                                                                                                                                                                                  Branded
                                                                                                                                                                                                                                                  Restaurants
                                                                                                                                                                                                                                                  pursuant to
                                                                                                                                                                                                                                                  which a
                                                                                                                                                                                                                                                  Franchisee,
                                                                                                                                                                                                                                                  developer or
                                                                                                                                                                                                                                                  other Person
                                                                                                                                                                                                                                                  obtains the
                                                                                                                                                                                                                                                  rights to
                                                                                                                                                                                                                                                  develop (in
                                                                                                                                                                                                                                                  order to
                                                                                                                                                                                                                                                  operate as a
                                                                                                                                                                                                                                                  Franchisee)
                                                                                                                                                                                                                                                  one or more
                                                                                                                                                                                                                                                  Branded
                                                                                                                                                                                                                                                  Restaurants
                                                                                                                                                                                                                                                  within a
                                                                                                                                                                                                                                                  designated
                                                                                                                                                                                                                                                  geographical
                                                                                                                                                                                                                                                  area.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “DSCR”
                                                                                                                                                                                                                                                  means, as of
                                                                                                                                                                                                                                                  any Quarterly
                                                                                                                                                                                                                                                  Payment Date,
                                                                                                                                                                                                                                                  equals (i) the
                                                                                                                                                                                                                                                  Net Cash Flow
                                                                                                                                                                                                                                                  over the four
                                                                                                                                                                                                                                                  (4)
                                                                                                                                                                                                                                                  immediately
                                                                                                                                                                                                                                                  preceding
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  Periods, divided

                                                                                                                                                                                                                                                  by
                                                                                                                                                                                                                                                  (ii) the Debt
                                                                                                                                                                                                                                                  Service with
                                                                                                                                                                                                                                                  respect to
                                                                                                                                                                                                                                                  such four (4)
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  Periods; provided that,

                                                                                                                                                                                                                                                  for purposes
                                                                                                                                                                                                                                                  of calculating
                                                                                                                                                                                                                                                  the DSCR as of
                                                                                                                                                                                                                                                  the first
                                                                                                                                                                                                                                                  three (3)
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Calculation
                                                                                                                                                                                                                                                  Dates, (a)
                                                                                                                                                                                                                                                  “Net Cash
                                                                                                                                                                                                                                                  Flow” for the
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  Period ended
                                                                                                                                                                                                                                                  January 20,
                                                                                                                                                                                                                                                  2019 will be
                                                                                                                                                                                                                                                  deemed to be
                                                                                                                                                                                                                                                  $73,100,108,
                                                                                                                                                                                                                                                  “Net Cash
                                                                                                                                                                                                                                                  Flow” for the
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  Period ended
                                                                                                                                                                                                                                                  April 14, 2019
                                                                                                                                                                                                                                                  will be deemed
                                                                                                                                                                                                                                                  to be
                                                                                                                                                                                                                                                  $67,308,345
                                                                                                                                                                                                                                                  and “Net Cash
                                                                                                                                                                                                                                                  Flow” for the
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  Period ended
                                                                                                                                                                                                                                                  July 7, 2019
                                                                                                                                                                                                                                                  will be
                                                                                                                                                                                                                                                  calculated by
                                                                                                                                                                                                                                                  the Manager at
                                                                                                                                                                                                                                                  the time of
                                                                                                                                                                                                                                                  the first
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Calculation
                                                                                                                                                                                                                                                  Date and will
                                                                                                                                                                                                                                                  be based on
                                                                                                                                                                                                                                                  the financial
                                                                                                                                                                                                                                                  results of
                                                                                                                                                                                                                                                  Jack in the
                                                                                                                                                                                                                                                  Box for the
                                                                                                                                                                                                                                                  fiscal quarter
                                                                                                                                                                                                                                                  ended July 7,
                                                                                                                                                                                                                                                  2019 and (b) clause (ii)
                                                                                                                                                                                                                                                  of such DSCR
                                                                                                                                                                                                                                                  calculation
                                                                                                                                                                                                                                                  will be deemed
                                                                                                                                                                                                                                                  to equal the
                                                                                                                                                                                                                                                  Debt Service
                                                                                                                                                                                                                                                  measured for
                                                                                                                                                                                                                                                  the most
                                                                                                                                                                                                                                                  recently ended
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  Period times
                                                                                                                                                                                                                                                  four (4) (and
                                                                                                                                                                                                                                                  for the first
                                                                                                                                                                                                                                                  four Quarterly
                                                                                                                                                                                                                                                  Payment Dates,
                                                                                                                                                                                                                                                  the Debt
                                                                                                                                                                                                                                                  Service for
                                                                                                                                                                                                                                                  the first
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  Period will be
                                                                                                                                                                                                                                                  adjusted to
                                                                                                                                                                                                                                                  account for
                                                                                                                                                                                                                                                  the irregular
                                                                                                                                                                                                                                                  number of days
                                                                                                                                                                                                                                                  in such
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  Period).  For
                                                                                                                                                                                                                                                  the purposes
                                                                                                                                                                                                                                                  of calculating
                                                                                                                                                                                                                                                  the DSCR as of
                                                                                                                                                                                                                                                  the first four
                                                                                                                                                                                                                                                  (4) Quarterly
                                                                                                                                                                                                                                                  Payment Dates,
                                                                                                                                                                                                                                                  the Debt
                                                                                                                                                                                                                                                  Service for
                                                                                                                                                                                                                                                  the first
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  Period 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
                                                                                                                                                                                                                                                  ninety (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.”

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “DTC”
                                                                                                                                                                                                                                                  means The
                                                                                                                                                                                                                                                  Depository
                                                                                                                                                                                                                                                  Trust Company
                                                                                                                                                                                                                                                  and any
                                                                                                                                                                                                                                                  successor
                                                                                                                                                                                                                                                  thereto.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Electronic

                                                                                                                                                                                                                                                  Transmission”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in
                                                                                                                                                                                                                                                  Section 14.20
                                                                                                                                                                                                                                                  of this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Eligible

                                                                                                                                                                                                                                                  Account”
                                                                                                                                                                                                                                                  means (a) a
                                                                                                                                                                                                                                                  segregated
                                                                                                                                                                                                                                                  identifiable
                                                                                                                                                                                                                                                  trust account
                                                                                                                                                                                                                                                  established in
                                                                                                                                                                                                                                                  the trust
                                                                                                                                                                                                                                                  department of
                                                                                                                                                                                                                                                  a Qualified
                                                                                                                                                                                                                                                  Trust
                                                                                                                                                                                                                                                  Institution or
                                                                                                                                                                                                                                                  (b) a
                                                                                                                                                                                                                                                  separately
                                                                                                                                                                                                                                                  identifiable
                                                                                                                                                                                                                                                  deposit or
                                                                                                                                                                                                                                                  securities
                                                                                                                                                                                                                                                  account
                                                                                                                                                                                                                                                  established at
                                                                                                                                                                                                                                                  a Qualified
                                                                                                                                                                                                                                                  Institution.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Eligible

                                                                                                                                                                                                                                                  Assets”
                                                                                                                                                                                                                                                  means any real
                                                                                                                                                                                                                                                  or personal
                                                                                                                                                                                                                                                  property or
                                                                                                                                                                                                                                                  other asset
                                                                                                                                                                                                                                                  useful to a
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity in the
                                                                                                                                                                                                                                                  operation of
                                                                                                                                                                                                                                                  its business
                                                                                                                                                                                                                                                  or of its
                                                                                                                                                                                                                                                  other assets,
                                                                                                                                                                                                                                                  including,
                                                                                                                                                                                                                                                  without
                                                                                                                                                                                                                                                  limitation,
                                                                                                                                                                                                                                                  (i) capital
                                                                                                                                                                                                                                                  assets,
                                                                                                                                                                                                                                                  capital
                                                                                                                                                                                                                                                  expenditures,
                                                                                                                                                                                                                                                  renovations
                                                                                                                                                                                                                                                  and
                                                                                                                                                                                                                                                  improvements
                                                                                                                                                                                                                                                  and (ii)
                                                                                                                                                                                                                                                  assets
                                                                                                                                                                                                                                                  intended to
                                                                                                                                                                                                                                                  generate
                                                                                                                                                                                                                                                  revenue for a
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-15

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “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 or is
                                                                                                                                                                                                                                                  the principal
                                                                                                                                                                                                                                                  banking
                                                                                                                                                                                                                                                  subsidiary of
                                                                                                                                                                                                                                                  a bank holding
                                                                                                                                                                                                                                                  company
                                                                                                                                                                                                                                                  organized
                                                                                                                                                                                                                                                  under the laws
                                                                                                                                                                                                                                                  of the United
                                                                                                                                                                                                                                                  States 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,
                                                                                                                                                                                                                                                  if it has a
                                                                                                                                                                                                                                                  short-term
                                                                                                                                                                                                                                                  rating by
                                                                                                                                                                                                                                                  KBRA, at least
                                                                                                                                                                                                                                                  “K2” by KBRA
                                                                                                                                                                                                                                                  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
                                                                                                                                                                                                                                                  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
                                                                                                                                                                                                                                                  is pledged in
                                                                                                                                                                                                                                                  support
                                                                                                                                                                                                                                                  thereof;
                                                                                                                                                                                                                                                  (c) commercial
                                                                                                                                                                                                                                                  paper issued
                                                                                                                                                                                                                                                  by any Person
                                                                                                                                                                                                                                                  organized
                                                                                                                                                                                                                                                  under the laws
                                                                                                                                                                                                                                                  of any state
                                                                                                                                                                                                                                                  of the United
                                                                                                                                                                                                                                                  States and
                                                                                                                                                                                                                                                  rated at least
                                                                                                                                                                                                                                                  “P-1” (or then
                                                                                                                                                                                                                                                  equivalent
                                                                                                                                                                                                                                                  grade) by
                                                                                                                                                                                                                                                  Moody’s and at
                                                                                                                                                                                                                                                  least “A‐1+”
                                                                                                                                                                                                                                                  (or the then
                                                                                                                                                                                                                                                  equivalent
                                                                                                                                                                                                                                                  grade) by
                                                                                                                                                                                                                                                  S&P and,
                                                                                                                                                                                                                                                  if it has a
                                                                                                                                                                                                                                                  short-term
                                                                                                                                                                                                                                                  rating by
                                                                                                                                                                                                                                                  KBRA, at least
                                                                                                                                                                                                                                                  “K2” by KBRA,
                                                                                                                                                                                                                                                  with
                                                                                                                                                                                                                                                  maturities of
                                                                                                                                                                                                                                                  not more than
                                                                                                                                                                                                                                                  one hundred
                                                                                                                                                                                                                                                  eighty
                                                                                                                                                                                                                                                  (180) days
                                                                                                                                                                                                                                                  from the date
                                                                                                                                                                                                                                                  of acquisition
                                                                                                                                                                                                                                                  thereof; (d)
                                                                                                                                                                                                                                                  repurchase
                                                                                                                                                                                                                                                  obligations
                                                                                                                                                                                                                                                  with a term of
                                                                                                                                                                                                                                                  not more than
                                                                                                                                                                                                                                                  thirty (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
                                                                                                                                                                                                                                                  S&P and,
                                                                                                                                                                                                                                                  if it has a
                                                                                                                                                                                                                                                  short-term
                                                                                                                                                                                                                                                  rating by
                                                                                                                                                                                                                                                  KBRA, at least
                                                                                                                                                                                                                                                  “K2” by KBRA,
                                                                                                                                                                                                                                                  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.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Employee

                                                                                                                                                                                                                                                  Benefit Plan”
                                                                                                                                                                                                                                                  means any
                                                                                                                                                                                                                                                  “employee
                                                                                                                                                                                                                                                  benefit plan”,
                                                                                                                                                                                                                                                  as such term
                                                                                                                                                                                                                                                  is defined in
                                                                                                                                                                                                                                                  Section 3(3)
                                                                                                                                                                                                                                                  of ERISA,
                                                                                                                                                                                                                                                  established,
                                                                                                                                                                                                                                                  maintained or
                                                                                                                                                                                                                                                  contributed to
                                                                                                                                                                                                                                                  by a
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity or with
                                                                                                                                                                                                                                                  respect to
                                                                                                                                                                                                                                                  which any
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity has any
                                                                                                                                                                                                                                                  liability.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Enhancement”
                                                                                                                                                                                                                                                  means, with
                                                                                                                                                                                                                                                  respect to any
                                                                                                                                                                                                                                                  Series of
                                                                                                                                                                                                                                                  Notes, the
                                                                                                                                                                                                                                                  rights and
                                                                                                                                                                                                                                                  benefits
                                                                                                                                                                                                                                                  provided to
                                                                                                                                                                                                                                                  the Holders 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 Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series in
                                                                                                                                                                                                                                                  accordance
                                                                                                                                                                                                                                                  with the terms
                                                                                                                                                                                                                                                  of this Base
                                                                                                                                                                                                                                                  Indenture or
                                                                                                                                                                                                                                                  Variable
                                                                                                                                                                                                                                                  Funding Note
                                                                                                                                                                                                                                                  Purchase
                                                                                                                                                                                                                                                  Agreement.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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 Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series or
                                                                                                                                                                                                                                                  Variable
                                                                                                                                                                                                                                                  Funding Note
                                                                                                                                                                                                                                                  Purchase
                                                                                                                                                                                                                                                  Agreement.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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

                                                                                                                                                                                                                                                  Interest”
                                                                                                                                                                                                                                                  means any
                                                                                                                                                                                                                                                  (a) membership
                                                                                                                                                                                                                                                  or limited
                                                                                                                                                                                                                                                  liability
                                                                                                                                                                                                                                                  company
                                                                                                                                                                                                                                                  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.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-16

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “ERISA

                                                                                                                                                                                                                                                  Event”
                                                                                                                                                                                                                                                  means (a)
                                                                                                                                                                                                                                                  Reportable
                                                                                                                                                                                                                                                  Event; (b) the
                                                                                                                                                                                                                                                  failure to
                                                                                                                                                                                                                                                  meet the
                                                                                                                                                                                                                                                  minimum
                                                                                                                                                                                                                                                  funding
                                                                                                                                                                                                                                                  standard of
                                                                                                                                                                                                                                                  Section 412 of
                                                                                                                                                                                                                                                  the Code or
                                                                                                                                                                                                                                                  Section 302 of
                                                                                                                                                                                                                                                  ERISA with
                                                                                                                                                                                                                                                  respect to any
                                                                                                                                                                                                                                                  Single
                                                                                                                                                                                                                                                  Employer Plan
                                                                                                                                                                                                                                                  (whether or
                                                                                                                                                                                                                                                  not waived in
                                                                                                                                                                                                                                                  accordance
                                                                                                                                                                                                                                                  with Section
                                                                                                                                                                                                                                                  412(c) of the
                                                                                                                                                                                                                                                  Code) or the
                                                                                                                                                                                                                                                  failure to
                                                                                                                                                                                                                                                  make by its
                                                                                                                                                                                                                                                  due date a
                                                                                                                                                                                                                                                  required
                                                                                                                                                                                                                                                  installment
                                                                                                                                                                                                                                                  under Section
                                                                                                                                                                                                                                                  430 of the
                                                                                                                                                                                                                                                  Code and
                                                                                                                                                                                                                                                  Section 303(j)
                                                                                                                                                                                                                                                  of ERISA with
                                                                                                                                                                                                                                                  respect to any
                                                                                                                                                                                                                                                  Single
                                                                                                                                                                                                                                                  Employer Plan;
                                                                                                                                                                                                                                                  (c) the
                                                                                                                                                                                                                                                  provision by
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  administrator
                                                                                                                                                                                                                                                  of any Single
                                                                                                                                                                                                                                                  Employer Plan
                                                                                                                                                                                                                                                  pursuant to
                                                                                                                                                                                                                                                  Section
                                                                                                                                                                                                                                                  4041(a)(2) of
                                                                                                                                                                                                                                                  ERISA of a
                                                                                                                                                                                                                                                  written notice
                                                                                                                                                                                                                                                  of intent to
                                                                                                                                                                                                                                                  terminate such
                                                                                                                                                                                                                                                  Single
                                                                                                                                                                                                                                                  Employer Plan
                                                                                                                                                                                                                                                  in a standard
                                                                                                                                                                                                                                                  termination
                                                                                                                                                                                                                                                  described in
                                                                                                                                                                                                                                                  Section
                                                                                                                                                                                                                                                  4041(b) of
                                                                                                                                                                                                                                                  ERISA or a
                                                                                                                                                                                                                                                  distress
                                                                                                                                                                                                                                                  termination
                                                                                                                                                                                                                                                  described in
                                                                                                                                                                                                                                                  Section
                                                                                                                                                                                                                                                  4041(c) of
                                                                                                                                                                                                                                                  ERISA; (d) the
                                                                                                                                                                                                                                                  complete or
                                                                                                                                                                                                                                                  partial
                                                                                                                                                                                                                                                  withdrawal by
                                                                                                                                                                                                                                                  the Manager,
                                                                                                                                                                                                                                                  or any company
                                                                                                                                                                                                                                                  in the
                                                                                                                                                                                                                                                  Controlled
                                                                                                                                                                                                                                                  Group of the
                                                                                                                                                                                                                                                  Manager, from
                                                                                                                                                                                                                                                  any Single
                                                                                                                                                                                                                                                  Employer Plan
                                                                                                                                                                                                                                                  with two or
                                                                                                                                                                                                                                                  more
                                                                                                                                                                                                                                                  contributing
                                                                                                                                                                                                                                                  sponsors or
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  termination of
                                                                                                                                                                                                                                                  any such
                                                                                                                                                                                                                                                  Single
                                                                                                                                                                                                                                                  Employer Plan,
                                                                                                                                                                                                                                                  in each case,
                                                                                                                                                                                                                                                  which results
                                                                                                                                                                                                                                                  in liability
                                                                                                                                                                                                                                                  pursuant to
                                                                                                                                                                                                                                                  Section 4063
                                                                                                                                                                                                                                                  or 4064 of
                                                                                                                                                                                                                                                  ERISA; (e)
                                                                                                                                                                                                                                                  formal written
                                                                                                                                                                                                                                                  notice from
                                                                                                                                                                                                                                                  the PBGC of
                                                                                                                                                                                                                                                  its intent to
                                                                                                                                                                                                                                                  commence
                                                                                                                                                                                                                                                  proceedings to
                                                                                                                                                                                                                                                  terminate any
                                                                                                                                                                                                                                                  Single
                                                                                                                                                                                                                                                  Employer Plan;
                                                                                                                                                                                                                                                  (f) the
                                                                                                                                                                                                                                                  imposition of
                                                                                                                                                                                                                                                  liability on
                                                                                                                                                                                                                                                  the Manager,
                                                                                                                                                                                                                                                  or any company
                                                                                                                                                                                                                                                  in the
                                                                                                                                                                                                                                                  Controlled
                                                                                                                                                                                                                                                  Group of the
                                                                                                                                                                                                                                                  Manager,
                                                                                                                                                                                                                                                  pursuant to
                                                                                                                                                                                                                                                  Section
                                                                                                                                                                                                                                                  4062(e) or
                                                                                                                                                                                                                                                  4069 of ERISA
                                                                                                                                                                                                                                                  or by reason
                                                                                                                                                                                                                                                  of the
                                                                                                                                                                                                                                                  application of
                                                                                                                                                                                                                                                  Section
                                                                                                                                                                                                                                                  4212(c) of
                                                                                                                                                                                                                                                  ERISA; (g)
                                                                                                                                                                                                                                                  receipt from
                                                                                                                                                                                                                                                  the Internal
                                                                                                                                                                                                                                                  Revenue
                                                                                                                                                                                                                                                  Service of
                                                                                                                                                                                                                                                  notice of the
                                                                                                                                                                                                                                                  failure of any
                                                                                                                                                                                                                                                  Single
                                                                                                                                                                                                                                                  Employer Plan
                                                                                                                                                                                                                                                  to qualify
                                                                                                                                                                                                                                                  under Section
                                                                                                                                                                                                                                                  401(a) of the
                                                                                                                                                                                                                                                  Code or the
                                                                                                                                                                                                                                                  failure of any
                                                                                                                                                                                                                                                  trust forming
                                                                                                                                                                                                                                                  part of any
                                                                                                                                                                                                                                                  Single
                                                                                                                                                                                                                                                  Employer Plan
                                                                                                                                                                                                                                                  to qualify for
                                                                                                                                                                                                                                                  exemption from
                                                                                                                                                                                                                                                  taxation under
                                                                                                                                                                                                                                                  Section 501(a)
                                                                                                                                                                                                                                                  of the Code;
                                                                                                                                                                                                                                                  (h) the
                                                                                                                                                                                                                                                  imposition of
                                                                                                                                                                                                                                                  a lien in
                                                                                                                                                                                                                                                  favor of the
                                                                                                                                                                                                                                                  PBGC or a Plan
                                                                                                                                                                                                                                                  pursuant to
                                                                                                                                                                                                                                                  Section 430(k)
                                                                                                                                                                                                                                                  of the Code or
                                                                                                                                                                                                                                                  pursuant to
                                                                                                                                                                                                                                                  Section 303(k)
                                                                                                                                                                                                                                                  of ERISA with
                                                                                                                                                                                                                                                  respect to any
                                                                                                                                                                                                                                                  Single
                                                                                                                                                                                                                                                  Employer Plan
                                                                                                                                                                                                                                                  or (i) the
                                                                                                                                                                                                                                                  complete or
                                                                                                                                                                                                                                                  partial
                                                                                                                                                                                                                                                  withdrawal by
                                                                                                                                                                                                                                                  the Manager or
                                                                                                                                                                                                                                                  any member of
                                                                                                                                                                                                                                                  its Controlled
                                                                                                                                                                                                                                                  Group from any
                                                                                                                                                                                                                                                  Multiemployer
                                                                                                                                                                                                                                                  Plan that has
                                                                                                                                                                                                                                                  resulted or
                                                                                                                                                                                                                                                  could
                                                                                                                                                                                                                                                  reasonably be
                                                                                                                                                                                                                                                  expected to
                                                                                                                                                                                                                                                  result in a
                                                                                                                                                                                                                                                  material
                                                                                                                                                                                                                                                  liability to
                                                                                                                                                                                                                                                  the Manager
                                                                                                                                                                                                                                                  under ERISA.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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 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 9.02
                                                                                                                                                                                                                                                  of this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Excepted

                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  IP Assets”
                                                                                                                                                                                                                                                  means (i) any
                                                                                                                                                                                                                                                  right to use
                                                                                                                                                                                                                                                  third-party
                                                                                                                                                                                                                                                  Intellectual
                                                                                                                                                                                                                                                  Property
                                                                                                                                                                                                                                                  pursuant to a
                                                                                                                                                                                                                                                  license to the
                                                                                                                                                                                                                                                  extent such
                                                                                                                                                                                                                                                  rights are not
                                                                                                                                                                                                                                                  able or
                                                                                                                                                                                                                                                  permitted 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. Section
                                                                                                                                                                                                                                                  1051(c) or
                                                                                                                                                                                                                                                  (d); provided
                                                                                                                                                                                                                                                  that at such
                                                                                                                                                                                                                                                  time as the
                                                                                                                                                                                                                                                  grant and/or
                                                                                                                                                                                                                                                  enforcement of
                                                                                                                                                                                                                                                  the assignment
                                                                                                                                                                                                                                                  or the

                                                                                                                                                                                                                                                  security

                                                                                                                                                                                                                                                  interest would
                                                                                                                                                                                                                                                  not cause such
                                                                                                                                                                                                                                                  application to
                                                                                                                                                                                                                                                  be
                                                                                                                                                                                                                                                  invalidated,
                                                                                                                                                                                                                                                  canceled,
                                                                                                                                                                                                                                                  voided or
                                                                                                                                                                                                                                                  abandoned,
                                                                                                                                                                                                                                                  such Trademark
                                                                                                                                                                                                                                                  application
                                                                                                                                                                                                                                                  will cease to
                                                                                                                                                                                                                                                  be considered
                                                                                                                                                                                                                                                  an Excepted
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  IP Asset.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-17

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “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.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Excluded

                                                                                                                                                                                                                                                  Amounts”
                                                                                                                                                                                                                                                  means, among
                                                                                                                                                                                                                                                  other things,
                                                                                                                                                                                                                                                  (i)  fees and
                                                                                                                                                                                                                                                  expenses paid
                                                                                                                                                                                                                                                  by or on
                                                                                                                                                                                                                                                  behalf of any
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity in
                                                                                                                                                                                                                                                  connection
                                                                                                                                                                                                                                                  with
                                                                                                                                                                                                                                                  registering,
                                                                                                                                                                                                                                                  maintaining
                                                                                                                                                                                                                                                  and enforcing
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  IP and paying
                                                                                                                                                                                                                                                  third-party
                                                                                                                                                                                                                                                  licensing
                                                                                                                                                                                                                                                  fees, (ii)
                                                                                                                                                                                                                                                  account
                                                                                                                                                                                                                                                  expenses and
                                                                                                                                                                                                                                                  fees paid to
                                                                                                                                                                                                                                                  the banks at
                                                                                                                                                                                                                                                  which the
                                                                                                                                                                                                                                                  Management
                                                                                                                                                                                                                                                  Accounts are
                                                                                                                                                                                                                                                  held, (iii)
                                                                                                                                                                                                                                                  insurance and
                                                                                                                                                                                                                                                  condemnation
                                                                                                                                                                                                                                                  proceeds
                                                                                                                                                                                                                                                  payable by the
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entities to
                                                                                                                                                                                                                                                  Franchisees,
                                                                                                                                                                                                                                                  (iv) amounts
                                                                                                                                                                                                                                                  in respect of
                                                                                                                                                                                                                                                  sales Taxes
                                                                                                                                                                                                                                                  and other
                                                                                                                                                                                                                                                  comparable
                                                                                                                                                                                                                                                  Taxes and
                                                                                                                                                                                                                                                  other amounts
                                                                                                                                                                                                                                                  received from
                                                                                                                                                                                                                                                  Franchised
                                                                                                                                                                                                                                                  Restaurants
                                                                                                                                                                                                                                                  that are due
                                                                                                                                                                                                                                                  and payable to
                                                                                                                                                                                                                                                  a Governmental
                                                                                                                                                                                                                                                  Authority or
                                                                                                                                                                                                                                                  other
                                                                                                                                                                                                                                                  unaffiliated
                                                                                                                                                                                                                                                  third party,
                                                                                                                                                                                                                                                  (v) any
                                                                                                                                                                                                                                                  statutory
                                                                                                                                                                                                                                                  Taxes payable
                                                                                                                                                                                                                                                  by a
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity, but
                                                                                                                                                                                                                                                  required to be
                                                                                                                                                                                                                                                  remitted to a
                                                                                                                                                                                                                                                  Governmental
                                                                                                                                                                                                                                                  Authority,
                                                                                                                                                                                                                                                  (vi) amounts
                                                                                                                                                                                                                                                  paid by
                                                                                                                                                                                                                                                  Franchisees in
                                                                                                                                                                                                                                                  respect of
                                                                                                                                                                                                                                                  fees or
                                                                                                                                                                                                                                                  expenses
                                                                                                                                                                                                                                                  payable to
                                                                                                                                                                                                                                                  unaffiliated
                                                                                                                                                                                                                                                  third parties
                                                                                                                                                                                                                                                  for services
                                                                                                                                                                                                                                                  provided to
                                                                                                                                                                                                                                                  Franchisees,
                                                                                                                                                                                                                                                  (vii) amounts
                                                                                                                                                                                                                                                  paid by
                                                                                                                                                                                                                                                  Franchisees
                                                                                                                                                                                                                                                  relating to
                                                                                                                                                                                                                                                  corporate
                                                                                                                                                                                                                                                  services
                                                                                                                                                                                                                                                  provided by
                                                                                                                                                                                                                                                  the Manager to
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Franchisees,
                                                                                                                                                                                                                                                  including
                                                                                                                                                                                                                                                  marking and
                                                                                                                                                                                                                                                  administration
                                                                                                                                                                                                                                                  fees, repairs
                                                                                                                                                                                                                                                  and
                                                                                                                                                                                                                                                  maintenance,
                                                                                                                                                                                                                                                  value card
                                                                                                                                                                                                                                                  administration,
                                                                                                                                                                                                                                                  employee
                                                                                                                                                                                                                                                  training,
                                                                                                                                                                                                                                                  point-of-sale
                                                                                                                                                                                                                                                  system
                                                                                                                                                                                                                                                  maintenance
                                                                                                                                                                                                                                                  and support,
                                                                                                                                                                                                                                                  upfront
                                                                                                                                                                                                                                                  onboarding
                                                                                                                                                                                                                                                  fees and
                                                                                                                                                                                                                                                  maintenance of
                                                                                                                                                                                                                                                  other
                                                                                                                                                                                                                                                  information
                                                                                                                                                                                                                                                  technology
                                                                                                                                                                                                                                                  systems,
                                                                                                                                                                                                                                                  (viii) tenant
                                                                                                                                                                                                                                                  improvement
                                                                                                                                                                                                                                                  allowances and
                                                                                                                                                                                                                                                  similar
                                                                                                                                                                                                                                                  amounts
                                                                                                                                                                                                                                                  received from
                                                                                                                                                                                                                                                  landlords,
                                                                                                                                                                                                                                                  (ix) any
                                                                                                                                                                                                                                                  amounts that
                                                                                                                                                                                                                                                  cannot be
                                                                                                                                                                                                                                                  transferred to
                                                                                                                                                                                                                                                  a
                                                                                                                                                                                                                                                  Concentration
                                                                                                                                                                                                                                                  Account due to
                                                                                                                                                                                                                                                  applicable law
                                                                                                                                                                                                                                                  and (x) any
                                                                                                                                                                                                                                                  other amounts
                                                                                                                                                                                                                                                  deposited into
                                                                                                                                                                                                                                                  any
                                                                                                                                                                                                                                                  Concentration
                                                                                                                                                                                                                                                  Account or
                                                                                                                                                                                                                                                  otherwise
                                                                                                                                                                                                                                                  included in
                                                                                                                                                                                                                                                  Collections
                                                                                                                                                                                                                                                  that are not
                                                                                                                                                                                                                                                  required to be
                                                                                                                                                                                                                                                  deposited into
                                                                                                                                                                                                                                                  the Collection
                                                                                                                                                                                                                                                  Account.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Excluded

                                                                                                                                                                                                                                                  IP” means
                                                                                                                                                                                                                                                  (i) any
                                                                                                                                                                                                                                                  commercially
                                                                                                                                                                                                                                                  available,
                                                                                                                                                                                                                                                  off-the-shelf,
                                                                                                                                                                                                                                                  uncustomized
                                                                                                                                                                                                                                                  Software or
                                                                                                                                                                                                                                                  information
                                                                                                                                                                                                                                                  technology
                                                                                                                                                                                                                                                  systems, in
                                                                                                                                                                                                                                                  each case,
                                                                                                                                                                                                                                                  licensed on
                                                                                                                                                                                                                                                  standard terms
                                                                                                                                                                                                                                                  and conditions
                                                                                                                                                                                                                                                  to or on
                                                                                                                                                                                                                                                  behalf of any
                                                                                                                                                                                                                                                  Non-Securitization

                                                                                                                                                                                                                                                  Entity, (ii)
                                                                                                                                                                                                                                                  any
                                                                                                                                                                                                                                                  proprietary
                                                                                                                                                                                                                                                  software or
                                                                                                                                                                                                                                                  information
                                                                                                                                                                                                                                                  technology
                                                                                                                                                                                                                                                  systems that
                                                                                                                                                                                                                                                  are readily
                                                                                                                                                                                                                                                  replaceable
                                                                                                                                                                                                                                                  with Software
                                                                                                                                                                                                                                                  or information
                                                                                                                                                                                                                                                  technology
                                                                                                                                                                                                                                                  systems
                                                                                                                                                                                                                                                  described in
                                                                                                                                                                                                                                                  subpart (i),
                                                                                                                                                                                                                                                  and (iii) any
                                                                                                                                                                                                                                                  Intellectual
                                                                                                                                                                                                                                                  Property
                                                                                                                                                                                                                                                  existing in
                                                                                                                                                                                                                                                  any country
                                                                                                                                                                                                                                                  other than the
                                                                                                                                                                                                                                                  United States,
                                                                                                                                                                                                                                                  unless the
                                                                                                                                                                                                                                                  Manager, in
                                                                                                                                                                                                                                                  its sole
                                                                                                                                                                                                                                                  discretion,
                                                                                                                                                                                                                                                  causes such
                                                                                                                                                                                                                                                  Intellectual
                                                                                                                                                                                                                                                  Property to be
                                                                                                                                                                                                                                                  created,
                                                                                                                                                                                                                                                  developed,
                                                                                                                                                                                                                                                  authored or
                                                                                                                                                                                                                                                  acquired by or
                                                                                                                                                                                                                                                  on behalf of,
                                                                                                                                                                                                                                                  or licensed to
                                                                                                                                                                                                                                                  or on behalf
                                                                                                                                                                                                                                                  of, the
                                                                                                                                                                                                                                                  Franchisor or
                                                                                                                                                                                                                                                  another
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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 Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series
                                                                                                                                                                                                                                                  or, to the
                                                                                                                                                                                                                                                  extent
                                                                                                                                                                                                                                                  applicable,
                                                                                                                                                                                                                                                  Variable
                                                                                                                                                                                                                                                  Funding Note
                                                                                                                                                                                                                                                  Purchase
                                                                                                                                                                                                                                                  Agreement.

                                                                                                                                                                                                                                                   

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

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Financial

                                                                                                                                                                                                                                                  Assets”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in
                                                                                                                                                                                                                                                  Section
                                                                                                                                                                                                                                                  5.09(b)(i)
                                                                                                                                                                                                                                                  of this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Foreign

                                                                                                                                                                                                                                                  Subsidiary
                                                                                                                                                                                                                                                  Holding
                                                                                                                                                                                                                                                  Company”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in
                                                                                                                                                                                                                                                  Section 3.01
                                                                                                                                                                                                                                                  of this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Four-Week

                                                                                                                                                                                                                                                  Fiscal Period”
                                                                                                                                                                                                                                                  means the
                                                                                                                                                                                                                                                  following
                                                                                                                                                                                                                                                  monthly fiscal
                                                                                                                                                                                                                                                  periods of the
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entities:
                                                                                                                                                                                                                                                  (a) thirteen
                                                                                                                                                                                                                                                  4-week fiscal
                                                                                                                                                                                                                                                  periods of the
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entities in
                                                                                                                                                                                                                                                  connection
                                                                                                                                                                                                                                                  with their
                                                                                                                                                                                                                                                  52-week fiscal
                                                                                                                                                                                                                                                  years and
                                                                                                                                                                                                                                                  (b) twelve
                                                                                                                                                                                                                                                  4-week fiscal
                                                                                                                                                                                                                                                  periods and
                                                                                                                                                                                                                                                  one 5-week
                                                                                                                                                                                                                                                  fiscal period
                                                                                                                                                                                                                                                  of the
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entities in
                                                                                                                                                                                                                                                  connection
                                                                                                                                                                                                                                                  with their
                                                                                                                                                                                                                                                  53-week fiscal
                                                                                                                                                                                                                                                  years, whereby
                                                                                                                                                                                                                                                  the 5-week
                                                                                                                                                                                                                                                  period is the
                                                                                                                                                                                                                                                  last fiscal
                                                                                                                                                                                                                                                  period in such
                                                                                                                                                                                                                                                  fiscal year.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-18

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “Four-Week

                                                                                                                                                                                                                                                  Fiscal Period
                                                                                                                                                                                                                                                  Estimated
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Profits Amount”
                                                                                                                                                                                                                                                  means, with
                                                                                                                                                                                                                                                  respect to
                                                                                                                                                                                                                                                  each Four-Week
                                                                                                                                                                                                                                                  Fiscal Period
                                                                                                                                                                                                                                                  of the
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entities, the
                                                                                                                                                                                                                                                  lesser of (or,
                                                                                                                                                                                                                                                  at the option
                                                                                                                                                                                                                                                  of the Master
                                                                                                                                                                                                                                                  Issuer, the
                                                                                                                                                                                                                                                  greater of)
                                                                                                                                                                                                                                                  (x) an
                                                                                                                                                                                                                                                  estimate of
                                                                                                                                                                                                                                                  the Four-Week
                                                                                                                                                                                                                                                  Fiscal Period
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Accrual
                                                                                                                                                                                                                                                  Profits Amount
                                                                                                                                                                                                                                                  for such
                                                                                                                                                                                                                                                  period and (y)
                                                                                                                                                                                                                                                  an estimate of
                                                                                                                                                                                                                                                  the Four-Week
                                                                                                                                                                                                                                                  Fiscal Period
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Cash Profits
                                                                                                                                                                                                                                                  Amount for
                                                                                                                                                                                                                                                  such period,
                                                                                                                                                                                                                                                  in each case,
                                                                                                                                                                                                                                                  as set forth
                                                                                                                                                                                                                                                  in the
                                                                                                                                                                                                                                                  relevant
                                                                                                                                                                                                                                                  Weekly
                                                                                                                                                                                                                                                  Manager’s
                                                                                                                                                                                                                                                  Certificate.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Four-Week

                                                                                                                                                                                                                                                  Fiscal Period
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Accrual
                                                                                                                                                                                                                                                  Profits Amount”
                                                                                                                                                                                                                                                  means, with
                                                                                                                                                                                                                                                  respect to
                                                                                                                                                                                                                                                  each Four-Week
                                                                                                                                                                                                                                                  Fiscal Period
                                                                                                                                                                                                                                                  of the
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entities, the
                                                                                                                                                                                                                                                  amount (not
                                                                                                                                                                                                                                                  less than
                                                                                                                                                                                                                                                  zero) equal to
                                                                                                                                                                                                                                                  (a) all
                                                                                                                                                                                                                                                  revenue
                                                                                                                                                                                                                                                  accrued in
                                                                                                                                                                                                                                                  respect of all
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurants
                                                                                                                                                                                                                                                  (excluding
                                                                                                                                                                                                                                                  Pass-Through
                                                                                                                                                                                                                                                  Amounts) for
                                                                                                                                                                                                                                                  such Four-Week
                                                                                                                                                                                                                                                  Fiscal Period;
                                                                                                                                                                                                                                                  minus
                                                                                                                                                                                                                                                  (b) all
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Operating
                                                                                                                                                                                                                                                  Expenses
                                                                                                                                                                                                                                                  (excluding
                                                                                                                                                                                                                                                  Pass-Through
                                                                                                                                                                                                                                                  Amounts)
                                                                                                                                                                                                                                                  accrued over
                                                                                                                                                                                                                                                  such period in
                                                                                                                                                                                                                                                  connection
                                                                                                                                                                                                                                                  with the
                                                                                                                                                                                                                                                  operation of
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurants
                                                                                                                                                                                                                                                  for such
                                                                                                                                                                                                                                                  Four-Week
                                                                                                                                                                                                                                                  Fiscal Period;
                                                                                                                                                                                                                                                  minus
                                                                                                                                                                                                                                                  (c) all
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Synthetic
                                                                                                                                                                                                                                                  Lease Payments
                                                                                                                                                                                                                                                  and JIB
                                                                                                                                                                                                                                                  Properties
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant IP
                                                                                                                                                                                                                                                  License Fees
                                                                                                                                                                                                                                                  accrued over
                                                                                                                                                                                                                                                  such period in
                                                                                                                                                                                                                                                  connection
                                                                                                                                                                                                                                                  with the
                                                                                                                                                                                                                                                  operation of
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurants
                                                                                                                                                                                                                                                  for such
                                                                                                                                                                                                                                                  Four-Week
                                                                                                                                                                                                                                                  Fiscal Period.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Four-Week

                                                                                                                                                                                                                                                  Fiscal Period
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Cash Profits
                                                                                                                                                                                                                                                  Amount”
                                                                                                                                                                                                                                                  means, with
                                                                                                                                                                                                                                                  respect to
                                                                                                                                                                                                                                                  each Four-Week
                                                                                                                                                                                                                                                  Fiscal Period
                                                                                                                                                                                                                                                  of the
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entities, the
                                                                                                                                                                                                                                                  amount (not
                                                                                                                                                                                                                                                  less than
                                                                                                                                                                                                                                                  zero) equal to
                                                                                                                                                                                                                                                  (a)
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Collections
                                                                                                                                                                                                                                                  (excluding
                                                                                                                                                                                                                                                  Pass-Through
                                                                                                                                                                                                                                                  Amounts) for
                                                                                                                                                                                                                                                  such Four-Week
                                                                                                                                                                                                                                                  Fiscal Period;
                                                                                                                                                                                                                                                  minus
                                                                                                                                                                                                                                                  (b) all
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Operating
                                                                                                                                                                                                                                                  Expenses
                                                                                                                                                                                                                                                  (excluding
                                                                                                                                                                                                                                                  Pass-Through
                                                                                                                                                                                                                                                  Amounts) paid
                                                                                                                                                                                                                                                  in cash out of
                                                                                                                                                                                                                                                  funds in
                                                                                                                                                                                                                                                  deposit in the
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Accounts;
                                                                                                                                                                                                                                                  minus (c) all
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Synthetic
                                                                                                                                                                                                                                                  Lease Payments
                                                                                                                                                                                                                                                  and JIB
                                                                                                                                                                                                                                                  Properties
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant IP
                                                                                                                                                                                                                                                  License Fees
                                                                                                                                                                                                                                                  in connection
                                                                                                                                                                                                                                                  with the
                                                                                                                                                                                                                                                  operation of
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurants
                                                                                                                                                                                                                                                  for such
                                                                                                                                                                                                                                                  Four-Week
                                                                                                                                                                                                                                                  Fiscal Period.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Four-Week

                                                                                                                                                                                                                                                  Fiscal Period
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Profits
                                                                                                                                                                                                                                                  True-up Amount”
                                                                                                                                                                                                                                                  means, with
                                                                                                                                                                                                                                                  respect to
                                                                                                                                                                                                                                                  each Four-Week
                                                                                                                                                                                                                                                  Fiscal Period
                                                                                                                                                                                                                                                  of the
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entities, the
                                                                                                                                                                                                                                                  sum of (a) the
                                                                                                                                                                                                                                                  amount
                                                                                                                                                                                                                                                  (whether
                                                                                                                                                                                                                                                  positive or
                                                                                                                                                                                                                                                  negative)
                                                                                                                                                                                                                                                  equal to (i)
                                                                                                                                                                                                                                                  the Four-Week
                                                                                                                                                                                                                                                  Fiscal Period
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Accrual
                                                                                                                                                                                                                                                  Profits Amount
                                                                                                                                                                                                                                                  for such
                                                                                                                                                                                                                                                  Four-Week
                                                                                                                                                                                                                                                  Fiscal Period
                                                                                                                                                                                                                                                  minus
                                                                                                                                                                                                                                                  (ii) the
                                                                                                                                                                                                                                                  Four-Week
                                                                                                                                                                                                                                                  Fiscal Period
                                                                                                                                                                                                                                                  Estimated
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Profits Amount
                                                                                                                                                                                                                                                  for such
                                                                                                                                                                                                                                                  Four-Week
                                                                                                                                                                                                                                                  Fiscal Period
                                                                                                                                                                                                                                                  plus
                                                                                                                                                                                                                                                  (b) the unpaid
                                                                                                                                                                                                                                                  amount of all
                                                                                                                                                                                                                                                  Four-Week
                                                                                                                                                                                                                                                  Fiscal Period
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Profits
                                                                                                                                                                                                                                                  True-up
                                                                                                                                                                                                                                                  Amounts for
                                                                                                                                                                                                                                                  all prior
                                                                                                                                                                                                                                                  Four-Week
                                                                                                                                                                                                                                                  Fiscal
                                                                                                                                                                                                                                                  Periods.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Franchise

                                                                                                                                                                                                                                                  Agreement”
                                                                                                                                                                                                                                                  means a
                                                                                                                                                                                                                                                  franchise
                                                                                                                                                                                                                                                  agreement
                                                                                                                                                                                                                                                  (including any
                                                                                                                                                                                                                                                  related
                                                                                                                                                                                                                                                  service or
                                                                                                                                                                                                                                                  license
                                                                                                                                                                                                                                                  agreement)
                                                                                                                                                                                                                                                  whereby a
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  agrees to
                                                                                                                                                                                                                                                  operate a
                                                                                                                                                                                                                                                  Branded
                                                                                                                                                                                                                                                  Restaurant.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Franchise

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

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Franchised

                                                                                                                                                                                                                                                  Restaurants”
                                                                                                                                                                                                                                                  means,
                                                                                                                                                                                                                                                  collectively,
                                                                                                                                                                                                                                                  all Branded
                                                                                                                                                                                                                                                  Restaurants
                                                                                                                                                                                                                                                  that are owned
                                                                                                                                                                                                                                                  and operated
                                                                                                                                                                                                                                                  by Franchisees
                                                                                                                                                                                                                                                  that are
                                                                                                                                                                                                                                                  unaffiliated
                                                                                                                                                                                                                                                  with Jack in
                                                                                                                                                                                                                                                  the Box Inc.
                                                                                                                                                                                                                                                  and its
                                                                                                                                                                                                                                                  Affiliates
                                                                                                                                                                                                                                                  pursuant to a
                                                                                                                                                                                                                                                  Franchise
                                                                                                                                                                                                                                                  Agreement.

                                                                                                                                                                                                                                                   

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

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Franchisee

                                                                                                                                                                                                                                                  Back-to-Back
                                                                                                                                                                                                                                                  Sublease
                                                                                                                                                                                                                                                  Payments”
                                                                                                                                                                                                                                                  means sublease
                                                                                                                                                                                                                                                  payments
                                                                                                                                                                                                                                                  payable by
                                                                                                                                                                                                                                                  Franchisees to
                                                                                                                                                                                                                                                  JIB Properties
                                                                                                                                                                                                                                                  under
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Back-to-Back
                                                                                                                                                                                                                                                  Subleases.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-19

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “Franchisee

                                                                                                                                                                                                                                                  Note”
                                                                                                                                                                                                                                                  means any
                                                                                                                                                                                                                                                  franchisee
                                                                                                                                                                                                                                                  note or other
                                                                                                                                                                                                                                                  franchisee
                                                                                                                                                                                                                                                  financing
                                                                                                                                                                                                                                                  agreement
                                                                                                                                                                                                                                                  entered into
                                                                                                                                                                                                                                                  in order to
                                                                                                                                                                                                                                                  finance the
                                                                                                                                                                                                                                                  payment of
                                                                                                                                                                                                                                                  franchisee
                                                                                                                                                                                                                                                  fees, amounts
                                                                                                                                                                                                                                                  payable by
                                                                                                                                                                                                                                                  Franchisees in
                                                                                                                                                                                                                                                  connection
                                                                                                                                                                                                                                                  with
                                                                                                                                                                                                                                                  Refranchising
                                                                                                                                                                                                                                                  Asset
                                                                                                                                                                                                                                                  Dispositions
                                                                                                                                                                                                                                                  or other
                                                                                                                                                                                                                                                  amounts owing
                                                                                                                                                                                                                                                  by a
                                                                                                                                                                                                                                                  Franchisee.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Franchisor”
                                                                                                                                                                                                                                                  means
                                                                                                                                                                                                                                                  Different
                                                                                                                                                                                                                                                  Rules, LLC, a
                                                                                                                                                                                                                                                  Delaware
                                                                                                                                                                                                                                                  limited
                                                                                                                                                                                                                                                  liability
                                                                                                                                                                                                                                                  company.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Franchisor

                                                                                                                                                                                                                                                  Capital
                                                                                                                                                                                                                                                  Accounts”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in Section

                                                                                                                                                                                                                                                  5.02(a)(ii)
                                                                                                                                                                                                                                                  of this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Future

                                                                                                                                                                                                                                                  Brand”
                                                                                                                                                                                                                                                  means any name
                                                                                                                                                                                                                                                  or Trademark
                                                                                                                                                                                                                                                  (including any
                                                                                                                                                                                                                                                  Trademarks
                                                                                                                                                                                                                                                  related to,
                                                                                                                                                                                                                                                  based on or
                                                                                                                                                                                                                                                  derivative
                                                                                                                                                                                                                                                  thereof, but
                                                                                                                                                                                                                                                  excluding the
                                                                                                                                                                                                                                                  Jack in the
                                                                                                                                                                                                                                                  Box Brand or
                                                                                                                                                                                                                                                  any Trademark
                                                                                                                                                                                                                                                  owned by the
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entities as of
                                                                                                                                                                                                                                                  the Closing
                                                                                                                                                                                                                                                  Date) that (i)
                                                                                                                                                                                                                                                  is acquired or
                                                                                                                                                                                                                                                  developed by
                                                                                                                                                                                                                                                  Jack in the
                                                                                                                                                                                                                                                  Box Inc. or
                                                                                                                                                                                                                                                  any of its
                                                                                                                                                                                                                                                  Subsidiaries
                                                                                                                                                                                                                                                  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.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Governmental

                                                                                                                                                                                                                                                  Authority”
                                                                                                                                                                                                                                                  means the
                                                                                                                                                                                                                                                  government of
                                                                                                                                                                                                                                                  the United
                                                                                                                                                                                                                                                  States 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.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Gross

                                                                                                                                                                                                                                                  Sales”
                                                                                                                                                                                                                                                  means, with
                                                                                                                                                                                                                                                  respect to a
                                                                                                                                                                                                                                                  restaurant,
                                                                                                                                                                                                                                                  the total
                                                                                                                                                                                                                                                  amount of
                                                                                                                                                                                                                                                  revenue
                                                                                                                                                                                                                                                  received from
                                                                                                                                                                                                                                                  the sale of
                                                                                                                                                                                                                                                  all food,
                                                                                                                                                                                                                                                  products,
                                                                                                                                                                                                                                                  merchandise
                                                                                                                                                                                                                                                  and
                                                                                                                                                                                                                                                  performance of
                                                                                                                                                                                                                                                  all services
                                                                                                                                                                                                                                                  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
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchise
                                                                                                                                                                                                                                                  Agreement,
                                                                                                                                                                                                                                                  applicable IP
                                                                                                                                                                                                                                                  License
                                                                                                                                                                                                                                                  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.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-20

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “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 for
                                                                                                                                                                                                                                                  the benefit of
                                                                                                                                                                                                                                                  the Secured
                                                                                                                                                                                                                                                  Parties, as
                                                                                                                                                                                                                                                  amended,
                                                                                                                                                                                                                                                  supplemented
                                                                                                                                                                                                                                                  or otherwise
                                                                                                                                                                                                                                                  modified from
                                                                                                                                                                                                                                                  time to time.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Guarantors”
                                                                                                                                                                                                                                                  means the
                                                                                                                                                                                                                                                  Subsidiary
                                                                                                                                                                                                                                                  Guarantors and
                                                                                                                                                                                                                                                  the Holding
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Guarantor.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Hague

                                                                                                                                                                                                                                                  Securities
                                                                                                                                                                                                                                                  Convention”
                                                                                                                                                                                                                                                  means the
                                                                                                                                                                                                                                                  Hague
                                                                                                                                                                                                                                                  Convention on
                                                                                                                                                                                                                                                  the Law
                                                                                                                                                                                                                                                  Applicable to
                                                                                                                                                                                                                                                  Certain Rights
                                                                                                                                                                                                                                                  in Respect of
                                                                                                                                                                                                                                                  Securities
                                                                                                                                                                                                                                                  Held with an
                                                                                                                                                                                                                                                  Intermediary,
                                                                                                                                                                                                                                                  concluded 5
                                                                                                                                                                                                                                                  July 2006.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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 Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Hedge

                                                                                                                                                                                                                                                  Payment
                                                                                                                                                                                                                                                  Account”
                                                                                                                                                                                                                                                  means an
                                                                                                                                                                                                                                                  account
                                                                                                                                                                                                                                                  entitled
                                                                                                                                                                                                                                                  “Citibank,
                                                                                                                                                                                                                                                  N.A. f/b/o
                                                                                                                                                                                                                                                  Jack in the
                                                                                                                                                                                                                                                  Box Funding,
                                                                                                                                                                                                                                                  LLC, Hedge
                                                                                                                                                                                                                                                  Payment
                                                                                                                                                                                                                                                  Account”,
                                                                                                                                                                                                                                                  which account
                                                                                                                                                                                                                                                  is maintained
                                                                                                                                                                                                                                                  by the Trustee
                                                                                                                                                                                                                                                  pursuant to
                                                                                                                                                                                                                                                  Section 5.08
                                                                                                                                                                                                                                                  of this Base
                                                                                                                                                                                                                                                  Indenture or
                                                                                                                                                                                                                                                  any successor
                                                                                                                                                                                                                                                  securities
                                                                                                                                                                                                                                                  account
                                                                                                                                                                                                                                                  maintained
                                                                                                                                                                                                                                                  pursuant to
                                                                                                                                                                                                                                                  Section 5.08
                                                                                                                                                                                                                                                  of this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Holdco

                                                                                                                                                                                                                                                  Leverage Ratio”
                                                                                                                                                                                                                                                  means, As of
                                                                                                                                                                                                                                                  any date of
                                                                                                                                                                                                                                                  determination,
                                                                                                                                                                                                                                                  the ratio of
                                                                                                                                                                                                                                                  (a)(i)
                                                                                                                                                                                                                                                  Indebtedness
                                                                                                                                                                                                                                                  of the
                                                                                                                                                                                                                                                  Non-Securitization
                                                                                                                                                                                                                                                  Entities and
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entities 
                                                                                                                                                                                                                                                  (assuming that
                                                                                                                                                                                                                                                  amounts
                                                                                                                                                                                                                                                  available
                                                                                                                                                                                                                                                  under each
                                                                                                                                                                                                                                                  Class A-1 Note
                                                                                                                                                                                                                                                  at such time
                                                                                                                                                                                                                                                  (after giving
                                                                                                                                                                                                                                                  effect to any
                                                                                                                                                                                                                                                  commitment
                                                                                                                                                                                                                                                  reductions on
                                                                                                                                                                                                                                                  such date) are
                                                                                                                                                                                                                                                  fully drawn)
                                                                                                                                                                                                                                                  as of the end
                                                                                                                                                                                                                                                  of the most
                                                                                                                                                                                                                                                  recently ended
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Fiscal Period
                                                                                                                                                                                                                                                  less (ii) the
                                                                                                                                                                                                                                                  sum of (v) the
                                                                                                                                                                                                                                                  cash and
                                                                                                                                                                                                                                                  Eligible
                                                                                                                                                                                                                                                  Investments of
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entities
                                                                                                                                                                                                                                                  credited to
                                                                                                                                                                                                                                                  the Senior
                                                                                                                                                                                                                                                  Notes Interest
                                                                                                                                                                                                                                                  Reserve
                                                                                                                                                                                                                                                  Account, the
                                                                                                                                                                                                                                                  Senior
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes Interest
                                                                                                                                                                                                                                                  Reserve
                                                                                                                                                                                                                                                  Account, the
                                                                                                                                                                                                                                                  Cash Trap
                                                                                                                                                                                                                                                  Reserve
                                                                                                                                                                                                                                                  Account and
                                                                                                                                                                                                                                                  the Franchisor
                                                                                                                                                                                                                                                  Capital
                                                                                                                                                                                                                                                  Accounts as of
                                                                                                                                                                                                                                                  the end of the
                                                                                                                                                                                                                                                  most recently
                                                                                                                                                                                                                                                  ended
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Fiscal Period,
                                                                                                                                                                                                                                                  (w) 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 the
                                                                                                                                                                                                                                                  Manager
                                                                                                                                                                                                                                                  reasonably
                                                                                                                                                                                                                                                  anticipates,
                                                                                                                                                                                                                                                  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, (x) the
                                                                                                                                                                                                                                                  Unrestricted
                                                                                                                                                                                                                                                  Cash and
                                                                                                                                                                                                                                                  Eligible
                                                                                                                                                                                                                                                  Investments of
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Non-Securitization
                                                                                                                                                                                                                                                  Entities as of
                                                                                                                                                                                                                                                  the end of the
                                                                                                                                                                                                                                                  most recently
                                                                                                                                                                                                                                                  ended
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Fiscal Period,
                                                                                                                                                                                                                                                  (y) without
                                                                                                                                                                                                                                                  duplication,
                                                                                                                                                                                                                                                  the amount
                                                                                                                                                                                                                                                  available
                                                                                                                                                                                                                                                  under any Cash
                                                                                                                                                                                                                                                  Collateralized
                                                                                                                                                                                                                                                  Letters of
                                                                                                                                                                                                                                                  Credit and (z)
                                                                                                                                                                                                                                                  without
                                                                                                                                                                                                                                                  duplication,
                                                                                                                                                                                                                                                  the available
                                                                                                                                                                                                                                                  amount of each
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Reserve Letter
                                                                                                                                                                                                                                                  of Credit as
                                                                                                                                                                                                                                                  of the end of
                                                                                                                                                                                                                                                  the most
                                                                                                                                                                                                                                                  recently ended
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Fiscal Period
                                                                                                                                                                                                                                                  to (b) the sum
                                                                                                                                                                                                                                                  of the
                                                                                                                                                                                                                                                  Adjusted
                                                                                                                                                                                                                                                  EBITDA of the
                                                                                                                                                                                                                                                  Non-Securitization

                                                                                                                                                                                                                                                  Entities and
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entities, for
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  immediately
                                                                                                                                                                                                                                                  preceding four
                                                                                                                                                                                                                                                  (4) Quarterly
                                                                                                                                                                                                                                                  Fiscal Periods
                                                                                                                                                                                                                                                  most recently
                                                                                                                                                                                                                                                  ended as of
                                                                                                                                                                                                                                                  such date and
                                                                                                                                                                                                                                                  for which
                                                                                                                                                                                                                                                  financial
                                                                                                                                                                                                                                                  statements
                                                                                                                                                                                                                                                  have been
                                                                                                                                                                                                                                                  finalized. The
                                                                                                                                                                                                                                                  Holdco
                                                                                                                                                                                                                                                  Leverage Ratio
                                                                                                                                                                                                                                                  shall be
                                                                                                                                                                                                                                                  calculated in
                                                                                                                                                                                                                                                  accordance
                                                                                                                                                                                                                                                  with Section
                                                                                                                                                                                                                                                  14.18(a) of
                                                                                                                                                                                                                                                  this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Holder”
                                                                                                                                                                                                                                                  means each
                                                                                                                                                                                                                                                  Noteholder
                                                                                                                                                                                                                                                  and, to the
                                                                                                                                                                                                                                                  extent Notes
                                                                                                                                                                                                                                                  are held
                                                                                                                                                                                                                                                  through a
                                                                                                                                                                                                                                                  Clearing
                                                                                                                                                                                                                                                  Agency, each
                                                                                                                                                                                                                                                  Note Owner.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Holding

                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Guarantor”
                                                                                                                                                                                                                                                  means Jack in
                                                                                                                                                                                                                                                  the Box SPV
                                                                                                                                                                                                                                                  Guarantor,
                                                                                                                                                                                                                                                  LLC, a
                                                                                                                                                                                                                                                  Delaware
                                                                                                                                                                                                                                                  limited
                                                                                                                                                                                                                                                  liability
                                                                                                                                                                                                                                                  company, and
                                                                                                                                                                                                                                                  its successors
                                                                                                                                                                                                                                                  and assigns.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Hot
                                                                                                                                                                                                                                                  Back-Up
                                                                                                                                                                                                                                                  Management
                                                                                                                                                                                                                                                  Duties”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in the
                                                                                                                                                                                                                                                  Back-Up
                                                                                                                                                                                                                                                  Management
                                                                                                                                                                                                                                                  Agreement.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-21

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “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,
                                                                                                                                                                                                                                                  derivatives,
                                                                                                                                                                                                                                                  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) the net
                                                                                                                                                                                                                                                  obligations of
                                                                                                                                                                                                                                                  such Person
                                                                                                                                                                                                                                                  under any swap
                                                                                                                                                                                                                                                  contract
                                                                                                                                                                                                                                                  (other than
                                                                                                                                                                                                                                                  any swap
                                                                                                                                                                                                                                                  contracts not
                                                                                                                                                                                                                                                  to exceed
                                                                                                                                                                                                                                                  $30,000,000 in
                                                                                                                                                                                                                                                  aggregate
                                                                                                                                                                                                                                                  termination
                                                                                                                                                                                                                                                  value in
                                                                                                                                                                                                                                                  existence on
                                                                                                                                                                                                                                                  the Closing
                                                                                                                                                                                                                                                  Date), (c) 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 (d) 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)
                                                                                                                                                                                                                                                  and (c),
                                                                                                                                                                                                                                                  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 (4)
                                                                                                                                                                                                                                                  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 (b),
                                                                                                                                                                                                                                                  the amount of
                                                                                                                                                                                                                                                  any net
                                                                                                                                                                                                                                                  obligation
                                                                                                                                                                                                                                                  under any swap
                                                                                                                                                                                                                                                  contract on
                                                                                                                                                                                                                                                  any date shall
                                                                                                                                                                                                                                                  be deemed to
                                                                                                                                                                                                                                                  the swap
                                                                                                                                                                                                                                                  termination
                                                                                                                                                                                                                                                  value thereof.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Indemnification

                                                                                                                                                                                                                                                  Amount”
                                                                                                                                                                                                                                                  means, with
                                                                                                                                                                                                                                                  respect to any
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchise
                                                                                                                                                                                                                                                  Assets,
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurants
                                                                                                                                                                                                                                                  (and the
                                                                                                                                                                                                                                                  related
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Assets),
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Owned-Property
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Leases, and
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Back-to-Back
                                                                                                                                                                                                                                                  Subleases, an
                                                                                                                                                                                                                                                  amount equal
                                                                                                                                                                                                                                                  to the
                                                                                                                                                                                                                                                  Allocated Note
                                                                                                                                                                                                                                                  Amount for
                                                                                                                                                                                                                                                  such asset.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Indemnitor”
                                                                                                                                                                                                                                                  means Jack in
                                                                                                                                                                                                                                                  the Box Inc.,
                                                                                                                                                                                                                                                  as the Manager
                                                                                                                                                                                                                                                  in its
                                                                                                                                                                                                                                                  individual
                                                                                                                                                                                                                                                  capacity, or
                                                                                                                                                                                                                                                  any other
                                                                                                                                                                                                                                                  Non-Securitization
                                                                                                                                                                                                                                                  Entity.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Indenture”
                                                                                                                                                                                                                                                  means thethis
                                                                                                                                                                                                                                                  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 3.01
                                                                                                                                                                                                                                                  of this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Indenture

                                                                                                                                                                                                                                                  Documents”
                                                                                                                                                                                                                                                  means,
                                                                                                                                                                                                                                                  collectively,
                                                                                                                                                                                                                                                  with respect
                                                                                                                                                                                                                                                  to any Series
                                                                                                                                                                                                                                                  of Notes, thethis
                                                                                                                                                                                                                                                  Base Indenture
                                                                                                                                                                                                                                                  (including any
                                                                                                                                                                                                                                                  Supplements
                                                                                                                                                                                                                                                  thereto), the
                                                                                                                                                                                                                                                  Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series
                                                                                                                                                                                                                                                  (including any
                                                                                                                                                                                                                                                  Supplements
                                                                                                                                                                                                                                                  thereto), 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 each of
                                                                                                                                                                                                                                                  the Collection
                                                                                                                                                                                                                                                  Account, the
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  Account
                                                                                                                                                                                                                                                  Administrative
                                                                                                                                                                                                                                                  Accounts, the
                                                                                                                                                                                                                                                  Senior Notes
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Reserve
                                                                                                                                                                                                                                                  Account (which
                                                                                                                                                                                                                                                  may also, at
                                                                                                                                                                                                                                                  the election
                                                                                                                                                                                                                                                  of the
                                                                                                                                                                                                                                                  Manager, serve
                                                                                                                                                                                                                                                  as a
                                                                                                                                                                                                                                                  Franchisor
                                                                                                                                                                                                                                                  Capital
                                                                                                                                                                                                                                                  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 Master
                                                                                                                                                                                                                                                  Issuer may
                                                                                                                                                                                                                                                  establish with
                                                                                                                                                                                                                                                  the Trustee or
                                                                                                                                                                                                                                                  the Trustee
                                                                                                                                                                                                                                                  may establish
                                                                                                                                                                                                                                                  from time to
                                                                                                                                                                                                                                                  time pursuant
                                                                                                                                                                                                                                                  to its
                                                                                                                                                                                                                                                  authority to
                                                                                                                                                                                                                                                  establish
                                                                                                                                                                                                                                                  additional
                                                                                                                                                                                                                                                  accounts
                                                                                                                                                                                                                                                  pursuant to
                                                                                                                                                                                                                                                  the Indenture.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-22

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “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
                                                                                                                                                                                                                                                  corporation,
                                                                                                                                                                                                                                                  partnership,
                                                                                                                                                                                                                                                  limited
                                                                                                                                                                                                                                                  liability
                                                                                                                                                                                                                                                  company,
                                                                                                                                                                                                                                                  association or
                                                                                                                                                                                                                                                  other business
                                                                                                                                                                                                                                                  entity, an
                                                                                                                                                                                                                                                  individual who
                                                                                                                                                                                                                                                  has prior
                                                                                                                                                                                                                                                  experience as
                                                                                                                                                                                                                                                  an independent
                                                                                                                                                                                                                                                  director,
                                                                                                                                                                                                                                                  independent
                                                                                                                                                                                                                                                  manager or
                                                                                                                                                                                                                                                  independent
                                                                                                                                                                                                                                                  member with at
                                                                                                                                                                                                                                                  least three
                                                                                                                                                                                                                                                  (3) years of
                                                                                                                                                                                                                                                  employment
                                                                                                                                                                                                                                                  experience and
                                                                                                                                                                                                                                                  who is
                                                                                                                                                                                                                                                  provided by
                                                                                                                                                                                                                                                  Maples
                                                                                                                                                                                                                                                  Fiduciary
                                                                                                                                                                                                                                                  Services
                                                                                                                                                                                                                                                  (Delaware)
                                                                                                                                                                                                                                                  Inc.,
                                                                                                                                                                                                                                                  Corporation
                                                                                                                                                                                                                                                  Service
                                                                                                                                                                                                                                                  Company, CT
                                                                                                                                                                                                                                                  Corporation,
                                                                                                                                                                                                                                                  Global
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Services, LLC,
                                                                                                                                                                                                                                                  Lord
                                                                                                                                                                                                                                                  Securities
                                                                                                                                                                                                                                                  Corporation,
                                                                                                                                                                                                                                                  National
                                                                                                                                                                                                                                                  Registered
                                                                                                                                                                                                                                                  Agents, Inc.,
                                                                                                                                                                                                                                                  Stewart
                                                                                                                                                                                                                                                  Management
                                                                                                                                                                                                                                                  Company,
                                                                                                                                                                                                                                                  Wilmington
                                                                                                                                                                                                                                                  Trust Company,
                                                                                                                                                                                                                                                  or any
                                                                                                                                                                                                                                                  successor
                                                                                                                                                                                                                                                  therto, or, if
                                                                                                                                                                                                                                                  none of those
                                                                                                                                                                                                                                                  companies is
                                                                                                                                                                                                                                                  then providing
                                                                                                                                                                                                                                                  professional
                                                                                                                                                                                                                                                  independent
                                                                                                                                                                                                                                                  managers,
                                                                                                                                                                                                                                                  another
                                                                                                                                                                                                                                                  nationally
                                                                                                                                                                                                                                                  recognized
                                                                                                                                                                                                                                                  company
                                                                                                                                                                                                                                                  reasonably
                                                                                                                                                                                                                                                  approved by
                                                                                                                                                                                                                                                  the Trustee,
                                                                                                                                                                                                                                                  in each case
                                                                                                                                                                                                                                                  that is not an
                                                                                                                                                                                                                                                  Affiliate of
                                                                                                                                                                                                                                                  the company
                                                                                                                                                                                                                                                  and that
                                                                                                                                                                                                                                                  provides
                                                                                                                                                                                                                                                  professional
                                                                                                                                                                                                                                                  independent
                                                                                                                                                                                                                                                  managers and
                                                                                                                                                                                                                                                  other
                                                                                                                                                                                                                                                  corporate
                                                                                                                                                                                                                                                  services in
                                                                                                                                                                                                                                                  the ordinary
                                                                                                                                                                                                                                                  course of its
                                                                                                                                                                                                                                                  business, and
                                                                                                                                                                                                                                                  which
                                                                                                                                                                                                                                                  individual is
                                                                                                                                                                                                                                                  duly appointed
                                                                                                                                                                                                                                                  as an
                                                                                                                                                                                                                                                  Independent
                                                                                                                                                                                                                                                  Manager and is
                                                                                                                                                                                                                                                  not, and has
                                                                                                                                                                                                                                                  never been,
                                                                                                                                                                                                                                                  and will not
                                                                                                                                                                                                                                                  while serving
                                                                                                                                                                                                                                                  as Independent
                                                                                                                                                                                                                                                  Manager be,
                                                                                                                                                                                                                                                  any of the
                                                                                                                                                                                                                                                  following:

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (i)          a

                                                                                                                                                                                                                                                  member,
                                                                                                                                                                                                                                                  partner,
                                                                                                                                                                                                                                                  equityholder,
                                                                                                                                                                                                                                                  manager,
                                                                                                                                                                                                                                                  director,
                                                                                                                                                                                                                                                  officer or
                                                                                                                                                                                                                                                  employee of
                                                                                                                                                                                                                                                  the company,
                                                                                                                                                                                                                                                  the member
                                                                                                                                                                                                                                                  thereof, or
                                                                                                                                                                                                                                                  any of their
                                                                                                                                                                                                                                                  respective
                                                                                                                                                                                                                                                  equityholders
                                                                                                                                                                                                                                                  or Affiliates
                                                                                                                                                                                                                                                  (other than as
                                                                                                                                                                                                                                                  an Independent
                                                                                                                                                                                                                                                  Manager of the
                                                                                                                                                                                                                                                  company or an
                                                                                                                                                                                                                                                  Affiliate of
                                                                                                                                                                                                                                                  the company
                                                                                                                                                                                                                                                  that is not in
                                                                                                                                                                                                                                                  the direct
                                                                                                                                                                                                                                                  chain of
                                                                                                                                                                                                                                                  ownership of
                                                                                                                                                                                                                                                  the company
                                                                                                                                                                                                                                                  and that is
                                                                                                                                                                                                                                                  required by a
                                                                                                                                                                                                                                                  creditor to be
                                                                                                                                                                                                                                                  a single
                                                                                                                                                                                                                                                  purpose
                                                                                                                                                                                                                                                  bankruptcy
                                                                                                                                                                                                                                                  remote entity,
                                                                                                                                                                                                                                                  provided
                                                                                                                                                                                                                                                  that such
                                                                                                                                                                                                                                                  Independent
                                                                                                                                                                                                                                                  Manager is
                                                                                                                                                                                                                                                  employed by a
                                                                                                                                                                                                                                                  company that
                                                                                                                                                                                                                                                  routinely
                                                                                                                                                                                                                                                  provides
                                                                                                                                                                                                                                                  professional
                                                                                                                                                                                                                                                  independent
                                                                                                                                                                                                                                                  managers in
                                                                                                                                                                                                                                                  the ordinary
                                                                                                                                                                                                                                                  course of its
                                                                                                                                                                                                                                                  business);

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (ii)          a

                                                                                                                                                                                                                                                  creditor,
                                                                                                                                                                                                                                                  supplier or
                                                                                                                                                                                                                                                  service
                                                                                                                                                                                                                                                  provider
                                                                                                                                                                                                                                                  (including
                                                                                                                                                                                                                                                  provider of
                                                                                                                                                                                                                                                  professional
                                                                                                                                                                                                                                                  services) to
                                                                                                                                                                                                                                                  the company,
                                                                                                                                                                                                                                                  or any of its
                                                                                                                                                                                                                                                  equityholders
                                                                                                                                                                                                                                                  or Affiliates
                                                                                                                                                                                                                                                  (other than a
                                                                                                                                                                                                                                                  nationally
                                                                                                                                                                                                                                                  recognized
                                                                                                                                                                                                                                                  company that
                                                                                                                                                                                                                                                  routinely
                                                                                                                                                                                                                                                  provides
                                                                                                                                                                                                                                                  professional
                                                                                                                                                                                                                                                  independent
                                                                                                                                                                                                                                                  managers and
                                                                                                                                                                                                                                                  other
                                                                                                                                                                                                                                                  corporate
                                                                                                                                                                                                                                                  services to
                                                                                                                                                                                                                                                  the company or
                                                                                                                                                                                                                                                  any of its
                                                                                                                                                                                                                                                  equityholders
                                                                                                                                                                                                                                                  or Affiliates
                                                                                                                                                                                                                                                  in the
                                                                                                                                                                                                                                                  ordinary
                                                                                                                                                                                                                                                  course of its
                                                                                                                                                                                                                                                  business);

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (iii)          a

                                                                                                                                                                                                                                                  family member
                                                                                                                                                                                                                                                  of any such
                                                                                                                                                                                                                                                  member,
                                                                                                                                                                                                                                                  partner,
                                                                                                                                                                                                                                                  equityholder,
                                                                                                                                                                                                                                                  manager,
                                                                                                                                                                                                                                                  director,
                                                                                                                                                                                                                                                  officer,
                                                                                                                                                                                                                                                  employee,
                                                                                                                                                                                                                                                  creditor,
                                                                                                                                                                                                                                                  supplier or
                                                                                                                                                                                                                                                  service
                                                                                                                                                                                                                                                  provider; or

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (iv)          a

                                                                                                                                                                                                                                                  Person that
                                                                                                                                                                                                                                                  controls
                                                                                                                                                                                                                                                  (whether
                                                                                                                                                                                                                                                  directly,
                                                                                                                                                                                                                                                  indirectly or
                                                                                                                                                                                                                                                  otherwise) any
                                                                                                                                                                                                                                                  of (i), (ii)
                                                                                                                                                                                                                                                  or (iii)
                                                                                                                                                                                                                                                  above.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  A
                                                                                                                                                                                                                                                  natural Person
                                                                                                                                                                                                                                                  who otherwise
                                                                                                                                                                                                                                                  satisfies the
                                                                                                                                                                                                                                                  foregoing
                                                                                                                                                                                                                                                  definition and
                                                                                                                                                                                                                                                  satisfies
                                                                                                                                                                                                                                                  subparagraph (i)
                                                                                                                                                                                                                                                  by reason of
                                                                                                                                                                                                                                                  being the
                                                                                                                                                                                                                                                  Independent
                                                                                                                                                                                                                                                  Manager (or
                                                                                                                                                                                                                                                  independent
                                                                                                                                                                                                                                                  manager or
                                                                                                                                                                                                                                                  director) of a
                                                                                                                                                                                                                                                  “special
                                                                                                                                                                                                                                                  purpose
                                                                                                                                                                                                                                                  entity” which
                                                                                                                                                                                                                                                  is an
                                                                                                                                                                                                                                                  Affiliate of
                                                                                                                                                                                                                                                  the company
                                                                                                                                                                                                                                                  shall be
                                                                                                                                                                                                                                                  qualified to
                                                                                                                                                                                                                                                  serve as an
                                                                                                                                                                                                                                                  Independent
                                                                                                                                                                                                                                                  Manager of the
                                                                                                                                                                                                                                                  company, provided
                                                                                                                                                                                                                                                  that the fees
                                                                                                                                                                                                                                                  that such
                                                                                                                                                                                                                                                  individual
                                                                                                                                                                                                                                                  earns from
                                                                                                                                                                                                                                                  serving as
                                                                                                                                                                                                                                                  Independent
                                                                                                                                                                                                                                                  Manager (or
                                                                                                                                                                                                                                                  independent
                                                                                                                                                                                                                                                  manager or
                                                                                                                                                                                                                                                  director) of
                                                                                                                                                                                                                                                  any Affiliate
                                                                                                                                                                                                                                                  of the company
                                                                                                                                                                                                                                                  in any given
                                                                                                                                                                                                                                                  year
                                                                                                                                                                                                                                                  constitute in
                                                                                                                                                                                                                                                  the aggregate
                                                                                                                                                                                                                                                  less than five
                                                                                                                                                                                                                                                  percent (5%)
                                                                                                                                                                                                                                                  of such
                                                                                                                                                                                                                                                  individual’s
                                                                                                                                                                                                                                                  annual income
                                                                                                                                                                                                                                                  for that year.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Ineligible

                                                                                                                                                                                                                                                  Account”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in
                                                                                                                                                                                                                                                  Section 5.19
                                                                                                                                                                                                                                                  of this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-23

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “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 or
                                                                                                                                                                                                                                                  downgraded by
                                                                                                                                                                                                                                                  S&P to
                                                                                                                                                                                                                                                  below “A-2”
                                                                                                                                                                                                                                                  and, if it has
                                                                                                                                                                                                                                                  a rating by
                                                                                                                                                                                                                                                  KBRA, is
                                                                                                                                                                                                                                                  withdrawn or
                                                                                                                                                                                                                                                  downgraded by
                                                                                                                                                                                                                                                  KBRA below
                                                                                                                                                                                                                                                  “K2” 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” and, if
                                                                                                                                                                                                                                                  it has a
                                                                                                                                                                                                                                                  rating by
                                                                                                                                                                                                                                                  KBRA, is
                                                                                                                                                                                                                                                  withdrawn or
                                                                                                                                                                                                                                                  downgraded by
                                                                                                                                                                                                                                                  KBRA below
                                                                                                                                                                                                                                                  “BBB” or is
                                                                                                                                                                                                                                                  withdrawn by
                                                                                                                                                                                                                                                  Moody’s or
                                                                                                                                                                                                                                                  downgraded by
                                                                                                                                                                                                                                                  Moody’s below
                                                                                                                                                                                                                                                  “Baa2”; provided
                                                                                                                                                                                                                                                  that for
                                                                                                                                                                                                                                                  determining
                                                                                                                                                                                                                                                  whether an
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Reserve Letter
                                                                                                                                                                                                                                                  of Credit is
                                                                                                                                                                                                                                                  eligible under
                                                                                                                                                                                                                                                  this
                                                                                                                                                                                                                                                  definition, an
                                                                                                                                                                                                                                                  L/C Provider
                                                                                                                                                                                                                                                  will be deemed
                                                                                                                                                                                                                                                  to have the
                                                                                                                                                                                                                                                  short-term
                                                                                                                                                                                                                                                  debt credit
                                                                                                                                                                                                                                                  rating or the
                                                                                                                                                                                                                                                  long-term debt
                                                                                                                                                                                                                                                  credit rating,
                                                                                                                                                                                                                                                  as applicable,
                                                                                                                                                                                                                                                  of such L/C
                                                                                                                                                                                                                                                  Provider or
                                                                                                                                                                                                                                                  any guarantor
                                                                                                                                                                                                                                                  of (or
                                                                                                                                                                                                                                                  confirming
                                                                                                                                                                                                                                                  bank for) such
                                                                                                                                                                                                                                                  L/C Provider.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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 Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Initial

                                                                                                                                                                                                                                                  Senior Notes
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Reserve Amount”
                                                                                                                                                                                                                                                  means, with
                                                                                                                                                                                                                                                  respect to the
                                                                                                                                                                                                                                                  Notes issued
                                                                                                                                                                                                                                                  on the Closing
                                                                                                                                                                                                                                                  Date, an
                                                                                                                                                                                                                                                  amount equal
                                                                                                                                                                                                                                                  to $15,885,875
                                                                                                                                                                                                                                                  to be
                                                                                                                                                                                                                                                  deposited into

                                                                                                                                                                                                                                                  the Senior
                                                                                                                                                                                                                                                  Notes Interest
                                                                                                                                                                                                                                                  Reserve
                                                                                                                                                                                                                                                  Account and/or
                                                                                                                                                                                                                                                  arranged for
                                                                                                                                                                                                                                                  issuance as an
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Reserve Letter
                                                                                                                                                                                                                                                  of Credit by
                                                                                                                                                                                                                                                  the Master
                                                                                                                                                                                                                                                  Issuer.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Insurance

                                                                                                                                                                                                                                                  Proceeds
                                                                                                                                                                                                                                                  Account”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in Section

                                                                                                                                                                                                                                                  5.02(a)(v)
                                                                                                                                                                                                                                                  of this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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
                                                                                                                                                                                                                                                  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
                                                                                                                                                                                                                                                  to a direct or
                                                                                                                                                                                                                                                  indirect
                                                                                                                                                                                                                                                  parent for
                                                                                                                                                                                                                                                  Taxes) paid or
                                                                                                                                                                                                                                                  reasonably
                                                                                                                                                                                                                                                  expected 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.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Intellectual

                                                                                                                                                                                                                                                  Property”
                                                                                                                                                                                                                                                  or “IP”
                                                                                                                                                                                                                                                  means all
                                                                                                                                                                                                                                                  rights, title
                                                                                                                                                                                                                                                  and interests
                                                                                                                                                                                                                                                  in or to
                                                                                                                                                                                                                                                  intellectual
                                                                                                                                                                                                                                                  property of
                                                                                                                                                                                                                                                  any type,
                                                                                                                                                                                                                                                  including: 
                                                                                                                                                                                                                                                  (i) Trademarks;
                                                                                                                                                                                                                                                  (ii) Patents;
                                                                                                                                                                                                                                                  (iii) rights
                                                                                                                                                                                                                                                  in computer
                                                                                                                                                                                                                                                  programs and
                                                                                                                                                                                                                                                  mobile apps,
                                                                                                                                                                                                                                                  including in
                                                                                                                                                                                                                                                  both source
                                                                                                                                                                                                                                                  code and
                                                                                                                                                                                                                                                  object code,
                                                                                                                                                                                                                                                  together with
                                                                                                                                                                                                                                                  related
                                                                                                                                                                                                                                                  documentation
                                                                                                                                                                                                                                                  and
                                                                                                                                                                                                                                                  explanatory
                                                                                                                                                                                                                                                  materials,
                                                                                                                                                                                                                                                  whether
                                                                                                                                                                                                                                                  machine
                                                                                                                                                                                                                                                  readable or
                                                                                                                                                                                                                                                  otherwise, and
                                                                                                                                                                                                                                                  databases,
                                                                                                                                                                                                                                                  including any
                                                                                                                                                                                                                                                  Copyrights (as
                                                                                                                                                                                                                                                  defined
                                                                                                                                                                                                                                                  below),
                                                                                                                                                                                                                                                  Patents and
                                                                                                                                                                                                                                                  Trade Secrets
                                                                                                                                                                                                                                                  (as defined
                                                                                                                                                                                                                                                  below) therein
                                                                                                                                                                                                                                                  (“Software”);

                                                                                                                                                                                                                                                  (iv) copyrights

                                                                                                                                                                                                                                                  (whether
                                                                                                                                                                                                                                                  registered or
                                                                                                                                                                                                                                                  unregistered)
                                                                                                                                                                                                                                                  in unpublished
                                                                                                                                                                                                                                                  and published
                                                                                                                                                                                                                                                  works, works
                                                                                                                                                                                                                                                  of authorship
                                                                                                                                                                                                                                                  (whether or
                                                                                                                                                                                                                                                  not
                                                                                                                                                                                                                                                  copyrightable),
                                                                                                                                                                                                                                                  database or
                                                                                                                                                                                                                                                  design rights,
                                                                                                                                                                                                                                                  and all
                                                                                                                                                                                                                                                  registrations
                                                                                                                                                                                                                                                  and
                                                                                                                                                                                                                                                  recordations
                                                                                                                                                                                                                                                  thereof and
                                                                                                                                                                                                                                                  all
                                                                                                                                                                                                                                                  applications
                                                                                                                                                                                                                                                  in connection
                                                                                                                                                                                                                                                  therewith,
                                                                                                                                                                                                                                                  along with all
                                                                                                                                                                                                                                                  reversions,
                                                                                                                                                                                                                                                  extensions and
                                                                                                                                                                                                                                                  renewals
                                                                                                                                                                                                                                                  thereof (“Copyrights”);

                                                                                                                                                                                                                                                  (v) 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,
                                                                                                                                                                                                                                                  financial
                                                                                                                                                                                                                                                  control
                                                                                                                                                                                                                                                  methods,
                                                                                                                                                                                                                                                  algorithm and
                                                                                                                                                                                                                                                  training
                                                                                                                                                                                                                                                  techniques (“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
                                                                                                                                                                                                                                                  sole and
                                                                                                                                                                                                                                                  exclusive
                                                                                                                                                                                                                                                  rights to
                                                                                                                                                                                                                                                  prosecute and
                                                                                                                                                                                                                                                  maintain any
                                                                                                                                                                                                                                                  of the
                                                                                                                                                                                                                                                  foregoing, to
                                                                                                                                                                                                                                                  enforce any
                                                                                                                                                                                                                                                  past, present
                                                                                                                                                                                                                                                  or future
                                                                                                                                                                                                                                                  infringement,
                                                                                                                                                                                                                                                  dilution
                                                                                                                                                                                                                                                  misappropriation
                                                                                                                                                                                                                                                  or other
                                                                                                                                                                                                                                                  violation of
                                                                                                                                                                                                                                                  any of the
                                                                                                                                                                                                                                                  foregoing, and
                                                                                                                                                                                                                                                  to defend any
                                                                                                                                                                                                                                                  pending or
                                                                                                                                                                                                                                                  future
                                                                                                                                                                                                                                                  challenges to
                                                                                                                                                                                                                                                  any of the
                                                                                                                                                                                                                                                  foregoing.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-24

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “Interest

                                                                                                                                                                                                                                                  Accrual Period”
                                                                                                                                                                                                                                                  means
                                                                                                                                                                                                                                                  (a) solely
                                                                                                                                                                                                                                                  with respect
                                                                                                                                                                                                                                                  to any Series
                                                                                                                                                                                                                                                  of 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, the
                                                                                                                                                                                                                                                  period from
                                                                                                                                                                                                                                                  and including
                                                                                                                                                                                                                                                  the 25th day
                                                                                                                                                                                                                                                  of the
                                                                                                                                                                                                                                                  calendar month
                                                                                                                                                                                                                                                  in which the
                                                                                                                                                                                                                                                  immediately
                                                                                                                                                                                                                                                  preceding
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Payment Date
                                                                                                                                                                                                                                                  occurred to
                                                                                                                                                                                                                                                  but excluding
                                                                                                                                                                                                                                                  the 25th day
                                                                                                                                                                                                                                                  of the
                                                                                                                                                                                                                                                  calendar month
                                                                                                                                                                                                                                                  which includes
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  then-current
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Payment Date
                                                                                                                                                                                                                                                  (in each case
                                                                                                                                                                                                                                                  without giving
                                                                                                                                                                                                                                                  effect to any
                                                                                                                                                                                                                                                  Business Day
                                                                                                                                                                                                                                                  adjustment);
                                                                                                                                                                                                                                                  provided,
                                                                                                                                                                                                                                                  however,
                                                                                                                                                                                                                                                  that the
                                                                                                                                                                                                                                                  initial
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Accrual Period
                                                                                                                                                                                                                                                  for any Series
                                                                                                                                                                                                                                                  will commence
                                                                                                                                                                                                                                                  on and include
                                                                                                                                                                                                                                                  the Series
                                                                                                                                                                                                                                                  Closing Date
                                                                                                                                                                                                                                                  and end on the
                                                                                                                                                                                                                                                  date specified
                                                                                                                                                                                                                                                  above, unless
                                                                                                                                                                                                                                                  otherwise
                                                                                                                                                                                                                                                  specified in
                                                                                                                                                                                                                                                  the Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series; 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

                                                                                                                                                                                                                                                  Reserve Letter
                                                                                                                                                                                                                                                  of Credit”
                                                                                                                                                                                                                                                  means any
                                                                                                                                                                                                                                                  letter of
                                                                                                                                                                                                                                                  credit issued
                                                                                                                                                                                                                                                  for the
                                                                                                                                                                                                                                                  benefit of the
                                                                                                                                                                                                                                                  Trustee and
                                                                                                                                                                                                                                                  the Senior
                                                                                                                                                                                                                                                  Noteholders or
                                                                                                                                                                                                                                                  the Senior
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Noteholders,
                                                                                                                                                                                                                                                  as applicable.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Interest

                                                                                                                                                                                                                                                  Reserve
                                                                                                                                                                                                                                                  Release Event”
                                                                                                                                                                                                                                                  means, as of
                                                                                                                                                                                                                                                  any date of
                                                                                                                                                                                                                                                  determination,
                                                                                                                                                                                                                                                  and with
                                                                                                                                                                                                                                                  respect to
                                                                                                                                                                                                                                                  each Series of
                                                                                                                                                                                                                                                  Senior Notes
                                                                                                                                                                                                                                                  or Senior
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Outstanding,
                                                                                                                                                                                                                                                  as applicable,
                                                                                                                                                                                                                                                  any reduction
                                                                                                                                                                                                                                                  in (i) the
                                                                                                                                                                                                                                                  Class A‐1
                                                                                                                                                                                                                                                  Notes Maximum
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Amount or (ii)
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Outstanding
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Amount of such
                                                                                                                                                                                                                                                  Series of
                                                                                                                                                                                                                                                  Notes that are
                                                                                                                                                                                                                                                  not a Series
                                                                                                                                                                                                                                                  of Class A-1
                                                                                                                                                                                                                                                  Notes.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Interest-Only

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

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Interim

                                                                                                                                                                                                                                                  Successor
                                                                                                                                                                                                                                                  Manager”
                                                                                                                                                                                                                                                  means, upon
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  resignation or
                                                                                                                                                                                                                                                  termination of
                                                                                                                                                                                                                                                  the Manager
                                                                                                                                                                                                                                                  pursuant to
                                                                                                                                                                                                                                                  the terms of
                                                                                                                                                                                                                                                  the Management
                                                                                                                                                                                                                                                  Agreement and
                                                                                                                                                                                                                                                  prior to the
                                                                                                                                                                                                                                                  appointment of
                                                                                                                                                                                                                                                  any successor
                                                                                                                                                                                                                                                  to the Manager
                                                                                                                                                                                                                                                  by the Control
                                                                                                                                                                                                                                                  Party (at the
                                                                                                                                                                                                                                                  direction of
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Controlling
                                                                                                                                                                                                                                                  Class
                                                                                                                                                                                                                                                  Representative),
                                                                                                                                                                                                                                                  the Back-Up
                                                                                                                                                                                                                                                  Manager.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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
                                                                                                                                                                                                                                                  License
                                                                                                                                                                                                                                                  Agreements”
                                                                                                                                                                                                                                                  means,
                                                                                                                                                                                                                                                  collectively,
                                                                                                                                                                                                                                                  Manager IP
                                                                                                                                                                                                                                                  License, the
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant IP
                                                                                                                                                                                                                                                  Licenses, the
                                                                                                                                                                                                                                                  Jack in the
                                                                                                                                                                                                                                                  Box Foundation
                                                                                                                                                                                                                                                  IP License and
                                                                                                                                                                                                                                                  the JIB Stored
                                                                                                                                                                                                                                                  Value Cards IP
                                                                                                                                                                                                                                                  License.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “IRS”
                                                                                                                                                                                                                                                  means the U.S.
                                                                                                                                                                                                                                                  Internal
                                                                                                                                                                                                                                                  Revenue
                                                                                                                                                                                                                                                  Service.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Investor

                                                                                                                                                                                                                                                  Request
                                                                                                                                                                                                                                                  Certification”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in Section

                                                                                                                                                                                                                                                  4.03 of
                                                                                                                                                                                                                                                  this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-25

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “Jack

                                                                                                                                                                                                                                                  in the Box
                                                                                                                                                                                                                                                  Brand”
                                                                                                                                                                                                                                                  means the Jack
                                                                                                                                                                                                                                                  in the Box®
                                                                                                                                                                                                                                                  name and
                                                                                                                                                                                                                                                  Trademarks,
                                                                                                                                                                                                                                                  whether alone
                                                                                                                                                                                                                                                  or in
                                                                                                                                                                                                                                                  combination
                                                                                                                                                                                                                                                  with other
                                                                                                                                                                                                                                                  words or
                                                                                                                                                                                                                                                  symbols, and
                                                                                                                                                                                                                                                  any variations
                                                                                                                                                                                                                                                  or derivatives
                                                                                                                                                                                                                                                  of any of the
                                                                                                                                                                                                                                                  foregoing.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Jack

                                                                                                                                                                                                                                                  in the Box
                                                                                                                                                                                                                                                  Eastern
                                                                                                                                                                                                                                                  Division
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant IP
                                                                                                                                                                                                                                                  License”
                                                                                                                                                                                                                                                  means the IP
                                                                                                                                                                                                                                                  License
                                                                                                                                                                                                                                                  Agreement,
                                                                                                                                                                                                                                                  dated as of
                                                                                                                                                                                                                                                  the Closing
                                                                                                                                                                                                                                                  Date, by and
                                                                                                                                                                                                                                                  between the
                                                                                                                                                                                                                                                  Franchisor, as
                                                                                                                                                                                                                                                  licensor, and
                                                                                                                                                                                                                                                  Jack in the
                                                                                                                                                                                                                                                  Box Eastern
                                                                                                                                                                                                                                                  Division L.P.,
                                                                                                                                                                                                                                                  as licensee,
                                                                                                                                                                                                                                                  as amended,
                                                                                                                                                                                                                                                  supplemented
                                                                                                                                                                                                                                                  or otherwise
                                                                                                                                                                                                                                                  modified from
                                                                                                                                                                                                                                                  time to time.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Jack

                                                                                                                                                                                                                                                  in the Box
                                                                                                                                                                                                                                                  Foundation IP
                                                                                                                                                                                                                                                  License”
                                                                                                                                                                                                                                                  means the IP
                                                                                                                                                                                                                                                  License
                                                                                                                                                                                                                                                  Agreement,
                                                                                                                                                                                                                                                  dated as of
                                                                                                                                                                                                                                                  the Closing
                                                                                                                                                                                                                                                  Date, by and
                                                                                                                                                                                                                                                  between the
                                                                                                                                                                                                                                                  Franchisor, as
                                                                                                                                                                                                                                                  licensor, and
                                                                                                                                                                                                                                                  Jack in the
                                                                                                                                                                                                                                                  Box
                                                                                                                                                                                                                                                  Foundation, as
                                                                                                                                                                                                                                                  licensee, as
                                                                                                                                                                                                                                                  amended,
                                                                                                                                                                                                                                                  supplemented
                                                                                                                                                                                                                                                  or otherwise
                                                                                                                                                                                                                                                  modified from
                                                                                                                                                                                                                                                  time to time.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Jack

                                                                                                                                                                                                                                                  in the Box
                                                                                                                                                                                                                                                  Inc.”
                                                                                                                                                                                                                                                  means Jack in
                                                                                                                                                                                                                                                  the Box Inc.,
                                                                                                                                                                                                                                                  a Delaware
                                                                                                                                                                                                                                                  corporation,
                                                                                                                                                                                                                                                  and its
                                                                                                                                                                                                                                                  successors and
                                                                                                                                                                                                                                                  assigns.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Jack

                                                                                                                                                                                                                                                  in the Box
                                                                                                                                                                                                                                                  Inc. Company
                                                                                                                                                                                                                                                  Restaurant IP
                                                                                                                                                                                                                                                  License”
                                                                                                                                                                                                                                                  means the IP
                                                                                                                                                                                                                                                  License
                                                                                                                                                                                                                                                  Agreement,
                                                                                                                                                                                                                                                  dated as of
                                                                                                                                                                                                                                                  the Closing
                                                                                                                                                                                                                                                  Date, by and
                                                                                                                                                                                                                                                  between the
                                                                                                                                                                                                                                                  Franchisor, as
                                                                                                                                                                                                                                                  licensor, and
                                                                                                                                                                                                                                                  Jack in the
                                                                                                                                                                                                                                                  Box Inc., as
                                                                                                                                                                                                                                                  licensee, as
                                                                                                                                                                                                                                                  amended,
                                                                                                                                                                                                                                                  supplemented
                                                                                                                                                                                                                                                  or otherwise
                                                                                                                                                                                                                                                  modified from
                                                                                                                                                                                                                                                  time to time.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Jack

                                                                                                                                                                                                                                                  in the Box
                                                                                                                                                                                                                                                  System”
                                                                                                                                                                                                                                                  means the
                                                                                                                                                                                                                                                  system of
                                                                                                                                                                                                                                                  restaurants
                                                                                                                                                                                                                                                  operating
                                                                                                                                                                                                                                                  under the Jack
                                                                                                                                                                                                                                                  in the Box
                                                                                                                                                                                                                                                  Brand.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “JIB
                                                                                                                                                                                                                                                  Back-to-Back
                                                                                                                                                                                                                                                  Lease
                                                                                                                                                                                                                                                  Obligations”
                                                                                                                                                                                                                                                  means amounts
                                                                                                                                                                                                                                                  payable by JIB
                                                                                                                                                                                                                                                  Properties to
                                                                                                                                                                                                                                                  third-party
                                                                                                                                                                                                                                                  landlords
                                                                                                                                                                                                                                                  under
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  JIB
                                                                                                                                                                                                                                                  Back-to-Back
                                                                                                                                                                                                                                                  Leases.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “JIB
                                                                                                                                                                                                                                                  Back-to-Back
                                                                                                                                                                                                                                                  Lease
                                                                                                                                                                                                                                                  Obligations
                                                                                                                                                                                                                                                  Advance”
                                                                                                                                                                                                                                                  means an
                                                                                                                                                                                                                                                  advance to
                                                                                                                                                                                                                                                  fund any JIB
                                                                                                                                                                                                                                                  Back-to-Back
                                                                                                                                                                                                                                                  Lease
                                                                                                                                                                                                                                                  Obligations,
                                                                                                                                                                                                                                                  in the event
                                                                                                                                                                                                                                                  sufficient
                                                                                                                                                                                                                                                  funds are not
                                                                                                                                                                                                                                                  available in
                                                                                                                                                                                                                                                  the applicable
                                                                                                                                                                                                                                                  Concentration
                                                                                                                                                                                                                                                  Account, to
                                                                                                                                                                                                                                                  the extent
                                                                                                                                                                                                                                                  that the
                                                                                                                                                                                                                                                  Manager
                                                                                                                                                                                                                                                  reasonably
                                                                                                                                                                                                                                                  expects to be
                                                                                                                                                                                                                                                  reimbursed for
                                                                                                                                                                                                                                                  such advances
                                                                                                                                                                                                                                                  from the
                                                                                                                                                                                                                                                  proceeds of
                                                                                                                                                                                                                                                  future
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Back-to-Back
                                                                                                                                                                                                                                                  Sublease
                                                                                                                                                                                                                                                  Payments, it
                                                                                                                                                                                                                                                  being agreed
                                                                                                                                                                                                                                                  that any such
                                                                                                                                                                                                                                                  advances will
                                                                                                                                                                                                                                                  not constitute
                                                                                                                                                                                                                                                  Manager
                                                                                                                                                                                                                                                  Advances.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “JIB
                                                                                                                                                                                                                                                  Mobile Apps”
                                                                                                                                                                                                                                                  means all
                                                                                                                                                                                                                                                  consumer-facing
                                                                                                                                                                                                                                                  Jack in the
                                                                                                                                                                                                                                                  Box Brand
                                                                                                                                                                                                                                                  mobile
                                                                                                                                                                                                                                                  applications,
                                                                                                                                                                                                                                                  whether the
                                                                                                                                                                                                                                                  rights
                                                                                                                                                                                                                                                  thereunder are
                                                                                                                                                                                                                                                  contributed to
                                                                                                                                                                                                                                                  the Franchisor
                                                                                                                                                                                                                                                  on the Closing
                                                                                                                                                                                                                                                  Date or
                                                                                                                                                                                                                                                  acquired by
                                                                                                                                                                                                                                                  the Franchisor
                                                                                                                                                                                                                                                  following the
                                                                                                                                                                                                                                                  Closing Date.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “JIB
                                                                                                                                                                                                                                                  Properties”
                                                                                                                                                                                                                                                  means Jack in
                                                                                                                                                                                                                                                  the Box
                                                                                                                                                                                                                                                  Properties,
                                                                                                                                                                                                                                                  LLC, a
                                                                                                                                                                                                                                                  Delaware
                                                                                                                                                                                                                                                  limited
                                                                                                                                                                                                                                                  liability
                                                                                                                                                                                                                                                  company.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “JIB
                                                                                                                                                                                                                                                  Properties
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant IP
                                                                                                                                                                                                                                                  License”
                                                                                                                                                                                                                                                  means the IP
                                                                                                                                                                                                                                                  License
                                                                                                                                                                                                                                                  Agreement,
                                                                                                                                                                                                                                                  dated as of
                                                                                                                                                                                                                                                  the Closing
                                                                                                                                                                                                                                                  Date, by and
                                                                                                                                                                                                                                                  between the
                                                                                                                                                                                                                                                  Franchisor, as
                                                                                                                                                                                                                                                  licensor, and
                                                                                                                                                                                                                                                  JIB
                                                                                                                                                                                                                                                  Properties, as
                                                                                                                                                                                                                                                  licensee, as
                                                                                                                                                                                                                                                  amended,
                                                                                                                                                                                                                                                  supplemented
                                                                                                                                                                                                                                                  or otherwise
                                                                                                                                                                                                                                                  modified from
                                                                                                                                                                                                                                                  time to time.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “JIB
                                                                                                                                                                                                                                                  Properties
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant IP
                                                                                                                                                                                                                                                  License Fee”
                                                                                                                                                                                                                                                  means the
                                                                                                                                                                                                                                                  licensing fees
                                                                                                                                                                                                                                                  payable by JIB
                                                                                                                                                                                                                                                  Properties
                                                                                                                                                                                                                                                  under the JIB
                                                                                                                                                                                                                                                  Properties
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant IP
                                                                                                                                                                                                                                                  License.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “JIB
                                                                                                                                                                                                                                                  Stored Value
                                                                                                                                                                                                                                                  Cards IP
                                                                                                                                                                                                                                                  License”
                                                                                                                                                                                                                                                  means the IP
                                                                                                                                                                                                                                                  License
                                                                                                                                                                                                                                                  Agreement,
                                                                                                                                                                                                                                                  dated as of
                                                                                                                                                                                                                                                  the Closing
                                                                                                                                                                                                                                                  Date, by and
                                                                                                                                                                                                                                                  between the
                                                                                                                                                                                                                                                  Franchisor, as
                                                                                                                                                                                                                                                  licensor, and
                                                                                                                                                                                                                                                  JIB Stored
                                                                                                                                                                                                                                                  Value Cards,
                                                                                                                                                                                                                                                  LLC, as
                                                                                                                                                                                                                                                  licensee, as
                                                                                                                                                                                                                                                  amended,
                                                                                                                                                                                                                                                  supplemented
                                                                                                                                                                                                                                                  or otherwise
                                                                                                                                                                                                                                                  modified from
                                                                                                                                                                                                                                                  time to time.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “KBRA”
                                                                                                                                                                                                                                                  means Kroll
                                                                                                                                                                                                                                                  Bond Rating
                                                                                                                                                                                                                                                  Agency, Inc.LLC
                                                                                                                                                                                                                                                  (and any
                                                                                                                                                                                                                                                  successor or
                                                                                                                                                                                                                                                  successors
                                                                                                                                                                                                                                                  thereto).

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-26

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “L/C
                                                                                                                                                                                                                                                  Provider”
                                                                                                                                                                                                                                                  means, with
                                                                                                                                                                                                                                                  respect to any
                                                                                                                                                                                                                                                  Series of
                                                                                                                                                                                                                                                  Class A-1
                                                                                                                                                                                                                                                  Notes, the
                                                                                                                                                                                                                                                  party
                                                                                                                                                                                                                                                  identified as
                                                                                                                                                                                                                                                  the “L/C
                                                                                                                                                                                                                                                  Provider” or
                                                                                                                                                                                                                                                  the “L/C
                                                                                                                                                                                                                                                  Issuing Bank”,
                                                                                                                                                                                                                                                  as the context
                                                                                                                                                                                                                                                  requires, in
                                                                                                                                                                                                                                                  the applicable
                                                                                                                                                                                                                                                  Variable
                                                                                                                                                                                                                                                  Funding Note
                                                                                                                                                                                                                                                  Purchase
                                                                                                                                                                                                                                                  Agreement.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Lease

                                                                                                                                                                                                                                                  Reserve Amount”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in Section

                                                                                                                                                                                                                                                  5.11(a)(iv)(E) 
                                                                                                                                                                                                                                                  of this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Legacy

                                                                                                                                                                                                                                                  Account”
                                                                                                                                                                                                                                                  means, on or
                                                                                                                                                                                                                                                  after the date
                                                                                                                                                                                                                                                  that any Class
                                                                                                                                                                                                                                                  or Series of
                                                                                                                                                                                                                                                  Notes issued
                                                                                                                                                                                                                                                  pursuant to thethis
                                                                                                                                                                                                                                                  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.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Letter

                                                                                                                                                                                                                                                  of Credit
                                                                                                                                                                                                                                                  Reimbursement
                                                                                                                                                                                                                                                  Agreement”
                                                                                                                                                                                                                                                  means (i) the
                                                                                                                                                                                                                                                  Series 2019-1
                                                                                                                                                                                                                                                  Class A-1 Note
                                                                                                                                                                                                                                                  Letter of
                                                                                                                                                                                                                                                  Credit
                                                                                                                                                                                                                                                  Reimbursement
                                                                                                                                                                                                                                                  Agreement,
                                                                                                                                                                                                                                                  dated as of
                                                                                                                                                                                                                                                  the Closing
                                                                                                                                                                                                                                                  Date, by and
                                                                                                                                                                                                                                                  among Jack in
                                                                                                                                                                                                                                                  the Box Inc.,
                                                                                                                                                                                                                                                  the Manager
                                                                                                                                                                                                                                                  and the Master
                                                                                                                                                                                                                                                  Issuer, as
                                                                                                                                                                                                                                                  amended,
                                                                                                                                                                                                                                                  supplemented
                                                                                                                                                                                                                                                  or otherwise
                                                                                                                                                                                                                                                  modified from
                                                                                                                                                                                                                                                  time to time
                                                                                                                                                                                                                                                  and (ii) any
                                                                                                                                                                                                                                                  additional or
                                                                                                                                                                                                                                                  replacement
                                                                                                                                                                                                                                                  letter of
                                                                                                                                                                                                                                                  credit
                                                                                                                                                                                                                                                  reimbursement
                                                                                                                                                                                                                                                  agreement
                                                                                                                                                                                                                                                  entered into
                                                                                                                                                                                                                                                  on
                                                                                                                                                                                                                                                  substantially
                                                                                                                                                                                                                                                  the same terms
                                                                                                                                                                                                                                                  or otherwise
                                                                                                                                                                                                                                                  with the
                                                                                                                                                                                                                                                  consent of the
                                                                                                                                                                                                                                                  Control Party.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Licensed

                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  IP” means
                                                                                                                                                                                                                                                  (a) the
                                                                                                                                                                                                                                                  portion of the
                                                                                                                                                                                                                                                  Closing Date
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  IP that is
                                                                                                                                                                                                                                                  held or used
                                                                                                                                                                                                                                                  by Jack in the
                                                                                                                                                                                                                                                  Box Inc.,

                                                                                                                                                                                                                                                  Jack in the
                                                                                                                                                                                                                                                  Box Eastern
                                                                                                                                                                                                                                                  Division L.P.,

                                                                                                                                                                                                                                                  the Holding
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Guarantor, the
                                                                                                                                                                                                                                                  Master Issuer,
                                                                                                                                                                                                                                                  JIB
                                                                                                                                                                                                                                                  Properties,
                                                                                                                                                                                                                                                  Jack in the
                                                                                                                                                                                                                                                  Box Foundation
                                                                                                                                                                                                                                                  or JIB Stored
                                                                                                                                                                                                                                                  Value Cards,
                                                                                                                                                                                                                                                  LLC as of the
                                                                                                                                                                                                                                                  Closing Date
                                                                                                                                                                                                                                                  pursuant to a
                                                                                                                                                                                                                                                  license

                                                                                                                                                                                                                                                  or similar
                                                                                                                                                                                                                                                  arrangement;
                                                                                                                                                                                                                                                  and (b) the
                                                                                                                                                                                                                                                  portion of
                                                                                                                                                                                                                                                  After-Acquired
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  IP that, after
                                                                                                                                                                                                                                                  the Closing
                                                                                                                                                                                                                                                  Date, is
                                                                                                                                                                                                                                                  or will

                                                                                                                                                                                                                                                  be held or
                                                                                                                                                                                                                                                  used by such
                                                                                                                                                                                                                                                  parties
                                                                                                                                                                                                                                                  pursuant to a
                                                                                                                                                                                                                                                  license or
                                                                                                                                                                                                                                                  similar
                                                                                                                                                                                                                                                  arrangement.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Licensee-Developed

                                                                                                                                                                                                                                                  IP” means
                                                                                                                                                                                                                                                  all
                                                                                                                                                                                                                                                  Intellectual
                                                                                                                                                                                                                                                  Property
                                                                                                                                                                                                                                                  (other than
                                                                                                                                                                                                                                                  Excluded IP)
                                                                                                                                                                                                                                                  created,
                                                                                                                                                                                                                                                  developed,
                                                                                                                                                                                                                                                  authored,
                                                                                                                                                                                                                                                  acquired or
                                                                                                                                                                                                                                                  owned by or on
                                                                                                                                                                                                                                                  behalf of any
                                                                                                                                                                                                                                                  licensee under
                                                                                                                                                                                                                                                  any IP License
                                                                                                                                                                                                                                                  Agreement or
                                                                                                                                                                                                                                                  Franchise
                                                                                                                                                                                                                                                  Agreement
                                                                                                                                                                                                                                                  related to
                                                                                                                                                                                                                                                  (i) the Jack
                                                                                                                                                                                                                                                  in the Box
                                                                                                                                                                                                                                                  Brand,
                                                                                                                                                                                                                                                  (ii) products
                                                                                                                                                                                                                                                  or services
                                                                                                                                                                                                                                                  sold or
                                                                                                                                                                                                                                                  distributed
                                                                                                                                                                                                                                                  under the Jack
                                                                                                                                                                                                                                                  in the Box
                                                                                                                                                                                                                                                  Brand, (iii) 
                                                                                                                                                                                                                                                  Branded
                                                                                                                                                                                                                                                  Restaurants,
                                                                                                                                                                                                                                                  (iv) the Jack
                                                                                                                                                                                                                                                  in the Box
                                                                                                                                                                                                                                                  System,
                                                                                                                                                                                                                                                  (v) the
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchised
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Business or
                                                                                                                                                                                                                                                  (vi) the
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Business, and
                                                                                                                                                                                                                                                  all goodwill
                                                                                                                                                                                                                                                  appurtenant
                                                                                                                                                                                                                                                  thereto,
                                                                                                                                                                                                                                                  including,
                                                                                                                                                                                                                                                  without
                                                                                                                                                                                                                                                  limitation,
                                                                                                                                                                                                                                                  all
                                                                                                                                                                                                                                                  Improvements
                                                                                                                                                                                                                                                  to any
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  IP.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Majority

                                                                                                                                                                                                                                                  of Controlling
                                                                                                                                                                                                                                                  Class Members”
                                                                                                                                                                                                                                                  means, (x)
                                                                                                                                                                                                                                                  except as set
                                                                                                                                                                                                                                                  forth in clause (y),
                                                                                                                                                                                                                                                  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) and
                                                                                                                                                                                                                                                  (y) with
                                                                                                                                                                                                                                                  respect to the
                                                                                                                                                                                                                                                  election of a
                                                                                                                                                                                                                                                  Controlling
                                                                                                                                                                                                                                                  Class
                                                                                                                                                                                                                                                  Representative,
                                                                                                                                                                                                                                                  Controlling
                                                                                                                                                                                                                                                  Class Members
                                                                                                                                                                                                                                                  that hold
                                                                                                                                                                                                                                                  beneficial
                                                                                                                                                                                                                                                  interests 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, in
                                                                                                                                                                                                                                                  each case,
                                                                                                                                                                                                                                                  that are
                                                                                                                                                                                                                                                  Outstanding as
                                                                                                                                                                                                                                                  of the CCR
                                                                                                                                                                                                                                                  Voting Record
                                                                                                                                                                                                                                                  Date and with
                                                                                                                                                                                                                                                  respect to
                                                                                                                                                                                                                                                  which votes
                                                                                                                                                                                                                                                  were submitted
                                                                                                                                                                                                                                                  by the
                                                                                                                                                                                                                                                  applicable
                                                                                                                                                                                                                                                  deadline for
                                                                                                                                                                                                                                                  voting (which
                                                                                                                                                                                                                                                  may be less
                                                                                                                                                                                                                                                  than the
                                                                                                                                                                                                                                                  Outstanding
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Amount of
                                                                                                                                                                                                                                                  Notes of the
                                                                                                                                                                                                                                                  Controlling
                                                                                                                                                                                                                                                  Class as of
                                                                                                                                                                                                                                                  the CCR Voting
                                                                                                                                                                                                                                                  Record Date).

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-27

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “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

                                                                                                                                                                                                                                                  Document”
                                                                                                                                                                                                                                                  means any
                                                                                                                                                                                                                                                  contract,
                                                                                                                                                                                                                                                  agreement,
                                                                                                                                                                                                                                                  arrangement or
                                                                                                                                                                                                                                                  undertaking
                                                                                                                                                                                                                                                  relating to
                                                                                                                                                                                                                                                  any of the
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Assets,
                                                                                                                                                                                                                                                  including, but
                                                                                                                                                                                                                                                  not limited
                                                                                                                                                                                                                                                  to, the
                                                                                                                                                                                                                                                  Contribution
                                                                                                                                                                                                                                                  Agreements,
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchise
                                                                                                                                                                                                                                                  Agreements,
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Development
                                                                                                                                                                                                                                                  Agreements,
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Notes, the
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Leases and the
                                                                                                                                                                                                                                                  IP License
                                                                                                                                                                                                                                                  Agreements.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Management

                                                                                                                                                                                                                                                  Accounts”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in Section

                                                                                                                                                                                                                                                  5.02(a) of
                                                                                                                                                                                                                                                  this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Management

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

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Management

                                                                                                                                                                                                                                                  Fee” has
                                                                                                                                                                                                                                                  the meaning
                                                                                                                                                                                                                                                  set forth in
                                                                                                                                                                                                                                                  the Management
                                                                                                                                                                                                                                                  Agreement.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Manager”
                                                                                                                                                                                                                                                  means Jack in
                                                                                                                                                                                                                                                  the Box Inc.,
                                                                                                                                                                                                                                                  as Manager,
                                                                                                                                                                                                                                                  under the
                                                                                                                                                                                                                                                  Management
                                                                                                                                                                                                                                                  Agreement or
                                                                                                                                                                                                                                                  any successor
                                                                                                                                                                                                                                                  thereto.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Manager

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

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                   “Manager

                                                                                                                                                                                                                                                  IP License” license

                                                                                                                                                                                                                                                  of
                                                                                                                                                                                                                                                  Intellectual
                                                                                                                                                                                                                                                  Property
                                                                                                                                                                                                                                                  granted by the
                                                                                                                                                                                                                                                  Franchisor to
                                                                                                                                                                                                                                                  the Manager
                                                                                                                                                                                                                                                  pursuant to
                                                                                                                                                                                                                                                  the Management
                                                                                                                                                                                                                                                  Agreement.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Manager

                                                                                                                                                                                                                                                  Termination
                                                                                                                                                                                                                                                  Event”
                                                                                                                                                                                                                                                  means the
                                                                                                                                                                                                                                                  occurrence of
                                                                                                                                                                                                                                                  an event
                                                                                                                                                                                                                                                  specified in
                                                                                                                                                                                                                                                  Section 6.1 of
                                                                                                                                                                                                                                                  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
                                                                                                                                                                                                                                                  related to or
                                                                                                                                                                                                                                                  intended to be
                                                                                                                                                                                                                                                  used by
                                                                                                                                                                                                                                                  (i) the Jack
                                                                                                                                                                                                                                                  in the Box
                                                                                                                                                                                                                                                  Brand,
                                                                                                                                                                                                                                                  (ii) products
                                                                                                                                                                                                                                                  or services
                                                                                                                                                                                                                                                  sold or
                                                                                                                                                                                                                                                  distributed
                                                                                                                                                                                                                                                  under the Jack
                                                                                                                                                                                                                                                  in the Box
                                                                                                                                                                                                                                                  Brand,
                                                                                                                                                                                                                                                  (iii) Branded
                                                                                                                                                                                                                                                  Restaurants,
                                                                                                                                                                                                                                                  (iv) the Jack
                                                                                                                                                                                                                                                  in the Box
                                                                                                                                                                                                                                                  System,
                                                                                                                                                                                                                                                  (v) the
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchised
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Business or
                                                                                                                                                                                                                                                  (vi) the
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Business,
                                                                                                                                                                                                                                                  including
                                                                                                                                                                                                                                                  without
                                                                                                                                                                                                                                                  limitation all
                                                                                                                                                                                                                                                  Improvements
                                                                                                                                                                                                                                                  to any
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  IP.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Managing

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

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Master

                                                                                                                                                                                                                                                  Issuer”
                                                                                                                                                                                                                                                  means Jack in
                                                                                                                                                                                                                                                  the Box
                                                                                                                                                                                                                                                  Funding, LLC,
                                                                                                                                                                                                                                                  a Delaware
                                                                                                                                                                                                                                                  limited
                                                                                                                                                                                                                                                  liability
                                                                                                                                                                                                                                                  company, and
                                                                                                                                                                                                                                                  its successors
                                                                                                                                                                                                                                                  and assigns.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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;

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-28

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  (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

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (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 Holders
                                                                                                                                                                                                                                                  under any
                                                                                                                                                                                                                                                  Related
                                                                                                                                                                                                                                                  Document or
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  enforceability
                                                                                                                                                                                                                                                  of any
                                                                                                                                                                                                                                                  material
                                                                                                                                                                                                                                                  provision of
                                                                                                                                                                                                                                                  any Related
                                                                                                                                                                                                                                                  Document;

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  provided
                                                                                                                                                                                                                                                  that where
                                                                                                                                                                                                                                                  “Material
                                                                                                                                                                                                                                                  Adverse
                                                                                                                                                                                                                                                  Effect” is
                                                                                                                                                                                                                                                  used without
                                                                                                                                                                                                                                                  specific
                                                                                                                                                                                                                                                  reference,
                                                                                                                                                                                                                                                  such term will
                                                                                                                                                                                                                                                  have the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth 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.

                                                                                                                                                                                                                                                   

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

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Mortgage

                                                                                                                                                                                                                                                  Preparation
                                                                                                                                                                                                                                                  Event”
                                                                                                                                                                                                                                                  means the
                                                                                                                                                                                                                                                  earlier to
                                                                                                                                                                                                                                                  occur of (i)
                                                                                                                                                                                                                                                  the failure of
                                                                                                                                                                                                                                                  the Master
                                                                                                                                                                                                                                                  Issuer to
                                                                                                                                                                                                                                                  maintain a
                                                                                                                                                                                                                                                  DSCR of at
                                                                                                                                                                                                                                                  least 1.75x as
                                                                                                                                                                                                                                                  calculated on
                                                                                                                                                                                                                                                  any Quarterly
                                                                                                                                                                                                                                                  Calculation
                                                                                                                                                                                                                                                  Date or (ii) a
                                                                                                                                                                                                                                                  Rapid
                                                                                                                                                                                                                                                  Amortization
                                                                                                                                                                                                                                                  Event that has
                                                                                                                                                                                                                                                  not been
                                                                                                                                                                                                                                                  waived.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Mortgage

                                                                                                                                                                                                                                                  Preparation
                                                                                                                                                                                                                                                  Fees”
                                                                                                                                                                                                                                                  means any
                                                                                                                                                                                                                                                  reasonable
                                                                                                                                                                                                                                                  expenses
                                                                                                                                                                                                                                                  incurred by
                                                                                                                                                                                                                                                  the Master
                                                                                                                                                                                                                                                  Issuer, the
                                                                                                                                                                                                                                                  Manager or the
                                                                                                                                                                                                                                                  Servicer, in
                                                                                                                                                                                                                                                  connection
                                                                                                                                                                                                                                                  with the
                                                                                                                                                                                                                                                  preparation of
                                                                                                                                                                                                                                                  any Mortgages
                                                                                                                                                                                                                                                  as required by
                                                                                                                                                                                                                                                  thethis
                                                                                                                                                                                                                                                  Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Mortgage

                                                                                                                                                                                                                                                  Recordation
                                                                                                                                                                                                                                                  Event”
                                                                                                                                                                                                                                                  means the
                                                                                                                                                                                                                                                  occurrence of
                                                                                                                                                                                                                                                  the first
                                                                                                                                                                                                                                                  Business Day
                                                                                                                                                                                                                                                  in a Rapid
                                                                                                                                                                                                                                                  Amortization
                                                                                                                                                                                                                                                  Period that is
                                                                                                                                                                                                                                                  at least sixty
                                                                                                                                                                                                                                                  (60) days
                                                                                                                                                                                                                                                  following a
                                                                                                                                                                                                                                                  Mortgage
                                                                                                                                                                                                                                                  Preparation
                                                                                                                                                                                                                                                  Event.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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
                                                                                                                                                                                                                                                  thethis
                                                                                                                                                                                                                                                  Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Mortgages”
                                                                                                                                                                                                                                                  means the
                                                                                                                                                                                                                                                  mortgages
                                                                                                                                                                                                                                                  (including
                                                                                                                                                                                                                                                  assignments of
                                                                                                                                                                                                                                                  leases and
                                                                                                                                                                                                                                                  rents for any
                                                                                                                                                                                                                                                  lease, in each
                                                                                                                                                                                                                                                  case, in
                                                                                                                                                                                                                                                  connection
                                                                                                                                                                                                                                                  with such
                                                                                                                                                                                                                                                  mortgages),
                                                                                                                                                                                                                                                  substantially
                                                                                                                                                                                                                                                  in the form of
                                                                                                                                                                                                                                                  Exhibit J
                                                                                                                                                                                                                                                  to thethis
                                                                                                                                                                                                                                                  Base Indenture
                                                                                                                                                                                                                                                  (or otherwise
                                                                                                                                                                                                                                                  in form
                                                                                                                                                                                                                                                  reasonably
                                                                                                                                                                                                                                                  acceptable to
                                                                                                                                                                                                                                                  the Control
                                                                                                                                                                                                                                                  Party and the
                                                                                                                                                                                                                                                  Trustee and in
                                                                                                                                                                                                                                                  recordable
                                                                                                                                                                                                                                                  form).

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Multiemployer

                                                                                                                                                                                                                                                  Plan”
                                                                                                                                                                                                                                                  means any
                                                                                                                                                                                                                                                  Pension Plan
                                                                                                                                                                                                                                                  that is a
                                                                                                                                                                                                                                                  “multiemployer
                                                                                                                                                                                                                                                  plan” as
                                                                                                                                                                                                                                                  defined in
                                                                                                                                                                                                                                                  Section 3(37)
                                                                                                                                                                                                                                                  or 4001(a)(3)
                                                                                                                                                                                                                                                  of ERISA.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Net
                                                                                                                                                                                                                                                  Back-to-Back
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Lease Payments”
                                                                                                                                                                                                                                                  means net
                                                                                                                                                                                                                                                  profit from
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Back-to-Back
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Lease
                                                                                                                                                                                                                                                  Arrangements
                                                                                                                                                                                                                                                  (if any) which
                                                                                                                                                                                                                                                  equals to the
                                                                                                                                                                                                                                                  amount of
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Back-to-Back
                                                                                                                                                                                                                                                  Sublease
                                                                                                                                                                                                                                                  Payments minus
                                                                                                                                                                                                                                                  the amount of
                                                                                                                                                                                                                                                  the JIB
                                                                                                                                                                                                                                                  Back-to-Back
                                                                                                                                                                                                                                                  Lease
                                                                                                                                                                                                                                                  Obligations.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-29

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “Net
                                                                                                                                                                                                                                                  Cash Flow”
                                                                                                                                                                                                                                                  means, except
                                                                                                                                                                                                                                                  as described
                                                                                                                                                                                                                                                  in the
                                                                                                                                                                                                                                                  definition of
                                                                                                                                                                                                                                                  “DSCR” for the
                                                                                                                                                                                                                                                  first four (4)
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Calculation
                                                                                                                                                                                                                                                  Dates, with
                                                                                                                                                                                                                                                  respect to any
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Payment Date
                                                                                                                                                                                                                                                  and the
                                                                                                                                                                                                                                                  immediately
                                                                                                                                                                                                                                                  preceding
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  Period, the
                                                                                                                                                                                                                                                  positive
                                                                                                                                                                                                                                                  difference, if
                                                                                                                                                                                                                                                  any, of:

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (a)          the

                                                                                                                                                                                                                                                  Retained
                                                                                                                                                                                                                                                  Collections
                                                                                                                                                                                                                                                  for 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 priority (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 5.17
                                                                                                                                                                                                                                                  of this 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.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “New
                                                                                                                                                                                                                                                  Asset”
                                                                                                                                                                                                                                                  means a New
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant,
                                                                                                                                                                                                                                                  New
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchise
                                                                                                                                                                                                                                                  Agreement, a
                                                                                                                                                                                                                                                  New
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Development
                                                                                                                                                                                                                                                  Agreement, New
                                                                                                                                                                                                                                                  Real Estate
                                                                                                                                                                                                                                                  Asset or New
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Note or any
                                                                                                                                                                                                                                                  other
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Asset
                                                                                                                                                                                                                                                  contributed
                                                                                                                                                                                                                                                  to, or
                                                                                                                                                                                                                                                  otherwise
                                                                                                                                                                                                                                                  entered into,
                                                                                                                                                                                                                                                  acquired or
                                                                                                                                                                                                                                                  created by,
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entities after
                                                                                                                                                                                                                                                  the Closing
                                                                                                                                                                                                                                                  Date or any
                                                                                                                                                                                                                                                  other asset(s)
                                                                                                                                                                                                                                                  reasonably
                                                                                                                                                                                                                                                  related to,
                                                                                                                                                                                                                                                  incidental to,
                                                                                                                                                                                                                                                  or useful in
                                                                                                                                                                                                                                                  the judgment
                                                                                                                                                                                                                                                  of the Manager
                                                                                                                                                                                                                                                  in accordance
                                                                                                                                                                                                                                                  with the
                                                                                                                                                                                                                                                  Managing
                                                                                                                                                                                                                                                  Standard, in
                                                                                                                                                                                                                                                  connection
                                                                                                                                                                                                                                                  with any of
                                                                                                                                                                                                                                                  the foregoing.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “New
                                                                                                                                                                                                                                                  Real Estate
                                                                                                                                                                                                                                                  Assets”
                                                                                                                                                                                                                                                  means,
                                                                                                                                                                                                                                                  collectively,
                                                                                                                                                                                                                                                  (i) the New
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Owned Real
                                                                                                                                                                                                                                                  Property and
                                                                                                                                                                                                                                                  (ii) the New
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Leases.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “New
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Back-to-Back
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Lease
                                                                                                                                                                                                                                                  Arrangements”
                                                                                                                                                                                                                                                  means lease
                                                                                                                                                                                                                                                  arrangements
                                                                                                                                                                                                                                                  for certain
                                                                                                                                                                                                                                                  Franchised
                                                                                                                                                                                                                                                  Restaurants
                                                                                                                                                                                                                                                  comprised of
                                                                                                                                                                                                                                                  (i) New
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  JIB
                                                                                                                                                                                                                                                  Back-to-Back
                                                                                                                                                                                                                                                  Leases and
                                                                                                                                                                                                                                                  (ii) New
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Back-to-Back
                                                                                                                                                                                                                                                  Subleases
                                                                                                                                                                                                                                                  which are
                                                                                                                                                                                                                                                  collectively
                                                                                                                                                                                                                                                  contributed
                                                                                                                                                                                                                                                  to, or
                                                                                                                                                                                                                                                  otherwise
                                                                                                                                                                                                                                                  entered into
                                                                                                                                                                                                                                                  or acquired
                                                                                                                                                                                                                                                  by, a
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity
                                                                                                                                                                                                                                                  following the
                                                                                                                                                                                                                                                  Closing Date.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                   “New

                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Third-Party
                                                                                                                                                                                                                                                  Leases”
                                                                                                                                                                                                                                                  means leases
                                                                                                                                                                                                                                                  for certain
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurants
                                                                                                                                                                                                                                                  under which
                                                                                                                                                                                                                                                  JIB Properties
                                                                                                                                                                                                                                                  will act as
                                                                                                                                                                                                                                                  lessee under
                                                                                                                                                                                                                                                  leases with
                                                                                                                                                                                                                                                  third-party
                                                                                                                                                                                                                                                  landlords,
                                                                                                                                                                                                                                                  which are
                                                                                                                                                                                                                                                  contributed
                                                                                                                                                                                                                                                  to, or
                                                                                                                                                                                                                                                  otherwise
                                                                                                                                                                                                                                                  entered into
                                                                                                                                                                                                                                                  or acquired
                                                                                                                                                                                                                                                  by, a
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity
                                                                                                                                                                                                                                                  following the
                                                                                                                                                                                                                                                  Closing Date.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “New
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurants”
                                                                                                                                                                                                                                                  means a
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  acquired or
                                                                                                                                                                                                                                                  opened by a
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity after
                                                                                                                                                                                                                                                  the Closing
                                                                                                                                                                                                                                                  Date.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “New
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Development
                                                                                                                                                                                                                                                  Agreements”
                                                                                                                                                                                                                                                  means all
                                                                                                                                                                                                                                                  Development
                                                                                                                                                                                                                                                  Agreements and
                                                                                                                                                                                                                                                  related
                                                                                                                                                                                                                                                  guaranty
                                                                                                                                                                                                                                                  agreements
                                                                                                                                                                                                                                                  contributed
                                                                                                                                                                                                                                                  to, or
                                                                                                                                                                                                                                                  otherwise
                                                                                                                                                                                                                                                  entered into
                                                                                                                                                                                                                                                  or acquired
                                                                                                                                                                                                                                                  by, a
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity
                                                                                                                                                                                                                                                  following the
                                                                                                                                                                                                                                                  Closing Date.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “New
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchise
                                                                                                                                                                                                                                                  Agreements”
                                                                                                                                                                                                                                                  means all
                                                                                                                                                                                                                                                  Franchise
                                                                                                                                                                                                                                                  Agreements and
                                                                                                                                                                                                                                                  related
                                                                                                                                                                                                                                                  guaranty
                                                                                                                                                                                                                                                  agreements
                                                                                                                                                                                                                                                  contributed
                                                                                                                                                                                                                                                  to, or
                                                                                                                                                                                                                                                  otherwise
                                                                                                                                                                                                                                                  entered into
                                                                                                                                                                                                                                                  or acquired
                                                                                                                                                                                                                                                  by, a
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity
                                                                                                                                                                                                                                                  following the
                                                                                                                                                                                                                                                  Closing Date,
                                                                                                                                                                                                                                                  in its
                                                                                                                                                                                                                                                  capacity as
                                                                                                                                                                                                                                                  franchisor for
                                                                                                                                                                                                                                                  Branded
                                                                                                                                                                                                                                                  Restaurants
                                                                                                                                                                                                                                                  (including all
                                                                                                                                                                                                                                                  renewals for
                                                                                                                                                                                                                                                  Contributed
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchised
                                                                                                                                                                                                                                                  Restaurants).

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-30

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “New
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchised
                                                                                                                                                                                                                                                  Restaurants”
                                                                                                                                                                                                                                                  means
                                                                                                                                                                                                                                                  Franchised
                                                                                                                                                                                                                                                  Restaurants
                                                                                                                                                                                                                                                  that are
                                                                                                                                                                                                                                                  franchised
                                                                                                                                                                                                                                                  pursuant to
                                                                                                                                                                                                                                                  Franchise
                                                                                                                                                                                                                                                  Agreements
                                                                                                                                                                                                                                                  contributed to
                                                                                                                                                                                                                                                  a
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity after
                                                                                                                                                                                                                                                  the Closing
                                                                                                                                                                                                                                                  Date.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “New
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Back-to-Back
                                                                                                                                                                                                                                                  Subleases”
                                                                                                                                                                                                                                                  means for
                                                                                                                                                                                                                                                  certain
                                                                                                                                                                                                                                                  Franchised
                                                                                                                                                                                                                                                  Restaurants,
                                                                                                                                                                                                                                                  leases under
                                                                                                                                                                                                                                                  which JIB
                                                                                                                                                                                                                                                  Properties (or
                                                                                                                                                                                                                                                  another
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity) leases
                                                                                                                                                                                                                                                  to a
                                                                                                                                                                                                                                                  Franchisee a
                                                                                                                                                                                                                                                  property in
                                                                                                                                                                                                                                                  which JIB
                                                                                                                                                                                                                                                  Properties (or
                                                                                                                                                                                                                                                  such
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity)
                                                                                                                                                                                                                                                  acquires
                                                                                                                                                                                                                                                  rights to such
                                                                                                                                                                                                                                                  property as
                                                                                                                                                                                                                                                  lessee through
                                                                                                                                                                                                                                                  a lease with a
                                                                                                                                                                                                                                                  third-party
                                                                                                                                                                                                                                                  landlord (or a
                                                                                                                                                                                                                                                  landlord that
                                                                                                                                                                                                                                                  is a
                                                                                                                                                                                                                                                  Non-Securitization
                                                                                                                                                                                                                                                  Entity, if
                                                                                                                                                                                                                                                  such lease is
                                                                                                                                                                                                                                                  on arm’s
                                                                                                                                                                                                                                                  length terms)
                                                                                                                                                                                                                                                  that are
                                                                                                                                                                                                                                                  contributed
                                                                                                                                                                                                                                                  to, or
                                                                                                                                                                                                                                                  otherwise
                                                                                                                                                                                                                                                  entered into
                                                                                                                                                                                                                                                  or acquired
                                                                                                                                                                                                                                                  by, a
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity after
                                                                                                                                                                                                                                                  the Closing
                                                                                                                                                                                                                                                  Date.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “New
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Notes”
                                                                                                                                                                                                                                                  means all
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Notes and
                                                                                                                                                                                                                                                  related
                                                                                                                                                                                                                                                  guaranty and
                                                                                                                                                                                                                                                  collateral
                                                                                                                                                                                                                                                  agreements
                                                                                                                                                                                                                                                  contributed
                                                                                                                                                                                                                                                  to, or
                                                                                                                                                                                                                                                  otherwise
                                                                                                                                                                                                                                                  entered into
                                                                                                                                                                                                                                                  or acquired
                                                                                                                                                                                                                                                  by, a
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity
                                                                                                                                                                                                                                                  following the
                                                                                                                                                                                                                                                  Closing Date.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                   “New

                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  JIB
                                                                                                                                                                                                                                                  Back-to-Back
                                                                                                                                                                                                                                                  Lease”
                                                                                                                                                                                                                                                  means for
                                                                                                                                                                                                                                                  certain
                                                                                                                                                                                                                                                  Franchised
                                                                                                                                                                                                                                                  Restaurants,
                                                                                                                                                                                                                                                  leases under
                                                                                                                                                                                                                                                  which JIB
                                                                                                                                                                                                                                                  Properties
                                                                                                                                                                                                                                                  acquires
                                                                                                                                                                                                                                                  rights to a
                                                                                                                                                                                                                                                  property as
                                                                                                                                                                                                                                                  lessee from a
                                                                                                                                                                                                                                                  third-party
                                                                                                                                                                                                                                                  landlord (or a
                                                                                                                                                                                                                                                  landlord that
                                                                                                                                                                                                                                                  is a
                                                                                                                                                                                                                                                  Non-Securitization
                                                                                                                                                                                                                                                  Entity, if
                                                                                                                                                                                                                                                  such lease is
                                                                                                                                                                                                                                                  on arm’s
                                                                                                                                                                                                                                                  length terms)
                                                                                                                                                                                                                                                  and in turn
                                                                                                                                                                                                                                                  leases that
                                                                                                                                                                                                                                                  property to a
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  that are
                                                                                                                                                                                                                                                  contributed
                                                                                                                                                                                                                                                  to, or
                                                                                                                                                                                                                                                  otherwise
                                                                                                                                                                                                                                                  entered into
                                                                                                                                                                                                                                                  or acquired
                                                                                                                                                                                                                                                  by, a
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity after
                                                                                                                                                                                                                                                  the Closing
                                                                                                                                                                                                                                                  Date.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “New
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Leases”
                                                                                                                                                                                                                                                  means
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Leases,
                                                                                                                                                                                                                                                  contributed
                                                                                                                                                                                                                                                  to, or
                                                                                                                                                                                                                                                  otherwise
                                                                                                                                                                                                                                                  entered into
                                                                                                                                                                                                                                                  or acquired
                                                                                                                                                                                                                                                  by, a
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity
                                                                                                                                                                                                                                                  following the
                                                                                                                                                                                                                                                  Closing Date.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                   “New

                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Owned Real
                                                                                                                                                                                                                                                  Property”
                                                                                                                                                                                                                                                  means real
                                                                                                                                                                                                                                                  property
                                                                                                                                                                                                                                                  (including the
                                                                                                                                                                                                                                                  land,
                                                                                                                                                                                                                                                  buildings and
                                                                                                                                                                                                                                                  fixtures) that
                                                                                                                                                                                                                                                  is (i)
                                                                                                                                                                                                                                                  acquired in
                                                                                                                                                                                                                                                  fee after the
                                                                                                                                                                                                                                                  Closing Date
                                                                                                                                                                                                                                                  by a
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity or
                                                                                                                                                                                                                                                  (ii) acquired
                                                                                                                                                                                                                                                  in fee after
                                                                                                                                                                                                                                                  the Closing
                                                                                                                                                                                                                                                  Date by a
                                                                                                                                                                                                                                                  Non-Securitization
                                                                                                                                                                                                                                                  Entity and
                                                                                                                                                                                                                                                  contributed
                                                                                                                                                                                                                                                  to, or
                                                                                                                                                                                                                                                  otherwise
                                                                                                                                                                                                                                                  acquired by, a
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity
                                                                                                                                                                                                                                                  pursuant to a
                                                                                                                                                                                                                                                  contribution
                                                                                                                                                                                                                                                  agreement in
                                                                                                                                                                                                                                                  form and
                                                                                                                                                                                                                                                  substance
                                                                                                                                                                                                                                                  reasonably
                                                                                                                                                                                                                                                  acceptable to
                                                                                                                                                                                                                                                  the Trustee.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “New
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Owned-Property
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Leases”
                                                                                                                                                                                                                                                  means leases
                                                                                                                                                                                                                                                  for certain
                                                                                                                                                                                                                                                  Franchised
                                                                                                                                                                                                                                                  Restaurants
                                                                                                                                                                                                                                                  under which
                                                                                                                                                                                                                                                  the real
                                                                                                                                                                                                                                                  property is
                                                                                                                                                                                                                                                  owned by JIB
                                                                                                                                                                                                                                                  Properties, a
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  will act as
                                                                                                                                                                                                                                                  lessee and JIB
                                                                                                                                                                                                                                                  Properties
                                                                                                                                                                                                                                                  will act as
                                                                                                                                                                                                                                                  lessor, which
                                                                                                                                                                                                                                                  are ,
                                                                                                                                                                                                                                                  contributed
                                                                                                                                                                                                                                                  to, or
                                                                                                                                                                                                                                                  otherwise
                                                                                                                                                                                                                                                  entered into
                                                                                                                                                                                                                                                  or acquired
                                                                                                                                                                                                                                                  by, a
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity
                                                                                                                                                                                                                                                  following 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 most
                                                                                                                                                                                                                                                  recently ended
                                                                                                                                                                                                                                                  by (ii) the
                                                                                                                                                                                                                                                  Debt Service
                                                                                                                                                                                                                                                  due 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
                                                                                                                                                                                                                                                  York UCC”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in
                                                                                                                                                                                                                                                  Section
                                                                                                                                                                                                                                                  5.09(b) of
                                                                                                                                                                                                                                                  this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-31

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “Non-Branded

                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Lease Payments”
                                                                                                                                                                                                                                                  means lease
                                                                                                                                                                                                                                                  payments
                                                                                                                                                                                                                                                  payable by a
                                                                                                                                                                                                                                                  third party
                                                                                                                                                                                                                                                  (that does not
                                                                                                                                                                                                                                                  operate a
                                                                                                                                                                                                                                                  Branded
                                                                                                                                                                                                                                                  Restaurant) to
                                                                                                                                                                                                                                                  JIB Properties
                                                                                                                                                                                                                                                  under
                                                                                                                                                                                                                                                  Non-Branded
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Leases.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Non-Branded

                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Leases”
                                                                                                                                                                                                                                                  means leases
                                                                                                                                                                                                                                                  for properties
                                                                                                                                                                                                                                                  that are not
                                                                                                                                                                                                                                                  operated as
                                                                                                                                                                                                                                                  Branded
                                                                                                                                                                                                                                                  Restaurants
                                                                                                                                                                                                                                                  where (a) the
                                                                                                                                                                                                                                                  real property
                                                                                                                                                                                                                                                  is owned by
                                                                                                                                                                                                                                                  JIB
                                                                                                                                                                                                                                                  Properties, a
                                                                                                                                                                                                                                                  third party
                                                                                                                                                                                                                                                  (that does not
                                                                                                                                                                                                                                                  operate a
                                                                                                                                                                                                                                                  Branded
                                                                                                                                                                                                                                                  Restaurant) is
                                                                                                                                                                                                                                                  the lessee and
                                                                                                                                                                                                                                                  JIB Properties
                                                                                                                                                                                                                                                  is the lessor
                                                                                                                                                                                                                                                  or (b) JIB
                                                                                                                                                                                                                                                  Properties (or
                                                                                                                                                                                                                                                  another
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity) leases
                                                                                                                                                                                                                                                  to a
                                                                                                                                                                                                                                                  third-party
                                                                                                                                                                                                                                                  (that does not
                                                                                                                                                                                                                                                  operate a
                                                                                                                                                                                                                                                  Branded
                                                                                                                                                                                                                                                  Restaurant) a
                                                                                                                                                                                                                                                  property in
                                                                                                                                                                                                                                                  which JIB
                                                                                                                                                                                                                                                  Properties (or
                                                                                                                                                                                                                                                  such
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity)
                                                                                                                                                                                                                                                  acquires
                                                                                                                                                                                                                                                  rights to such
                                                                                                                                                                                                                                                  property as
                                                                                                                                                                                                                                                  lessee through
                                                                                                                                                                                                                                                  a lease with a
                                                                                                                                                                                                                                                  third-party
                                                                                                                                                                                                                                                  landlord (or a
                                                                                                                                                                                                                                                  landlord that
                                                                                                                                                                                                                                                  is a
                                                                                                                                                                                                                                                  Non-Securitization
                                                                                                                                                                                                                                                  Entity, if
                                                                                                                                                                                                                                                  such lease is
                                                                                                                                                                                                                                                  on arm’s
                                                                                                                                                                                                                                                  length terms).

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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 accordance

                                                                                                                                                                                                                                                  with the
                                                                                                                                                                                                                                                  Servicing
                                                                                                                                                                                                                                                  Standard, in
                                                                                                                                                                                                                                                  the case of
                                                                                                                                                                                                                                                  the Servicer,
                                                                                                                                                                                                                                                  or in the

                                                                                                                                                                                                                                                  reasonable and
                                                                                                                                                                                                                                                  good faith
                                                                                                                                                                                                                                                  judgment
                                                                                                                                                                                                                                                  of,
                                                                                                                                                                                                                                                  in
                                                                                                                                                                                                                                                  the Servicer

                                                                                                                                                                                                                                                  orcase

                                                                                                                                                                                                                                                  of
                                                                                                                                                                                                                                                  the Trustee,
                                                                                                                                                                                                                                                  as applicable,
                                                                                                                                                                                                                                                  would not be
                                                                                                                                                                                                                                                  ultimately
                                                                                                                                                                                                                                                  recoverable
                                                                                                                                                                                                                                                  from
                                                                                                                                                                                                                                                  subsequent
                                                                                                                                                                                                                                                  payments or
                                                                                                                                                                                                                                                  collections
                                                                                                                                                                                                                                                  from any funds
                                                                                                                                                                                                                                                  on deposit in
                                                                                                                                                                                                                                                  the Collection
                                                                                                                                                                                                                                                  Account or
                                                                                                                                                                                                                                                  funds
                                                                                                                                                                                                                                                  reasonably
                                                                                                                                                                                                                                                  expected to be
                                                                                                                                                                                                                                                  deposited in
                                                                                                                                                                                                                                                  the Collection
                                                                                                                                                                                                                                                  Account
                                                                                                                                                                                                                                                  following such
                                                                                                                                                                                                                                                  date of
                                                                                                                                                                                                                                                  determination,
                                                                                                                                                                                                                                                  giving due
                                                                                                                                                                                                                                                  consideration
                                                                                                                                                                                                                                                  to allocations
                                                                                                                                                                                                                                                  and
                                                                                                                                                                                                                                                  disbursements
                                                                                                                                                                                                                                                  of funds in
                                                                                                                                                                                                                                                  such accounts
                                                                                                                                                                                                                                                  and the
                                                                                                                                                                                                                                                  limited assets
                                                                                                                                                                                                                                                  of the
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entities.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Non-Securitization

                                                                                                                                                                                                                                                  Entity”
                                                                                                                                                                                                                                                  means Jack in
                                                                                                                                                                                                                                                  the Box Inc.
                                                                                                                                                                                                                                                  and each of
                                                                                                                                                                                                                                                  its Affiliates
                                                                                                                                                                                                                                                  (including
                                                                                                                                                                                                                                                  each of their
                                                                                                                                                                                                                                                  Subsidiaries,
                                                                                                                                                                                                                                                  but excluding
                                                                                                                                                                                                                                                  any
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity) now
                                                                                                                                                                                                                                                  existing or
                                                                                                                                                                                                                                                  hereafter
                                                                                                                                                                                                                                                  created.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Non-Securitization

                                                                                                                                                                                                                                                  Entity Company
                                                                                                                                                                                                                                                  Restaurants”
                                                                                                                                                                                                                                                  means Branded
                                                                                                                                                                                                                                                  Restaurants
                                                                                                                                                                                                                                                  owned and
                                                                                                                                                                                                                                                  operated by
                                                                                                                                                                                                                                                  Non-Securitization
                                                                                                                                                                                                                                                  Entities that
                                                                                                                                                                                                                                                  either (1)
                                                                                                                                                                                                                                                  cannot be
                                                                                                                                                                                                                                                  contributed on
                                                                                                                                                                                                                                                  the Closing
                                                                                                                                                                                                                                                  Date due to
                                                                                                                                                                                                                                                  contractual
                                                                                                                                                                                                                                                  restrictions,
                                                                                                                                                                                                                                                  legal
                                                                                                                                                                                                                                                  requirements
                                                                                                                                                                                                                                                  or other
                                                                                                                                                                                                                                                  unforeseen
                                                                                                                                                                                                                                                  circumstances
                                                                                                                                                                                                                                                  or (2) may be
                                                                                                                                                                                                                                                  temporarily
                                                                                                                                                                                                                                                  held by
                                                                                                                                                                                                                                                  Non-Securitization
                                                                                                                                                                                                                                                  Entities in
                                                                                                                                                                                                                                                  order to
                                                                                                                                                                                                                                                  refranchise
                                                                                                                                                                                                                                                  them.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Non-Securitization

                                                                                                                                                                                                                                                  Entity Lease
                                                                                                                                                                                                                                                  Payments”
                                                                                                                                                                                                                                                  means lease
                                                                                                                                                                                                                                                  payments
                                                                                                                                                                                                                                                  payable by
                                                                                                                                                                                                                                                  Non-Securitization
                                                                                                                                                                                                                                                  Entities to
                                                                                                                                                                                                                                                  JIB Properties
                                                                                                                                                                                                                                                  under
                                                                                                                                                                                                                                                  Non-Securitization
                                                                                                                                                                                                                                                  Entity Leases.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Non-Securitization

                                                                                                                                                                                                                                                  Entity Leases”
                                                                                                                                                                                                                                                  means leases
                                                                                                                                                                                                                                                  for certain
                                                                                                                                                                                                                                                  Non-Securitization
                                                                                                                                                                                                                                                  Entity Company
                                                                                                                                                                                                                                                  Restaurants
                                                                                                                                                                                                                                                  where the real
                                                                                                                                                                                                                                                  property is
                                                                                                                                                                                                                                                  owned or
                                                                                                                                                                                                                                                  leased by JIB
                                                                                                                                                                                                                                                  Properties, a
                                                                                                                                                                                                                                                  Non-Securitization

                                                                                                                                                                                                                                                  Entity is the
                                                                                                                                                                                                                                                  lessee and JIB
                                                                                                                                                                                                                                                  Properties is
                                                                                                                                                                                                                                                  the lessor.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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 set
                                                                                                                                                                                                                                                  forth in
                                                                                                                                                                                                                                                  Section
                                                                                                                                                                                                                                                  11.05(b) of
                                                                                                                                                                                                                                                  this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Note

                                                                                                                                                                                                                                                  Rate”
                                                                                                                                                                                                                                                  means, with
                                                                                                                                                                                                                                                  respect to any
                                                                                                                                                                                                                                                  Series or any
                                                                                                                                                                                                                                                  Class,
                                                                                                                                                                                                                                                  Subclass or
                                                                                                                                                                                                                                                  Tranche 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,
                                                                                                                                                                                                                                                  Subclass or
                                                                                                                                                                                                                                                  Tranche of
                                                                                                                                                                                                                                                  such Series of
                                                                                                                                                                                                                                                  Notes (or the
                                                                                                                                                                                                                                                  formula on the
                                                                                                                                                                                                                                                  basis of which
                                                                                                                                                                                                                                                  such rate will
                                                                                                                                                                                                                                                  be determined)
                                                                                                                                                                                                                                                  as stated in
                                                                                                                                                                                                                                                  the Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Note

                                                                                                                                                                                                                                                  Register”
                                                                                                                                                                                                                                                  means the
                                                                                                                                                                                                                                                  register
                                                                                                                                                                                                                                                  maintained
                                                                                                                                                                                                                                                  pursuant to
                                                                                                                                                                                                                                                  Section
                                                                                                                                                                                                                                                  2.05(a) of
                                                                                                                                                                                                                                                  this 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”
                                                                                                                                                                                                                                                  means the
                                                                                                                                                                                                                                                  Person in
                                                                                                                                                                                                                                                  whose name a
                                                                                                                                                                                                                                                  Note is
                                                                                                                                                                                                                                                  registered in
                                                                                                                                                                                                                                                  the Note
                                                                                                                                                                                                                                                  Register.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Noteholder

                                                                                                                                                                                                                                                  Materials”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in
                                                                                                                                                                                                                                                  Section 4.03
                                                                                                                                                                                                                                                  of this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-32

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “Notes”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in the
                                                                                                                                                                                                                                                  recitals to thethis
                                                                                                                                                                                                                                                  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.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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
                                                                                                                                                                                                                                                  any

                                                                                                                                                                                                                                                  of the

                                                                                                                                                                                                                                                  Indenture, the
                                                                                                                                                                                                                                                  Notes, any
                                                                                                                                                                                                                                                  other
                                                                                                                                                                                                                                                  Indenture
                                                                                                                                                                                                                                                  Document
                                                                                                                                                                                                                                                  or,
                                                                                                                                                                                                                                                  the Servicing
                                                                                                                                                                                                                                                  Agreement

                                                                                                                                                                                                                                                  or the Back-Up
                                                                                                                                                                                                                                                  Management 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 when due
                                                                                                                                                                                                                                                  and payable as
                                                                                                                                                                                                                                                  provided in
                                                                                                                                                                                                                                                  the Indenture
                                                                                                                                                                                                                                                  and all
                                                                                                                                                                                                                                                  Mortgage
                                                                                                                                                                                                                                                  Preparation
                                                                                                                                                                                                                                                  Fees and
                                                                                                                                                                                                                                                  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.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Omitted

                                                                                                                                                                                                                                                  Payable Sums
                                                                                                                                                                                                                                                  Certification”
                                                                                                                                                                                                                                                  means a
                                                                                                                                                                                                                                                  written
                                                                                                                                                                                                                                                  certification
                                                                                                                                                                                                                                                  submitted by
                                                                                                                                                                                                                                                  the Servicer
                                                                                                                                                                                                                                                  to the
                                                                                                                                                                                                                                                  Manager, the
                                                                                                                                                                                                                                                  Trustee and
                                                                                                                                                                                                                                                  the Back-Up
                                                                                                                                                                                                                                                  Manager based
                                                                                                                                                                                                                                                  upon the
                                                                                                                                                                                                                                                  Weekly
                                                                                                                                                                                                                                                  Manager’s
                                                                                                                                                                                                                                                  Certificate
                                                                                                                                                                                                                                                  delivered by
                                                                                                                                                                                                                                                  the Manager
                                                                                                                                                                                                                                                  for the next
                                                                                                                                                                                                                                                  Weekly
                                                                                                                                                                                                                                                  Allocation
                                                                                                                                                                                                                                                  Date and
                                                                                                                                                                                                                                                  reflecting
                                                                                                                                                                                                                                                  solely such
                                                                                                                                                                                                                                                  changes as are
                                                                                                                                                                                                                                                  necessary to
                                                                                                                                                                                                                                                  reflect the
                                                                                                                                                                                                                                                  inclusion of
                                                                                                                                                                                                                                                  such Manager
                                                                                                                                                                                                                                                  Omitted
                                                                                                                                                                                                                                                  Payable Sums
                                                                                                                                                                                                                                                  then due in
                                                                                                                                                                                                                                                  their prior
                                                                                                                                                                                                                                                  priorities in
                                                                                                                                                                                                                                                  the Priority
                                                                                                                                                                                                                                                  of Payments,
                                                                                                                                                                                                                                                  and upon which
                                                                                                                                                                                                                                                  the Trustee
                                                                                                                                                                                                                                                  may
                                                                                                                                                                                                                                                  conclusively
                                                                                                                                                                                                                                                  rely,
                                                                                                                                                                                                                                                  whereupon the
                                                                                                                                                                                                                                                  Trustee shall
                                                                                                                                                                                                                                                  allocate
                                                                                                                                                                                                                                                  amounts pursuant

                                                                                                                                                                                                                                                  to the
                                                                                                                                                                                                                                                  Priority of
                                                                                                                                                                                                                                                  Payments in
                                                                                                                                                                                                                                                  accordance
                                                                                                                                                                                                                                                  with such
                                                                                                                                                                                                                                                  Omitted
                                                                                                                                                                                                                                                  Payable Sums
                                                                                                                                                                                                                                                  Certification
                                                                                                                                                                                                                                                  on such next
                                                                                                                                                                                                                                                  Weekly
                                                                                                                                                                                                                                                  Allocation
                                                                                                                                                                                                                                                  Date.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Opinion

                                                                                                                                                                                                                                                  of Counsel”
                                                                                                                                                                                                                                                  means a
                                                                                                                                                                                                                                                  written
                                                                                                                                                                                                                                                  opinion from
                                                                                                                                                                                                                                                  legal counsel
                                                                                                                                                                                                                                                  who is
                                                                                                                                                                                                                                                  reasonably
                                                                                                                                                                                                                                                  acceptable to
                                                                                                                                                                                                                                                  the Trustee
                                                                                                                                                                                                                                                  and the
                                                                                                                                                                                                                                                  Control Party,
                                                                                                                                                                                                                                                  which may
                                                                                                                                                                                                                                                  include one or
                                                                                                                                                                                                                                                  more reliance
                                                                                                                                                                                                                                                  letters.  The
                                                                                                                                                                                                                                                  counsel may be
                                                                                                                                                                                                                                                  an employee
                                                                                                                                                                                                                                                  of, or counsel
                                                                                                                                                                                                                                                  to, the
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entities, Jack
                                                                                                                                                                                                                                                  in the Box
                                                                                                                                                                                                                                                  Inc., the
                                                                                                                                                                                                                                                  Manager (if
                                                                                                                                                                                                                                                  not Jack in
                                                                                                                                                                                                                                                  the Box Inc.)
                                                                                                                                                                                                                                                  or the Back-Up
                                                                                                                                                                                                                                                  Manager, as
                                                                                                                                                                                                                                                  the case may
                                                                                                                                                                                                                                                  be.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Optional

                                                                                                                                                                                                                                                  Prepayment”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in Section

                                                                                                                                                                                                                                                  5.13(o) of
                                                                                                                                                                                                                                                  this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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
                                                                                                                                                                                                                                                  (or

                                                                                                                                                                                                                                                  registered for
                                                                                                                                                                                                                                                  Uncertificated
                                                                                                                                                                                                                                                  Notes) under

                                                                                                                                                                                                                                                  the Indenture
                                                                                                                                                                                                                                                  except:

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (i)          Notes

                                                                                                                                                                                                                                                  theretofore
                                                                                                                                                                                                                                                  canceled (or

                                                                                                                                                                                                                                                  de-registered)
                                                                                                                                                                                                                                                  by
                                                                                                                                                                                                                                                  the Registrar
                                                                                                                                                                                                                                                  or delivered
                                                                                                                                                                                                                                                  to the
                                                                                                                                                                                                                                                  Registrar for
                                                                                                                                                                                                                                                  cancellation
                                                                                                                                                                                                                                                  (or
                                                                                                                                                                                                                                                  de-registration
                                                                                                                                                                                                                                                  for
                                                                                                                                                                                                                                                  Uncertificated
                                                                                                                                                                                                                                                  Notes);

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                   (ii)          Notes,

                                                                                                                                                                                                                                                  or portions
                                                                                                                                                                                                                                                  thereof, for
                                                                                                                                                                                                                                                  whose payment
                                                                                                                                                                                                                                                  or redemption
                                                                                                                                                                                                                                                  funds in the
                                                                                                                                                                                                                                                  necessary
                                                                                                                                                                                                                                                  amount have
                                                                                                                                                                                                                                                  been
                                                                                                                                                                                                                                                  theretofore
                                                                                                                                                                                                                                                  irrevocably
                                                                                                                                                                                                                                                  deposited with
                                                                                                                                                                                                                                                  the Trustee in
                                                                                                                                                                                                                                                  trust for the
                                                                                                                                                                                                                                                  Noteholders of
                                                                                                                                                                                                                                                  such Notes
                                                                                                                                                                                                                                                  pursuant to
                                                                                                                                                                                                                                                  the Indenture;
                                                                                                                                                                                                                                                  provided
                                                                                                                                                                                                                                                  that, if such
                                                                                                                                                                                                                                                  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)          each

                                                                                                                                                                                                                                                  Tranche of
                                                                                                                                                                                                                                                  Notes that
                                                                                                                                                                                                                                                  have been
                                                                                                                                                                                                                                                  defeased in
                                                                                                                                                                                                                                                  accordance
                                                                                                                                                                                                                                                  with thethis
                                                                                                                                                                                                                                                  Base
                                                                                                                                                                                                                                                  Indenture;

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (iv)          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; and

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-33

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                   (v)          Notes

                                                                                                                                                                                                                                                  alleged to
                                                                                                                                                                                                                                                  have been
                                                                                                                                                                                                                                                  mutilated,
                                                                                                                                                                                                                                                  destroyed,
                                                                                                                                                                                                                                                  lost or stolen
                                                                                                                                                                                                                                                  for which
                                                                                                                                                                                                                                                  replacement
                                                                                                                                                                                                                                                  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
                                                                                                                                                                                                                                                  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,
                                                                                                                                                                                                                                                  Class and
                                                                                                                                                                                                                                                  Tranche of
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Outstanding,
                                                                                                                                                                                                                                                  the amount
                                                                                                                                                                                                                                                  calculated in
                                                                                                                                                                                                                                                  accordance
                                                                                                                                                                                                                                                  with the
                                                                                                                                                                                                                                                  Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series,
                                                                                                                                                                                                                                                  Class, Tranche
                                                                                                                                                                                                                                                  or Variable
                                                                                                                                                                                                                                                  Funding Note
                                                                                                                                                                                                                                                  Purchase
                                                                                                                                                                                                                                                  Agreement,
                                                                                                                                                                                                                                                  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

                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  IP” means
                                                                                                                                                                                                                                                  (a) the
                                                                                                                                                                                                                                                  portion of the
                                                                                                                                                                                                                                                  Closing Date
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  IP that is
                                                                                                                                                                                                                                                  owned by any
                                                                                                                                                                                                                                                  Non-Securitization
                                                                                                                                                                                                                                                  Entity as of
                                                                                                                                                                                                                                                  the Closing
                                                                                                                                                                                                                                                  Date
                                                                                                                                                                                                                                                  immediately
                                                                                                                                                                                                                                                  prior to
                                                                                                                                                                                                                                                  giving effect
                                                                                                                                                                                                                                                  to the
                                                                                                                                                                                                                                                  Contribution
                                                                                                                                                                                                                                                  Agreements;
                                                                                                                                                                                                                                                  and (b) the
                                                                                                                                                                                                                                                  portion of the
                                                                                                                                                                                                                                                  After-Acquired
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  IP that, after
                                                                                                                                                                                                                                                  the Closing
                                                                                                                                                                                                                                                  Date, will be
                                                                                                                                                                                                                                                  owned by the
                                                                                                                                                                                                                                                  Franchisor.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Pass-Through

                                                                                                                                                                                                                                                  Amounts”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in the
                                                                                                                                                                                                                                                  definition of
                                                                                                                                                                                                                                                  “Collateral”.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Patents”
                                                                                                                                                                                                                                                  means all
                                                                                                                                                                                                                                                  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
                                                                                                                                                                                                                                                  set forth in
                                                                                                                                                                                                                                                  Section
                                                                                                                                                                                                                                                  2.05(a) of
                                                                                                                                                                                                                                                  this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “PBGC”
                                                                                                                                                                                                                                                  means the
                                                                                                                                                                                                                                                  Pension
                                                                                                                                                                                                                                                  Benefit
                                                                                                                                                                                                                                                  Guaranty
                                                                                                                                                                                                                                                  Corporation
                                                                                                                                                                                                                                                  established
                                                                                                                                                                                                                                                  under
                                                                                                                                                                                                                                                  Section 4002
                                                                                                                                                                                                                                                  of ERISA.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Pension

                                                                                                                                                                                                                                                  Plan”
                                                                                                                                                                                                                                                  means any
                                                                                                                                                                                                                                                  “employee
                                                                                                                                                                                                                                                  pension
                                                                                                                                                                                                                                                  benefit plan”,
                                                                                                                                                                                                                                                  as such term
                                                                                                                                                                                                                                                  is defined in
                                                                                                                                                                                                                                                  Section 3(2)
                                                                                                                                                                                                                                                  of ERISA,
                                                                                                                                                                                                                                                  which 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
                                                                                                                                                                                                                                                  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 this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-34

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “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
                                                                                                                                                                                                                                                  Intellectual
                                                                                                                                                                                                                                                  Property
                                                                                                                                                                                                                                                  recordations
                                                                                                                                                                                                                                                  of Liens need
                                                                                                                                                                                                                                                  not have been
                                                                                                                                                                                                                                                  terminated of
                                                                                                                                                                                                                                                  record on the
                                                                                                                                                                                                                                                  Closing Date
                                                                                                                                                                                                                                                  so long as
                                                                                                                                                                                                                                                  such
                                                                                                                                                                                                                                                  Intellectual
                                                                                                                                                                                                                                                  Property
                                                                                                                                                                                                                                                  recordations
                                                                                                                                                                                                                                                  of Liens are
                                                                                                                                                                                                                                                  terminated of
                                                                                                                                                                                                                                                  record within
                                                                                                                                                                                                                                                  sixty
                                                                                                                                                                                                                                                  (60) days of
                                                                                                                                                                                                                                                  the Closing
                                                                                                                                                                                                                                                  Date,
                                                                                                                                                                                                                                                  (d) encumbrances
                                                                                                                                                                                                                                                  in the nature
                                                                                                                                                                                                                                                  of (i) a
                                                                                                                                                                                                                                                  lessor’s fee
                                                                                                                                                                                                                                                  interest,
                                                                                                                                                                                                                                                  (ii) zoning,
                                                                                                                                                                                                                                                  building code
                                                                                                                                                                                                                                                  and similar
                                                                                                                                                                                                                                                  laws or rights
                                                                                                                                                                                                                                                  reserved or
                                                                                                                                                                                                                                                  vested in any
                                                                                                                                                                                                                                                  Governmental
                                                                                                                                                                                                                                                  Authority to
                                                                                                                                                                                                                                                  control or
                                                                                                                                                                                                                                                  regulate the
                                                                                                                                                                                                                                                  use of any
                                                                                                                                                                                                                                                  real property,
                                                                                                                                                                                                                                                  (iii) easements,

                                                                                                                                                                                                                                                  rights-of-way,
                                                                                                                                                                                                                                                  covenants,
                                                                                                                                                                                                                                                  restrictions,
                                                                                                                                                                                                                                                  leases,
                                                                                                                                                                                                                                                  subleases and
                                                                                                                                                                                                                                                  other title
                                                                                                                                                                                                                                                  matters
                                                                                                                                                                                                                                                  whether or not
                                                                                                                                                                                                                                                  shown by the
                                                                                                                                                                                                                                                  public
                                                                                                                                                                                                                                                  records, (iv)
                                                                                                                                                                                                                                                  overlaps,
                                                                                                                                                                                                                                                  encroachments
                                                                                                                                                                                                                                                  and any
                                                                                                                                                                                                                                                  matters not of
                                                                                                                                                                                                                                                  record which
                                                                                                                                                                                                                                                  would be
                                                                                                                                                                                                                                                  disclosed by
                                                                                                                                                                                                                                                  an accurate
                                                                                                                                                                                                                                                  survey or a
                                                                                                                                                                                                                                                  personal
                                                                                                                                                                                                                                                  inspection of
                                                                                                                                                                                                                                                  the property,
                                                                                                                                                                                                                                                  (v)
                                                                                                                                                                                                                                                  conditions,
                                                                                                                                                                                                                                                  encroachments,
                                                                                                                                                                                                                                                  protrusions
                                                                                                                                                                                                                                                  and other
                                                                                                                                                                                                                                                  similar
                                                                                                                                                                                                                                                  charges and
                                                                                                                                                                                                                                                  encumbrances
                                                                                                                                                                                                                                                  and minor
                                                                                                                                                                                                                                                  defects in
                                                                                                                                                                                                                                                  title and
                                                                                                                                                                                                                                                  survey
                                                                                                                                                                                                                                                  affecting real
                                                                                                                                                                                                                                                  property
                                                                                                                                                                                                                                                  which, in each
                                                                                                                                                                                                                                                  case (as
                                                                                                                                                                                                                                                  described in clauses (d)(i)
                                                                                                                                                                                                                                                  through (v) above),

                                                                                                                                                                                                                                                  individually
                                                                                                                                                                                                                                                  or in the
                                                                                                                                                                                                                                                  aggregate, do
                                                                                                                                                                                                                                                  not have a
                                                                                                                                                                                                                                                  Material
                                                                                                                                                                                                                                                  Adverse Effect
                                                                                                                                                                                                                                                  and (vi) the
                                                                                                                                                                                                                                                  interest of a
                                                                                                                                                                                                                                                  lessee or
                                                                                                                                                                                                                                                  sublessee in
                                                                                                                                                                                                                                                  property
                                                                                                                                                                                                                                                  leased or
                                                                                                                                                                                                                                                  subleased to a
                                                                                                                                                                                                                                                  Franchisee or
                                                                                                                                                                                                                                                  other third
                                                                                                                                                                                                                                                  party under a
                                                                                                                                                                                                                                                  Non-Branded
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Lease, (e) in
                                                                                                                                                                                                                                                  the case of
                                                                                                                                                                                                                                                  any interest
                                                                                                                                                                                                                                                  in real estate
                                                                                                                                                                                                                                                  consisting of
                                                                                                                                                                                                                                                  a Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Third-Party
                                                                                                                                                                                                                                                  Lease, (i) the
                                                                                                                                                                                                                                                  terms of the
                                                                                                                                                                                                                                                  applicable
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Third-Party
                                                                                                                                                                                                                                                  Lease, (ii)
                                                                                                                                                                                                                                                  Liens
                                                                                                                                                                                                                                                  affecting the
                                                                                                                                                                                                                                                  underlying fee
                                                                                                                                                                                                                                                  interest in
                                                                                                                                                                                                                                                  the real
                                                                                                                                                                                                                                                  estate and/or
                                                                                                                                                                                                                                                  any of the
                                                                                                                                                                                                                                                  property of
                                                                                                                                                                                                                                                  the lessor
                                                                                                                                                                                                                                                  grantor under
                                                                                                                                                                                                                                                  the applicable
                                                                                                                                                                                                                                                  lease
                                                                                                                                                                                                                                                  (including,
                                                                                                                                                                                                                                                  without
                                                                                                                                                                                                                                                  limitation,
                                                                                                                                                                                                                                                  any mortgages
                                                                                                                                                                                                                                                  on the
                                                                                                                                                                                                                                                  landlord’s fee
                                                                                                                                                                                                                                                  interest in
                                                                                                                                                                                                                                                  the leased
                                                                                                                                                                                                                                                  real estate)
                                                                                                                                                                                                                                                  and (iii)
                                                                                                                                                                                                                                                  Liens with
                                                                                                                                                                                                                                                  respect to
                                                                                                                                                                                                                                                  which the
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Third-Party
                                                                                                                                                                                                                                                  Lease has
                                                                                                                                                                                                                                                  priority, (f)
                                                                                                                                                                                                                                                  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, (g)
                                                                                                                                                                                                                                                  statutory or
                                                                                                                                                                                                                                                  common
                                                                                                                                                                                                                                                  law Liens of
                                                                                                                                                                                                                                                  landlords,
                                                                                                                                                                                                                                                  lessors,
                                                                                                                                                                                                                                                  carriers,
                                                                                                                                                                                                                                                  warehousemen,
                                                                                                                                                                                                                                                  mechanics,
                                                                                                                                                                                                                                                  materialmen,
                                                                                                                                                                                                                                                  repairmen,
                                                                                                                                                                                                                                                  construction
                                                                                                                                                                                                                                                  contractors or
                                                                                                                                                                                                                                                  other like
                                                                                                                                                                                                                                                  Liens arising
                                                                                                                                                                                                                                                  in the
                                                                                                                                                                                                                                                  ordinary
                                                                                                                                                                                                                                                  course of
                                                                                                                                                                                                                                                  business, in
                                                                                                                                                                                                                                                  each case
                                                                                                                                                                                                                                                  securing
                                                                                                                                                                                                                                                  obligations
                                                                                                                                                                                                                                                  (i) that are
                                                                                                                                                                                                                                                  not yet due
                                                                                                                                                                                                                                                  and payable or
                                                                                                                                                                                                                                                  not overdue
                                                                                                                                                                                                                                                  for more 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),
                                                                                                                                                                                                                                                  (h) restrictions
                                                                                                                                                                                                                                                  under federal,
                                                                                                                                                                                                                                                  state or
                                                                                                                                                                                                                                                  foreign
                                                                                                                                                                                                                                                  securities
                                                                                                                                                                                                                                                  laws on the
                                                                                                                                                                                                                                                  transfer of
                                                                                                                                                                                                                                                  securities,
                                                                                                                                                                                                                                                  (i) any Liens
                                                                                                                                                                                                                                                  arising under
                                                                                                                                                                                                                                                  law or
                                                                                                                                                                                                                                                  pursuant to
                                                                                                                                                                                                                                                  documentation
                                                                                                                                                                                                                                                  governing
                                                                                                                                                                                                                                                  permitted
                                                                                                                                                                                                                                                  accounts in
                                                                                                                                                                                                                                                  connection
                                                                                                                                                                                                                                                  with the
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entities’ cash
                                                                                                                                                                                                                                                  management
                                                                                                                                                                                                                                                  system
                                                                                                                                                                                                                                                  (including
                                                                                                                                                                                                                                                  credit card
                                                                                                                                                                                                                                                  and processing
                                                                                                                                                                                                                                                  arrangements),
                                                                                                                                                                                                                                                  (j) defects of
                                                                                                                                                                                                                                                  title, survey
                                                                                                                                                                                                                                                  defects,
                                                                                                                                                                                                                                                  easements,
                                                                                                                                                                                                                                                  rights-of-way,
                                                                                                                                                                                                                                                  covenants,
                                                                                                                                                                                                                                                  restrictions
                                                                                                                                                                                                                                                  and other
                                                                                                                                                                                                                                                  similar
                                                                                                                                                                                                                                                  charges or
                                                                                                                                                                                                                                                  encumbrances
                                                                                                                                                                                                                                                  with respect
                                                                                                                                                                                                                                                  to each real
                                                                                                                                                                                                                                                  property,
                                                                                                                                                                                                                                                  which (1) do
                                                                                                                                                                                                                                                  not constitute
                                                                                                                                                                                                                                                  Permitted
                                                                                                                                                                                                                                                  Liens under
                                                                                                                                                                                                                                                  any other
                                                                                                                                                                                                                                                  clause of this
                                                                                                                                                                                                                                                  definition and
                                                                                                                                                                                                                                                  (2) neither
                                                                                                                                                                                                                                                  have nor would
                                                                                                                                                                                                                                                  reasonably be
                                                                                                                                                                                                                                                  expected to
                                                                                                                                                                                                                                                  have,
                                                                                                                                                                                                                                                  individually
                                                                                                                                                                                                                                                  or in the
                                                                                                                                                                                                                                                  aggregate, a
                                                                                                                                                                                                                                                  Material
                                                                                                                                                                                                                                                  Adverse
                                                                                                                                                                                                                                                  Effect, (k)
                                                                                                                                                                                                                                                  Liens arising
                                                                                                                                                                                                                                                  from judgment,
                                                                                                                                                                                                                                                  decrees or
                                                                                                                                                                                                                                                  attachments in
                                                                                                                                                                                                                                                  circumstances
                                                                                                                                                                                                                                                  not
                                                                                                                                                                                                                                                  constituting
                                                                                                                                                                                                                                                  an Event of
                                                                                                                                                                                                                                                  Default,
                                                                                                                                                                                                                                                  (l) Liens
                                                                                                                                                                                                                                                  arising in
                                                                                                                                                                                                                                                  connection
                                                                                                                                                                                                                                                  with any
                                                                                                                                                                                                                                                  Capitalized
                                                                                                                                                                                                                                                  Lease
                                                                                                                                                                                                                                                  Obligations,
                                                                                                                                                                                                                                                  sale-leaseback
                                                                                                                                                                                                                                                  transaction or
                                                                                                                                                                                                                                                  in connection
                                                                                                                                                                                                                                                  with any
                                                                                                                                                                                                                                                  Indebtedness,
                                                                                                                                                                                                                                                  in each case
                                                                                                                                                                                                                                                  that is
                                                                                                                                                                                                                                                  permitted
                                                                                                                                                                                                                                                  under the
                                                                                                                                                                                                                                                  Indenture,
                                                                                                                                                                                                                                                  (m) Liens not
                                                                                                                                                                                                                                                  securing
                                                                                                                                                                                                                                                  Indebtedness
                                                                                                                                                                                                                                                  that attach to
                                                                                                                                                                                                                                                  any Collateral
                                                                                                                                                                                                                                                  in an
                                                                                                                                                                                                                                                  aggregate
                                                                                                                                                                                                                                                  outstanding
                                                                                                                                                                                                                                                  amount not
                                                                                                                                                                                                                                                  exceeding
                                                                                                                                                                                                                                                  $20,000,000 at
                                                                                                                                                                                                                                                  any time,
                                                                                                                                                                                                                                                  (n) Liens on
                                                                                                                                                                                                                                                  Collateral
                                                                                                                                                                                                                                                  that has been
                                                                                                                                                                                                                                                  pledged
                                                                                                                                                                                                                                                  pursuant to a
                                                                                                                                                                                                                                                  Variable
                                                                                                                                                                                                                                                  Funding Note
                                                                                                                                                                                                                                                  Purchase
                                                                                                                                                                                                                                                  Agreement with
                                                                                                                                                                                                                                                  respect to
                                                                                                                                                                                                                                                  letters of
                                                                                                                                                                                                                                                  credit issued
                                                                                                                                                                                                                                                  thereunder,
                                                                                                                                                                                                                                                  and (o) any
                                                                                                                                                                                                                                                  encumbrance on
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  IP created by
                                                                                                                                                                                                                                                  entering into
                                                                                                                                                                                                                                                  (i) any
                                                                                                                                                                                                                                                  non-exclusive
                                                                                                                                                                                                                                                  licenses of
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  IP under the
                                                                                                                                                                                                                                                  IP License
                                                                                                                                                                                                                                                  Agreements
                                                                                                                                                                                                                                                  (including to
                                                                                                                                                                                                                                                  the Manager in
                                                                                                                                                                                                                                                  connection
                                                                                                                                                                                                                                                  with the
                                                                                                                                                                                                                                                  performance of
                                                                                                                                                                                                                                                  its Services
                                                                                                                                                                                                                                                  under the
                                                                                                                                                                                                                                                  Management
                                                                                                                                                                                                                                                  Agreement) and
                                                                                                                                                                                                                                                  (ii)
                                                                                                                                                                                                                                                  non-exclusive
                                                                                                                                                                                                                                                  licenses of
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  IP granted in
                                                                                                                                                                                                                                                  the ordinary
                                                                                                                                                                                                                                                  course of
                                                                                                                                                                                                                                                  business that
                                                                                                                                                                                                                                                  (A) when
                                                                                                                                                                                                                                                  effected on
                                                                                                                                                                                                                                                  behalf of any
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity by the
                                                                                                                                                                                                                                                  Manager would
                                                                                                                                                                                                                                                  not constitute
                                                                                                                                                                                                                                                  a breach by
                                                                                                                                                                                                                                                  the Manager of
                                                                                                                                                                                                                                                  the Management
                                                                                                                                                                                                                                                  Agreement and
                                                                                                                                                                                                                                                  (B) would not
                                                                                                                                                                                                                                                  reasonably be
                                                                                                                                                                                                                                                  expected to
                                                                                                                                                                                                                                                  materially and
                                                                                                                                                                                                                                                  adversely
                                                                                                                                                                                                                                                  impact the
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  IP (taken as a
                                                                                                                                                                                                                                                  whole).

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Person”
                                                                                                                                                                                                                                                  means an
                                                                                                                                                                                                                                                  individual,
                                                                                                                                                                                                                                                  corporation
                                                                                                                                                                                                                                                  (including a
                                                                                                                                                                                                                                                  business
                                                                                                                                                                                                                                                  trust),
                                                                                                                                                                                                                                                  partnership,
                                                                                                                                                                                                                                                  limited
                                                                                                                                                                                                                                                  liability
                                                                                                                                                                                                                                                  partnership,
                                                                                                                                                                                                                                                  limited
                                                                                                                                                                                                                                                  liability
                                                                                                                                                                                                                                                  company, joint
                                                                                                                                                                                                                                                  venture,
                                                                                                                                                                                                                                                  association,
                                                                                                                                                                                                                                                  joint stock
                                                                                                                                                                                                                                                  company, trust
                                                                                                                                                                                                                                                  (including any
                                                                                                                                                                                                                                                  beneficiary
                                                                                                                                                                                                                                                  thereof),
                                                                                                                                                                                                                                                  unincorporated
                                                                                                                                                                                                                                                  association or
                                                                                                                                                                                                                                                  government or
                                                                                                                                                                                                                                                  any agency or
                                                                                                                                                                                                                                                  political
                                                                                                                                                                                                                                                  subdivision
                                                                                                                                                                                                                                                  thereof.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-35

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “Post-ARD

                                                                                                                                                                                                                                                  Contingent
                                                                                                                                                                                                                                                  Interest”
                                                                                                                                                                                                                                                  means any
                                                                                                                                                                                                                                                  Senior Notes
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Post-ARD
                                                                                                                                                                                                                                                  Contingent
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Amount, Senior
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Post-ARD
                                                                                                                                                                                                                                                  Contingent
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Amount and
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Post-ARD
                                                                                                                                                                                                                                                  Contingent
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Amount.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Post-ARD

                                                                                                                                                                                                                                                  Rapid
                                                                                                                                                                                                                                                  Amortization
                                                                                                                                                                                                                                                  Cure Period”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in Section

                                                                                                                                                                                                                                                  9.01(b) of
                                                                                                                                                                                                                                                  this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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
                                                                                                                                                                                                                                                  thereof) in
                                                                                                                                                                                                                                                  which such
                                                                                                                                                                                                                                                  Weekly
                                                                                                                                                                                                                                                  Allocation
                                                                                                                                                                                                                                                  Date occurs. 
                                                                                                                                                                                                                                                  For the
                                                                                                                                                                                                                                                  avoidance of
                                                                                                                                                                                                                                                  doubt,
                                                                                                                                                                                                                                                  Mortgage
                                                                                                                                                                                                                                                  Recordation
                                                                                                                                                                                                                                                  Fees will 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 (b)
                                                                                                                                                                                                                                                  of the
                                                                                                                                                                                                                                                  definition of
                                                                                                                                                                                                                                                  Rapid
                                                                                                                                                                                                                                                  Amortization
                                                                                                                                                                                                                                                  Event, shall
                                                                                                                                                                                                                                                  not constitute
                                                                                                                                                                                                                                                  a Potential
                                                                                                                                                                                                                                                  Rapid
                                                                                                                                                                                                                                                  Amortization
                                                                                                                                                                                                                                                  Event.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Prime

                                                                                                                                                                                                                                                  Rate”
                                                                                                                                                                                                                                                  means the greater

                                                                                                                                                                                                                                                  of (a) two
                                                                                                                                                                                                                                                  percent (2%)
                                                                                                                                                                                                                                                  per annum and
                                                                                                                                                                                                                                                  (b) 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 in
                                                                                                                                                                                                                                                  accordance
                                                                                                                                                                                                                                                  with the
                                                                                                                                                                                                                                                  Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series,
                                                                                                                                                                                                                                                  all or part of
                                                                                                                                                                                                                                                  the amounts
                                                                                                                                                                                                                                                  allocated with
                                                                                                                                                                                                                                                  respect to
                                                                                                                                                                                                                                                  such Scheduled
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Payment to the
                                                                                                                                                                                                                                                  applicable
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  Account
                                                                                                                                                                                                                                                  Administrative
                                                                                                                                                                                                                                                  Account
                                                                                                                                                                                                                                                  pursuant to
                                                                                                                                                                                                                                                  the Priority
                                                                                                                                                                                                                                                  of Payments
                                                                                                                                                                                                                                                  during the
                                                                                                                                                                                                                                                  immediately
                                                                                                                                                                                                                                                  preceding
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  Period which
                                                                                                                                                                                                                                                  the Master
                                                                                                                                                                                                                                                  Issuer does
                                                                                                                                                                                                                                                  not elect to
                                                                                                                                                                                                                                                  make as a
                                                                                                                                                                                                                                                  Scheduled
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Payment with
                                                                                                                                                                                                                                                  respect to
                                                                                                                                                                                                                                                  such Series on
                                                                                                                                                                                                                                                  such Quarterly
                                                                                                                                                                                                                                                  Payment Date.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Principal

                                                                                                                                                                                                                                                  Terms” has
                                                                                                                                                                                                                                                  the meaning
                                                                                                                                                                                                                                                  set forth in Section

                                                                                                                                                                                                                                                  2.03(s) of
                                                                                                                                                                                                                                                  this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Priority

                                                                                                                                                                                                                                                  of Payments”
                                                                                                                                                                                                                                                  means the
                                                                                                                                                                                                                                                  allocation and
                                                                                                                                                                                                                                                  payment
                                                                                                                                                                                                                                                  obligations
                                                                                                                                                                                                                                                  described in
                                                                                                                                                                                                                                                  Section 5.12
                                                                                                                                                                                                                                                  and Section
                                                                                                                                                                                                                                                  5.13 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(a)
                                                                                                                                                                                                                                                  of this 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.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-36

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “PTO”
                                                                                                                                                                                                                                                  means the U.S.
                                                                                                                                                                                                                                                  Patent and
                                                                                                                                                                                                                                                  Trademark
                                                                                                                                                                                                                                                  Office and any
                                                                                                                                                                                                                                                  successor U.S.
                                                                                                                                                                                                                                                  federal
                                                                                                                                                                                                                                                  office.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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
                                                                                                                                                                                                                                                  $250,000,000
                                                                                                                                                                                                                                                  as set forth
                                                                                                                                                                                                                                                  in its most
                                                                                                                                                                                                                                                  recent
                                                                                                                                                                                                                                                  published
                                                                                                                                                                                                                                                  annual report
                                                                                                                                                                                                                                                  of condition
                                                                                                                                                                                                                                                  and (iii) has
                                                                                                                                                                                                                                                  a long term
                                                                                                                                                                                                                                                  deposits
                                                                                                                                                                                                                                                  rating of not
                                                                                                                                                                                                                                                  less than
                                                                                                                                                                                                                                                  “Baa1” by
                                                                                                                                                                                                                                                  Moody’s and
                                                                                                                                                                                                                                                  “BBB+” by
                                                                                                                                                                                                                                                  S&P.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Qualifying

                                                                                                                                                                                                                                                  Real Estate
                                                                                                                                                                                                                                                  Transaction”
                                                                                                                                                                                                                                                  means a
                                                                                                                                                                                                                                                  transaction
                                                                                                                                                                                                                                                  involving an
                                                                                                                                                                                                                                                  acquisition of
                                                                                                                                                                                                                                                  a real
                                                                                                                                                                                                                                                  property (i)
                                                                                                                                                                                                                                                  on which a
                                                                                                                                                                                                                                                  Branded
                                                                                                                                                                                                                                                  Restaurant is
                                                                                                                                                                                                                                                  located, (ii)
                                                                                                                                                                                                                                                  which was not
                                                                                                                                                                                                                                                  purported to
                                                                                                                                                                                                                                                  be owned by or
                                                                                                                                                                                                                                                  transferred to
                                                                                                                                                                                                                                                  JIB Properties
                                                                                                                                                                                                                                                  (or any other
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity) on or
                                                                                                                                                                                                                                                  prior to the
                                                                                                                                                                                                                                                  Closing Date
                                                                                                                                                                                                                                                  and (iii) that
                                                                                                                                                                                                                                                  is disposed of
                                                                                                                                                                                                                                                  within fifteen
                                                                                                                                                                                                                                                  (15) months of
                                                                                                                                                                                                                                                  acquiring such
                                                                                                                                                                                                                                                  real property.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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 a
                                                                                                                                                                                                                                                  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 (i) in
                                                                                                                                                                                                                                                  the case of
                                                                                                                                                                                                                                                  the initial
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  Period, the
                                                                                                                                                                                                                                                  period from
                                                                                                                                                                                                                                                  the Cut-Off
                                                                                                                                                                                                                                                  Date to and
                                                                                                                                                                                                                                                  including
                                                                                                                                                                                                                                                  September 29,
                                                                                                                                                                                                                                                  2019 and (ii)
                                                                                                                                                                                                                                                  for each
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  Period
                                                                                                                                                                                                                                                  thereafter,
                                                                                                                                                                                                                                                  the 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.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Quarterly

                                                                                                                                                                                                                                                  Compliance
                                                                                                                                                                                                                                                  Certificate”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in
                                                                                                                                                                                                                                                  Section
                                                                                                                                                                                                                                                  4.01(c) of
                                                                                                                                                                                                                                                  this 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, one
                                                                                                                                                                                                                                                  16-week
                                                                                                                                                                                                                                                  quarter
                                                                                                                                                                                                                                                  followed by
                                                                                                                                                                                                                                                  three 12-week
                                                                                                                                                                                                                                                  quarters of
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entities and
                                                                                                                                                                                                                                                  (b) with
                                                                                                                                                                                                                                                  respect to
                                                                                                                                                                                                                                                  each of the
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entities’
                                                                                                                                                                                                                                                  53-week fiscal
                                                                                                                                                                                                                                                  years, one
                                                                                                                                                                                                                                                  16-week
                                                                                                                                                                                                                                                  quarter
                                                                                                                                                                                                                                                  followed by
                                                                                                                                                                                                                                                  two 12‐week
                                                                                                                                                                                                                                                  quarters
                                                                                                                                                                                                                                                  followed by
                                                                                                                                                                                                                                                  one 13-week
                                                                                                                                                                                                                                                  quarter.  The
                                                                                                                                                                                                                                                  last day of
                                                                                                                                                                                                                                                  the fourth
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Fiscal Period
                                                                                                                                                                                                                                                  of each fiscal
                                                                                                                                                                                                                                                  year of the
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entities is
                                                                                                                                                                                                                                                  the Sunday
                                                                                                                                                                                                                                                  that is
                                                                                                                                                                                                                                                  closest to
                                                                                                                                                                                                                                                  September 30. 
                                                                                                                                                                                                                                                  References to
                                                                                                                                                                                                                                                  “weeks” mean
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entities’
                                                                                                                                                                                                                                                  fiscal weeks,
                                                                                                                                                                                                                                                  which commence
                                                                                                                                                                                                                                                  on and include
                                                                                                                                                                                                                                                  each Monday of
                                                                                                                                                                                                                                                  a week and end
                                                                                                                                                                                                                                                  on but exclude
                                                                                                                                                                                                                                                  Monday of the
                                                                                                                                                                                                                                                  following
                                                                                                                                                                                                                                                  week.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Quarterly

                                                                                                                                                                                                                                                  Noteholders’
                                                                                                                                                                                                                                                  Report”
                                                                                                                                                                                                                                                  means, with
                                                                                                                                                                                                                                                  respect to any
                                                                                                                                                                                                                                                  Series of
                                                                                                                                                                                                                                                  Notes, a
                                                                                                                                                                                                                                                  statement
                                                                                                                                                                                                                                                  substantially
                                                                                                                                                                                                                                                  in the form of
                                                                                                                                                                                                                                                  an Exhibit C
                                                                                                                                                                                                                                                  to the Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series,
                                                                                                                                                                                                                                                  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
                                                                                                                                                                                                                                                  twenty-fifth
                                                                                                                                                                                                                                                  (25th)
                                                                                                                                                                                                                                                  day of each of
                                                                                                                                                                                                                                                  February, May,
                                                                                                                                                                                                                                                  August and
                                                                                                                                                                                                                                                  November, or
                                                                                                                                                                                                                                                  if such date
                                                                                                                                                                                                                                                  is not a
                                                                                                                                                                                                                                                  Business Day,
                                                                                                                                                                                                                                                  the next
                                                                                                                                                                                                                                                  succeeding
                                                                                                                                                                                                                                                  Business Day,
                                                                                                                                                                                                                                                  commencing on
                                                                                                                                                                                                                                                  the Payment
                                                                                                                                                                                                                                                  Date in
                                                                                                                                                                                                                                                  November
                                                                                                                                                                                                                                                  2019.  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.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-37

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “Quarterly

                                                                                                                                                                                                                                                  Reallocation
                                                                                                                                                                                                                                                  Event” has
                                                                                                                                                                                                                                                  the meaning
                                                                                                                                                                                                                                                  set forth in Section

                                                                                                                                                                                                                                                  5.13(p) of
                                                                                                                                                                                                                                                  this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Rapid

                                                                                                                                                                                                                                                  Amortization
                                                                                                                                                                                                                                                  Event” has
                                                                                                                                                                                                                                                  the meaning
                                                                                                                                                                                                                                                  set forth in
                                                                                                                                                                                                                                                  Section 9.01
                                                                                                                                                                                                                                                  of this 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
                                                                                                                                                                                                                                                  9.07 of this
                                                                                                                                                                                                                                                  Base Indenture
                                                                                                                                                                                                                                                  and the date
                                                                                                                                                                                                                                                  on which there
                                                                                                                                                                                                                                                  are no Notes
                                                                                                                                                                                                                                                  Outstanding.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Rating

                                                                                                                                                                                                                                                  Agency”
                                                                                                                                                                                                                                                  means each
                                                                                                                                                                                                                                                  rating agency
                                                                                                                                                                                                                                                  identified 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 (x)

                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  issuance of
                                                                                                                                                                                                                                                  Additional
                                                                                                                                                                                                                                                  Notes, as to
                                                                                                                                                                                                                                                  which the
                                                                                                                                                                                                                                                  conditions of
                                                                                                                                                                                                                                                  clause (ii)
                                                                                                                                                                                                                                                  below will
                                                                                                                                                                                                                                                  apply in all
                                                                                                                                                                                                                                                  cases and (y)
                                                                                                                                                                                                                                                  a
                                                                                                                                                                                                                                                  Rating Agency
                                                                                                                                                                                                                                                  Confirmation
                                                                                                                                                                                                                                                  from KBRA with
                                                                                                                                                                                                                                                  respect to any
                                                                                                                                                                                                                                                  event or
                                                                                                                                                                                                                                                  action to be
                                                                                                                                                                                                                                                  taken or
                                                                                                                                                                                                                                                  proposed to be
                                                                                                                                                                                                                                                  taken (other
                                                                                                                                                                                                                                                  than the
                                                                                                                                                                                                                                                  issuance of
                                                                                                                                                                                                                                                  Additional
                                                                                                                                                                                                                                                  Notes), as to
                                                                                                                                                                                                                                                  which the
                                                                                                                                                                                                                                                  conditions of
                                                                                                                                                                                                                                                  clause (iii)
                                                                                                                                                                                                                                                  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
                                                                                                                                                                                                                                                  that the
                                                                                                                                                                                                                                                  policies of
                                                                                                                                                                                                                                                  such Rating
                                                                                                                                                                                                                                                  Agency permit
                                                                                                                                                                                                                                                  it to deliver
                                                                                                                                                                                                                                                  such Rating
                                                                                                                                                                                                                                                  Agency
                                                                                                                                                                                                                                                  Confirmation;
                                                                                                                                                                                                                                                  and

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (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 (10th)
                                                                                                                                                                                                                                                  Business Day
                                                                                                                                                                                                                                                  and the
                                                                                                                                                                                                                                                  fifteenth (15th)
                                                                                                                                                                                                                                                  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 (1)
                                                                                                                                                                                                                                                  Rating Agency
                                                                                                                                                                                                                                                  has provided a
                                                                                                                                                                                                                                                  Rating Agency
                                                                                                                                                                                                                                                  Confirmation;
                                                                                                                                                                                                                                                  or

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-38

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  (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;

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  provided,
                                                                                                                                                                                                                                                  that in the
                                                                                                                                                                                                                                                  case of clause

                                                                                                                                                                                                                                                  (c), a
                                                                                                                                                                                                                                                  Rating Agency
                                                                                                                                                                                                                                                  Confirmation
                                                                                                                                                                                                                                                  of S&P
                                                                                                                                                                                                                                                  will be
                                                                                                                                                                                                                                                  required for
                                                                                                                                                                                                                                                  each Series of
                                                                                                                                                                                                                                                  Notes then
                                                                                                                                                                                                                                                  rated by
                                                                                                                                                                                                                                                  S&P at the
                                                                                                                                                                                                                                                  time of such
                                                                                                                                                                                                                                                  issuance of
                                                                                                                                                                                                                                                  Additional
                                                                                                                                                                                                                                                  Notes (other
                                                                                                                                                                                                                                                  than any
                                                                                                                                                                                                                                                  Series of
                                                                                                                                                                                                                                                  Notes that
                                                                                                                                                                                                                                                  will be repaid
                                                                                                                                                                                                                                                  in full from
                                                                                                                                                                                                                                                  the proceeds
                                                                                                                                                                                                                                                  of issuance of
                                                                                                                                                                                                                                                  the Additional
                                                                                                                                                                                                                                                  Notes or
                                                                                                                                                                                                                                                  otherwise on
                                                                                                                                                                                                                                                  the applicable
                                                                                                                                                                                                                                                  Series Closing
                                                                                                                                                                                                                                                  Date for such
                                                                                                                                                                                                                                                  Additional
                                                                                                                                                                                                                                                  Notes).

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  (iii)          the

                                                                                                                                                                                                                                                  Rating Agency
                                                                                                                                                                                                                                                  Condition will
                                                                                                                                                                                                                                                  not be
                                                                                                                                                                                                                                                  required to be
                                                                                                                                                                                                                                                  satisfied in
                                                                                                                                                                                                                                                  respect of
                                                                                                                                                                                                                                                  KBRA (except
                                                                                                                                                                                                                                                  in connection
                                                                                                                                                                                                                                                  with the
                                                                                                                                                                                                                                                  issuance of
                                                                                                                                                                                                                                                  Additional
                                                                                                                                                                                                                                                  Notes, as to
                                                                                                                                                                                                                                                  which the
                                                                                                                                                                                                                                                  conditions in
                                                                                                                                                                                                                                                  clause
                                                                                                                                                                                                                                                  (iii)(C) will
                                                                                                                                                                                                                                                  apply) if the
                                                                                                                                                                                                                                                  Managers
                                                                                                                                                                                                                                                  provide an
                                                                                                                                                                                                                                                  Officers'
                                                                                                                                                                                                                                                  Certificate
                                                                                                                                                                                                                                                  (along with
                                                                                                                                                                                                                                                  copies of all
                                                                                                                                                                                                                                                  written
                                                                                                                                                                                                                                                  notices for
                                                                                                                                                                                                                                                  such Rating
                                                                                                                                                                                                                                                  Agency
                                                                                                                                                                                                                                                  Confirmation)
                                                                                                                                                                                                                                                  to the Master
                                                                                                                                                                                                                                                  Issuer, the
                                                                                                                                                                                                                                                  Servicer and
                                                                                                                                                                                                                                                  the Trustee
                                                                                                                                                                                                                                                  certifying
                                                                                                                                                                                                                                                  that the
                                                                                                                                                                                                                                                  Managers have
                                                                                                                                                                                                                                                  notified KBRA
                                                                                                                                                                                                                                                  at least ten
                                                                                                                                                                                                                                                  (10) Business
                                                                                                                                                                                                                                                  Days prior to
                                                                                                                                                                                                                                                  taking such
                                                                                                                                                                                                                                                  event or
                                                                                                                                                                                                                                                  action to be
                                                                                                                                                                                                                                                  taken or
                                                                                                                                                                                                                                                  proposed to be
                                                                                                                                                                                                                                                  taken.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Rating

                                                                                                                                                                                                                                                  Agency
                                                                                                                                                                                                                                                  Confirmation”
                                                                                                                                                                                                                                                  means, with
                                                                                                                                                                                                                                                  respect to any
                                                                                                                                                                                                                                                  Outstanding
                                                                                                                                                                                                                                                  Series of
                                                                                                                                                                                                                                                  Notes, a
                                                                                                                                                                                                                                                  confirmation
                                                                                                                                                                                                                                                  from each
                                                                                                                                                                                                                                                  Rating Agency
                                                                                                                                                                                                                                                  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 each Rating
                                                                                                                                                                                                                                                  Agency for
                                                                                                                                                                                                                                                  each Series of
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Outstanding
                                                                                                                                                                                                                                                  setting forth
                                                                                                                                                                                                                                                  in reasonable
                                                                                                                                                                                                                                                  detail such
                                                                                                                                                                                                                                                  action or
                                                                                                                                                                                                                                                  occurrence.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Real

                                                                                                                                                                                                                                                  Estate Assets”
                                                                                                                                                                                                                                                  means the
                                                                                                                                                                                                                                                  Contributed
                                                                                                                                                                                                                                                  Real Estate
                                                                                                                                                                                                                                                  Assets and the
                                                                                                                                                                                                                                                  New Real
                                                                                                                                                                                                                                                  Estate Assets.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Record

                                                                                                                                                                                                                                                  Date”
                                                                                                                                                                                                                                                  means, with
                                                                                                                                                                                                                                                  respect to any
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Payment Date,
                                                                                                                                                                                                                                                  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;
                                                                                                                                                                                                                                                  provided that,
                                                                                                                                                                                                                                                  with respect
                                                                                                                                                                                                                                                  to any
                                                                                                                                                                                                                                                  redemption or
                                                                                                                                                                                                                                                  Optional
                                                                                                                                                                                                                                                  Prepayment,
                                                                                                                                                                                                                                                  the Record
                                                                                                                                                                                                                                                  Date for such
                                                                                                                                                                                                                                                  redemption or
                                                                                                                                                                                                                                                  Optional
                                                                                                                                                                                                                                                  Prepayment,
                                                                                                                                                                                                                                                  will be the
                                                                                                                                                                                                                                                  Business Day
                                                                                                                                                                                                                                                  prior to the
                                                                                                                                                                                                                                                  date of such
                                                                                                                                                                                                                                                  redemption or
                                                                                                                                                                                                                                                  Optional
                                                                                                                                                                                                                                                  Prepayment.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Refranchising

                                                                                                                                                                                                                                                  Asset
                                                                                                                                                                                                                                                  Disposition”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in Section

                                                                                                                                                                                                                                                  8.16(p) of
                                                                                                                                                                                                                                                  this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Registrar”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in
                                                                                                                                                                                                                                                  Section
                                                                                                                                                                                                                                                  2.05(a) of
                                                                                                                                                                                                                                                  this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Related

                                                                                                                                                                                                                                                  Documents”
                                                                                                                                                                                                                                                  means the
                                                                                                                                                                                                                                                  Indenture, the
                                                                                                                                                                                                                                                  Notes, the
                                                                                                                                                                                                                                                  Guarantee and
                                                                                                                                                                                                                                                  Collateral
                                                                                                                                                                                                                                                  Agreement,
                                                                                                                                                                                                                                                  each Account
                                                                                                                                                                                                                                                  Control
                                                                                                                                                                                                                                                  Agreement, any
                                                                                                                                                                                                                                                  Mortgages, the
                                                                                                                                                                                                                                                  Management
                                                                                                                                                                                                                                                  Agreement, the
                                                                                                                                                                                                                                                  Servicing
                                                                                                                                                                                                                                                  Agreement, the
                                                                                                                                                                                                                                                  Back-Up
                                                                                                                                                                                                                                                  Management
                                                                                                                                                                                                                                                  Agreement, any
                                                                                                                                                                                                                                                  Series Hedge
                                                                                                                                                                                                                                                  Agreement, the
                                                                                                                                                                                                                                                  Contribution
                                                                                                                                                                                                                                                  Agreements,
                                                                                                                                                                                                                                                  any agreement
                                                                                                                                                                                                                                                  pursuant to
                                                                                                                                                                                                                                                  which New
                                                                                                                                                                                                                                                  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,
                                                                                                                                                                                                                                                  each 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,
                                                                                                                                                                                                                                                  pursuant to
                                                                                                                                                                                                                                                  the foregoing
                                                                                                                                                                                                                                                  documents.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-39

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “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).

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Required

                                                                                                                                                                                                                                                  Balance”
                                                                                                                                                                                                                                                  means, with
                                                                                                                                                                                                                                                  respect to any
                                                                                                                                                                                                                                                  Weekly
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  Period, the
                                                                                                                                                                                                                                                  product of (1)
                                                                                                                                                                                                                                                  the percentage
                                                                                                                                                                                                                                                  set forth in
                                                                                                                                                                                                                                                  the table
                                                                                                                                                                                                                                                  below for each
                                                                                                                                                                                                                                                  Weekly
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  Period for the
                                                                                                                                                                                                                                                  specific
                                                                                                                                                                                                                                                  length of the
                                                                                                                                                                                                                                                  Fiscal Quarter
                                                                                                                                                                                                                                                  and (2) with
                                                                                                                                                                                                                                                  respect to (a)
                                                                                                                                                                                                                                                  the Senior
                                                                                                                                                                                                                                                  Notes Interest
                                                                                                                                                                                                                                                  Payment
                                                                                                                                                                                                                                                  Account, the
                                                                                                                                                                                                                                                  sum, for each
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Accrual
                                                                                                                                                                                                                                                  Period, of (x)
                                                                                                                                                                                                                                                  the Class A-1
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Commitment Fee
                                                                                                                                                                                                                                                  Amounts and
                                                                                                                                                                                                                                                  (y) the Senior
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Amount, (b)
                                                                                                                                                                                                                                                  the Senior
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes Interest
                                                                                                                                                                                                                                                  Payment
                                                                                                                                                                                                                                                  Account, the
                                                                                                                                                                                                                                                  Senior
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes Accrued
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Amount, (c)
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes Interest
                                                                                                                                                                                                                                                  Payment
                                                                                                                                                                                                                                                  Account, the
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes Accrued
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Amount, (d)
                                                                                                                                                                                                                                                  the Senior
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Payment
                                                                                                                                                                                                                                                  Account, the
                                                                                                                                                                                                                                                  Senior Notes
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Scheduled
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Amounts, (e)
                                                                                                                                                                                                                                                  the Senior
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Payment
                                                                                                                                                                                                                                                  Account, the
                                                                                                                                                                                                                                                  Senior
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Scheduled
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Amounts, (f)
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Payment
                                                                                                                                                                                                                                                  Account, the
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Scheduled
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Amounts and
                                                                                                                                                                                                                                                  (g) the Senior
                                                                                                                                                                                                                                                  Notes Post-ARD
                                                                                                                                                                                                                                                  Contingent
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Account, the
                                                                                                                                                                                                                                                  Senior Notes
                                                                                                                                                                                                                                                  Accrued
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Post-ARD
                                                                                                                                                                                                                                                  Contingent
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Amount.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  	 	
                                                                                                                                                                                                                                                  Length

                                                                                                                                                                                                                                                  of Fiscal
                                                                                                                                                                                                                                                  Quarter

                                                                                                                                                                                                                                                  
	
                                                                                                                                                                                                                                                  Week

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  12-week

                                                                                                                                                                                                                                                  quarter

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  13-week

                                                                                                                                                                                                                                                  quarter

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  16-week

                                                                                                                                                                                                                                                  quarter

                                                                                                                                                                                                                                                  
	
                                                                                                                                                                                                                                                  1

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  –

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  –

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  –

                                                                                                                                                                                                                                                  
	
                                                                                                                                                                                                                                                  2

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  –

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  –

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  –

                                                                                                                                                                                                                                                  
	
                                                                                                                                                                                                                                                  3

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  –

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  –

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  –

                                                                                                                                                                                                                                                  
	
                                                                                                                                                                                                                                                  4

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  45%

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  45%

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  –

                                                                                                                                                                                                                                                  
	
                                                                                                                                                                                                                                                  5

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  45%

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  45%

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  –

                                                                                                                                                                                                                                                  
	
                                                                                                                                                                                                                                                  6

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  45%

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  45%

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  45%

                                                                                                                                                                                                                                                  
	
                                                                                                                                                                                                                                                  7

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  80%

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  80%

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  45%

                                                                                                                                                                                                                                                  
	
                                                                                                                                                                                                                                                  8

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  80%

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  80%

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  45%

                                                                                                                                                                                                                                                  
	
                                                                                                                                                                                                                                                  9

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  100%

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  100%

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  45%

                                                                                                                                                                                                                                                  
	
                                                                                                                                                                                                                                                  10

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  100%

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  100%

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  80%

                                                                                                                                                                                                                                                  
	
                                                                                                                                                                                                                                                  11

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  100%

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  100%

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  80%

                                                                                                                                                                                                                                                  
	
                                                                                                                                                                                                                                                  12

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  100%

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  100%

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  80%

                                                                                                                                                                                                                                                  
	
                                                                                                                                                                                                                                                  13

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  N/A

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  100%

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  100%

                                                                                                                                                                                                                                                  
	
                                                                                                                                                                                                                                                  14

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  N/A

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  N/A

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  100%

                                                                                                                                                                                                                                                  
	
                                                                                                                                                                                                                                                  15

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  N/A

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  N/A

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  100%

                                                                                                                                                                                                                                                  
	
                                                                                                                                                                                                                                                  16

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  N/A

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  N/A

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                  100%

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Required

                                                                                                                                                                                                                                                  Rating”
                                                                                                                                                                                                                                                  means (i) a
                                                                                                                                                                                                                                                  short-term
                                                                                                                                                                                                                                                  certificate of
                                                                                                                                                                                                                                                  deposit rating
                                                                                                                                                                                                                                                  from S&P
                                                                                                                                                                                                                                                  of at least
                                                                                                                                                                                                                                                  “A-2” and
                                                                                                                                                                                                                                                  (ii) a
                                                                                                                                                                                                                                                  long-term
                                                                                                                                                                                                                                                  unsecured debt
                                                                                                                                                                                                                                                  rating of not
                                                                                                                                                                                                                                                  less than
                                                                                                                                                                                                                                                  “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,
                                                                                                                                                                                                                                                  state
                                                                                                                                                                                                                                                  franchise laws
                                                                                                                                                                                                                                                  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

                                                                                                                                                                                                                                                  (xxix)
                                                                                                                                                                                                                                                  of the
                                                                                                                                                                                                                                                  Priority of
                                                                                                                                                                                                                                                  Payments.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-40

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “Restaurant

                                                                                                                                                                                                                                                  Operating
                                                                                                                                                                                                                                                  Expenses”
                                                                                                                                                                                                                                                  means,
                                                                                                                                                                                                                                                  collectively,
                                                                                                                                                                                                                                                  (i) operating
                                                                                                                                                                                                                                                  expenses that
                                                                                                                                                                                                                                                  are incurred
                                                                                                                                                                                                                                                  by or
                                                                                                                                                                                                                                                  allocated, in
                                                                                                                                                                                                                                                  accordance
                                                                                                                                                                                                                                                  with the
                                                                                                                                                                                                                                                  Managing
                                                                                                                                                                                                                                                  Standard, to
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurants in
                                                                                                                                                                                                                                                  the ordinary
                                                                                                                                                                                                                                                  course of
                                                                                                                                                                                                                                                  business
                                                                                                                                                                                                                                                  relating to
                                                                                                                                                                                                                                                  the operation
                                                                                                                                                                                                                                                  of Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurants,
                                                                                                                                                                                                                                                  such as the
                                                                                                                                                                                                                                                  cost of goods
                                                                                                                                                                                                                                                  sold
                                                                                                                                                                                                                                                  (including
                                                                                                                                                                                                                                                  vendor
                                                                                                                                                                                                                                                  rebates),
                                                                                                                                                                                                                                                  labor
                                                                                                                                                                                                                                                  (including
                                                                                                                                                                                                                                                  wages,
                                                                                                                                                                                                                                                  incentive
                                                                                                                                                                                                                                                  compensation,
                                                                                                                                                                                                                                                  workers’
                                                                                                                                                                                                                                                  compensation-related
                                                                                                                                                                                                                                                  expenses and
                                                                                                                                                                                                                                                  other
                                                                                                                                                                                                                                                  labor-related
                                                                                                                                                                                                                                                  expenses for
                                                                                                                                                                                                                                                  employees in
                                                                                                                                                                                                                                                  respect of
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurants),
                                                                                                                                                                                                                                                  repair and
                                                                                                                                                                                                                                                  maintenance
                                                                                                                                                                                                                                                  expenses to
                                                                                                                                                                                                                                                  the extent not
                                                                                                                                                                                                                                                  capitalized,
                                                                                                                                                                                                                                                  insurance
                                                                                                                                                                                                                                                  (including
                                                                                                                                                                                                                                                  self-insurance),
                                                                                                                                                                                                                                                  marketing,
                                                                                                                                                                                                                                                  administration,
                                                                                                                                                                                                                                                  information
                                                                                                                                                                                                                                                  technology
                                                                                                                                                                                                                                                  fees and
                                                                                                                                                                                                                                                  similar fees
                                                                                                                                                                                                                                                  allocable to
                                                                                                                                                                                                                                                  such
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurants
                                                                                                                                                                                                                                                  (including,
                                                                                                                                                                                                                                                  without
                                                                                                                                                                                                                                                  limitation,
                                                                                                                                                                                                                                                  fees for
                                                                                                                                                                                                                                                  services that
                                                                                                                                                                                                                                                  are similarly
                                                                                                                                                                                                                                                  charged to
                                                                                                                                                                                                                                                  Franchisees),
                                                                                                                                                                                                                                                  litigation and
                                                                                                                                                                                                                                                  settlement
                                                                                                                                                                                                                                                  costs relating
                                                                                                                                                                                                                                                  to the
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Assets and
                                                                                                                                                                                                                                                  other
                                                                                                                                                                                                                                                  restaurant
                                                                                                                                                                                                                                                  operating
                                                                                                                                                                                                                                                  costs included
                                                                                                                                                                                                                                                  in cost of
                                                                                                                                                                                                                                                  sales, (ii)
                                                                                                                                                                                                                                                  payments
                                                                                                                                                                                                                                                  pursuant to
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Third-Party
                                                                                                                                                                                                                                                  Leases and
                                                                                                                                                                                                                                                  (iii)
                                                                                                                                                                                                                                                  Pass-Through
                                                                                                                                                                                                                                                  Amounts.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Retained

                                                                                                                                                                                                                                                  Collections”
                                                                                                                                                                                                                                                  means, with
                                                                                                                                                                                                                                                  respect to any
                                                                                                                                                                                                                                                  specified
                                                                                                                                                                                                                                                  period of
                                                                                                                                                                                                                                                  time, the
                                                                                                                                                                                                                                                  amount equal
                                                                                                                                                                                                                                                  to (A) the sum
                                                                                                                                                                                                                                                  of
                                                                                                                                                                                                                                                  (i) Collections
                                                                                                                                                                                                                                                  (other than
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Collections
                                                                                                                                                                                                                                                  and Franchisee
                                                                                                                                                                                                                                                  Back-to-Back
                                                                                                                                                                                                                                                  Sublease
                                                                                                                                                                                                                                                  Payments)
                                                                                                                                                                                                                                                  received over
                                                                                                                                                                                                                                                  such period plus,
                                                                                                                                                                                                                                                  without
                                                                                                                                                                                                                                                  duplication,
                                                                                                                                                                                                                                                  (ii) Four-Week
                                                                                                                                                                                                                                                  Fiscal Period
                                                                                                                                                                                                                                                  Estimated
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Profits
                                                                                                                                                                                                                                                  Amounts plus,
                                                                                                                                                                                                                                                  without
                                                                                                                                                                                                                                                  duplication,
                                                                                                                                                                                                                                                  (iii) Four-Week
                                                                                                                                                                                                                                                  Fiscal Period
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Profits
                                                                                                                                                                                                                                                  True-up
                                                                                                                                                                                                                                                  Amounts plus,
                                                                                                                                                                                                                                                  without
                                                                                                                                                                                                                                                  duplication
                                                                                                                                                                                                                                                  (iv) Net
                                                                                                                                                                                                                                                  Back-to-Back
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Lease Payments
                                                                                                                                                                                                                                                  and Company
                                                                                                                                                                                                                                                  Synthetic
                                                                                                                                                                                                                                                  Lease Payments
                                                                                                                                                                                                                                                  for the
                                                                                                                                                                                                                                                  Four-Week
                                                                                                                                                                                                                                                  Fiscal Period
                                                                                                                                                                                                                                                  most recently
                                                                                                                                                                                                                                                  ended minus (B)

                                                                                                                                                                                                                                                  without
                                                                                                                                                                                                                                                  duplication,
                                                                                                                                                                                                                                                  the Excluded
                                                                                                                                                                                                                                                  Amounts (to
                                                                                                                                                                                                                                                  the extent
                                                                                                                                                                                                                                                  such amounts
                                                                                                                                                                                                                                                  are included
                                                                                                                                                                                                                                                  in clauses
                                                                                                                                                                                                                                                  (i)
                                                                                                                                                                                                                                                  through (iii))
                                                                                                                                                                                                                                                  over such
                                                                                                                                                                                                                                                  period.  Funds
                                                                                                                                                                                                                                                  released from
                                                                                                                                                                                                                                                  the Cash Trap
                                                                                                                                                                                                                                                  Reserve
                                                                                                                                                                                                                                                  Account shall
                                                                                                                                                                                                                                                  not constitute
                                                                                                                                                                                                                                                  Retained
                                                                                                                                                                                                                                                  Collections
                                                                                                                                                                                                                                                  for purposes
                                                                                                                                                                                                                                                  of this
                                                                                                                                                                                                                                                  definition.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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
                                                                                                                                                                                                                                                  Series Legal
                                                                                                                                                                                                                                                  Final Maturity
                                                                                                                                                                                                                                                  Date with
                                                                                                                                                                                                                                                  respect the
                                                                                                                                                                                                                                                  last Series of
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Outstanding,
                                                                                                                                                                                                                                                  to be included
                                                                                                                                                                                                                                                  in Net Cash
                                                                                                                                                                                                                                                  Flow in
                                                                                                                                                                                                                                                  accordance
                                                                                                                                                                                                                                                  with Section
                                                                                                                                                                                                                                                  5.17 of this
                                                                                                                                                                                                                                                  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; provided
                                                                                                                                                                                                                                                  that any
                                                                                                                                                                                                                                                  Retained
                                                                                                                                                                                                                                                  Collections
                                                                                                                                                                                                                                                  Contribution
                                                                                                                                                                                                                                                  made will be
                                                                                                                                                                                                                                                  excluded from
                                                                                                                                                                                                                                                  Net Cash Flow
                                                                                                                                                                                                                                                  for purposes
                                                                                                                                                                                                                                                  of
                                                                                                                                                                                                                                                  calculations
                                                                                                                                                                                                                                                  undertaken in
                                                                                                                                                                                                                                                  the following
                                                                                                                                                                                                                                                  circumstances:
                                                                                                                                                                                                                                                  (i) the New
                                                                                                                                                                                                                                                  Series Pro
                                                                                                                                                                                                                                                  Forma DSCR or
                                                                                                                                                                                                                                                  (ii)
                                                                                                                                                                                                                                                  compliance
                                                                                                                                                                                                                                                  with the
                                                                                                                                                                                                                                                  applicable
                                                                                                                                                                                                                                                  Series
                                                                                                                                                                                                                                                  Non-Amortization
                                                                                                                                                                                                                                                  Test.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Rule

                                                                                                                                                                                                                                                  144A”
                                                                                                                                                                                                                                                  means Rule
                                                                                                                                                                                                                                                  144A under the
                                                                                                                                                                                                                                                  1933 Act.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “S&P”
                                                                                                                                                                                                                                                  means S&P
                                                                                                                                                                                                                                                  Global Ratings
                                                                                                                                                                                                                                                  (and any
                                                                                                                                                                                                                                                  successor or
                                                                                                                                                                                                                                                  successors
                                                                                                                                                                                                                                                  thereto).

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Scheduled

                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Payments”
                                                                                                                                                                                                                                                  means, with
                                                                                                                                                                                                                                                  respect to
                                                                                                                                                                                                                                                  each Series or
                                                                                                                                                                                                                                                  any Class of
                                                                                                                                                                                                                                                  any Series of
                                                                                                                                                                                                                                                  Notes, each
                                                                                                                                                                                                                                                  payment
                                                                                                                                                                                                                                                  scheduled to
                                                                                                                                                                                                                                                  be made
                                                                                                                                                                                                                                                  pursuant to
                                                                                                                                                                                                                                                  the Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series
                                                                                                                                                                                                                                                  that reduces
                                                                                                                                                                                                                                                  the amount of
                                                                                                                                                                                                                                                  principal
                                                                                                                                                                                                                                                  Outstanding
                                                                                                                                                                                                                                                  with respect
                                                                                                                                                                                                                                                  to such
                                                                                                                                                                                                                                                  Series or
                                                                                                                                                                                                                                                  Class on a
                                                                                                                                                                                                                                                  periodic basis
                                                                                                                                                                                                                                                  that is
                                                                                                                                                                                                                                                  identified as
                                                                                                                                                                                                                                                  “Scheduled
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Payments” in
                                                                                                                                                                                                                                                  the Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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 set
                                                                                                                                                                                                                                                  forth in
                                                                                                                                                                                                                                                  Section
                                                                                                                                                                                                                                                  4.01(d) of
                                                                                                                                                                                                                                                  this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “SEC”
                                                                                                                                                                                                                                                  means the
                                                                                                                                                                                                                                                  United States
                                                                                                                                                                                                                                                  Securities and
                                                                                                                                                                                                                                                  Exchange
                                                                                                                                                                                                                                                  Commission.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-41

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “Secured

                                                                                                                                                                                                                                                  Parties”
                                                                                                                                                                                                                                                  means the
                                                                                                                                                                                                                                                  Trustee, for
                                                                                                                                                                                                                                                  the benefit of
                                                                                                                                                                                                                                                  (i) itself,
                                                                                                                                                                                                                                                  (ii) the
                                                                                                                                                                                                                                                  Noteholders,
                                                                                                                                                                                                                                                  (iii) the
                                                                                                                                                                                                                                                  Servicer, (iv)
                                                                                                                                                                                                                                                  the Control
                                                                                                                                                                                                                                                  Party, (v) the
                                                                                                                                                                                                                                                  Manager, (vi)
                                                                                                                                                                                                                                                  the Back-Up
                                                                                                                                                                                                                                                  Manager, (vii)
                                                                                                                                                                                                                                                  each Hedge
                                                                                                                                                                                                                                                  Counterparty,
                                                                                                                                                                                                                                                  if any, and
                                                                                                                                                                                                                                                  (viii) the
                                                                                                                                                                                                                                                  Enhancement
                                                                                                                                                                                                                                                  Provider, if
                                                                                                                                                                                                                                                  any, together
                                                                                                                                                                                                                                                  with their
                                                                                                                                                                                                                                                  respective
                                                                                                                                                                                                                                                  successors and
                                                                                                                                                                                                                                                  assigns.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Securities

                                                                                                                                                                                                                                                  Intermediary”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in
                                                                                                                                                                                                                                                  Section
                                                                                                                                                                                                                                                  5.09(a) of
                                                                                                                                                                                                                                                  this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Securitization

                                                                                                                                                                                                                                                  Entities”
                                                                                                                                                                                                                                                  means,
                                                                                                                                                                                                                                                  collectively,
                                                                                                                                                                                                                                                  the Master
                                                                                                                                                                                                                                                  Issuer and the
                                                                                                                                                                                                                                                  Guarantors,
                                                                                                                                                                                                                                                  and each
                                                                                                                                                                                                                                                  Subsidiary
                                                                                                                                                                                                                                                  thereof
                                                                                                                                                                                                                                                  (including any
                                                                                                                                                                                                                                                  Additional
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity).

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Securitization

                                                                                                                                                                                                                                                  IP” means,
                                                                                                                                                                                                                                                  collectively,
                                                                                                                                                                                                                                                  the Owned
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  IP and the
                                                                                                                                                                                                                                                  Licensed
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  IP; except
                                                                                                                                                                                                                                                  that (i)
                                                                                                                                                                                                                                                  “Securitization
                                                                                                                                                                                                                                                  IP” will not
                                                                                                                                                                                                                                                  include,
                                                                                                                                                                                                                                                  solely for
                                                                                                                                                                                                                                                  purposes of
                                                                                                                                                                                                                                                  the licenses
                                                                                                                                                                                                                                                  granted under
                                                                                                                                                                                                                                                  the IP License
                                                                                                                                                                                                                                                  Agreements,
                                                                                                                                                                                                                                                  any rights to
                                                                                                                                                                                                                                                  use licensed
                                                                                                                                                                                                                                                  third-party
                                                                                                                                                                                                                                                  Intellectual
                                                                                                                                                                                                                                                  Property to
                                                                                                                                                                                                                                                  the extent
                                                                                                                                                                                                                                                  that such
                                                                                                                                                                                                                                                  rights are not
                                                                                                                                                                                                                                                  sublicensable
                                                                                                                                                                                                                                                  without the
                                                                                                                                                                                                                                                  consent of or
                                                                                                                                                                                                                                                  any payment to
                                                                                                                                                                                                                                                  such third
                                                                                                                                                                                                                                                  party, or any
                                                                                                                                                                                                                                                  other action
                                                                                                                                                                                                                                                  by the
                                                                                                                                                                                                                                                  licensee
                                                                                                                                                                                                                                                  thereof,
                                                                                                                                                                                                                                                  unless such
                                                                                                                                                                                                                                                  consent has
                                                                                                                                                                                                                                                  been obtained
                                                                                                                                                                                                                                                  or payment has
                                                                                                                                                                                                                                                  been made; and
                                                                                                                                                                                                                                                  (ii) as used
                                                                                                                                                                                                                                                  in the Related
                                                                                                                                                                                                                                                  Documents, the
                                                                                                                                                                                                                                                  terms “owns,”
                                                                                                                                                                                                                                                  “holds,” and
                                                                                                                                                                                                                                                  similar terms
                                                                                                                                                                                                                                                  mean, with
                                                                                                                                                                                                                                                  regard to
                                                                                                                                                                                                                                                  Owned
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  IP, the
                                                                                                                                                                                                                                                  holding of
                                                                                                                                                                                                                                                  legal title,
                                                                                                                                                                                                                                                  and with
                                                                                                                                                                                                                                                  regard to
                                                                                                                                                                                                                                                  Licensed
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  IP, the
                                                                                                                                                                                                                                                  holding of
                                                                                                                                                                                                                                                  valid rights
                                                                                                                                                                                                                                                  to use under a
                                                                                                                                                                                                                                                  license or
                                                                                                                                                                                                                                                  similar
                                                                                                                                                                                                                                                  arrangement.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Securitization

                                                                                                                                                                                                                                                  Operating
                                                                                                                                                                                                                                                  Expense
                                                                                                                                                                                                                                                  Account”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in Section

                                                                                                                                                                                                                                                  5.07(a)(xi)
                                                                                                                                                                                                                                                  of this 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
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Concentration
                                                                                                                                                                                                                                                  Accounts or
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Accounts),
                                                                                                                                                                                                                                                  including
                                                                                                                                                                                                                                                  (i) accrued
                                                                                                                                                                                                                                                  and unpaid
                                                                                                                                                                                                                                                  Taxes (other
                                                                                                                                                                                                                                                  than 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 and
                                                                                                                                                                                                                                                  attributable
                                                                                                                                                                                                                                                  to 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
                                                                                                                                                                                                                                                  and, on and
                                                                                                                                                                                                                                                  after the
                                                                                                                                                                                                                                                  Springing
                                                                                                                                                                                                                                                  Amendments
                                                                                                                                                                                                                                                  Implementation
                                                                                                                                                                                                                                                  Date, Back-Up
                                                                                                                                                                                                                                                  Manager
                                                                                                                                                                                                                                                  Consent
                                                                                                                                                                                                                                                  Consultation
                                                                                                                                                                                                                                                  Fees (to the
                                                                                                                                                                                                                                                  extent not
                                                                                                                                                                                                                                                  paid upon the
                                                                                                                                                                                                                                                  closing of any
                                                                                                                                                                                                                                                  Consent
                                                                                                                                                                                                                                                  Request or
                                                                                                                                                                                                                                                  proposed
                                                                                                                                                                                                                                                  Advance (or if
                                                                                                                                                                                                                                                  there is
                                                                                                                                                                                                                                                  otherwise no
                                                                                                                                                                                                                                                  closing with
                                                                                                                                                                                                                                                  respect to any
                                                                                                                                                                                                                                                  such Consent
                                                                                                                                                                                                                                                  Request and/or
                                                                                                                                                                                                                                                  such proposed
                                                                                                                                                                                                                                                  Advance is not
                                                                                                                                                                                                                                                  made)), as
                                                                                                                                                                                                                                                  applicable,
                                                                                                                                                                                                                                                  (C) each
                                                                                                                                                                                                                                                  Rating Agency,
                                                                                                                                                                                                                                                  (D) independent

                                                                                                                                                                                                                                                  certified
                                                                                                                                                                                                                                                  public
                                                                                                                                                                                                                                                  accountants
                                                                                                                                                                                                                                                  (including,
                                                                                                                                                                                                                                                  for the
                                                                                                                                                                                                                                                  avoidance of
                                                                                                                                                                                                                                                  doubt, any
                                                                                                                                                                                                                                                  incremental
                                                                                                                                                                                                                                                  auditor costs)
                                                                                                                                                                                                                                                  or external
                                                                                                                                                                                                                                                  legal counsel,
                                                                                                                                                                                                                                                  (E) any stock
                                                                                                                                                                                                                                                  exchange on
                                                                                                                                                                                                                                                  which the
                                                                                                                                                                                                                                                  Notes may be
                                                                                                                                                                                                                                                  listed and (F)
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Controlling
                                                                                                                                                                                                                                                  Class
                                                                                                                                                                                                                                                  Representative
                                                                                                                                                                                                                                                  for
                                                                                                                                                                                                                                                  out-of-pocket
                                                                                                                                                                                                                                                  expenses
                                                                                                                                                                                                                                                  incurred
                                                                                                                                                                                                                                                  acting in such
                                                                                                                                                                                                                                                  capacity;
                                                                                                                                                                                                                                                  (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
                                                                                                                                                                                                                                                  independent
                                                                                                                                                                                                                                                  manager fees. 
                                                                                                                                                                                                                                                  Mortgage
                                                                                                                                                                                                                                                  Preparation
                                                                                                                                                                                                                                                  Fees and
                                                                                                                                                                                                                                                  Mortgage
                                                                                                                                                                                                                                                  Recordation
                                                                                                                                                                                                                                                  Fees shall not
                                                                                                                                                                                                                                                  be
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Operating
                                                                                                                                                                                                                                                  Expenses.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Securitized

                                                                                                                                                                                                                                                  Assets”
                                                                                                                                                                                                                                                  means all
                                                                                                                                                                                                                                                  assets owned
                                                                                                                                                                                                                                                  by the
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entities,
                                                                                                                                                                                                                                                  including but
                                                                                                                                                                                                                                                  not limited to
                                                                                                                                                                                                                                                  the Collateral
                                                                                                                                                                                                                                                  and the Real
                                                                                                                                                                                                                                                  Estate Assets.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Securitized

                                                                                                                                                                                                                                                  Back-to-Back
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Lease
                                                                                                                                                                                                                                                  Arrangements”
                                                                                                                                                                                                                                                  means,
                                                                                                                                                                                                                                                  collectively,
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Contributed
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Back-to-Back
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Lease
                                                                                                                                                                                                                                                  Arrangements
                                                                                                                                                                                                                                                  and the New
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Back-to-Back
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Lease
                                                                                                                                                                                                                                                  Arrangements.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Securitized

                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Accounts”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in Section

                                                                                                                                                                                                                                                  5.02(a)(i)
                                                                                                                                                                                                                                                  of this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-42

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “Securitized

                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Assets”
                                                                                                                                                                                                                                                  means the
                                                                                                                                                                                                                                                  supplies,
                                                                                                                                                                                                                                                  furniture and
                                                                                                                                                                                                                                                  equipment
                                                                                                                                                                                                                                                  associated
                                                                                                                                                                                                                                                  with owning
                                                                                                                                                                                                                                                  and operating
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurants,
                                                                                                                                                                                                                                                  such as
                                                                                                                                                                                                                                                  furnishings,
                                                                                                                                                                                                                                                  cooking
                                                                                                                                                                                                                                                  equipment,
                                                                                                                                                                                                                                                  cooking
                                                                                                                                                                                                                                                  supplies and
                                                                                                                                                                                                                                                  computer
                                                                                                                                                                                                                                                  equipment.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Securitized

                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Business”
                                                                                                                                                                                                                                                  means the
                                                                                                                                                                                                                                                  business of
                                                                                                                                                                                                                                                  owning and
                                                                                                                                                                                                                                                  operating the
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurants
                                                                                                                                                                                                                                                  and the
                                                                                                                                                                                                                                                  provision of
                                                                                                                                                                                                                                                  ancillary
                                                                                                                                                                                                                                                  goods and
                                                                                                                                                                                                                                                  services in
                                                                                                                                                                                                                                                  connection
                                                                                                                                                                                                                                                  therewith.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Securitized

                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Collections”
                                                                                                                                                                                                                                                  means cash
                                                                                                                                                                                                                                                  revenues,
                                                                                                                                                                                                                                                  credit card
                                                                                                                                                                                                                                                  and debit card
                                                                                                                                                                                                                                                  proceeds
                                                                                                                                                                                                                                                  (including
                                                                                                                                                                                                                                                  value card
                                                                                                                                                                                                                                                  redemption
                                                                                                                                                                                                                                                  amounts, but
                                                                                                                                                                                                                                                  excluding
                                                                                                                                                                                                                                                  proceeds of
                                                                                                                                                                                                                                                  the initial
                                                                                                                                                                                                                                                  sale of value
                                                                                                                                                                                                                                                  cards)
                                                                                                                                                                                                                                                  generated by
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurants.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                   “Securitized

                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Third-Party
                                                                                                                                                                                                                                                  Leases”
                                                                                                                                                                                                                                                  means,
                                                                                                                                                                                                                                                  collectively,
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Contributed
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Third-Party
                                                                                                                                                                                                                                                  Leases and the
                                                                                                                                                                                                                                                  New
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Third-Party
                                                                                                                                                                                                                                                  Leases.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Securitized

                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Working
                                                                                                                                                                                                                                                  Capital
                                                                                                                                                                                                                                                  Reserve Amount”
                                                                                                                                                                                                                                                  means, as of
                                                                                                                                                                                                                                                  any date of
                                                                                                                                                                                                                                                  determination,
                                                                                                                                                                                                                                                  an amount
                                                                                                                                                                                                                                                  determined by
                                                                                                                                                                                                                                                  the Manager to
                                                                                                                                                                                                                                                  be retained in
                                                                                                                                                                                                                                                  a Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Account for
                                                                                                                                                                                                                                                  working
                                                                                                                                                                                                                                                  capital
                                                                                                                                                                                                                                                  expenses not
                                                                                                                                                                                                                                                  to exceed in
                                                                                                                                                                                                                                                  the aggregate
                                                                                                                                                                                                                                                  for all
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Accounts the
                                                                                                                                                                                                                                                  greater of (i)
                                                                                                                                                                                                                                                  $5,000,000 and
                                                                                                                                                                                                                                                  (ii) 10% of
                                                                                                                                                                                                                                                  the aggregate
                                                                                                                                                                                                                                                  Retained
                                                                                                                                                                                                                                                  Collections
                                                                                                                                                                                                                                                  for the
                                                                                                                                                                                                                                                  preceding four
                                                                                                                                                                                                                                                  (4) Quarterly
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  Periods; provided that

                                                                                                                                                                                                                                                  amounts
                                                                                                                                                                                                                                                  transferred by
                                                                                                                                                                                                                                                  the Master
                                                                                                                                                                                                                                                  Issuer to a
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Account from
                                                                                                                                                                                                                                                  the Residual
                                                                                                                                                                                                                                                  Amount will
                                                                                                                                                                                                                                                  not be
                                                                                                                                                                                                                                                  included in
                                                                                                                                                                                                                                                  such
                                                                                                                                                                                                                                                  calculation.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Securitized

                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurants”
                                                                                                                                                                                                                                                  means,
                                                                                                                                                                                                                                                  collectively,
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Contributed
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurants
                                                                                                                                                                                                                                                  and the New
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurants.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Securitized

                                                                                                                                                                                                                                                  Development
                                                                                                                                                                                                                                                  Agreements”
                                                                                                                                                                                                                                                  means,
                                                                                                                                                                                                                                                  collectively,
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Contributed
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Development
                                                                                                                                                                                                                                                  Agreements and
                                                                                                                                                                                                                                                  the New
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Development
                                                                                                                                                                                                                                                  Agreements.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Securitized

                                                                                                                                                                                                                                                  Franchise
                                                                                                                                                                                                                                                  Agreements”
                                                                                                                                                                                                                                                  means,
                                                                                                                                                                                                                                                  collectively,
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Contributed
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchise
                                                                                                                                                                                                                                                  Agreements and
                                                                                                                                                                                                                                                  the New
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchise
                                                                                                                                                                                                                                                  Agreements.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Securitized

                                                                                                                                                                                                                                                  Franchise
                                                                                                                                                                                                                                                  Assets”
                                                                                                                                                                                                                                                  means, with
                                                                                                                                                                                                                                                  respect to the
                                                                                                                                                                                                                                                  Franchisor,
                                                                                                                                                                                                                                                  (A) the
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Notes and all
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Note Payments
                                                                                                                                                                                                                                                  thereon and
                                                                                                                                                                                                                                                  (B)(i) the
                                                                                                                                                                                                                                                  Contributed
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchise
                                                                                                                                                                                                                                                  Agreements and
                                                                                                                                                                                                                                                  all
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Payments
                                                                                                                                                                                                                                                  thereon; (ii)
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Contributed
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Development
                                                                                                                                                                                                                                                  Agreements and
                                                                                                                                                                                                                                                  all
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Payments
                                                                                                                                                                                                                                                  thereon; (iii)
                                                                                                                                                                                                                                                  the New
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchise
                                                                                                                                                                                                                                                  Agreements and
                                                                                                                                                                                                                                                  all
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Payments
                                                                                                                                                                                                                                                  thereon; (iv)
                                                                                                                                                                                                                                                  the New
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Development
                                                                                                                                                                                                                                                  Agreements and
                                                                                                                                                                                                                                                  all
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Payments
                                                                                                                                                                                                                                                  thereon; (v)
                                                                                                                                                                                                                                                  all rights to
                                                                                                                                                                                                                                                  enter into New
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchise
                                                                                                                                                                                                                                                  Agreements and
                                                                                                                                                                                                                                                  New
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Development
                                                                                                                                                                                                                                                  Agreements;
                                                                                                                                                                                                                                                  (vi) any and
                                                                                                                                                                                                                                                  all other
                                                                                                                                                                                                                                                  property of
                                                                                                                                                                                                                                                  every nature,
                                                                                                                                                                                                                                                  now or
                                                                                                                                                                                                                                                  hereafter
                                                                                                                                                                                                                                                  transferred,
                                                                                                                                                                                                                                                  mortgaged,
                                                                                                                                                                                                                                                  pledged, or
                                                                                                                                                                                                                                                  assigned as
                                                                                                                                                                                                                                                  security for
                                                                                                                                                                                                                                                  payment or
                                                                                                                                                                                                                                                  performance of
                                                                                                                                                                                                                                                  any obligation
                                                                                                                                                                                                                                                  of the
                                                                                                                                                                                                                                                  Franchisees or
                                                                                                                                                                                                                                                  other Persons,
                                                                                                                                                                                                                                                  as applicable,
                                                                                                                                                                                                                                                  to the
                                                                                                                                                                                                                                                  Franchisor
                                                                                                                                                                                                                                                  under the
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchise
                                                                                                                                                                                                                                                  Agreements or
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Development
                                                                                                                                                                                                                                                  Agreements and
                                                                                                                                                                                                                                                  all guarantees
                                                                                                                                                                                                                                                  of such
                                                                                                                                                                                                                                                  obligations
                                                                                                                                                                                                                                                  and the rights
                                                                                                                                                                                                                                                  evidenced by
                                                                                                                                                                                                                                                  or reflected
                                                                                                                                                                                                                                                  in the
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchise
                                                                                                                                                                                                                                                  Agreements or
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Development
                                                                                                                                                                                                                                                  Agreements;
                                                                                                                                                                                                                                                  and (vii) all
                                                                                                                                                                                                                                                  payments,
                                                                                                                                                                                                                                                  proceeds and
                                                                                                                                                                                                                                                  accrued and
                                                                                                                                                                                                                                                  future rights
                                                                                                                                                                                                                                                  to payment on
                                                                                                                                                                                                                                                  the items
                                                                                                                                                                                                                                                  described in clauses

                                                                                                                                                                                                                                                  (i)
                                                                                                                                                                                                                                                  through (vi)
                                                                                                                                                                                                                                                  of this
                                                                                                                                                                                                                                                  definition.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Securitized

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

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-43

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “Securitized

                                                                                                                                                                                                                                                  Franchised
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Business”
                                                                                                                                                                                                                                                  means the
                                                                                                                                                                                                                                                  business of
                                                                                                                                                                                                                                                  franchising or
                                                                                                                                                                                                                                                  licensing
                                                                                                                                                                                                                                                  Branded
                                                                                                                                                                                                                                                  Restaurants
                                                                                                                                                                                                                                                  located in the
                                                                                                                                                                                                                                                  United States.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Securitized

                                                                                                                                                                                                                                                  Franchised
                                                                                                                                                                                                                                                  Restaurants”
                                                                                                                                                                                                                                                  means,
                                                                                                                                                                                                                                                  collectively,
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Contributed
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchised
                                                                                                                                                                                                                                                  Restaurants
                                                                                                                                                                                                                                                  and the New
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchised
                                                                                                                                                                                                                                                  Restaurants.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Securitized

                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Back-to-Back
                                                                                                                                                                                                                                                  Subleases”
                                                                                                                                                                                                                                                  means,
                                                                                                                                                                                                                                                  collectively,
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Contributed
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Back-to-Back
                                                                                                                                                                                                                                                  Subleases and
                                                                                                                                                                                                                                                  the New
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Back-to-Back
                                                                                                                                                                                                                                                  Subleases.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Securitized

                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Note Payments”
                                                                                                                                                                                                                                                  means all
                                                                                                                                                                                                                                                  amounts
                                                                                                                                                                                                                                                  payable to a
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity by a
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  pursuant to a
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Note.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Securitized

                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Notes”
                                                                                                                                                                                                                                                  means,
                                                                                                                                                                                                                                                  collectively,
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Contributed
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Notes and the
                                                                                                                                                                                                                                                  New
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Notes.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Securitized

                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Payments”
                                                                                                                                                                                                                                                  means all
                                                                                                                                                                                                                                                  amounts
                                                                                                                                                                                                                                                  payable to a
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity by
                                                                                                                                                                                                                                                  Franchisees
                                                                                                                                                                                                                                                  pursuant to
                                                                                                                                                                                                                                                  the Franchise
                                                                                                                                                                                                                                                  Documents
                                                                                                                                                                                                                                                  other than
                                                                                                                                                                                                                                                  Excluded
                                                                                                                                                                                                                                                  Amounts, which
                                                                                                                                                                                                                                                  may be
                                                                                                                                                                                                                                                  excluded from
                                                                                                                                                                                                                                                  the term at
                                                                                                                                                                                                                                                  the option of
                                                                                                                                                                                                                                                  the Manager.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Securitized

                                                                                                                                                                                                                                                  JIB
                                                                                                                                                                                                                                                  Back-to-Back
                                                                                                                                                                                                                                                  Leases”
                                                                                                                                                                                                                                                  means,
                                                                                                                                                                                                                                                  collectively,
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Contributed
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  JIB
                                                                                                                                                                                                                                                  Back-to-Back
                                                                                                                                                                                                                                                  Leases and the
                                                                                                                                                                                                                                                  New
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  JIB
                                                                                                                                                                                                                                                  Back-to-Back
                                                                                                                                                                                                                                                  Leases.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Securitized

                                                                                                                                                                                                                                                  Leases”
                                                                                                                                                                                                                                                  means,
                                                                                                                                                                                                                                                  collectively,
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Third-Party
                                                                                                                                                                                                                                                  Leases, the
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  JIB
                                                                                                                                                                                                                                                  Back-to-Back
                                                                                                                                                                                                                                                  Leases, the
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Back-to-Back
                                                                                                                                                                                                                                                  Subleases, the
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Owned-Property
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Leases, the
                                                                                                                                                                                                                                                  Non-Branded
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Leases and the
                                                                                                                                                                                                                                                  Non-Securitization

                                                                                                                                                                                                                                                  Entity Leases.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Securitized

                                                                                                                                                                                                                                                  Owned Real
                                                                                                                                                                                                                                                  Property”
                                                                                                                                                                                                                                                  means
                                                                                                                                                                                                                                                  collectively,
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Contributed
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Owned Real
                                                                                                                                                                                                                                                  Property and
                                                                                                                                                                                                                                                  the New
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Owned Real
                                                                                                                                                                                                                                                  Property.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Securitized

                                                                                                                                                                                                                                                  Owned-Property
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Lease Payments”
                                                                                                                                                                                                                                                  means lease
                                                                                                                                                                                                                                                  payments
                                                                                                                                                                                                                                                  payable by
                                                                                                                                                                                                                                                  Franchisees to
                                                                                                                                                                                                                                                  JIB Properties
                                                                                                                                                                                                                                                  under
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Owned-Property
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Leases.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Securitized

                                                                                                                                                                                                                                                  Owned-Property
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Leases”
                                                                                                                                                                                                                                                  means,
                                                                                                                                                                                                                                                  collectively,
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Contributed
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Owned-Property
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Leases and the
                                                                                                                                                                                                                                                  New
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Owned-Property
                                                                                                                                                                                                                                                  Franchisee
                                                                                                                                                                                                                                                  Leases.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Securitized

                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Business”
                                                                                                                                                                                                                                                  means,
                                                                                                                                                                                                                                                  collectively,
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Business and
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchised
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Business.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Securitized

                                                                                                                                                                                                                                                  Restaurants”
                                                                                                                                                                                                                                                  means,
                                                                                                                                                                                                                                                  collectively,
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurants
                                                                                                                                                                                                                                                  and the
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Franchised
                                                                                                                                                                                                                                                  Restaurants.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Senior

                                                                                                                                                                                                                                                  ABS Leverage
                                                                                                                                                                                                                                                  Ratio”
                                                                                                                                                                                                                                                  means, as of
                                                                                                                                                                                                                                                  any date of
                                                                                                                                                                                                                                                  determination,
                                                                                                                                                                                                                                                  the ratio of
                                                                                                                                                                                                                                                  (a)(i) the
                                                                                                                                                                                                                                                  aggregate
                                                                                                                                                                                                                                                  Outstanding
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Amount of each
                                                                                                                                                                                                                                                  Series of
                                                                                                                                                                                                                                                  Senior Notes
                                                                                                                                                                                                                                                  Outstanding 
                                                                                                                                                                                                                                                  assuming the
                                                                                                                                                                                                                                                  amounts
                                                                                                                                                                                                                                                  available
                                                                                                                                                                                                                                                  under each
                                                                                                                                                                                                                                                  Class A-1 Note
                                                                                                                                                                                                                                                  at such time
                                                                                                                                                                                                                                                  (after giving
                                                                                                                                                                                                                                                  effect to any
                                                                                                                                                                                                                                                  commitment
                                                                                                                                                                                                                                                  reductions on
                                                                                                                                                                                                                                                  such date) are
                                                                                                                                                                                                                                                  fully drawn)
                                                                                                                                                                                                                                                  as of the end
                                                                                                                                                                                                                                                  of the most
                                                                                                                                                                                                                                                  recently ended
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Fiscal Period
                                                                                                                                                                                                                                                  less (ii) the
                                                                                                                                                                                                                                                  sum of (x) the
                                                                                                                                                                                                                                                  cash and
                                                                                                                                                                                                                                                  Eligible
                                                                                                                                                                                                                                                  Investments of
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entities
                                                                                                                                                                                                                                                  credited to
                                                                                                                                                                                                                                                  the Senior
                                                                                                                                                                                                                                                  Notes Interest
                                                                                                                                                                                                                                                  Reserve
                                                                                                                                                                                                                                                  Account, the
                                                                                                                                                                                                                                                  Cash Trap
                                                                                                                                                                                                                                                  Reserve
                                                                                                                                                                                                                                                  Account and
                                                                                                                                                                                                                                                  the Franchisor
                                                                                                                                                                                                                                                  Capital
                                                                                                                                                                                                                                                  Accounts as of
                                                                                                                                                                                                                                                  the end of the
                                                                                                                                                                                                                                                  most recently
                                                                                                                                                                                                                                                  ended
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Fiscal
                                                                                                                                                                                                                                                  Period,  and
                                                                                                                                                                                                                                                  (y) 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
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  Period to (b)
                                                                                                                                                                                                                                                  the sum of the
                                                                                                                                                                                                                                                  Net Cash Flow
                                                                                                                                                                                                                                                  for the
                                                                                                                                                                                                                                                  preceding four
                                                                                                                                                                                                                                                  (4) 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 this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Senior

                                                                                                                                                                                                                                                  Noteholder”
                                                                                                                                                                                                                                                  means any
                                                                                                                                                                                                                                                  Holder of
                                                                                                                                                                                                                                                  Senior Notes
                                                                                                                                                                                                                                                  of any Series.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-44

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “Senior

                                                                                                                                                                                                                                                  Notes” or
                                                                                                                                                                                                                                                  “Class A
                                                                                                                                                                                                                                                  Notes”
                                                                                                                                                                                                                                                  means the
                                                                                                                                                                                                                                                  issuance of
                                                                                                                                                                                                                                                  Notes 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 Notes to
                                                                                                                                                                                                                                                  the right to
                                                                                                                                                                                                                                                  receive
                                                                                                                                                                                                                                                  interest and
                                                                                                                                                                                                                                                  principal on
                                                                                                                                                                                                                                                  any
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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
                                                                                                                                                                                                                                                  Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Senior

                                                                                                                                                                                                                                                  Notes Accrued
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Post-ARD
                                                                                                                                                                                                                                                  Contingent
                                                                                                                                                                                                                                                  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
                                                                                                                                                                                                                                                  Post-ARD
                                                                                                                                                                                                                                                  Contingent
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Amount” in the
                                                                                                                                                                                                                                                  Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Senior

                                                                                                                                                                                                                                                  Notes Accrued
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Scheduled
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Amount”
                                                                                                                                                                                                                                                  means with
                                                                                                                                                                                                                                                  respect to
                                                                                                                                                                                                                                                  each Weekly
                                                                                                                                                                                                                                                  Allocation
                                                                                                                                                                                                                                                  Date, and with
                                                                                                                                                                                                                                                  respect to all
                                                                                                                                                                                                                                                  Senior Notes
                                                                                                                                                                                                                                                  Outstanding,
                                                                                                                                                                                                                                                  the aggregate
                                                                                                                                                                                                                                                  amounts
                                                                                                                                                                                                                                                  identified as
                                                                                                                                                                                                                                                  the “Senior
                                                                                                                                                                                                                                                  Notes Accrued
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Scheduled
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Amount” in
                                                                                                                                                                                                                                                  each Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Senior

                                                                                                                                                                                                                                                  Notes Interest
                                                                                                                                                                                                                                                  Payment
                                                                                                                                                                                                                                                  Account”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in Section

                                                                                                                                                                                                                                                  5.07(a)(i)
                                                                                                                                                                                                                                                  of this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Senior

                                                                                                                                                                                                                                                  Notes Interest
                                                                                                                                                                                                                                                  Reserve
                                                                                                                                                                                                                                                  Account”
                                                                                                                                                                                                                                                  means account
                                                                                                                                                                                                                                                  no. 1220600
                                                                                                                                                                                                                                                  entitled
                                                                                                                                                                                                                                                  “Citibank,
                                                                                                                                                                                                                                                  N.A. f/b/o
                                                                                                                                                                                                                                                  Different
                                                                                                                                                                                                                                                  Rules, LLC,
                                                                                                                                                                                                                                                  Senior Notes
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Reserve
                                                                                                                                                                                                                                                  Account”,
                                                                                                                                                                                                                                                  which account
                                                                                                                                                                                                                                                  is maintained
                                                                                                                                                                                                                                                  by the Trustee
                                                                                                                                                                                                                                                  pursuant to
                                                                                                                                                                                                                                                  Section 5.03
                                                                                                                                                                                                                                                  of this Base
                                                                                                                                                                                                                                                  Indenture or
                                                                                                                                                                                                                                                  any successor
                                                                                                                                                                                                                                                  securities
                                                                                                                                                                                                                                                  account
                                                                                                                                                                                                                                                  maintained
                                                                                                                                                                                                                                                  pursuant to
                                                                                                                                                                                                                                                  Section 5.03
                                                                                                                                                                                                                                                  of this 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.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Senior

                                                                                                                                                                                                                                                  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
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Amount due on
                                                                                                                                                                                                                                                  the next
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Payment Date
                                                                                                                                                                                                                                                  (assuming (i)
                                                                                                                                                                                                                                                  that amounts
                                                                                                                                                                                                                                                  available
                                                                                                                                                                                                                                                  under each
                                                                                                                                                                                                                                                  Variable
                                                                                                                                                                                                                                                  Funding Note
                                                                                                                                                                                                                                                  Purchase
                                                                                                                                                                                                                                                  Agreement at
                                                                                                                                                                                                                                                  such time
                                                                                                                                                                                                                                                  (after giving
                                                                                                                                                                                                                                                  effect to any
                                                                                                                                                                                                                                                  commitment
                                                                                                                                                                                                                                                  reductions and
                                                                                                                                                                                                                                                  corresponding
                                                                                                                                                                                                                                                  principal
                                                                                                                                                                                                                                                  payments on
                                                                                                                                                                                                                                                  such date) are
                                                                                                                                                                                                                                                  fully drawn
                                                                                                                                                                                                                                                  and (ii) the
                                                                                                                                                                                                                                                  rate on each
                                                                                                                                                                                                                                                  Class A-1 Note
                                                                                                                                                                                                                                                  is equivalent
                                                                                                                                                                                                                                                  to the rate on
                                                                                                                                                                                                                                                  a Class A-2
                                                                                                                                                                                                                                                  Note with the
                                                                                                                                                                                                                                                  shortest time
                                                                                                                                                                                                                                                  until its
                                                                                                                                                                                                                                                  Series
                                                                                                                                                                                                                                                  Anticipated
                                                                                                                                                                                                                                                  Repayment
                                                                                                                                                                                                                                                  Date); 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 the Initial
                                                                                                                                                                                                                                                  Senior Notes
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Reserve
                                                                                                                                                                                                                                                  Amount.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Senior

                                                                                                                                                                                                                                                  Notes Post-ARD
                                                                                                                                                                                                                                                  Contingent
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Account”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in Section

                                                                                                                                                                                                                                                  5.07(a)(viii)
                                                                                                                                                                                                                                                  of this Base
                                                                                                                                                                                                                                                  Indenture

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Senior

                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Payment
                                                                                                                                                                                                                                                  Account”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in Section

                                                                                                                                                                                                                                                  5.07(a)(v)
                                                                                                                                                                                                                                                  of this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Senior

                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Amount”
                                                                                                                                                                                                                                                  means for each
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Payment Date,
                                                                                                                                                                                                                                                  with respect
                                                                                                                                                                                                                                                  to each Class
                                                                                                                                                                                                                                                  of Senior
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Outstanding,
                                                                                                                                                                                                                                                  the aggregate
                                                                                                                                                                                                                                                  amounts
                                                                                                                                                                                                                                                  identified as
                                                                                                                                                                                                                                                  the “Senior
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Amount” in the
                                                                                                                                                                                                                                                  Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Senior

                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Shortfall
                                                                                                                                                                                                                                                  Amount”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in
                                                                                                                                                                                                                                                  Section
                                                                                                                                                                                                                                                  5.13(a)(iii)
                                                                                                                                                                                                                                                  of this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-45

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “Senior

                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Post-ARD
                                                                                                                                                                                                                                                  Contingent
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Amount”
                                                                                                                                                                                                                                                  means for each
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Payment Date,
                                                                                                                                                                                                                                                  with respect
                                                                                                                                                                                                                                                  to each Class
                                                                                                                                                                                                                                                  of Senior
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Outstanding,
                                                                                                                                                                                                                                                  the amounts
                                                                                                                                                                                                                                                  identified as
                                                                                                                                                                                                                                                  “Senior Notes
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Post-ARD
                                                                                                                                                                                                                                                  Contingent
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Amount” in the
                                                                                                                                                                                                                                                  Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Senior

                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Scheduled
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Amounts”
                                                                                                                                                                                                                                                  means, with
                                                                                                                                                                                                                                                  respect to
                                                                                                                                                                                                                                                  each Class of
                                                                                                                                                                                                                                                  Senior Notes
                                                                                                                                                                                                                                                  Outstanding,
                                                                                                                                                                                                                                                  each Scheduled
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Payment with
                                                                                                                                                                                                                                                  respect to
                                                                                                                                                                                                                                                  such Class of
                                                                                                                                                                                                                                                  Senior Notes.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Senior

                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Scheduled
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Deficiency
                                                                                                                                                                                                                                                  Amount”
                                                                                                                                                                                                                                                  means with
                                                                                                                                                                                                                                                  respect to
                                                                                                                                                                                                                                                  each Weekly
                                                                                                                                                                                                                                                  Allocation
                                                                                                                                                                                                                                                  Date, and with
                                                                                                                                                                                                                                                  respect to all
                                                                                                                                                                                                                                                  Senior Notes
                                                                                                                                                                                                                                                  Outstanding,
                                                                                                                                                                                                                                                  the aggregate
                                                                                                                                                                                                                                                  amounts
                                                                                                                                                                                                                                                  identified as
                                                                                                                                                                                                                                                  the “Senior
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Scheduled
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Deficiency
                                                                                                                                                                                                                                                  Amount” in
                                                                                                                                                                                                                                                  each Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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,
                                                                                                                                                                                                                                                  together with
                                                                                                                                                                                                                                                  all Subclasses
                                                                                                                                                                                                                                                  or Tranches
                                                                                                                                                                                                                                                  thereof.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Senior

                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes Accrued
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Amount”
                                                                                                                                                                                                                                                  means, for
                                                                                                                                                                                                                                                  each Weekly
                                                                                                                                                                                                                                                  Allocation
                                                                                                                                                                                                                                                  Date with
                                                                                                                                                                                                                                                  respect to a
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  Period, and
                                                                                                                                                                                                                                                  with respect
                                                                                                                                                                                                                                                  to any Senior
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Outstanding,
                                                                                                                                                                                                                                                  the amount
                                                                                                                                                                                                                                                  identified as
                                                                                                                                                                                                                                                  the “Senior
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes Accrued
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Amount” in the
                                                                                                                                                                                                                                                  Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Senior

                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes Accrued
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Post-ARD
                                                                                                                                                                                                                                                  Contingent
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Amount”
                                                                                                                                                                                                                                                  means, for
                                                                                                                                                                                                                                                  each Weekly
                                                                                                                                                                                                                                                  Allocation
                                                                                                                                                                                                                                                  Date with
                                                                                                                                                                                                                                                  respect to a
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  Period, and
                                                                                                                                                                                                                                                  with respect
                                                                                                                                                                                                                                                  to any Senior
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Outstanding,
                                                                                                                                                                                                                                                  the amount
                                                                                                                                                                                                                                                  identified as
                                                                                                                                                                                                                                                  the “Senior
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes Accrued
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Post-ARD
                                                                                                                                                                                                                                                  Contingent
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Amount” in the
                                                                                                                                                                                                                                                  Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Senior

                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes Accrued
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Scheduled
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Amount”
                                                                                                                                                                                                                                                  means, with
                                                                                                                                                                                                                                                  respect to
                                                                                                                                                                                                                                                  each Weekly
                                                                                                                                                                                                                                                  Allocation
                                                                                                                                                                                                                                                  Date, and with
                                                                                                                                                                                                                                                  respect to all
                                                                                                                                                                                                                                                  Senior
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Outstanding,
                                                                                                                                                                                                                                                  the aggregate
                                                                                                                                                                                                                                                  amounts
                                                                                                                                                                                                                                                  identified as
                                                                                                                                                                                                                                                  the “Senior
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes Accrued
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Scheduled
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Amount” in
                                                                                                                                                                                                                                                  each Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Senior

                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes Interest
                                                                                                                                                                                                                                                  Payment
                                                                                                                                                                                                                                                  Account”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in
                                                                                                                                                                                                                                                  Section
                                                                                                                                                                                                                                                  5.07(a)(ii) of
                                                                                                                                                                                                                                                  this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Senior

                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes Interest
                                                                                                                                                                                                                                                  Reserve
                                                                                                                                                                                                                                                  Account”
                                                                                                                                                                                                                                                  means an
                                                                                                                                                                                                                                                  account
                                                                                                                                                                                                                                                  entitled
                                                                                                                                                                                                                                                  “Citibank,
                                                                                                                                                                                                                                                  N.A. f/b/o
                                                                                                                                                                                                                                                  Jack in the
                                                                                                                                                                                                                                                  Box Funding,
                                                                                                                                                                                                                                                  LLC, Senior
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes Interest
                                                                                                                                                                                                                                                  Reserve
                                                                                                                                                                                                                                                  Account”
                                                                                                                                                                                                                                                  maintained by
                                                                                                                                                                                                                                                  the Trustee
                                                                                                                                                                                                                                                  pursuant to
                                                                                                                                                                                                                                                  Section
                                                                                                                                                                                                                                                  5.04(a) of
                                                                                                                                                                                                                                                  this Base
                                                                                                                                                                                                                                                  Indenture or
                                                                                                                                                                                                                                                  any successor
                                                                                                                                                                                                                                                  securities
                                                                                                                                                                                                                                                  account
                                                                                                                                                                                                                                                  maintained
                                                                                                                                                                                                                                                  pursuant to
                                                                                                                                                                                                                                                  Section
                                                                                                                                                                                                                                                  5.04(a) of
                                                                                                                                                                                                                                                  this 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 5.07(a)(ix)
                                                                                                                                                                                                                                                  of this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-46

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “Senior

                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Payment
                                                                                                                                                                                                                                                  Account”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in
                                                                                                                                                                                                                                                  Section 5.07(a)(vi)
                                                                                                                                                                                                                                                  of this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Senior

                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Amount”
                                                                                                                                                                                                                                                  means, for
                                                                                                                                                                                                                                                  each Quarterly
                                                                                                                                                                                                                                                  Payment Date,
                                                                                                                                                                                                                                                  with respect
                                                                                                                                                                                                                                                  to each Class
                                                                                                                                                                                                                                                  of Senior
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Outstanding,
                                                                                                                                                                                                                                                  the aggregate
                                                                                                                                                                                                                                                  amounts
                                                                                                                                                                                                                                                  identified as
                                                                                                                                                                                                                                                  the “Senior
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Amount” in the
                                                                                                                                                                                                                                                  Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Senior

                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Post-ARD
                                                                                                                                                                                                                                                  Contingent
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Amount”
                                                                                                                                                                                                                                                  means, for
                                                                                                                                                                                                                                                  each Quarterly
                                                                                                                                                                                                                                                  Payment Date,
                                                                                                                                                                                                                                                  with respect
                                                                                                                                                                                                                                                  to each Class
                                                                                                                                                                                                                                                  of Senior
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Outstanding,
                                                                                                                                                                                                                                                  the amounts
                                                                                                                                                                                                                                                  identified as
                                                                                                                                                                                                                                                  “Senior
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Post-ARD
                                                                                                                                                                                                                                                  Contingent
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Amount” in the
                                                                                                                                                                                                                                                  Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Senior

                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Scheduled
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Amounts”
                                                                                                                                                                                                                                                  means, with
                                                                                                                                                                                                                                                  respect to
                                                                                                                                                                                                                                                  each Class of
                                                                                                                                                                                                                                                  Senior
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Outstanding,
                                                                                                                                                                                                                                                  each Scheduled
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Payment with
                                                                                                                                                                                                                                                  respect to
                                                                                                                                                                                                                                                  such Class of
                                                                                                                                                                                                                                                  Senior
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Senior

                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Scheduled
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Deficiency
                                                                                                                                                                                                                                                  Amount”
                                                                                                                                                                                                                                                  means with
                                                                                                                                                                                                                                                  respect to
                                                                                                                                                                                                                                                  each Weekly
                                                                                                                                                                                                                                                  Allocation
                                                                                                                                                                                                                                                  Date, and with
                                                                                                                                                                                                                                                  respect to all
                                                                                                                                                                                                                                                  Senior
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Outstanding,
                                                                                                                                                                                                                                                  the aggregate
                                                                                                                                                                                                                                                  amounts
                                                                                                                                                                                                                                                  identified as
                                                                                                                                                                                                                                                  the “Senior
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Scheduled
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Deficiency
                                                                                                                                                                                                                                                  Amount” in
                                                                                                                                                                                                                                                  each Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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, Class,
                                                                                                                                                                                                                                                  Subclass 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, Class,
                                                                                                                                                                                                                                                  Subclass or
                                                                                                                                                                                                                                                  Tranche
                                                                                                                                                                                                                                                  thereunder, as
                                                                                                                                                                                                                                                  adjusted
                                                                                                                                                                                                                                                  pursuant to
                                                                                                                                                                                                                                                  the terms of
                                                                                                                                                                                                                                                  the Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Series

                                                                                                                                                                                                                                                  Closing Date”
                                                                                                                                                                                                                                                  means, with
                                                                                                                                                                                                                                                  respect to any
                                                                                                                                                                                                                                                  Series of
                                                                                                                                                                                                                                                  Notes, the
                                                                                                                                                                                                                                                  date of
                                                                                                                                                                                                                                                  issuance of
                                                                                                                                                                                                                                                  such Series of
                                                                                                                                                                                                                                                  Notes, as
                                                                                                                                                                                                                                                  specified in
                                                                                                                                                                                                                                                  the Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Series

                                                                                                                                                                                                                                                  Defeasance
                                                                                                                                                                                                                                                  Date” has
                                                                                                                                                                                                                                                  the meaning
                                                                                                                                                                                                                                                  set forth in
                                                                                                                                                                                                                                                  Section
                                                                                                                                                                                                                                                  12.01(c) of
                                                                                                                                                                                                                                                  this 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 Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Series

                                                                                                                                                                                                                                                  Hedge
                                                                                                                                                                                                                                                  Agreement”
                                                                                                                                                                                                                                                  means, with
                                                                                                                                                                                                                                                  respect to any
                                                                                                                                                                                                                                                  Series of
                                                                                                                                                                                                                                                  Notes, the
                                                                                                                                                                                                                                                  relevant Swap
                                                                                                                                                                                                                                                  Contract, if
                                                                                                                                                                                                                                                  any, described
                                                                                                                                                                                                                                                  in the Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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 Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series
                                                                                                                                                                                                                                                  or, if not
                                                                                                                                                                                                                                                  specified
                                                                                                                                                                                                                                                  therein, means
                                                                                                                                                                                                                                                  a test that
                                                                                                                                                                                                                                                  will be
                                                                                                                                                                                                                                                  satisfied on
                                                                                                                                                                                                                                                  any Quarterly
                                                                                                                                                                                                                                                  Payment Date
                                                                                                                                                                                                                                                  only if both
                                                                                                                                                                                                                                                  (a) the Holdco
                                                                                                                                                                                                                                                  Leverage Ratio
                                                                                                                                                                                                                                                  is less than
                                                                                                                                                                                                                                                  or equal to
                                                                                                                                                                                                                                                  5.00x as
                                                                                                                                                                                                                                                  calculated on
                                                                                                                                                                                                                                                  the Quarterly
                                                                                                                                                                                                                                                  Calculation
                                                                                                                                                                                                                                                  Date
                                                                                                                                                                                                                                                  immediately
                                                                                                                                                                                                                                                  preceding such
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Payment Date
                                                                                                                                                                                                                                                  and (b) no
                                                                                                                                                                                                                                                  Rapid
                                                                                                                                                                                                                                                  Amortization
                                                                                                                                                                                                                                                  Event has
                                                                                                                                                                                                                                                  occurred and
                                                                                                                                                                                                                                                  is continuing.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-47

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “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
                                                                                                                                                                                                                                                  (or

                                                                                                                                                                                                                                                  registered in
                                                                                                                                                                                                                                                  the case of
                                                                                                                                                                                                                                                  Uncertificated
                                                                                                                                                                                                                                                  Notes) pursuant

                                                                                                                                                                                                                                                  to thethis
                                                                                                                                                                                                                                                  Base Indenture
                                                                                                                                                                                                                                                  and the
                                                                                                                                                                                                                                                  applicable
                                                                                                                                                                                                                                                  Series
                                                                                                                                                                                                                                                  Supplement.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Series

                                                                                                                                                                                                                                                  Supplement”
                                                                                                                                                                                                                                                  means a
                                                                                                                                                                                                                                                  supplement to
                                                                                                                                                                                                                                                  thethis
                                                                                                                                                                                                                                                  Base Indenture
                                                                                                                                                                                                                                                  in conjunction
                                                                                                                                                                                                                                                  with the
                                                                                                                                                                                                                                                  issuance of a
                                                                                                                                                                                                                                                  Series of
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  complying (to
                                                                                                                                                                                                                                                  the extent
                                                                                                                                                                                                                                                  applicable)
                                                                                                                                                                                                                                                  with the terms
                                                                                                                                                                                                                                                  of Section
                                                                                                                                                                                                                                                  2.03 of this
                                                                                                                                                                                                                                                  Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Single

                                                                                                                                                                                                                                                  Employer Plan”
                                                                                                                                                                                                                                                  means any
                                                                                                                                                                                                                                                  Pension Plan
                                                                                                                                                                                                                                                  that is
                                                                                                                                                                                                                                                  covered by
                                                                                                                                                                                                                                                  Title IV of
                                                                                                                                                                                                                                                  ERISA, but
                                                                                                                                                                                                                                                  that is not a
                                                                                                                                                                                                                                                  Multiemployer
                                                                                                                                                                                                                                                  Plan.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Software”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in the
                                                                                                                                                                                                                                                  definition of
                                                                                                                                                                                                                                                  “Intellectual
                                                                                                                                                                                                                                                  Property.”

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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
                                                                                                                                                                                                                                                  Jack in the
                                                                                                                                                                                                                                                  Box Inc.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Specified

                                                                                                                                                                                                                                                  Indenture
                                                                                                                                                                                                                                                  Trust Accounts”
                                                                                                                                                                                                                                                  shall mean the
                                                                                                                                                                                                                                                  Senior Notes
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Payment
                                                                                                                                                                                                                                                  Account, the
                                                                                                                                                                                                                                                  Class A-1
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Commitment
                                                                                                                                                                                                                                                  Fees Account,
                                                                                                                                                                                                                                                  the Senior
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes Interest
                                                                                                                                                                                                                                                  Payment
                                                                                                                                                                                                                                                  Account, the
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes Interest
                                                                                                                                                                                                                                                  Payment
                                                                                                                                                                                                                                                  Account, the
                                                                                                                                                                                                                                                  Senior Notes
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Payment
                                                                                                                                                                                                                                                  Account, the
                                                                                                                                                                                                                                                  Senior
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Payment
                                                                                                                                                                                                                                                  Account, the
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Payment
                                                                                                                                                                                                                                                  Account, the
                                                                                                                                                                                                                                                  Senior Notes
                                                                                                                                                                                                                                                  Post-ARD
                                                                                                                                                                                                                                                  Contingent
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Account, the
                                                                                                                                                                                                                                                  Senior
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes Post-ARD
                                                                                                                                                                                                                                                  Contingent
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Account, the
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes Post-ARD
                                                                                                                                                                                                                                                  Contingent
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Account, the
                                                                                                                                                                                                                                                  Hedge Payment
                                                                                                                                                                                                                                                  Account and
                                                                                                                                                                                                                                                  the Cash Trap
                                                                                                                                                                                                                                                  Reserve
                                                                                                                                                                                                                                                  Account.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Springing

                                                                                                                                                                                                                                                  Amendments
                                                                                                                                                                                                                                                  Implementation
                                                                                                                                                                                                                                                  Date” means
                                                                                                                                                                                                                                                  the first date
                                                                                                                                                                                                                                                  upon which all
                                                                                                                                                                                                                                                  of the Series
                                                                                                                                                                                                                                                  2019-1 4.476%
                                                                                                                                                                                                                                                  Fixed Rate
                                                                                                                                                                                                                                                  Senior Secured
                                                                                                                                                                                                                                                  Notes, Class
                                                                                                                                                                                                                                                  A-2-II and the
                                                                                                                                                                                                                                                  Series 2019-1
                                                                                                                                                                                                                                                  4.970% Fixed
                                                                                                                                                                                                                                                  Rate Senior
                                                                                                                                                                                                                                                  Secured Notes,
                                                                                                                                                                                                                                                  Class A-2-III
                                                                                                                                                                                                                                                  are no longer
                                                                                                                                                                                                                                                  Outstanding.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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 Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-48

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “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,
                                                                                                                                                                                                                                                  together with
                                                                                                                                                                                                                                                  all Subclasses
                                                                                                                                                                                                                                                  or Tranches
                                                                                                                                                                                                                                                  thereof.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Subordinated

                                                                                                                                                                                                                                                  Notes Accrued
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Amount”
                                                                                                                                                                                                                                                  means, for
                                                                                                                                                                                                                                                  each Weekly
                                                                                                                                                                                                                                                  Allocation
                                                                                                                                                                                                                                                  Date with
                                                                                                                                                                                                                                                  respect to a
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  Period, and
                                                                                                                                                                                                                                                  with respect
                                                                                                                                                                                                                                                  to any
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Outstanding,
                                                                                                                                                                                                                                                  the amount
                                                                                                                                                                                                                                                  identified as
                                                                                                                                                                                                                                                  the

                                                                                                                                                                                                                                                  “Subordinated

                                                                                                                                                                                                                                                  Notes Accrued
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Amount” in the
                                                                                                                                                                                                                                                  Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Subordinated

                                                                                                                                                                                                                                                  Notes Accrued
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Post-ARD
                                                                                                                                                                                                                                                  Contingent
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Amount”
                                                                                                                                                                                                                                                  means, for
                                                                                                                                                                                                                                                  each Weekly
                                                                                                                                                                                                                                                  Allocation
                                                                                                                                                                                                                                                  Date with
                                                                                                                                                                                                                                                  respect to a
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  Period, and
                                                                                                                                                                                                                                                  with respect
                                                                                                                                                                                                                                                  to any
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Outstanding,
                                                                                                                                                                                                                                                  the amount
                                                                                                                                                                                                                                                  identified as
                                                                                                                                                                                                                                                  the

                                                                                                                                                                                                                                                  “Subordinated

                                                                                                                                                                                                                                                  Notes Accrued
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Post-ARD
                                                                                                                                                                                                                                                  Contingent
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Amount” in the
                                                                                                                                                                                                                                                  Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Subordinated

                                                                                                                                                                                                                                                  Notes Accrued
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Scheduled
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Amount”
                                                                                                                                                                                                                                                  means, with
                                                                                                                                                                                                                                                  respect to
                                                                                                                                                                                                                                                  each Weekly
                                                                                                                                                                                                                                                  Allocation
                                                                                                                                                                                                                                                  Date, and with
                                                                                                                                                                                                                                                  respect to all
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Outstanding,
                                                                                                                                                                                                                                                  the aggregate
                                                                                                                                                                                                                                                  amounts
                                                                                                                                                                                                                                                  identified as
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  “Subordinated
                                                                                                                                                                                                                                                  Notes Accrued
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Scheduled
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Amount” in
                                                                                                                                                                                                                                                  each Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Subordinated

                                                                                                                                                                                                                                                  Notes Interest
                                                                                                                                                                                                                                                  Payment
                                                                                                                                                                                                                                                  Account”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in
                                                                                                                                                                                                                                                  Section
                                                                                                                                                                                                                                                  5.07(a)(iii)
                                                                                                                                                                                                                                                  of this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Subordinated

                                                                                                                                                                                                                                                  Notes Post-ARD
                                                                                                                                                                                                                                                  Contingent
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Account”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in
                                                                                                                                                                                                                                                  Section 5.07(a)(x)
                                                                                                                                                                                                                                                  of this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Subordinated

                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Payment
                                                                                                                                                                                                                                                  Account”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in
                                                                                                                                                                                                                                                  Section 5.07(a)(vii)
                                                                                                                                                                                                                                                  of this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Subordinated

                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Provisions”
                                                                                                                                                                                                                                                  means, with
                                                                                                                                                                                                                                                  respect to the
                                                                                                                                                                                                                                                  issuance of
                                                                                                                                                                                                                                                  any Series of
                                                                                                                                                                                                                                                  Notes that
                                                                                                                                                                                                                                                  includes
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes, the
                                                                                                                                                                                                                                                  terms of such
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes will
                                                                                                                                                                                                                                                  include the
                                                                                                                                                                                                                                                  following
                                                                                                                                                                                                                                                  provisions: 
                                                                                                                                                                                                                                                  (a) if there
                                                                                                                                                                                                                                                  is an
                                                                                                                                                                                                                                                  Extension
                                                                                                                                                                                                                                                  Period in
                                                                                                                                                                                                                                                  effect with
                                                                                                                                                                                                                                                  respect to the
                                                                                                                                                                                                                                                  Senior Notes
                                                                                                                                                                                                                                                  issued on the
                                                                                                                                                                                                                                                  Closing Date,
                                                                                                                                                                                                                                                  the principal
                                                                                                                                                                                                                                                  of any
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes will not
                                                                                                                                                                                                                                                  be permitted
                                                                                                                                                                                                                                                  to be repaid
                                                                                                                                                                                                                                                  out of the
                                                                                                                                                                                                                                                  Priority of
                                                                                                                                                                                                                                                  Payments
                                                                                                                                                                                                                                                  unless such
                                                                                                                                                                                                                                                  Senior Notes
                                                                                                                                                                                                                                                  are no longer
                                                                                                                                                                                                                                                  Outstanding,
                                                                                                                                                                                                                                                  (b) if the
                                                                                                                                                                                                                                                  Senior Notes
                                                                                                                                                                                                                                                  issued on the
                                                                                                                                                                                                                                                  Closing Date
                                                                                                                                                                                                                                                  are refinanced
                                                                                                                                                                                                                                                  on or prior to
                                                                                                                                                                                                                                                  the Series
                                                                                                                                                                                                                                                  Anticipated
                                                                                                                                                                                                                                                  Repayment Date
                                                                                                                                                                                                                                                  of such Senior
                                                                                                                                                                                                                                                  Notes and any
                                                                                                                                                                                                                                                  such
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes having a
                                                                                                                                                                                                                                                  Series
                                                                                                                                                                                                                                                  Anticipated
                                                                                                                                                                                                                                                  Repayment Date
                                                                                                                                                                                                                                                  on or before
                                                                                                                                                                                                                                                  the Series
                                                                                                                                                                                                                                                  Anticipated
                                                                                                                                                                                                                                                  Repayment Date
                                                                                                                                                                                                                                                  of such Senior
                                                                                                                                                                                                                                                  Notes are not
                                                                                                                                                                                                                                                  refinanced on
                                                                                                                                                                                                                                                  or prior to
                                                                                                                                                                                                                                                  the Series
                                                                                                                                                                                                                                                  Anticipated
                                                                                                                                                                                                                                                  Repayment Date
                                                                                                                                                                                                                                                  of such Senior
                                                                                                                                                                                                                                                  Notes, such
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes will
                                                                                                                                                                                                                                                  begin to
                                                                                                                                                                                                                                                  amortize on
                                                                                                                                                                                                                                                  the date that
                                                                                                                                                                                                                                                  the Senior
                                                                                                                                                                                                                                                  Notes are
                                                                                                                                                                                                                                                  refinanced
                                                                                                                                                                                                                                                  pursuant to a
                                                                                                                                                                                                                                                  Scheduled
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Payment
                                                                                                                                                                                                                                                  schedule to be
                                                                                                                                                                                                                                                  set forth in
                                                                                                                                                                                                                                                  the Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series
                                                                                                                                                                                                                                                  and (c) if the
                                                                                                                                                                                                                                                  Senior Notes
                                                                                                                                                                                                                                                  issued on the
                                                                                                                                                                                                                                                  Closing Date
                                                                                                                                                                                                                                                  are not
                                                                                                                                                                                                                                                  refinanced on
                                                                                                                                                                                                                                                  or prior to
                                                                                                                                                                                                                                                  the Quarterly
                                                                                                                                                                                                                                                  Payment Date
                                                                                                                                                                                                                                                  following the
                                                                                                                                                                                                                                                  seventh
                                                                                                                                                                                                                                                  anniversary of
                                                                                                                                                                                                                                                  the Closing
                                                                                                                                                                                                                                                  Date, such
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes will not
                                                                                                                                                                                                                                                  be permitted
                                                                                                                                                                                                                                                  to be
                                                                                                                                                                                                                                                  refinanced.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Subordinated

                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Amount”
                                                                                                                                                                                                                                                  means for each
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Payment Date,
                                                                                                                                                                                                                                                  with respect
                                                                                                                                                                                                                                                  to each Class
                                                                                                                                                                                                                                                  of
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Outstanding,
                                                                                                                                                                                                                                                  the aggregate
                                                                                                                                                                                                                                                  amounts
                                                                                                                                                                                                                                                  identified as
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  “Subordinated
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Amount” in the
                                                                                                                                                                                                                                                  Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Subordinated

                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Shortfall”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in
                                                                                                                                                                                                                                                  Section
                                                                                                                                                                                                                                                  5.13(f)(iii)
                                                                                                                                                                                                                                                  of this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Subordinated

                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Post-ARD
                                                                                                                                                                                                                                                  Contingent
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Amount”
                                                                                                                                                                                                                                                  means, for
                                                                                                                                                                                                                                                  each Quarterly
                                                                                                                                                                                                                                                  Payment Date,
                                                                                                                                                                                                                                                  with respect
                                                                                                                                                                                                                                                  to each Class
                                                                                                                                                                                                                                                  of
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Outstanding,
                                                                                                                                                                                                                                                  the amounts
                                                                                                                                                                                                                                                  identified as
                                                                                                                                                                                                                                                  “Subordinated
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Post-ARD
                                                                                                                                                                                                                                                  Contingent
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Amount” in the
                                                                                                                                                                                                                                                  Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-49

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “Subordinated

                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Scheduled
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Amounts”
                                                                                                                                                                                                                                                  means, with
                                                                                                                                                                                                                                                  respect to
                                                                                                                                                                                                                                                  each Class of
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Outstanding,
                                                                                                                                                                                                                                                  each Scheduled
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Payment with
                                                                                                                                                                                                                                                  respect to
                                                                                                                                                                                                                                                  such Class of
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Subordinated

                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Scheduled
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Deficiency
                                                                                                                                                                                                                                                  Amount”
                                                                                                                                                                                                                                                  means with
                                                                                                                                                                                                                                                  respect to
                                                                                                                                                                                                                                                  each Weekly
                                                                                                                                                                                                                                                  Allocation
                                                                                                                                                                                                                                                  Date, and with
                                                                                                                                                                                                                                                  respect to all
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Outstanding,
                                                                                                                                                                                                                                                  the aggregate
                                                                                                                                                                                                                                                  amounts
                                                                                                                                                                                                                                                  identified as
                                                                                                                                                                                                                                                  “Subordinated
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Scheduled
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Deficiency
                                                                                                                                                                                                                                                  Amount” in
                                                                                                                                                                                                                                                  each Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Subsidiary

                                                                                                                                                                                                                                                  Guarantors”
                                                                                                                                                                                                                                                  means,
                                                                                                                                                                                                                                                  collectively,
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Franchisor,
                                                                                                                                                                                                                                                  JIB Properties
                                                                                                                                                                                                                                                  and the
                                                                                                                                                                                                                                                  Additional
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entities.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Successor

                                                                                                                                                                                                                                                  Manager”
                                                                                                                                                                                                                                                  means any
                                                                                                                                                                                                                                                  successor to
                                                                                                                                                                                                                                                  the Manager selectedappointed
                                                                                                                                                                                                                                                  by the Control
                                                                                                                                                                                                                                                  Party (at the
                                                                                                                                                                                                                                                  direction of
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Controlling
                                                                                                                                                                                                                                                  Class
                                                                                                                                                                                                                                                  Representative)
                                                                                                                                                                                                                                                  upon the resignation

                                                                                                                                                                                                                                                  or removal,
                                                                                                                                                                                                                                                  termination,
                                                                                                                                                                                                                                                  replacement or
                                                                                                                                                                                                                                                  resignation
                                                                                                                                                                                                                                                  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 or
                                                                                                                                                                                                                                                  Interim Successor

                                                                                                                                                                                                                                                  Manager in
                                                                                                                                                                                                                                                  connection
                                                                                                                                                                                                                                                  with the removal,

                                                                                                                                                                                                                                                  termination,

                                                                                                                                                                                                                                                  removal

                                                                                                                                                                                                                                                  and 
                                                                                                                                                                                                                                                  replacement or
                                                                                                                                                                                                                                                  resignation 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 either a
                                                                                                                                                                                                                                                  supplement to
                                                                                                                                                                                                                                                  thethis
                                                                                                                                                                                                                                                  Base Indenture
                                                                                                                                                                                                                                                  or a
                                                                                                                                                                                                                                                  supplement to
                                                                                                                                                                                                                                                  a Series
                                                                                                                                                                                                                                                  Supplement, as
                                                                                                                                                                                                                                                  applicable and
                                                                                                                                                                                                                                                  in each case,
                                                                                                                                                                                                                                                  complying (to
                                                                                                                                                                                                                                                  the extent
                                                                                                                                                                                                                                                  applicable)
                                                                                                                                                                                                                                                  with the terms
                                                                                                                                                                                                                                                  of Article
                                                                                                                                                                                                                                                  XIII of this
                                                                                                                                                                                                                                                  Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Supplemental

                                                                                                                                                                                                                                                  Management Fee”
                                                                                                                                                                                                                                                  means for each
                                                                                                                                                                                                                                                  Weekly
                                                                                                                                                                                                                                                  Allocation
                                                                                                                                                                                                                                                  Date with
                                                                                                                                                                                                                                                  respect to any
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  Period the
                                                                                                                                                                                                                                                  amount (if
                                                                                                                                                                                                                                                  any) by which,
                                                                                                                                                                                                                                                  with respect
                                                                                                                                                                                                                                                  to such
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  Period, (A)
                                                                                                                                                                                                                                                  the sum of (i)
                                                                                                                                                                                                                                                  the expenses
                                                                                                                                                                                                                                                  incurred or
                                                                                                                                                                                                                                                  other amounts
                                                                                                                                                                                                                                                  charged by the
                                                                                                                                                                                                                                                  Manager (or
                                                                                                                                                                                                                                                  the Back-Up
                                                                                                                                                                                                                                                  Manager, as
                                                                                                                                                                                                                                                  applicable)
                                                                                                                                                                                                                                                  since the
                                                                                                                                                                                                                                                  beginning of
                                                                                                                                                                                                                                                  such Quarterly
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  Period in
                                                                                                                                                                                                                                                  connection
                                                                                                                                                                                                                                                  with the
                                                                                                                                                                                                                                                  performance of
                                                                                                                                                                                                                                                  the Manager’s
                                                                                                                                                                                                                                                  (or the
                                                                                                                                                                                                                                                  Back-Up
                                                                                                                                                                                                                                                  Manager’s, as
                                                                                                                                                                                                                                                  applicable)
                                                                                                                                                                                                                                                  obligations
                                                                                                                                                                                                                                                  under the
                                                                                                                                                                                                                                                  Management
                                                                                                                                                                                                                                                  Agreement,
                                                                                                                                                                                                                                                  approved in
                                                                                                                                                                                                                                                  writing by the
                                                                                                                                                                                                                                                  Control Party
                                                                                                                                                                                                                                                  acting at the
                                                                                                                                                                                                                                                  direction of
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Controlling
                                                                                                                                                                                                                                                  Class
                                                                                                                                                                                                                                                  Representative
                                                                                                                                                                                                                                                  and (ii) so
                                                                                                                                                                                                                                                  long as Jack
                                                                                                                                                                                                                                                  in the Box
                                                                                                                                                                                                                                                  Inc. (or, if
                                                                                                                                                                                                                                                  Jack in the
                                                                                                                                                                                                                                                  Box Inc. is
                                                                                                                                                                                                                                                  not the
                                                                                                                                                                                                                                                  taxable parent
                                                                                                                                                                                                                                                  entity of any
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity, such
                                                                                                                                                                                                                                                  other taxable
                                                                                                                                                                                                                                                  parent entity)
                                                                                                                                                                                                                                                  is then acting
                                                                                                                                                                                                                                                  as Manager,
                                                                                                                                                                                                                                                  any current or
                                                                                                                                                                                                                                                  projected Tax
                                                                                                                                                                                                                                                  Payment
                                                                                                                                                                                                                                                  Deficiency, if
                                                                                                                                                                                                                                                  applicable,
                                                                                                                                                                                                                                                  approved in
                                                                                                                                                                                                                                                  writing by the
                                                                                                                                                                                                                                                  Control Party
                                                                                                                                                                                                                                                  (with such
                                                                                                                                                                                                                                                  approval not
                                                                                                                                                                                                                                                  to be
                                                                                                                                                                                                                                                  unreasonably
                                                                                                                                                                                                                                                  withheld)
                                                                                                                                                                                                                                                  exceeds (B)
                                                                                                                                                                                                                                                  the Weekly
                                                                                                                                                                                                                                                  Management
                                                                                                                                                                                                                                                  Fees received
                                                                                                                                                                                                                                                  and to be
                                                                                                                                                                                                                                                  received by
                                                                                                                                                                                                                                                  the Manager
                                                                                                                                                                                                                                                  (or the
                                                                                                                                                                                                                                                  Back-Up
                                                                                                                                                                                                                                                  Manager, as
                                                                                                                                                                                                                                                  applicable) on
                                                                                                                                                                                                                                                  such Weekly
                                                                                                                                                                                                                                                  Allocation
                                                                                                                                                                                                                                                  Date and each
                                                                                                                                                                                                                                                  preceding
                                                                                                                                                                                                                                                  Weekly
                                                                                                                                                                                                                                                  Allocation
                                                                                                                                                                                                                                                  Date with
                                                                                                                                                                                                                                                  respect to
                                                                                                                                                                                                                                                  such Quarterly
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  Period.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-50

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “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.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Systemwide

                                                                                                                                                                                                                                                  Sales”
                                                                                                                                                                                                                                                  means, with
                                                                                                                                                                                                                                                  respect to any
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Calculation
                                                                                                                                                                                                                                                  Date, Gross
                                                                                                                                                                                                                                                  Sales (which
                                                                                                                                                                                                                                                  will be
                                                                                                                                                                                                                                                  permitted to
                                                                                                                                                                                                                                                  include
                                                                                                                                                                                                                                                  estimated
                                                                                                                                                                                                                                                  Gross Sales of
                                                                                                                                                                                                                                                  up to 5.0% of
                                                                                                                                                                                                                                                  the total) of
                                                                                                                                                                                                                                                  the Franchised
                                                                                                                                                                                                                                                  Restaurants
                                                                                                                                                                                                                                                  and
                                                                                                                                                                                                                                                  Contributed
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurants
                                                                                                                                                                                                                                                  for the four
                                                                                                                                                                                                                                                  (4) Quarterly
                                                                                                                                                                                                                                                  Fiscal Periods
                                                                                                                                                                                                                                                  ended
                                                                                                                                                                                                                                                  immediately
                                                                                                                                                                                                                                                  prior to such
                                                                                                                                                                                                                                                  Quarterly
                                                                                                                                                                                                                                                  Calculation
                                                                                                                                                                                                                                                  Date.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Tax”
                                                                                                                                                                                                                                                  means (i) any
                                                                                                                                                                                                                                                  U.S. 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,
                                                                                                                                                                                                                                                  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
                                                                                                                                                                                                                                                  Jack in the
                                                                                                                                                                                                                                                  Box Inc. or a
                                                                                                                                                                                                                                                  Subsidiary
                                                                                                                                                                                                                                                  thereof to
                                                                                                                                                                                                                                                  satisfy Liens
                                                                                                                                                                                                                                                  filed by the
                                                                                                                                                                                                                                                  IRS 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 (other
                                                                                                                                                                                                                                                  than Class A-1
                                                                                                                                                                                                                                                  Notes except
                                                                                                                                                                                                                                                  as required
                                                                                                                                                                                                                                                  under the
                                                                                                                                                                                                                                                  Variable
                                                                                                                                                                                                                                                  Funding Note
                                                                                                                                                                                                                                                  Purchase
                                                                                                                                                                                                                                                  Agreement) to
                                                                                                                                                                                                                                                  the effect
                                                                                                                                                                                                                                                  that, for
                                                                                                                                                                                                                                                  U.S. federal
                                                                                                                                                                                                                                                  income tax
                                                                                                                                                                                                                                                  purposes,
                                                                                                                                                                                                                                                  (a) the
                                                                                                                                                                                                                                                  issuance of
                                                                                                                                                                                                                                                  such new
                                                                                                                                                                                                                                                  Series of
                                                                                                                                                                                                                                                  Notes will not
                                                                                                                                                                                                                                                  affect
                                                                                                                                                                                                                                                  adversely the
                                                                                                                                                                                                                                                  U.S. 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 (other
                                                                                                                                                                                                                                                  than any
                                                                                                                                                                                                                                                  Additional
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity that is
                                                                                                                                                                                                                                                  a corporation)
                                                                                                                                                                                                                                                  (i) will as of
                                                                                                                                                                                                                                                  the date of
                                                                                                                                                                                                                                                  issuance be
                                                                                                                                                                                                                                                  treated as a
                                                                                                                                                                                                                                                  disregarded
                                                                                                                                                                                                                                                  entity for
                                                                                                                                                                                                                                                  U.S. federal
                                                                                                                                                                                                                                                  income tax
                                                                                                                                                                                                                                                  purposes 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
                                                                                                                                                                                                                                                  for
                                                                                                                                                                                                                                                  U.S. federal
                                                                                                                                                                                                                                                  income tax
                                                                                                                                                                                                                                                  purposes and
                                                                                                                                                                                                                                                  (c) such new
                                                                                                                                                                                                                                                  Series of
                                                                                                                                                                                                                                                  Notes will as
                                                                                                                                                                                                                                                  of the date of
                                                                                                                                                                                                                                                  issuance be
                                                                                                                                                                                                                                                  treated as
                                                                                                                                                                                                                                                  debt for
                                                                                                                                                                                                                                                  U.S. federal
                                                                                                                                                                                                                                                  income tax
                                                                                                                                                                                                                                                  purposes.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Tax
                                                                                                                                                                                                                                                  Payment
                                                                                                                                                                                                                                                  Deficiency”
                                                                                                                                                                                                                                                  means any Tax
                                                                                                                                                                                                                                                  liability of
                                                                                                                                                                                                                                                  Jack in the
                                                                                                                                                                                                                                                  Box Inc. (or,
                                                                                                                                                                                                                                                  if Jack in the
                                                                                                                                                                                                                                                  Box Inc. is
                                                                                                                                                                                                                                                  not the
                                                                                                                                                                                                                                                  taxable parent
                                                                                                                                                                                                                                                  entity of any
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entity, such
                                                                                                                                                                                                                                                  other taxable
                                                                                                                                                                                                                                                  parent entity)
                                                                                                                                                                                                                                                  (including
                                                                                                                                                                                                                                                  Taxes imposed
                                                                                                                                                                                                                                                  under U.S.
                                                                                                                                                                                                                                                  Treasury regulationsRegulations
                                                                                                                                                                                                                                                  Section 1.1502-6

                                                                                                                                                                                                                                                  (or any
                                                                                                                                                                                                                                                  similar
                                                                                                                                                                                                                                                  provision of
                                                                                                                                                                                                                                                  state, local
                                                                                                                                                                                                                                                  or foreign
                                                                                                                                                                                                                                                  law))
                                                                                                                                                                                                                                                  attributable
                                                                                                                                                                                                                                                  to the
                                                                                                                                                                                                                                                  operations of
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Securitization
                                                                                                                                                                                                                                                  Entities that
                                                                                                                                                                                                                                                  the Manager
                                                                                                                                                                                                                                                  determines
                                                                                                                                                                                                                                                  cannot be
                                                                                                                                                                                                                                                  satisfied by
                                                                                                                                                                                                                                                  Jack in the
                                                                                                                                                                                                                                                  Box Inc. (or
                                                                                                                                                                                                                                                  such other
                                                                                                                                                                                                                                                  taxable parent
                                                                                                                                                                                                                                                  entity) from
                                                                                                                                                                                                                                                  its available
                                                                                                                                                                                                                                                  funds.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Trade

                                                                                                                                                                                                                                                  Secrets”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in the
                                                                                                                                                                                                                                                  definition of
                                                                                                                                                                                                                                                  “Intellectual
                                                                                                                                                                                                                                                  Property.”

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Trademarks”
                                                                                                                                                                                                                                                  means all
                                                                                                                                                                                                                                                  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.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-51

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “Tranche”
                                                                                                                                                                                                                                                  means, with
                                                                                                                                                                                                                                                  respect to any
                                                                                                                                                                                                                                                  Class of
                                                                                                                                                                                                                                                  Notes, any one
                                                                                                                                                                                                                                                  of the
                                                                                                                                                                                                                                                  tranches of
                                                                                                                                                                                                                                                  Notes of such
                                                                                                                                                                                                                                                  Class as
                                                                                                                                                                                                                                                  specified in
                                                                                                                                                                                                                                                  the Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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
                                                                                                                                                                                                                                                  5.09(a) of
                                                                                                                                                                                                                                                  this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Uncertificated

                                                                                                                                                                                                                                                  Note” means
                                                                                                                                                                                                                                                  any Note
                                                                                                                                                                                                                                                  issued in
                                                                                                                                                                                                                                                  Uncertificated,
                                                                                                                                                                                                                                                  fully
                                                                                                                                                                                                                                                  registered
                                                                                                                                                                                                                                                  form evidenced
                                                                                                                                                                                                                                                  by entry in
                                                                                                                                                                                                                                                  the Note
                                                                                                                                                                                                                                                  Register.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “U.S.

                                                                                                                                                                                                                                                  Dollars”
                                                                                                                                                                                                                                                  or “$”
                                                                                                                                                                                                                                                  refers to
                                                                                                                                                                                                                                                  lawful money
                                                                                                                                                                                                                                                  of the United
                                                                                                                                                                                                                                                  States of
                                                                                                                                                                                                                                                  America.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “United

                                                                                                                                                                                                                                                  States” or
                                                                                                                                                                                                                                                  “U.S.”
                                                                                                                                                                                                                                                  means the
                                                                                                                                                                                                                                                  fifty States
                                                                                                                                                                                                                                                  of the United
                                                                                                                                                                                                                                                  States of
                                                                                                                                                                                                                                                  America, the
                                                                                                                                                                                                                                                  territories
                                                                                                                                                                                                                                                  and
                                                                                                                                                                                                                                                  possessions of
                                                                                                                                                                                                                                                  the United
                                                                                                                                                                                                                                                  States of
                                                                                                                                                                                                                                                  America, 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.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                   “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 Series
                                                                                                                                                                                                                                                  Supplement for
                                                                                                                                                                                                                                                  such Series.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “VFN
                                                                                                                                                                                                                                                  Noteholders”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning
                                                                                                                                                                                                                                                  specified in Section

                                                                                                                                                                                                                                                  11.05(b)
                                                                                                                                                                                                                                                  of this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “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, (ii) a
                                                                                                                                                                                                                                                  Rapid
                                                                                                                                                                                                                                                  Amortization
                                                                                                                                                                                                                                                  Event, in each
                                                                                                                                                                                                                                                  case, that has
                                                                                                                                                                                                                                                  not been
                                                                                                                                                                                                                                                  waived or
                                                                                                                                                                                                                                                  approved by
                                                                                                                                                                                                                                                  the Control
                                                                                                                                                                                                                                                  Party (at the
                                                                                                                                                                                                                                                  direction of
                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                  Controlling
                                                                                                                                                                                                                                                  Class
                                                                                                                                                                                                                                                  Representative),
                                                                                                                                                                                                                                                  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, (iii) a
                                                                                                                                                                                                                                                  Potential
                                                                                                                                                                                                                                                  Rapid
                                                                                                                                                                                                                                                  Amortization
                                                                                                                                                                                                                                                  Event for
                                                                                                                                                                                                                                                  which notice
                                                                                                                                                                                                                                                  has been
                                                                                                                                                                                                                                                  delivered,
                                                                                                                                                                                                                                                  (iv) a
                                                                                                                                                                                                                                                  Potential
                                                                                                                                                                                                                                                  Manager
                                                                                                                                                                                                                                                  Termination
                                                                                                                                                                                                                                                  Event for
                                                                                                                                                                                                                                                  which notice
                                                                                                                                                                                                                                                  has been
                                                                                                                                                                                                                                                  delivered or
                                                                                                                                                                                                                                                  (v) an Event
                                                                                                                                                                                                                                                  of Default
                                                                                                                                                                                                                                                  and/or a
                                                                                                                                                                                                                                                  Default for
                                                                                                                                                                                                                                                  which notice
                                                                                                                                                                                                                                                  has been
                                                                                                                                                                                                                                                  delivered.

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  ANNEX A-52

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  “Weekly

                                                                                                                                                                                                                                                  Allocation
                                                                                                                                                                                                                                                  Date”
                                                                                                                                                                                                                                                  means the last
                                                                                                                                                                                                                                                  Business Day
                                                                                                                                                                                                                                                  of the week
                                                                                                                                                                                                                                                  following the
                                                                                                                                                                                                                                                  last day of
                                                                                                                                                                                                                                                  each Weekly
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  Period,
                                                                                                                                                                                                                                                  commencing no
                                                                                                                                                                                                                                                  later than
                                                                                                                                                                                                                                                  August 2,
                                                                                                                                                                                                                                                  2019.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Weekly

                                                                                                                                                                                                                                                  Allocation
                                                                                                                                                                                                                                                  Percentage”
                                                                                                                                                                                                                                                  means with
                                                                                                                                                                                                                                                  respect to any
                                                                                                                                                                                                                                                  Weekly
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  Period, the
                                                                                                                                                                                                                                                  percentages
                                                                                                                                                                                                                                                  designated by
                                                                                                                                                                                                                                                  the Master
                                                                                                                                                                                                                                                  Issuer in the
                                                                                                                                                                                                                                                  relevant
                                                                                                                                                                                                                                                  Weekly
                                                                                                                                                                                                                                                  Manager’s
                                                                                                                                                                                                                                                  Certificate
                                                                                                                                                                                                                                                  for such
                                                                                                                                                                                                                                                  Weekly
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  Period within
                                                                                                                                                                                                                                                  a Quarterly
                                                                                                                                                                                                                                                  Fiscal Period,
                                                                                                                                                                                                                                                  each such
                                                                                                                                                                                                                                                  percentage to
                                                                                                                                                                                                                                                  be not less
                                                                                                                                                                                                                                                  than the
                                                                                                                                                                                                                                                  percentage
                                                                                                                                                                                                                                                  required to
                                                                                                                                                                                                                                                  cause the
                                                                                                                                                                                                                                                  Required
                                                                                                                                                                                                                                                  Balance to be
                                                                                                                                                                                                                                                  on deposit in
                                                                                                                                                                                                                                                  the Senior
                                                                                                                                                                                                                                                  Notes Interest
                                                                                                                                                                                                                                                  Payment
                                                                                                                                                                                                                                                  Account, the
                                                                                                                                                                                                                                                  Senior
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes Interest
                                                                                                                                                                                                                                                  Payment
                                                                                                                                                                                                                                                  Account, the
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes Interest
                                                                                                                                                                                                                                                  Payment
                                                                                                                                                                                                                                                  Account, the
                                                                                                                                                                                                                                                  Senior Notes
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Payment
                                                                                                                                                                                                                                                  Account, the
                                                                                                                                                                                                                                                  Senior
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Payment
                                                                                                                                                                                                                                                  Account, the
                                                                                                                                                                                                                                                  Subordinated
                                                                                                                                                                                                                                                  Notes
                                                                                                                                                                                                                                                  Principal
                                                                                                                                                                                                                                                  Payment
                                                                                                                                                                                                                                                  Account or the
                                                                                                                                                                                                                                                  Senior Notes
                                                                                                                                                                                                                                                  Post-ARD
                                                                                                                                                                                                                                                  Contingent
                                                                                                                                                                                                                                                  Interest
                                                                                                                                                                                                                                                  Account, as
                                                                                                                                                                                                                                                  applicable,
                                                                                                                                                                                                                                                  for such
                                                                                                                                                                                                                                                  Weekly
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  Period.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Weekly

                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  Period”
                                                                                                                                                                                                                                                  means each
                                                                                                                                                                                                                                                  weekly period
                                                                                                                                                                                                                                                  commencing at
                                                                                                                                                                                                                                                  4:00 a.m.
                                                                                                                                                                                                                                                  (local time)
                                                                                                                                                                                                                                                  on each Monday
                                                                                                                                                                                                                                                  and ending at
                                                                                                                                                                                                                                                  3:59:59 a.m.
                                                                                                                                                                                                                                                  (local time)
                                                                                                                                                                                                                                                  on the
                                                                                                                                                                                                                                                  following
                                                                                                                                                                                                                                                  Monday,
                                                                                                                                                                                                                                                  except that
                                                                                                                                                                                                                                                  the first such
                                                                                                                                                                                                                                                  period will be
                                                                                                                                                                                                                                                  from 4:00 a.m.
                                                                                                                                                                                                                                                  (local time)
                                                                                                                                                                                                                                                  on the Cut-Off
                                                                                                                                                                                                                                                  Date to
                                                                                                                                                                                                                                                  3:59:59 a.m.
                                                                                                                                                                                                                                                  (local time)
                                                                                                                                                                                                                                                  on July 8,
                                                                                                                                                                                                                                                  2019..

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Weekly

                                                                                                                                                                                                                                                  Management Fee”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in the
                                                                                                                                                                                                                                                  Management
                                                                                                                                                                                                                                                  Agreement.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Weekly

                                                                                                                                                                                                                                                  Manager’s
                                                                                                                                                                                                                                                  Certificate”
                                                                                                                                                                                                                                                  has the
                                                                                                                                                                                                                                                  meaning set
                                                                                                                                                                                                                                                  forth in
                                                                                                                                                                                                                                                  Section
                                                                                                                                                                                                                                                  4.01(a) of
                                                                                                                                                                                                                                                  this Base
                                                                                                                                                                                                                                                  Indenture.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Welfare

                                                                                                                                                                                                                                                  Plan”
                                                                                                                                                                                                                                                  means any
                                                                                                                                                                                                                                                  “employee
                                                                                                                                                                                                                                                  welfare
                                                                                                                                                                                                                                                  benefit plan”
                                                                                                                                                                                                                                                  as such term
                                                                                                                                                                                                                                                  is defined in
                                                                                                                                                                                                                                                  Section 3(1)
                                                                                                                                                                                                                                                  of ERISA.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Working

                                                                                                                                                                                                                                                  Capital
                                                                                                                                                                                                                                                  Reserve Amount”
                                                                                                                                                                                                                                                  means, as of
                                                                                                                                                                                                                                                  any date of
                                                                                                                                                                                                                                                  determination,
                                                                                                                                                                                                                                                  an amount
                                                                                                                                                                                                                                                  determined by
                                                                                                                                                                                                                                                  the Manager to
                                                                                                                                                                                                                                                  be retained in
                                                                                                                                                                                                                                                  a
                                                                                                                                                                                                                                                  Concentration
                                                                                                                                                                                                                                                  Account for
                                                                                                                                                                                                                                                  working
                                                                                                                                                                                                                                                  capital
                                                                                                                                                                                                                                                  expenses not
                                                                                                                                                                                                                                                  to exceed in
                                                                                                                                                                                                                                                  the aggregate
                                                                                                                                                                                                                                                  for all
                                                                                                                                                                                                                                                  Securitized
                                                                                                                                                                                                                                                  Company
                                                                                                                                                                                                                                                  Restaurant
                                                                                                                                                                                                                                                  Accounts the
                                                                                                                                                                                                                                                  greater of (i)
                                                                                                                                                                                                                                                  $5,000,000 and
                                                                                                                                                                                                                                                  (ii) 10% of
                                                                                                                                                                                                                                                  the aggregate
                                                                                                                                                                                                                                                  Retained
                                                                                                                                                                                                                                                  Collections
                                                                                                                                                                                                                                                  for the
                                                                                                                                                                                                                                                  preceding four
                                                                                                                                                                                                                                                  (4) Quarterly
                                                                                                                                                                                                                                                  Collection
                                                                                                                                                                                                                                                  Periods; provided
                                                                                                                                                                                                                                                  that amounts
                                                                                                                                                                                                                                                  transferred by
                                                                                                                                                                                                                                                  the Master
                                                                                                                                                                                                                                                  Issuer to a
                                                                                                                                                                                                                                                  Concentration
                                                                                                                                                                                                                                                  Account from
                                                                                                                                                                                                                                                  the Residual
                                                                                                                                                                                                                                                  Amount will
                                                                                                                                                                                                                                                  not be
                                                                                                                                                                                                                                                  included in
                                                                                                                                                                                                                                                  such
                                                                                                                                                                                                                                                  calculation.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  “Workout

                                                                                                                                                                                                                                                  Fees” has
                                                                                                                                                                                                                                                  the meaning
                                                                                                                                                                                                                                                  set forth in
                                                                                                                                                                                                                                                  the Servicing
                                                                                                                                                                                                                                                  Agreement.

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                

                                                                                                                                                                                                                              

                                                                                                                                                                                                                            

                                                                                                                                                                                                                          

                                                                                                                                                                                                                        

                                                                                                                                                                                                                      

                                                                                                                                                                                                                    

                                                                                                                                                                                                                  

                                                                                                                                                                                                                

                                                                                                                                                                                                              

                                                                                                                                                                                                            

                                                                                                                                                                                                          

                                                                                                                                                                                                        

                                                                                                                                                                                                      

                                                                                                                                                                                                    

                                                                                                                                                                                                  

                                                                                                                                                                                                

                                                                                                                                                                                              

                                                                                                                                                                                            

                                                                                                                                                                                          

                                                                                                                                                                                        

                                                                                                                                                                                      

                                                                                                                                                                                    

                                                                                                                                                                                  

                                                                                                                                                                                

                                                                                                                                                                              

                                                                                                                                                                            

                                                                                                                                                                          

                                                                                                                                                                        

                                                                                                                                                                      

                                                                                                                                                                    

                                                                                                                                                                  

                                                                                                                                                                

                                                                                                                                                              

                                                                                                                                                            

                                                                                                                                                          

                                                                                                                                                        

                                                                                                                                                      

                                                                                                                                                    

                                                                                                                                                  

                                                                                                                                                

                                                                                                                                              

                                                                                                                                            

                                                                                                                                          

                                                                                                                                        

                                                                                                                                      

                                                                                                                                    

                                                                                                                                  

                                                                                                                                

                                                                                                                              

                                                                                                                            

                                                                                                                          

                                                                                                                        

                                                                                                                      

                                                                                                                    

                                                                                                                  

                                                                                                                

                                                                                                              

                                                                                                            

                                                                                                          

                                                                                                        

                                                                                                      

                                                                                                    

                                                                                                  

                                                                                                

                                                                                              

                                                                                            

                                                                                          

                                                                                        

                                                                                      

                                                                                    

                                                                                  

                                                                                

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

  

  

  

  ANNEX A-53Exhibit 10.1

     

   
   

    

   
  

    
    EXECUTION COPY

    

    CLASS A-1 NOTE PURCHASE AGREEMENT

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

    dated as of February 11, 2022

    among

    JACK IN THE BOX FUNDING, LLC,

      as Master Issuer,

    JACK IN THE BOX SPV GUARANTOR, LLC,

    DIFFERENT RULES, LLC,

    JACK IN THE BOX PROPERTIES, LLC,

    each as a Guarantor,

    JACK IN THE BOX INC.,

      as Manager,

    CERTAIN CONDUIT INVESTORS,

      each as a Conduit Investor,

    CERTAIN FINANCIAL INSTITUTIONS,

      each as a Committed Note Purchaser,

    CERTAIN FUNDING AGENTS,

    COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH,

      as L/C Provider,

    COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH,

      as Swingline Lender,

    and

    COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH,

      as Administrative Agent

    
      
        

    

    
    

    

    TABLE OF CONTENTS

    Page

    	ARTICLE I DEFINITIONS  

          	 2
	Section 1.01 

          	Definitions 

          	 2
	Section 1.02 

          	Defined terms 

          	2 

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

          	 18
	Section 2.01 

          	The Initial Advance Notes 

          	 18
	Section 2.02 

          	Advances 

          	 19
	Section 2.03 

          	Borrowing Procedures 

          	 20
	Section 2.04 

          	The Series 2022-1 Class A-1 Notes 

          	 23
	Section 2.05 

          	Reduction in Commitments 

          	 24
	Section 2.06 

          	Swingline Commitment 

          	 27
	Section 2.07 

          	L/C Commitment 

          	 30
	Section 2.08 

          	L/C Reimbursement Obligations 

          	 34
	Section 2.09 

          	L/C Participations 

          	 36
	 	 	 
	ARTICLE III INTEREST AND FEES 

          	38 

          
	Section 3.01 

          	Interest 

          	 38
	Section 3.02 

          	Fees 

          	 40
	Section 3.03 

          	Eurodollar Lending Unlawful 

          	 41
	Section 3.04 

          	Deposits Unavailable 

          	 41
	Section 3.05 

          	Increased Costs, etc. 

          	 41
	Section 3.06 

          	Funding Losses 

          	 42
	Section 3.07 

          	Increased Capital or Liquidity Costs 

          	 43
	Section 3.08 

          	Taxes 

          	 44
	Section 3.09 

          	Change of Lending Office 

          	 47

    

    	ARTICLE IV OTHER PAYMENT TERMS	 51
	Section 4.01 

          	Time and Method of Payment (Amounts Distributed by the Administrative Agent)	 51
	Section 4.02 

          	Order of Distributions (Amounts Distributed by the Trustee or the Paying Agent) 

          	51 

          
	Section 4.03 

          	L/C Cash Collateral 

          	 52
	Section 4.04	Alternative Arrangements with Respect to Letters of Credit 

          	 53
	 	 	 
	ARTICLE V THE ADMINISTRATIVE AGENT AND THE FUNDING AGENTS 

          	 53
	Section 5.01 

          	Authorization and Action of the Administrative Agent	53
	Section 5.02 

          	Delegation of Duties	 54
	Section 5.03 

          	Exculpatory Provisions	 54
	Section 5.04 

          	Reliance	 54
	Section 5.05 

          	Non-Reliance on the Administrative Agent and Other Purchasers	 55
	Section 5.06 

          	The Administrative Agent in its Individual Capacity	 55

    

    

    
      i

      
        

    

    

    

    

    

    	Section 5.07 

          	Successor Administrative Agent; Defaulting Administrative Agent	 55
	Section 5.08 

          	Authorization and Action of Funding Agents 

          	 57
	Section 5.09 

          	Delegation of Duties	 57
	Section 5.10 

          	Exculpatory Provisions 

          	 58
	Section 5.11	Reliance 

          	 58
	Section 5.12	Non-Reliance on the Funding Agent and Other Purchasers 

          	 58
	Section 5.13	The Funding Agent in its Individual Capacity 

          	 59
	Section 5.14 

          	Successor Funding Agent 

          	 59

    

    	ARTICLE VI REPRESENTATIONS AND WARRANTIES	 61
	Section 6.01 

          	The Master Issuer and Guarantors	 61
	Section 6.02 

          	The Manager	63 

          
	Section 6.03

          	Lender Parties	 63
	 	 	 
	ARTICLE VII CONDITIONS 

          	 65
	Section 7.01 

          	Conditions to Issuance and Effectiveness	65
	Section 7.02 

          	Conditions to Initial Extensions of Credit	 65
	Section 7.03 

          	Conditions to Each Extension of Credit	 66

    

    	ARTICLE VIII COVENANTS	 67
	Section 8.01 

          	Covenants	 67
	 	 	 
	ARTICLE IX MISCELLANEOUS PROVISIONS 

          	 69
	Section 9.01 

          	Amendments	69
	Section 9.02 

          	No Waiver; Remedies	 70
	Section 9.03 

          	Binding on Successors and Assigns	 70
	Section 9.04 

          	Survival of Agreement 

          	 71
	Section 9.05	Payment of Costs and Expenses; Indemnification 

          	 72
	Section 9.06	Characterization as Related Document; Entire Agreement 

          	 75
	Section 9.07	Notices 

          	 75
	Section 9.08	Severability of Provisions 

          	 75
	Section 9.09	Tax Characterization 

          	 76
	Section 9.10	No Proceedings; Limited Recourse 

          	 76
	Section 9.11	Confidentiality 

          	 77
	Section 9.12	GOVERNING LAW; CONFLICTS WITH INDENTURE 

          	 78
	Section 9.13	JURISDICTION 

          	 78
	Section 9.14	WAIVER OF JURY TRIAL 

          	 78
	Section 9.15	Counterparts 

          	 79
	Section 9.16	Third-Party Beneficiary 

          	 79
	Section 9.17	Assignment 

          	 79
	Section 9.18	Defaulting Investors 

          	 81
	Section 9.19	No Fiduciary Duties 

          	 84
	Section 9.20	Acknowledgement and Consent to Bail-In of EEA Financial Institutions 

          	85 

          
	Section 9.21	Patriot Act 

          	 86

  

  
    ii

    
      

  

  

     

      	SCHEDULES AND EXHIBITS

              	

            
	SCHEDULE I  

            	Investor Groups and Commitments

              
	SCHEDULE II 

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

              
	SCHEDULE III 

            	Additional Closing Conditions

            
	SCHEDULE IV 

            	Letters of Credit 

            
	 
	EXHIBIT A-1 

              	Form of Advance Request
	EXHIBIT A-2	Form of Swingline Loan Request
	EXHIBIT B 

                	Form of Assignment and Assumption Agreement
	EXHIBIT C  

            	Form of Investor Group Supplement 

            
	EXHIBIT D 

            	Form of Purchaser’s Letter 

            

    

    

        

        

       

       

    
      iii

      
        

    

    

    CLASS A-1 NOTE PURCHASE AGREEMENT

    THIS CLASS A-1 NOTE PURCHASE AGREEMENT, dated as of February 11, 2022 (as amended, supplemented,
      amended and restated or otherwise modified from time to time in accordance with the terms hereof, this “Agreement”), is made by and among:

    (a) JACK IN THE BOX FUNDING, LLC, a Delaware limited liability company (the “Master Issuer”),

    (b) JACK IN THE BOX SPV GUARANTOR, LLC, a Delaware limited liability company, DIFFERENT RULES, LLC, a Delaware limited liability company, and JACK IN THE
        BOX PROPERTIES, LLC, a Delaware limited liability company (each, a “Guarantor” and, collectively, the “Guarantors”),

    (c) JACK IN THE BOX INC., a Delaware corporation, as the manager (the “Manager”),

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

            Investors”),

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

    (f) for each Investor Group, the financial institution entitled to act on behalf of the Investor Group set forth opposite the name of such Investor Group
        on Schedule I as Funding Agent and its permitted successors and assigns (each, the “Funding Agent” with
        respect to such Investor Group and, collectively, the “Funding Agents”),

    (g) COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, as L/C Provider,

    (h) COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, as Swingline Lender, and

    (i) COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, in its capacity as administrative agent for the Conduit Investors, the Committed Note Purchasers, the
        Funding Agents, the L/C Provider and the Swingline Lender (together with its permitted successors and assigns in such capacity, the “Administrative Agent”).

    BACKGROUND

    1. Contemporaneously with the execution and delivery of this Agreement, the Master Issuer and Citibank, N.A., as Trustee, are entering into the Series
        2022-1 Supplement, of even date herewith (as the same may be amended, supplemented, amended and restated or otherwise modified from time to time in accordance with the terms thereof, the “Series

            2022-1 Supplement”), to the Base Indenture, dated as of July 8, 2019 (as the same may be amended, supplemented, amended and restated or otherwise modified from time to time in accordance with the terms thereof, the “Base Indenture” and, together with the Series 2022-1 Supplement and any other supplement to the Base Indenture, the “Indenture”),

        by and between the Master Issuer and the Trustee, pursuant to which the Master Issuer will issue the Series 2022-1 Notes (as defined in the Series 2022-1 Supplement), which may be issued in the form of Uncertificated Notes (as defined in the Series
        2022-1 Supplement) in accordance with the Indenture.

    
      
        

    

    
    2. The Master Issuer wishes to (a) issue the Series 2022-1 Class A-1 Advance Notes to each Funding Agent on behalf of the Investors in the related
        Investor Group, and obtain the agreement of the applicable Investors to make loans from time to time (each, an “Advance” or a “Series 2022-1 Class A-1 Advance” and, collectively, the “Advances” or the “Series

            2022-1 Class A-1 Advances”) that will constitute the purchase of Series 2022-1 Class A‐1 Outstanding Principal Amounts on the terms and conditions set forth in this Agreement; (b) issue the Series 2022-1 Class A-1 Swingline Note to
        the Swingline Lender and obtain the agreement of the Swingline Lender to make Swingline Loans on the terms and conditions set forth in this Agreement; and (c) issue the Series 2022-1 Class A-1 L/C Note to the L/C Provider and obtain the agreement
        of the L/C Provider to provide Letters of Credit on the terms and conditions set forth in this Agreement. The Series 2022-1 Class A-1 Advance Notes, the Series 2022-1 Class A-1 Swingline Note and the Series 2022-1 Class A-1 L/C Note constitute
        Series 2022-1 Class A-1 Notes. The Manager has joined in this Agreement to confirm certain representations, warranties and covenants made by it in favor of the Trustee and the Noteholders in the Related Documents for the benefit of each Lender
        Party.

    ARTICLE I

        DEFINITIONS

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

      

    

    
      
        Section 1.02 Defined terms.

      

    

    

    

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

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

    
      2

      
        

    

    
    “Adjusted Term SOFR” means, for purposes of
      any calculation, the rate per annum equal to (a) Term SOFR for such calculation plus (b) the Term SOFR Adjustment; provided
      that if Adjusted Term SOFR as so determined shall ever be less than the Floor, then Adjusted Term SOFR shall be deemed to be the Floor.

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

    “Advance Request” has the
      meaning set forth in Section 7.05(d).

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

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

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

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

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

    “Anti-Corruption Laws”
      means the laws, rules, and regulations of the jurisdictions applicable to the Master Issuer or any Guarantor or its subsidiaries from time to time concerning or relating to bribery or corruption, including the U.S. Foreign Corrupt Practices Act of
      1977, as amended.

    “Anti-Terrorism Laws” means
      any laws, regulations, or orders of any Governmental Authority of the United States, the United Nations, United Kingdom, European Union or the Netherlands relating to terrorism financing or money laundering, including, but not limited to, the
      International Emergency Economic Powers Act (50 U.S.C. § 1701 et seq.), the Trading With the Enemy Act (50 U.S.C. § 5 et seq.), the International Security Development and Cooperation Act (22 U.S.C. § 2349aa-9 et seq.), the Executive Order No. 13224
      on Terrorist Financing, effective September 24, 2001, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56 (the “USA Patriot Act”), and any rules or regulations promulgated pursuant to or under the authority of any of the foregoing.

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

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

    “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.

    
      3

      
        

    

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

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

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

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

    “Base Rate” means, on any
      day, a rate per annum equal to the sum of (a) (i) the greatest of (A) the Prime Rate in effect on such day, (B) the Federal Funds Rate in effect on such day plus 0.50% and (C) Adjusted Term SOFR for a one-month tenor in effect at such time plus 0.50%
      plus (b) 1.00%; provided that any change in the Base Rate due to a change in the Prime Rate, the Federal
      Funds Rate or Adjusted Term SOFR shall be effective as of the opening of business on the effective day of such change in the Prime Rate, the Federal Funds Rate or Adjusted Term SOFR, respectively; provided, further, that changes in any rate of interest calculated by reference to the Base Rate shall take effect simultaneously with each
      change in the Base Rate; provided, further, that the Base Rate will in no event be higher than the
      maximum rate permitted by applicable law.

    “Base Rate Advance” means
      an Advance that bears interest at the Base Rate during such time as it bears interest at such rate, as provided in this Agreement.

    “Base Rate Term SOFR Determination Day”
      has the meaning specified in the definition of “Term SOFR”.

    “Benchmark” means,
      initially, the Term SOFR Reference Rate; provided that if a Benchmark Transition Event has occurred with respect to the Term SOFR Reference Rate or the then-current Benchmark,
      then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to Section 3.10(a).

    
      4

      
        

    

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

    “Benchmark Replacement Adjustment”
      means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero)
      that has been selected by the Administrative Agent and the Master Issuer giving due consideration to (a) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of
      such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (b) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread
      adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated syndicated credit facilities.

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

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

    (b) in the case of clause (c) of the definition of “Benchmark Transition Event”, the first date on which such Benchmark (or the published component used in the calculation thereof)
        has been determined and announced by or on behalf of the administrator of such Benchmark (or such component thereof) or the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be non-representative or
        non-compliant with or non-aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks; provided that such
        non-representativeness, non-compliance or non-alignment will be determined by reference to the most recent statement or publication referenced in such clause (c) and even if any Available Tenor of such Benchmark (or such component thereof)
        continues to be provided on such date.

    
      5

      
        

    

    For the avoidance of doubt, the “Benchmark Replacement Date” will be deemed to have occurred in
      the case of clause (a) or (b) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the
      calculation thereof).

    “Benchmark Transition Event”
      means the occurrence of one or more of the following events with respect to the then-current Benchmark:

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

    

    

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

    (c) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) or the regulatory supervisor for the administrator of such
        Benchmark (or such component thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are not, or as of a specified future date will not be, representative or in compliance with or aligned with the International
        Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks.

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

    
      6

      
        

    

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

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

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

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

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

    “Change in Law” means
      (a) any law, rule or regulation or any change therein or in the interpretation or application thereof (whether or not having the force of law), in each case, adopted, issued or occurring after the Closing Date or (b) any request, guideline or
      directive (whether or not having the force of law) from any government or political subdivision or agency, authority, bureau, central bank, commission, department or instrumentality thereof, or any court, tribunal, grand jury or arbitrator, or any
      accounting board or authority (whether or not a Governmental Authority) which is responsible for the establishment or interpretation of national or international accounting principles, in each case, whether foreign or domestic (each, an “Official Body”) charged with the administration, interpretation or application thereof, 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; provided, however, for purposes of
      this definition, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all regulations, requests, rules, guidelines or directives issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the
      Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case, pursuant to Basel III, are deemed to have gone into effect
      and been adopted subsequent to the date hereof.

    “Commercial Paper” means,
      with respect to any Conduit Investor, the promissory notes issued in the commercial paper market by or for the benefit of such Conduit Investor.

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

    
      7

      
        

    

    “Commitment Percentage”
      means, on any date of determination, with respect to any Investor Group, the ratio, expressed as a percentage, which such Investor Group’s Maximum Investor Group Principal Amount bears to the Series 2022-1 Class A-1 Notes Maximum Principal Amount on
      such date.

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

    “Commitment Term” means
      the period from and including the Closing Date to but excluding the earlier of (a) the Commitment Termination Date and (b) the date on which the Commitments are terminated or reduced to zero in accordance with this Agreement.

    “Commitment Termination Date”
      means the Series 2022-1 Class A-1 Notes Renewal Date (as such date may be extended pursuant to Section 3.06(b) of the Series 2022-1 Supplement).

    “Committed Note Purchaser”
      has the meaning set forth in the preamble.

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

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

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

    “Confidential Information”
      has the meaning set forth in Section 9.11.

    
      8

      
        

    

    “Conforming Changes”
      means, with respect to either the use or administration of Term SOFR or the use, administration, adoption or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of
      Base Rate”, “CP Funding Rate”, “Eurodollar Advance”, “Eurodollar Business Day”, “Term SOFR Reference Rate”, “Eurodollar Interest  Accrual Period” or any similar or analogous definition (or the addition of a concept of “interest period”), “Eurodollar
      Rate”, “Eurodollar Reserve Percentage”, “Eurodollar Tranche” and “Series 2021-1 Class A-1 Note Rate”, timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation
      notices, the applicability and length of lookback periods, the applicability of Section 2.15 and other technical, administrative or operational matters) that the Administrative Agent, in consultation with the Master Issuer, decides may be appropriate
      to reflect the adoption and implementation of any such rate or to permit the use and administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption
      of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of any such rate exists, in such other manner of administration as the Administrative
      Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Related Documents).

    “CP Funding Rate” means,
      with respect to each Conduit Investor, for any day during any Interest Accrual Period, for any portion of the Advances funded or maintained through the issuance of Commercial Paper by such Conduit Investor, the per annum rate equivalent to the
      weighted average cost (as determined by the related Funding Agent, and which shall include (without duplication) the fees and commissions of placement agents and dealers, incremental carrying costs incurred with respect to Commercial Paper maturing
      on dates other than those on which corresponding funds are received by such Conduit Investor, other borrowings by such Conduit Investor and any other costs associated with the issuance of Commercial Paper) of or related to the issuance of Commercial
      Paper that are allocated, in whole or in part, by such Conduit Investor or its related Funding Agent to fund or maintain such Advances for such Interest Accrual Period (and which may also be allocated in part to the funding of other assets of the
      Conduit Investor); provided, however, that if any component of any such rate is a discount rate, in
      calculating the “CP Funding Rate” for such Advances for such Interest Accrual Period, the related Funding Agent shall for such component use the rate resulting from converting
      such discount rate to an interest bearing equivalent rate per annum.

    “CP Rate” means, on any
      day during any Interest Accrual Period, an interest rate per annum equal to the sum of (i) the CP Funding Rate for such Interest Accrual Period plus (ii) 1.50%; provided that
      the CP Rate will in no event be higher than the maximum rate permitted by applicable law.

    “Defaulting Administrative Agent
          Event” has the meaning set forth in Section 5.07(b).

    
      9

      
        

    

    “Defaulting Investor”
      means any Investor that has (a) failed to make a payment required to be made by it under the terms of this Agreement within one (1) Business Day of the day such payment is required to be made by such Investor thereunder, (b) notified the
      Administrative Agent in writing that it does not intend to make any payment required to be made by it under the terms of this Agreement within one (1) Business Day of the day such payment is required to be made by such Investor thereunder or
      (c) become the subject of an Event of Bankruptcy.

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

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

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

    “Eligible Conduit Investor”
      means, at any time, any Conduit Investor whose Commercial Paper at such time is rated by at least two of the Specified Rating Agencies and is rated at least “A-1” from Standard & Poor’s, “P-1” from Moody’s and/or “F1” from Fitch, as applicable.

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

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

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

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

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

    “Eurodollar Advance” means
      an Advance that bears interest at the Eurodollar Rate during such time as it bears interest at such rate, as provided in this Agreement.

    “Eurodollar Business Day”
      means any Business Day on which dealings are also carried on in the London interbank market and banks are open for business in London.

    
      10

      
        

    

    “Eurodollar Interest Accrual Period”
      means, with respect to any Eurodollar Advance, the period commencing on and including the Eurodollar Business Day such Advance first becomes a Eurodollar Advance in accordance with Section 3.01(b)
      and ending on but excluding a date, as elected by the Master Issuer pursuant to such Section 3.01(b), which is (i) one (1) month subsequent to such date, (ii) two (2) months
      subsequent to such date, (iii) three (3) months subsequent to such date or (iv) six (6) months subsequent to such date; provided, however, that no Eurodollar Interest Accrual Period may end subsequent to the second Business Day before the Quarterly Calculation Date occurring immediately prior to the then-current Series 2022-1 Class A-1 Notes
      Renewal Date and upon the occurrence and during the continuation of any Rapid Amortization Period or any Event of Default, any Eurodollar Interest Accrual Period with respect to the Eurodollar Advances of all Investor Groups may be terminated at the
      end of the then-current Eurodollar Interest Accrual Period (or, if the Class A-1 Notes have been accelerated in accordance with Section 9.02 of the Base Indenture, immediately), at the election of the Administrative Agent or Investor Groups holding
      in the aggregate more than 50% of the Eurodollar Tranche, by notice to the Master Issuer, the Manager, the Control Party and the Funding Agents, and upon such election the Eurodollar Advances in respect of which interest was calculated by reference
      to such terminated Eurodollar Interest Accrual Period shall be converted to Base Rate Advances.

    “Eurodollar Rate” means,
      on any day during any Eurodollar Interest Accrual Period, an interest rate per annum equal to the sum of (i) the Benchmark for such Eurodollar Interest Accrual Period plus (ii) 1.50%; provided
      that the Eurodollar Rate will in no event be higher than the maximum rate permitted by applicable law.

    “Eurodollar Reserve Percentage”
      means, for any Eurodollar Interest Accrual Period, the reserve percentage (expressed as a decimal) equal to the maximum aggregate reserve requirements (including all basic, emergency, supplemental, marginal and other reserves and taking into account
      any transitional adjustments or other scheduled changes in reserve requirements) specified under regulations issued from time to time by the F.R.S. Board and then applicable to liabilities or assets constituting “Eurocurrency Liabilities,” as
      currently defined in Regulation D of the F.R.S. Board, having a term approximately equal or comparable to such Eurodollar Interest Accrual Period.

    “Eurodollar Tranche” means
      any portion of the Series 2022-1 Class A-1 Outstanding Principal Amount funded or maintained with Eurodollar Advances.

    “FATCA” means (a) Sections
      1471 through 1474 of the Code as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with) and any current or future Treasury regulations thereunder or official
      interpretations thereof, (b) any treaty, law, regulation or other official guidance enacted in any other jurisdiction, or relating to an intergovernmental agreement between the United States and any other jurisdiction with the purpose (in either
      case) of facilitating the implementation of (a) above, or (c) any agreement pursuant to the implementation of paragraphs (a) or (b) above with the U.S. Internal Revenue Service or any other Governmental Authority in the United States.

    
      11

      
        

    

    “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. (Eastern time).

    “Floor” means a rate of
      interest equal to 0.00%.

    “F.R.S. Board” means the
      Board of Governors of the Federal Reserve System.

    “Increase” has the meaning
      set forth in Section 2.01(a) of the Series 2022-1 Supplement.

    “Interest Reserve Letter of Credit”
      means any letter of credit issued hereunder for the benefit of the Trustee and the Senior Noteholders or the Senior Subordinated Noteholders, as applicable.

    “Investor” means any one
      of the Conduit Investors and the Committed Note Purchasers and “Investors” means the Conduit Investors and the Committed Note Purchasers collectively.

    “Investor Group” means
      (i) for each Conduit Investor, collectively, such Conduit Investor, the related Committed Note Purchaser(s) set forth opposite the name of such Conduit Investor on Schedule I
      (or, if applicable, set forth for such Conduit Investor in the Assignment and Assumption Agreement or Investor Group Supplement pursuant to which such Conduit Investor or Committed Note Purchaser becomes a party thereto), any related Program Support
      Provider(s) and the related Funding Agent (which shall constitute the Series 2022-1 Class A-1 Noteholder for such Investor Group) and (ii) for each other Committed Note Purchaser that is not related to a Conduit Investor, collectively, such Committed
      Note Purchaser, any related Program Support Provider(s) and the related Funding Agent (which shall constitute the Series 2022-1 Class A-1 Noteholder for such Investor Group).

    “Investor Group Increase Amount”
      means, with respect to any Investor Group, for any Business Day, the portion of the Increase, if any, actually funded by such Investor Group on such Business Day.

    “Investor Group Principal Amount”
      means, with respect to any Investor Group, (a) when used with respect to the Closing Date, an amount equal to (i) such Investor Group’s Commitment Percentage of the Series 2022-1 Class A-1 Initial Advance Principal Amount, plus (ii) such Investor
      Group’s Commitment Percentage of the Series 2022-1 Class A-1 Outstanding Subfacility Amount outstanding on the Closing Date, and (b) when used with respect to any other date, an amount equal to (i) the Investor Group Principal Amount with respect to
      such Investor Group on the immediately preceding Business Day (excluding any Series 2022-1 Class A-1 Outstanding Subfacility Amount included therein), plus (ii) the Investor Group Increase Amount with respect to such Investor Group on such date,
      minus (iii) the amount of principal payments made to such Investor Group on the Series 2022-1 Class A-1 Advance Notes on such date, plus (iv) such Investor Group’s Commitment Percentage of the Series 2022-1 Class A-1 Outstanding Subfacility Amount
      outstanding on such date.

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

    “L/C Commitment” means the
      obligation of the L/C Provider to provide Letters of Credit pursuant to Section 2.07, in an aggregate Undrawn L/C Face Amount, together with any Unreimbursed L/C Drawings, at
      any one time outstanding not to exceed $80,000,000, as such amount may be reduced or increased pursuant to Section 2.07(g) or reduced pursuant to Section 2.05(b).

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

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

    “L/C Obligations” means,
      at any time, an amount equal to the sum of (i) any Undrawn L/C Face Amounts outstanding at such time and (ii) any Unreimbursed L/C Drawings outstanding at such time.

    “L/C Other Reimbursement Costs”
      has the meaning set forth in Section 2.08(a).

    “L/C Provider” means
      Rabobank, in its capacity as provider of any Letter of Credit under this Agreement, and its permitted successors and assigns in such capacity.

    “L/C Quarterly Fees” has
      the meaning set forth in Section 2.07(d).

    “L/C Reimbursement Amount”
      has the meaning set forth in Section 2.08(a).

    “Lender Party” means any
      Investor, the Swingline Lender or the L/C Provider and “Lender Parties” means the Investors, the Swingline Lender and the L/C Provider, collectively.

    “Letter of Credit” has the
      meaning set forth in Section 2.07(g).

    “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 Closing Date, the amount set forth on Schedule I to this Agreement as such Investor Group’s Maximum Investor Group Principal
      Amount or, in the case of any other Investor Group, the amount set forth as such Investor Group’s Maximum Investor Group Principal Amount in the Assignment and Assumption Agreement or Investor Group Supplement by which the members of such Investor
      Group become parties to this Agreement, in each case, as such amount may be (i) reduced pursuant to Section 2.05 of this Agreement or (ii) increased or reduced by any Assignment
      and Assumption Agreement or Investor Group Supplement entered into by the members of such Investor Group in accordance with the terms of this Agreement.

    
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    “Non-Excluded Taxes” has
      the meaning set forth in Section 3.08(a).

    “Non-Funding Committed Notes
          Purchaser” has the meaning set forth in Section 2.02(a).

    “Official Body” has the
      meaning set forth in the definition of “Change in Law.”

    “Payment Recipient” has the meaning assigned
      to it in Section 5.15(a).

    “Periodic Term SOFR Determination
          Date” has the meaning specified in the definition of “Term SOFR”.

    “Prime Rate” means the
      rate of interest per annum published in the Wall Street Journal as the U.S. dollar “prime rate” for such day and if the Wall Street Journal does not publish such rate on such day then such rate as most recently published prior to such day; provided that in no event shall the Prime Rate be less than zero.

    “Program Support Agreement”
      means, with respect to any Investor, any agreement entered into by any Program Support Provider in respect of any Commercial Paper and/or Series 2022-1 Class A-1 Note of such Investor providing for the issuance of one or more letters of credit for
      the account of such Investor, the issuance of one or more insurance policies for which such Investor is obligated to reimburse the applicable Program Support Provider for any drawings thereunder, the sale by such Investor to any Program Support
      Provider of the Series 2022-1 Class A-1 Notes (or portions thereof or interests therein) and/or the making of loans and/or other extensions of credit to such Investor in connection with such Investor’s securitization program, together with any letter
      of credit, insurance policy or other instrument issued thereunder or guaranty thereof (but excluding any discretionary advance facility provided by a Committed Note Purchaser).

    “Program Support Provider”
      means, with respect to any Investor, any financial institutions and any other or additional Person now or hereafter extending credit or having a commitment to extend credit to or for the account of, and/or agreeing to make purchases from, such
      Investor in respect of such Investor’s Commercial Paper and/or Series 2022-1 Class A-1 Note, and/or agreeing to issue a letter of credit or insurance policy or other instrument to support any obligations arising under or in connection with such
      Investor’s securitization program as it relates to any Commercial Paper issued by such Investor, and/or holding equity interests in such Investor, in each case pursuant to a Program Support Agreement, and any guarantor of any such Person.

    “Reimbursement Obligation”
      means the obligation of the Master Issuer to reimburse the L/C Provider pursuant to Section 2.08 for amounts drawn under Letters of Credit.

    
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    “Relevant Governmental Body”
      means the Board or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Board or the Federal Reserve Bank of New York, or any successor thereto.

    “Required Investor Groups”
      means the Investor Groups holding more than (i) if no single Investor Group holds more than 50% of the Commitments, 50% of the Commitments or (ii) if a single Investor Group holds more than 50% of the Commitments, two-thirds of the Commitments.

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

    “Sale Notice” has the
      meaning set forth in Section 9.18(b).

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

    “Sanctions” means any
      sanctions administered by or enforced by the U.S. Department of the Treasury’s Office of Foreign Assets Control, the U.S. Department of State, the United Nations Security Council, the European Union, Her Majesty’s Treasury, the Netherlands, or other
      relevant sanctions authority.

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

    “Series 2022-1 Class A-1 Notes
          Exposure Amount” means, as of any date of determination, the excess (if any) of (1) the sum of the Series 2022-1 Class A-1 Outstanding Principal Amount as of such date and the Undrawn L/C Face Amounts as of such date over (2) the aggregate amount Undrawn L/C Face Amounts that are cash collateralized.

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

    “SOFR” means a rate equal
      to the secured overnight financing rate as administered by the SOFR Administrator.

    “SOFR Administrator” means
      the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

    “Solvent” means with
      respect to any Person as of any date of determination, (i) the fair value of the assets of such Person will exceed its debts and liabilities, including contingent liabilities; (ii) the present fair saleable value of the property of such Person will
      be greater than the amount that will be required to pay the probable liability of its debts and other liabilities as such debts and other liabilities become absolute and matured; (iii) such Person does not intend to, and does not believe that it
      will, incur debts or liabilities beyond its ability to pay such debts and liabilities as they mature; and (iv) such Person will not have unreasonably small capital with which to conduct the business in which it is 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 such Person.

    
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     “Specified Rating Agencies”
      means any of Standard & Poor’s, Moody’s or Fitch, as applicable.

    “Swingline Commitment”
      means the obligation of the Swingline Lender to make Swingline Loans pursuant to Section 2.06 in an aggregate principal amount at any one time outstanding not to exceed
      $25,000,000, as such amount may be reduced or increased pursuant to Section 2.06(i) or reduced pursuant to Section 2.05(b).

    “Swingline Lender” means
      Rabobank, in its capacity as maker of Swingline Loans, and its permitted successors and assigns in such capacity.

    “Swingline Loan” has the
      meaning set forth in Section 2.06(a).

    “Swingline Loan Request”
      has the meaning set forth in Section 2.06(b).

    “Swingline Participation Amount”
      has the meaning set forth in Section 2.06(f).

    “Taxes” has the meaning
      set forth in Section 3.08(a).

    “Term SOFR” means,

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

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

    
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    “Term SOFR Adjustment”
      means, 0.11448% (11.448 basis points) for a one-month tenor, 0.26161% for a three-month tenor, and 0.42826% (42.826 basis points) for a six-month tenor. 

    “Term SOFR Administrator”
      means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Administrative Agent in its reasonable discretion).

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

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

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

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

    “Unadjusted Benchmark Replacement”
      means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

    “Undrawn L/C Face Amounts”
      means, at any time, the aggregate then undrawn and unexpired face amount of any Letters of Credit outstanding at such time.

    “Unreimbursed L/C Drawings”
      means, at any time, the aggregate amount of any L/C Reimbursement Amounts that have not then been reimbursed pursuant to Section 2.08.

    “Upfront Commitment Fee”
      has the meaning given to such term in the Class A-1 VFN Fee Letter.

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

    ARTICLE II

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

    
      
        Section 2.01 The Initial Advance Notes.

      

    

    
      
        (a) On the terms and conditions set forth in the Indenture and this Agreement, and in reliance on the covenants, representations and agreements set forth herein and therein, the Master Issuer shall issue and shall request
            the Trustee to authenticate (in the case of the Series 2022-1 Class A-1 Advance Notes in the form of definitive notes) or register as described in Section 4.01(e) of the Series 2022-1 Supplement (in the case of Uncertificated Notes) the Series
            2022-1 Class A-1 Advance Notes, which the Master Issuer shall deliver to each Funding Agent on behalf of the Investors in the related Investor Group on the Closing Date. The Series 2022-1 Class A-1 Advance Note for each Investor Group, shall
            (i) be dated their date of authentication or, if an Uncertificated Note, registration, (ii) be registered in the name of the related Funding Agent or its nominee, as agent for the related Investors, or in such other name or nominee as such
            Funding Agent may request, (iii) have a maximum principal amount equal to the Maximum Investor Group Principal Amount for such Investor Group, (iv) have an initial outstanding principal amount equal to such Investor Group’s Commitment
            Percentage of the Series 2022-1 Class A-1 Initial Advance Principal Amount, and (v) other than any Uncertificated Notes, be duly authenticated in accordance with the provisions of the Indenture.

      

    

    
      
        (b) Each Series 2022-1 Class A-1 Noteholder shall, acting solely for this purpose as an agent of the Master Issuer, maintain a register on which it enters the name and address of each related Lender Party (and, if
            applicable, Program Support Provider) and the applicable portions of the Series 2022-1 Class A-1 Outstanding Principal Amount (and stated interest) with respect to such Series 2022-1 Class A-1 Noteholder of each Lender Party (and, if
            applicable, Program Support Provider) that has an interest in such Series 2022-1 Class A-1 Noteholder’s Series 2022-1 Class A-1 Notes (the “Series 2022-1 Class A-1 Notes Register”),

            provided that no Series 2022-1 Class A-1 Noteholder shall have any obligation to disclose all or any portion of the Series 2022-1 Class A-1 Notes Register to any Person
            except to the extent such that such disclosure is necessary to establish that such Series 2022-1 Class A-1 Notes are in registered form for U.S. federal income tax purposes.

        
          18

          
            

        

      

    

    
      
        Section 2.02 Advances.

      

    

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

        
          19

          
            

        

      

    

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

      

    

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

      

    

    
      
        (d) Section 2.02(b) of the Series 2022-1 Supplement specifies the procedures to be followed in connection with any Voluntary Decrease of the Series 2022-1 Class A-1 Outstanding Principal Amount. Each such Voluntary Decrease
            in respect of any Advances shall be either (i) in an aggregate minimum principal amount of $100,000 and integral multiples of $100,000 in excess thereof or (ii) in such other amount necessary to reduce the Series 2022-1 Class A-1 Outstanding
            Principal Amount to zero.

      

    

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

        
          20

          
            

        

      

    

    
      
        Section 2.03 Borrowing Procedures.

      

    

    
      
        (a) Whenever the Master Issuer wishes to make a Borrowing, the Master Issuer shall (or shall cause the Manager on its behalf to) notify the Administrative Agent (who shall promptly, and in any event by 4:00 p.m. (Eastern
            time) on the same Business Day as its receipt of the same, notify each Funding Agent of its pro rata share thereof (or other required share, as required pursuant to Section 2.02(a)) and notify the Trustee, the Control Party, the Swingline Lender and the L/C Provider in writing of such Borrowing) by written notice in the form of an Advance
            Request delivered to the Administrative Agent no later than 12:00 p.m. (Eastern time) one (1) Business Day (or, in the case of any Eurodollar Advances for purposes of Section 3.01(b),
            three (3) Eurodollar Business Days) prior to the date of Borrowing (unless a shorter period is agreed upon by the Administrative Agent and the L/C Provider, the L/C Issuing Bank, the Swingline Lender or the Funding Agents, as applicable), which
            date of Borrowing shall be a Business Day during the Commitment Term. Each such notice of Borrowing shall be irrevocable and shall in each case refer to this Agreement and specify (i) the date of such Borrowing, (ii) the aggregate amount of the
            requested Borrowing to be made on such date, (iii) the amount of outstanding Swingline Loans and Unreimbursed L/C Drawings (if applicable) to be repaid with the proceeds of such Borrowing on such date, which amount shall constitute all
            outstanding Swingline Loans and Unreimbursed L/C Drawings outstanding on the date of such notice of Borrowing that are not prepaid with other funds of the Master Issuer available for such purpose, and (iv) sufficient instructions for
            application of the balance, if any, of the proceeds of such Borrowing on such date (which proceeds shall be made available to the Master Issuer). Requests for any Borrowing may not be made in an aggregate principal amount of less than $100,000
            or in an aggregate principal amount that is not an integral multiple of $100,000 in excess thereof (except as otherwise provided herein with respect to Borrowings for the purpose of repaying then-outstanding Swingline Loans or Unreimbursed L/C
            Drawings). The Master Issuer agrees that Borrowings shall be made automatically (to the extent not deemed made pursuant to Sections 2.05(b)(i), 2.05(b)(ii) or 2.08), without the requirement of providing an Advance Request, but subject to the requirements set forth in
            Section 7.03, upon notice of any drawing under a Letter of Credit and one time per month, the timing of which shall be determined by the Administrative Agent in its
            discretion, if any Swingline Loans are outstanding, in each case, in an amount at least sufficient to repay in full all Unreimbursed L/C Drawings or Swingline Loans, as the case may be, outstanding on the date of the applicable automatic
            Borrowing. Subject to the provisos to Section 2.02(a), each Borrowing shall be ratably allocated among the Investor Groups’ respective Maximum Investor Group Principal
            Amounts. Each Funding Agent shall promptly advise its related Conduit Investor, if any, of any notice given pursuant to this Section 2.03(a) and shall promptly thereafter
            (but in no event later than 10:00 a.m. (Eastern time) on the date of Borrowing) notify the Administrative Agent, the Master Issuer and the related Committed Note Purchaser(s) whether such Conduit Investor has determined to make all or any
            portion of the Advances in such Borrowing that are to be made by its Investor Group. On the date of each Borrowing and subject to the other conditions set forth herein and in the Series 2022-1 Supplement (and, if requested by the Administrative
            Agent, confirmation from the Swingline Lender and the L/C Provider, as applicable, as to (x) the amount of outstanding Swingline Loans and Unreimbursed L/C Drawings to be repaid with the proceeds of such Borrowing on the date of Borrowing, (y)
            the Undrawn L/C Face Amount of all Letters of Credit then outstanding and (z) the principal amount of any other Swingline Loans or Unreimbursed L/C Drawings then outstanding), the applicable Investors in each Investor Group shall make available
            to the Administrative Agent the amount of the Advances in such Borrowing that are to be made by such Investor Group by wire transfer in U.S. Dollars of such amount in same day funds no later than 10:00 a.m. (Eastern time) on the date of such
            Borrowing, and upon receipt thereof the Administrative Agent shall make such proceeds available by 3:00 p.m. (Eastern time), first, to the Swingline Lender and the L/C
            Provider for application to repayment of the amount of outstanding Swingline Loans and Unreimbursed L/C Drawings as set forth in the applicable Advance Request, if applicable, ratably in proportion to such respective amounts, and, second, to the Master Issuer, as instructed in the applicable Advance Request.

        
          21

          
            

        

      

    

    
      
        (b) (i) The failure of any Committed Note Purchaser to make the Advance to be made by it as part of any Borrowing shall not relieve any other Committed Note Purchaser (whether or not in the same Investor Group) of its
            obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Committed Note Purchaser shall be responsible for the failure of any other Committed Note Purchaser to make the Advance to be made by such other Committed
            Note Purchaser on the date of any Borrowing and (ii) in the event that one or more Committed Note Purchasers fails to make its Advance by 11:00 a.m. (Eastern time) on the date of such Borrowing, the Administrative Agent shall notify each of the
            other Committed Note Purchasers not later than 1:00 p.m. (Eastern time) on such date, and each of the other Committed Note Purchasers shall make available to the Administrative Agent a supplemental Advance in a principal amount (such amount,
            the “reference amount”) equal to the lesser of (a) the aggregate principal Advance that was unfunded multiplied by a fraction, the numerator of which is the Commitment
            Amount of such Committed Note Purchaser and the denominator of which is the aggregate Commitment Amounts of all Committed Note Purchasers (less the aggregate Commitment Amount of the Committed Note Purchasers failing to make Advances on such
            date) and (b) the excess of (i) such Committed Note Purchaser’s Commitment Amount over (ii) the product of such Committed Note Purchaser’s related Investor Group Principal Amount multiplied by such Committed Note Purchaser’s Committed Note
            Purchaser Percentage (after giving effect to all prior Advances on such date of Borrowing) (provided that a Committed Note Purchaser may (but shall not be obligated to), on
            terms and conditions to be agreed upon by such Committed Note Purchaser and the Master Issuer, make available to the Administrative Agent a supplemental Advance in a principal amount in excess of the reference amount; provided, however, that no such supplemental Advance shall be permitted to be made to the extent that, after giving effect
            to such Advance, the Series 2022-1 Class A-1 Notes Exposure Amount would exceed the Series 2022-1 Class A-1 Notes Maximum Principal Amount). Such supplemental Advances shall be made by wire transfer in U.S. Dollars in same day funds no later
            than 3:00 p.m. (Eastern time) one (1) Business Day following the date of such Borrowing, and upon receipt thereof the Administrative Agent shall immediately make such proceeds available, first, to the Swingline Lender and the L/C Provider for application to repayment of the amount of outstanding Swingline Loans and Unreimbursed L/C Drawings as set forth in the applicable Advance Request, if
            applicable, ratably in proportion to such respective amounts, and, second, to the Master Issuer, as instructed in the applicable Advance Request. If any Committed Note
            Purchaser which shall have so failed to fund its Advance shall subsequently pay such amount, the Administrative Agent shall apply such amount pro rata to repay any supplemental Advances made by the other Committed Note Purchasers pursuant to
            this Section 2.03(b).

      

    

    
      
        (c) Unless the Administrative Agent shall have received notice from a Funding Agent prior to the date of any Borrowing that an applicable Investor in the related Investor Group will not make available to the Administrative
            Agent such Investor’s share of the Advances to be made by such Investor Group as part of such Borrowing, the Administrative Agent may (but shall not be obligated to) assume that such Investor has made such share available to the Administrative
            Agent on the date of such Borrowing in accordance with Section 2.02(a) and the Administrative Agent may (but shall not be obligated to), in reliance upon such assumption,
            make available to the Swingline Lender, the L/C Provider and/or the Master Issuer, as applicable, on such date a corresponding amount, and shall, if such corresponding amount has not been made available by the Administrative Agent, make
            available to the Swingline Lender, the L/C Provider and/or the Master Issuer, as applicable, on such date a corresponding amount once such Investor has made such portion available to the Administrative Agent. If and to the extent that any
            Investor shall not have so made such amount available to the Administrative Agent, such Investor and the Master Issuer jointly and severally agree to repay (without duplication) to the Administrative Agent on the next Weekly Allocation Date
            such corresponding amount (in the case of the Master Issuer, in accordance with the Priority of Payments), together with interest thereon, for each day from the date such amount is made available to the Master Issuer until the date such amount
            is repaid to the Administrative Agent, at (i) in the case of the Master Issuer, the interest rate applicable at the time to the Advances comprising such Borrowing and (ii) in the case of such Investor, the Federal Funds Rate. If such Investor
            is required by law to deduct any withholding taxes from the amount paid to the Administrative Agent under this Section 2.03(c), the sum payable by the Investor shall be
            increased as necessary so that after such deduction has been made, the Administrative Agent receives an amount equal to the sum it would have received had no such deduction been made. If such Investor shall repay to the Administrative Agent
            such corresponding amount, such amount so repaid shall constitute such Investor’s Advance as part of such Borrowing for purposes of this Agreement.

        
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        Section 2.04 The Series 2022-1 Class A-1 Notes. On each date an Advance or
            Swingline Loan is made or a Letter of Credit is issued hereunder, and on each date the outstanding amount thereof is reduced (or the face amount of a Letter of Credit is reduced), a duly authorized officer, employee or agent of the related
            Series 2022-1 Class A-1 Noteholder shall make appropriate notations in its books and records of the amount, evidenced by the related Series 2022-1 Class A-1 Advance Note, Series 2022-1 Class A-1 Swingline Note or Series 2022-1 Class A-1 L/C
            Note, of such Advance, Swingline Loan or Letter of Credit, as applicable, and the amount of such reduction, as applicable. The Master Issuer hereby authorizes each duly authorized officer, employee and agent of such Series 2022-1 Class A-1
            Noteholder to make such notations on the books and records as aforesaid and every such notation made in accordance with the foregoing authority shall be prima facie evidence of the accuracy of the information so recorded; provided, however, that in the event of a discrepancy between the books and records of such Series
            2022-1 Class A-1 Noteholder and the Note Register, (x)  such discrepancy shall be resolved by such Series 2022-1 Class A-1 Noteholder, the Control Party and the Trustee, in consultation with the Master Issuer (provided that such consultation
            with the Master Issuer will not in any way limit or delay such Series 2022-1 Class A-1 Noteholder’s, the Control Party’s and the Trustee’s ability to resolve such discrepancy), and such resolution shall control in the absence of manifest error
            and the Note Register shall be corrected as appropriate and (y) until any such discrepancy is resolved pursuant to clause (x), the Note Register shall control; provided, further, that the failure of any such notation to be made, or any finding that a notation is incorrect, in any such records shall not limit or otherwise affect the obligations
            of the Master Issuer under this Agreement or the Indenture.

        
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        Section 2.05 Reduction in Commitments.

      

    

    
      
        (a) The Master Issuer may, upon three (3) Business Days’ notice to the Administrative Agent (who shall promptly notify the Trustee, the Control Party, each Funding Agent and each Investor), effect a permanent reduction in
            the Series 2022-1 Class A-1 Notes Maximum Principal Amount and a corresponding reduction in each Commitment Amount and Maximum Investor Group Principal Amount on a pro rata
            basis; provided that (i) any such reduction will be limited to the undrawn portion of the Commitments, although any such reduction may be combined with a Voluntary
            Decrease effected pursuant to and in accordance with Section 2.02(b) of the Series 2022-1 Supplement, (ii) any such reduction must be in a minimum amount of $1,000,000, (iii) after giving effect to such reduction, the Series 2022-1 Class A-1
            Notes Maximum Principal Amount equals or exceeds $5,000,000, unless reduced to zero, and (iv) no such reduction shall be permitted if, after giving effect thereto, (x) the aggregate Commitment Amounts would be less than the Series 2022-1 Class
            A-1 Notes Exposure Amount or (y) the aggregate Commitment Amounts would be less than the sum of the Swingline Commitment and the L/C Commitment. Any reduction made pursuant to this Section

                2.05(a) shall be made ratably among the Investor Groups on the basis of their respective Maximum Investor Group Principal Amounts.

      

    

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

      

    

    
      
        (i) (A) if the Outstanding Principal Amount of the Series 2022-1 Class A-1 Notes has not been paid in full or otherwise refinanced in full (which refinancing may also include an extension thereof)
            by the Business Day immediately preceding the Series 2022-1 Class A-1 Notes Renewal Date, on such Business Day, (x) the principal amount of all then-outstanding Swingline Loans and Unreimbursed L/C Drawings shall be repaid in full with proceeds
            of Advances made on such date (and the Master Issuer shall be deemed to have delivered such Advance Requests under Section 2.03 as may be necessary to cause such Advances
            to be made), and (y) the Swingline Commitment and the L/C Commitment shall both be automatically and permanently reduced to zero; and (B) upon a Series 2022-1 Class A-1 Notes Amortization Event, (x) the Commitments with respect to all undrawn
            Commitment Amounts shall automatically and permanently terminate and the corresponding portions of the Series 2022-1 Class A-1 Notes Maximum Principal Amount and the Maximum Investor Group Principal Amounts shall be automatically and
            permanently reduced by a corresponding amount (with respect to the Maximum Investor Group Principal Amounts, on a pro rata basis) and (y) each payment of principal on the Series 2022-1 Class A-1 Outstanding Principal Amount occurring following
            such Series 2022-1 Class A-1 Notes Amortization Event shall result automatically and permanently in a dollar-for-dollar reduction of the Series 2022-1 Class A-1 Notes Maximum Principal Amount and a corresponding reduction in each Maximum
            Investor Group Principal Amount on a pro rata basis;

        
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        (ii) if a Rapid Amortization Event occurs prior to the Series 2022-1 Class A-1 Notes Renewal Date, then (A) on the date such Rapid Amortization Event occurs, the Commitments with respect to all
            undrawn Commitment Amounts shall automatically terminate, which termination shall be deemed to have occurred immediately following the making of Advances pursuant to clause (B) below, and the corresponding portions of the Series 2022-1 Class
            A-1 Notes Maximum Principal Amount and the Maximum Investor Group Principal Amounts shall be automatically reduced by a corresponding amount (with respect to the Maximum Investor Group Principal Amounts, on a pro rata basis); (B) no later than the second Business Day after the occurrence of such Rapid Amortization Event, the principal amount of all then-outstanding Swingline Loans and Unreimbursed L/C
            Drawings (to the extent not repaid pursuant to Section 2.08(a) or Section 4.03(b)) shall be repaid
            in full with proceeds of Advances (and the Master Issuer shall be deemed to have delivered such Advance Requests under Section 2.03 as may be necessary to cause such
            Advances to be made) and the Swingline Commitment and the L/C Commitment shall be automatically reduced to zero and by such amount of Unreimbursed L/C Drawings, respectively; and (C) each payment of principal (which, for the avoidance of doubt,
            shall include cash collateralization of Undrawn L/C Face Amounts pursuant to Sections 4.02(b), 4.03(a),
            4.03(b) and 9.18(c)(ii)) on the Series 2022-1 Class A-1 Outstanding Principal Amount occurring on
            or after the date of such Rapid Amortization Event (excluding the repayment of any outstanding Swingline Loans and Unreimbursed L/C Drawings with proceeds of Advances pursuant to clause (B) above) shall result automatically in a
            dollar-for-dollar reduction of the Series 2022-1 Class A-1 Notes Maximum Principal Amount and a corresponding reduction in each Maximum Investor Group Principal Amount on a pro rata
            basis; provided that if such Rapid Amortization Event shall cease to be in effect pursuant to Section 9.01(b) of the Base Indenture, then the Commitments, Swingline
            Commitment, L/C Commitment, Series 2022-1 Class A-1 Notes Maximum Principal Amount and the Maximum Investor Group Principal Amounts shall be restored to the amounts in effect immediately prior to the occurrence of such Rapid Amortization Event;

      

    

    
      
        (iii) [Reserved];

      

    

    
      
        (iv) if payments in connection with Indemnification Amounts, Asset Disposition Proceeds or Insurance/Condemnation Proceeds are allocated to and deposited in the Series 2022-1 Class A-1 Distribution
            Account in accordance with Section 3.06(j) of the Series 2022-1 Supplement at a time when either (i) no Senior Notes other than Series 2022-1 Class A-1 Notes are Outstanding or (ii) if a Series 2022-1 Class A-1 Notes Amortization Period is
            continuing, then (x) the aggregate Commitment Amount shall be automatically and permanently reduced on the date of such deposit by an amount (the “Series 2022-1 Class A-1
                Allocated Payment Reduction Amount”) equal to the amount of such deposit, and each Committed Note Purchaser’s Commitment Amount shall be reduced on a pro rata
            basis of such Series 2022-1 Class A-1 Allocated Payment Reduction Amount based on each Committed Note Purchaser’s Commitment Amount, (y) the corresponding portions of the Series 2022-1 Class A-1 Notes Maximum Principal Amount and the Maximum
            Investor Group Principal Amounts shall be automatically and permanently reduced on a pro rata basis based on each Investor Group’s Maximum Investor Group Principal Amount
            by a corresponding amount on such date (and, if after giving effect to such reduction the aggregate Commitment Amounts would be less than the sum of the Swingline Commitment and the L/C Commitment, then the aggregate amount of the Swingline
            Commitment and the L/C Commitment shall be reduced by the amount of such difference, with such reduction to be allocated between them in accordance with the written instructions of the Master Issuer delivered prior to such date; provided that after giving effect thereto the aggregate amount of the Swingline Loans and the L/C Obligations do not exceed the Swingline Commitment and the L/C Commitment,
            respectively, as so reduced; provided, further, that in the absence of such instructions, such
            reduction shall be allocated first to the Swingline Commitment and then to the L/C Commitment) and (z) the Series 2022-1 Class A-1 Outstanding Principal Amount shall be repaid or prepaid and the Series 2022-1 Class A-1 Notes Exposure Amounts to
            be reduced to zero (which, for the avoidance of doubt, shall be accomplished by cash collateralization of Undrawn L/C Face Amounts pursuant to Sections 4.02(b), 4.03(a), 4.03(b) and 9.18(c)(ii))
            in an aggregate amount equal to such Series 2022-1 Class A-1 Allocated Payment Reduction Amount on the date and in the order required by Section 3.06(j) of the Series 2022-1 Supplement; and

        
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        (v) if any Event of Default shall occur and be continuing (and shall not have been waived in accordance with the Base Indenture) and as a result the payment of the Series 2022-1 Class A-1 Notes is
            accelerated pursuant to the terms of the Base Indenture (and such acceleration shall not have been rescinded in accordance with the Base Indenture), then in addition to the consequences set forth in clause (ii) above in respect of the Rapid
            Amortization Event resulting from such Event of Default, the Series 2022-1 Class A-1 Notes Maximum Principal Amount, the Commitment Amounts, the Swingline Commitment, the L/C Commitment and the Maximum Investor Group Principal Amounts shall all
            be automatically and permanently reduced to zero upon such acceleration and the Master Issuer shall (in accordance with the Series 2022-1 Supplement) cause the Series 2022-1 Class A-1 Outstanding Principal Amount to be paid in full and the
            Series 2022-1 Class A-1 Notes Exposure Amounts to be reduced to zero (which, for the avoidance of doubt, shall be accomplished by cash collateralization of Undrawn L/C Face Amounts pursuant to Sections 4.02(b), 4.03(a), 4.03(b) and 9.18(c)(ii)), together with accrued interest, Series 2022-1 Class A-1 Quarterly Commitment Fees, Series 2022-1 Class A-1 Notes Other Amounts and all other amounts then due and
            payable to the Lender Parties, the Administrative Agent and the Funding Agents under this Agreement and the other Related Documents and any unreimbursed Advances and Manager Advances (in each case, with interest thereon at the Advance Interest
            Rate) subject to and in accordance with the Priority of Payments.

        
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        Section 2.06 Swingline Commitment.

      

    

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

      

    

    
      
        (b) Whenever the Master Issuer desires that the Swingline Lender make Swingline Loans, the Master Issuer shall (or shall cause the Manager on its behalf to) give the Swingline Lender and the Administrative Agent irrevocable
            notice in writing not later than 11:00 a.m. (Eastern time) on the proposed borrowing date, specifying (i) the amount to be borrowed, (ii) the requested borrowing date (which shall be a Business Day during the Commitment Term not later than the
            date that is two (2) Business Days prior to the Commitment Termination Date) and (iii) the payment instructions for the proceeds of such borrowing (which shall be consistent with the terms and provisions of this Agreement and the Indenture and
            which proceeds shall be made available to the Master Issuer). The notice shall be in the form of a Swingline Advance Request in the form attached hereto as Exhibit A-2 (a
            “Swingline Loan Request”), a copy of which shall also be provided by the Master Issuer (or the Manager on its behalf) to the Control Party and the Trustee by 2:00 p.m.
            (Eastern time) on the date of delivery thereof to the Swingline Lender and the Administrative Agent. Each Borrowing under the Swingline Commitment shall be in a minimum amount equal to $100,000. Promptly upon receipt of any Swingline Loan
            Request (but in no event later than 2:00 p.m. (Eastern time) on the date of such receipt), the Administrative Agent (based, with respect to any portion of the Series 2022-1 Class A-1 Outstanding Subfacility Amount held by any Person other than
            the Administrative Agent, solely on written notices received by the Administrative Agent under this Agreement) will inform the Swingline Lender whether or not, after giving effect to the requested Swingline Loan, the Series 2022-1 Class A-1
            Notes Exposure Amount would exceed the Series 2022-1 Class A-1 Notes Maximum Principal Amount. If the Administrative Agent confirms that the Series 2022-1 Class A-1 Notes Exposure Amount would not exceed the Series 2022-1 Class A-1 Notes
            Maximum Principal Amount after giving effect to the requested Swingline Loan, then not later than 3:00 p.m. (Eastern time) on the date for such Borrowing specified in the Swingline Loan Request, subject to the other conditions set forth herein
            and in the Series 2022-1 Supplement, the Swingline Lender shall make available to the Master Issuer in accordance with the payment instructions set forth in such notice an amount in immediately available funds equal to the amount of the
            requested Swingline Loan.

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

      

    

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

      

    

    
      
        (e) [Reserved].

      

    

    
      
        (f) If, prior to the time Advances would have otherwise been made pursuant to Section 2.06(d), an Event of Bankruptcy shall have occurred and be
            continuing with respect to the Master Issuer or any Guarantor or if, for any other reason, as determined by the Swingline Lender in its sole and absolute discretion, Advances may not be made as contemplated by Section 2.06(d), each Committed Note Purchaser shall, on the date such Advances were to have been made pursuant to the notice referred to in Section

                2.06(d), purchase for cash an undivided participating interest in the then-outstanding Swingline Loans by paying to the Swingline Lender an amount (the “Swingline
                Participation Amount”) equal to (i) its Committed Note Purchaser Percentage, multiplied by (ii) the related Investor Group’s Commitment Percentage, multiplied by (iii) the aggregate principal amount of Swingline Loans then outstanding that was to have been repaid with such Advances.

        
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        (g) Whenever, at any time after the Swingline Lender has received from any Investor such Investor’s Swingline Participation Amount, the Swingline Lender receives any payment on account of the Swingline Loans, the Swingline
            Lender will distribute to such Investor its Swingline Participation Amount (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Investor’s participating interest was outstanding and funded
            and, in the case of principal and interest payments, to reflect such Investor’s pro rata portion of such payment if such payment is not sufficient to pay the principal of
            and interest on all Swingline Loans then due); provided, however, that in the event that such
            payment received by the Swingline Lender is required to be returned, such Investor will return to the Swingline Lender any portion thereof previously distributed to it by the Swingline Lender.

      

    

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

      

    

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

      

    

    
      
        (j) The Master Issuer may, upon notice to the Swingline Lender (who shall promptly notify the Administrative Agent and the Trustee thereof in writing), at any time and from time to time, voluntarily prepay Swingline Loans
            in whole or in part without premium or penalty; provided that (x) such notice must be received by the Swingline Lender not later than 11:00 a.m. (Eastern time) on the date
            of the prepayment, (y) any such prepayment shall be in a minimum principal amount of $500,000 or a whole multiple of $100,000 in excess thereof or, if less, the entire principal amount thereof then outstanding and (z) if the source of funds for
            such prepayment is not a Borrowing, there shall be no unreimbursed Advances or Manager Advances (or interest thereon) at such time. Each such notice shall specify the date and amount of such prepayment. If such notice is given, the Master
            Issuer shall make such prepayment directly to the Swingline Lender and the payment amount specified in such notice shall be due and payable on the date specified therein.

        
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        Section 2.07 L/C Commitment.

      

    

    
      
        (a) Subject to the terms and conditions hereof, the L/C Provider (or its permitted assigns pursuant to Section 9.17), in
            reliance on the agreements of the Committed Note Purchasers set forth in Sections 2.08 and 2.09,
            agrees to provide standby letters of credit, including Interest Reserve Letters of Credit (each, a “Letter of Credit” and, collectively, the “Letters of Credit”) for the account of the Master Issuer or its designee on any Business Day during the period commencing on the Closing Date and ending on the date that is ten (10) Business Days
            prior to the Commitment Termination Date to be issued in accordance with Section 2.07(h) in such form as may be approved from time to time by the L/C Provider; provided that the L/C Provider shall have no obligation or right to provide any Letter of Credit on a requested issuance date if, after giving effect to such issuance, (i) the
            L/C Obligations would exceed the L/C Commitment or (ii) the Series 2022-1 Class A-1 Notes Exposure Amount would exceed the Series 2022-1 Class A-1 Notes Maximum Principal Amount.

      

    

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

    
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    Additionally, each Interest Reserve Letter of Credit shall (1) name each of (A) the Trustee, for the benefit of the
      Senior Noteholders or the Senior Subordinated Noteholders, as applicable, and (B) the Control Party, as the beneficiary thereof; (2) allow the Trustee or the Control Party to submit a notice of drawing in respect of such Interest Reserve Letter of
      Credit whenever amounts would otherwise be required to be withdrawn from the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, pursuant to the Indenture and (3) indicate by its terms that
      the proceeds in respect of drawings under such Interest Reserve Letter of Credit shall be paid directly into the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable.

    The L/C Provider shall not at any time be obligated to (I) provide any Letter of Credit hereunder if such issuance
      would violate, or cause any L/C Issuing Bank to exceed any limits imposed by, any applicable Requirement of Law or (II) amend any Letter of Credit hereunder if (1) the L/C Provider would have no obligation at such time to issue such Letter of Credit
      in its amended form under the terms hereof or (2) the beneficiary of such Letter of Credit does not accept the proposed amendment to such Letter of Credit.

    
      
        (b) On the terms and conditions set forth in the Indenture and this Agreement, and in reliance on the covenants, representations and agreements set forth herein and therein, the Master Issuer shall
            issue and shall cause the Trustee to authenticate the Series 2022-1 Class A-1 L/C Note, which the Master Issuer shall deliver to the L/C Provider on the Closing Date. Such Series 2022-1 Class A-1 L/C Note shall (i) be dated the Closing Date,
            (ii)  be registered in the name of the L/C Provider or in such other name or nominee as the L/C Provider may request, (iii) have a maximum principal amount equal to the L/C Commitment, (iv) have an initial outstanding principal amount equal to
            the Series 2022-1 Class A-1 Initial Aggregate Undrawn L/C Face Amount, and (v) be duly authenticated in accordance with the provisions of the Indenture. Each issuance of a Letter of Credit after the Closing Date shall increase the Series 2022-1
            Class A-1 Notes Exposure Amount in an amount corresponding to the Undrawn L/C Face Amount of such Letter of Credit. All Unreimbursed L/C Drawings shall be deemed to be principal outstanding under the Series 2022-1 Class A-1 L/C Note and shall
            be deemed to be Series 2022-1 Class A-1 Outstanding Principal Amounts for all purposes of this Agreement, the Indenture and the other Related Documents. The L/C Provider and the Master Issuer agree to promptly notify the Administrative Agent
            and the Trustee of any such decreases for which notice to the Administrative Agent is not otherwise provided hereunder.

      

    

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

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

      

    

    
      
        (e) To the extent that any provision of any Application related to any Letter of Credit is inconsistent with the provisions of this Article

                II, the provisions of this Article II shall apply.

      

    

    
      
        (f) The Master Issuer may, upon three (3) Business Days’ notice to the Administrative Agent and the L/C Provider, effect a permanent reduction in the L/C Commitment; provided that any such reduction will be limited to the undrawn portion of the L/C Commitment. If requested by the Master Issuer in writing and with the prior written consent of the L/C Provider
            and the Administrative Agent, the L/C Provider may (but shall not be obligated to) increase the amount of the L/C Commitment; provided that, after giving effect thereto,
            the aggregate amount of each of the Series 2022-1 Class A-1 Outstanding Principal Amount, the Swingline Commitment and the L/C Commitment does not exceed the aggregate Commitment Amounts.

        
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        (g) The L/C Provider shall satisfy its obligations under this Section 2.07 with respect to providing any Letter of Credit
            hereunder by issuing such Letter of Credit itself or through an Affiliate, so long as the L/C Issuing Bank Rating Test is satisfied with respect to such Affiliate and the issuance of such Letter of Credit. If the L/C Issuing Bank Rating Test is
            not satisfied with respect to such Affiliate and the issuance of such Letter of Credit, the L/C Provider or a Person selected by (at the expense of the L/C Provider) the Master Issuer shall issue such Letter of Credit; provided that such Person and issuance of such Letter of Credit satisfies the L/C Issuing Bank Rating Test (the L/C Provider (or such Affiliate of the L/C Provider) in its
            capacity as the issuer of such Letter of Credit or such other Person selected by the Master Issuer being referred to as the “L/C Issuing Bank” with respect to such Letter
            of Credit). The “L/C Issuing Bank Rating Test” is a test that is satisfied with respect to a Person issuing a Letter of Credit if the Person is a U.S. commercial bank that
            has, at the time of the issuance of such Letter of Credit, (i) a short-term certificate of deposit rating of not less than “P-2” from Moody’s and “A-2” from S&P and (ii) a long-term unsecured debt rating of not less than “Baa2” from Moody’s
            or “BBB” from S&P or such other minimum long-term unsecured debt rating as may be reasonably required by the beneficiary of such proposed Letter of Credit.

      

    

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

      

    

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

      

    

    
      
        (j) For the avoidance of doubt, the L/C Commitment shall be a sub-facility limit of the Commitment Amounts and aggregate outstanding Unreimbursed L/C Drawings as of any date of determination shall
            be a component of the Series 2022-1 Class A-1 Outstanding Principal Amount on such date of determination, pursuant to the definition thereof.

        
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        (k) If, on the date that is five (5) Business Days prior to the expiration of any Interest Reserve Letter of Credit, such Interest Reserve Letter of Credit has not been replaced or renewed and the
            Master Issuer has not otherwise deposited funds into the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, in the amounts that would otherwise be required pursuant to the Indenture
            had such Interest Reserve Letter of Credit not been issued, the Master Issuer shall instruct the Control Party to 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, as applicable, on such date, in each case calculated as if such Interest Reserve Letter of Credit had not been issued.

      

    

    
      
        (l) Each of the parties hereto shall execute any amendments to this Agreement reasonably requested by the Master Issuer in order to have any letter of credit issued by a Person selected by the
            Master Issuer pursuant to Section 2.07(g) hereto or Section 5.18 of the Base Indenture be a “Letter of Credit” that has been issued hereunder and such Person selected by
            the Master Issuer be an “L/C Issuing Bank.”

      

    

    
      
        Section 2.08 L/C Reimbursement Obligations.

      

    

    
      
        (a) For the purpose of reimbursing the payment of any draft presented under any Letter of Credit, the Master Issuer agrees to pay, as set forth in this Section 2.08, the L/C Provider, for its own account or for the account of the L/C Issuing Bank, as applicable, an amount in Dollars equal to the sum of (i) the amount of such draft so paid (the “L/C Reimbursement Amount”) and (ii) any taxes, fees, charges or other costs or expenses (including amounts payable pursuant to Section 3.02(c), and collectively, the “L/C Other Reimbursement Costs”) incurred by the L/C Issuing Bank in connection with such
            payment. Each drawing under any Letter of Credit shall (unless an Event of Bankruptcy shall have occurred and be continuing with respect to the Master Issuer or any Guarantor, in which cases the procedures specified in Section 2.09 for funding by Committed Note Purchasers shall apply) constitute a request by the Master Issuer to the Administrative Agent and each Funding Agent for a Base Rate
            Borrowing pursuant to Section 2.03 in the amount equal to the applicable L/C Reimbursement Amount plus the applicable L/C Other Reimbursement Costs minus any such amounts repaid pursuant to Section 4.03(b), and the Master Issuer shall be deemed to have made such request pursuant to the procedures set forth in Section 2.03. The applicable Investors in each Investor Group hereby agree to make Advances in an aggregate amount for each Investor Group equal to such Investor Group’s
            Commitment Percentage of the L/C Reimbursement Amount and L/C Other Reimbursement Costs to pay the L/C Provider. The Borrowing date with respect to such Borrowing shall
            be the first date on which a Base Rate Borrowing could be made pursuant to Section 2.03 if the Administrative Agent had received a notice of such Borrowing at the time the
            Administrative Agent receives notice from the L/C Provider of such drawing under such Letter of Credit. Such Investors shall make the amount of such Advances available to the Administrative Agent in immediately available funds not later than
            3:00 p.m. (Eastern time) on such Borrowing date, and the proceeds of such Advances shall be immediately made available by the Administrative Agent to the L/C Provider for application to the reimbursement of such drawing.

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

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

      

    

    
      
        Section 2.09 L/C Participations.

      

    

    
      
        (a) The L/C Provider irrevocably agrees to grant and hereby grants to each Committed Note Purchaser, and, to induce the L/C Provider to provide Letters of Credit hereunder (and, if the L/C Provider
            is not the L/C Issuing Bank for any Letter of Credit, to induce the L/C Provider to agree to reimburse such L/C Issuing Bank for any payment of any drafts presented thereunder), each Committed Note Purchaser irrevocably and unconditionally
            agrees to accept and purchase and hereby accepts and purchases from the L/C Provider, on the terms and conditions set forth below, for such Committed Note Purchaser’s own account and risk an undivided interest equal to its Committed Note
            Purchaser Percentage of the related Investor Group’s Commitment Percentage of the L/C Provider’s obligations and rights under and in respect of each Letter of Credit provided hereunder and the L/C Reimbursement Amount with respect to each draft
            paid or reimbursed by the L/C Provider in connection therewith. Subject to Section 2.07(c), each Committed Note Purchaser unconditionally and irrevocably agrees with the
            L/C Provider that, if a draft is paid under any Letter of Credit for which the L/C Provider is not paid in full by the Master Issuer in accordance with the terms of this Agreement, such Committed Note Purchaser shall pay to the Administrative
            Agent upon demand of the L/C Provider an amount equal to its Committed Note Purchaser Percentage of the related Investor Group’s Commitment Percentage of the L/C Reimbursement Amount with respect to such draft, or any part thereof, that is not
            so paid.

        
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        (b) If any amount required to be paid by any Committed Note Purchaser to the Administrative Agent for forwarding to the L/C Provider pursuant to Section 2.09(a) in respect of any unreimbursed portion of any payment made or reimbursed by the L/C Provider under any Letter of Credit is paid to the Administrative Agent for forwarding to the L/C Provider
            within three (3) Business Days after the date such payment is due, such Committed Note Purchaser shall pay to Administrative Agent for forwarding to the L/C Provider on demand an amount equal to the product of (i) such amount, times (ii) the daily average Federal Funds Rate during the period from and including the date such payment
            is required to the date on which such payment is immediately available to the L/C Provider, times (iii) a fraction the numerator of which is the number of days that elapse
            during such period and the denominator of which is 360. If any such amount required to be paid by any Committed Note Purchaser pursuant to Section 2.09(a) is not made
            available to the Administrative Agent for forwarding to the L/C Provider by such Committed Note Purchaser within three (3) Business Days after the date such payment is due, the L/C Provider shall be entitled to recover from such Committed Note
            Purchaser, on demand, such amount with interest thereon calculated from such due date at the Base Rate. A certificate of the L/C Provider submitted to any Committed Note Purchaser with respect to any amounts owing under this Section 2.09(b), in the absence of manifest error, shall be conclusive and binding on such Committed Note Purchaser. If any withholding taxes are required by law to be deducted
            from any amounts payable under this Section 2.09(b), the sum payable by the Committed Note Purchaser shall be increased as necessary so that after such deduction has been
            made, the L/C Provider receives an amount equal to the sum it would have received had no such deduction been made.

      

    

    
      
        (c) Whenever, at any time after payment has been made under any Letter of Credit and the L/C Provider has received from any Committed Note Purchaser its pro rata share of such payment in accordance with Section 2.09(a), the Administrative Agent or the L/C Provider receives any payment
            related to such Letter of Credit (whether directly from the Master Issuer or otherwise, including proceeds of collateral applied thereto by the L/C Provider), or any payment of interest on account thereof, the Administrative Agent or the L/C
            Provider, as the case may be, will distribute to such Committed Note Purchaser its pro rata share thereof; provided,
            however, that in the event that any such payment received by the Administrative Agent or the L/C Provider, as the case may be, shall be required to be returned by the
            Administrative Agent or the L/C Provider, such Committed Note Purchaser shall return to the Administrative Agent for the account of the L/C Provider the portion thereof previously distributed by the Administrative Agent or the L/C Provider, as
            the case may be, to it.

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

      

    

    ARTICLE III

        INTEREST AND FEES

    
      
        Section 3.01 Interest.

      

    

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

        
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        (b) With respect to any Advance (other than one funded or maintained by a Conduit Investor through the issuance of Commercial Paper), so long as no Potential Rapid Amortization Event, Rapid Amortization Period or Event of Default has commenced and is continuing, the Master Issuer may elect that such Advance bear interest at the Eurodollar
            Rate for any Eurodollar Interest Accrual Period (which shall be a period with a term of, at the election of the Master Issuer subject to the proviso in the definition of Eurodollar Interest Accrual Period, one month, two months, three months or
            six months) while such Advance is outstanding to the extent provided in Section 3.01(a) by giving notice thereof (including notice of the Master Issuer’s election of the
            term for the applicable Eurodollar Interest Accrual Period) to the Funding Agents prior to 2:00 p.m. (Eastern time) on the date which is three (3) Eurodollar Business Days prior to the commencement of such Eurodollar Interest Accrual Period. If
            such notice is not given in a timely manner, such Advance shall bear interest at the Base Rate. Each such conversion to or continuation of Eurodollar Advances for a new Eurodollar Interest Accrual Period in accordance with this Section 3.01(b) shall be in an aggregate principal amount of $1,000,000 or an integral multiple of $500,000 in excess thereof.

      

    

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

      

    

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

      

    

    
      
        (e) In addition, under the circumstances set forth in Section 3.04 of the Series 2022-1 Supplement, the Master Issuer shall pay quarterly interest in respect of the Series 2022-1 Class A-1
            Outstanding Principal Amount in an amount equal to the Series 2022-1 Class A-1 Quarterly Post-Renewal Date Contingent Interest payable pursuant to such Section 3.04, subject to and in accordance with the Priority of Payments.

        
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        (f) All computations of interest at the CP Rate and the Eurodollar Rate, all computations of Series 2022-1 Class A-1 Quarterly Post-Renewal Date Contingent Interest (other than any accruing on any
            Base Rate Advances) and all computations of fees shall be made on the basis of a year of 360 days and the actual number of days elapsed. All computations of interest at the Base Rate and all computations of Series 2022-1 Class A-1 Quarterly
            Post-Renewal Date Contingent Interest accruing on any Base Rate Advances shall be made on the basis of a 365- (or 366-, as applicable) day year and actual number of days elapsed. Whenever any payment of interest, principal or fees hereunder
            shall be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day, unless specified otherwise in the Indenture, and such extension of time shall be included in the computation of the amount of
            interest owed. Interest shall accrue on each Advance, Swingline Loan and Unreimbursed L/C Drawing from and including the day on which it is made to but excluding the date of repayment thereof.

      

    

    
      
        Section 3.02 Fees.

      

    

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

      

    

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

      

    

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

      

    

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

        
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        Section 3.03 Eurodollar Lending Unlawful. If any Investor or Program Support
            Provider shall determine that any Change in Law makes it unlawful, or any Official Body asserts that it is unlawful, for any such Person to fund or maintain any Advance as a Eurodollar Advance, the obligation of such Person to fund or maintain
            any such Advance as a Eurodollar Advance shall, upon such determination, forthwith be suspended until such Person shall notify the Administrative Agent, the related Funding Agent, the Manager and the Master Issuer that the circumstances causing
            such suspension no longer exist, and all then-outstanding Eurodollar Advances of such Person shall be automatically converted into Base Rate Advances at the end of the then-current Eurodollar Interest Accrual Period with respect thereto or
            sooner, if required by such law or assertion.

      

    

    
      
        Section 3.04 Deposits Unavailable. If the Administrative Agent shall have
            determined that:

      

    

    
      
        (a) by reason of circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining the interest rate applicable hereunder to the Eurodollar Advances; or

      

    

    
      
        (b) with respect to any interest rate otherwise applicable hereunder to any Eurodollar Advances the Eurodollar Interest Accrual Period for which has not then commenced, Investor Groups holding in
            the aggregate more than 50% of the Eurodollar Advances have determined that such interest rate will not adequately reflect the cost to them of funding, agreeing to fund or maintaining such Eurodollar Advances for such Eurodollar Interest
            Accrual Period,

      

    

    then, upon notice from the Administrative Agent (which, in the case of clause

          (b) above, the Administrative Agent shall give upon obtaining actual knowledge that such percentage of the Investor Groups have so determined) to the Funding Agents, the Manager and the Master Issuer, the obligations of the Investors
      to fund or maintain any Advance as a Eurodollar Advance after the end of the then-current Eurodollar Interest Accrual Period, if any, with respect thereto shall forthwith be suspended and on the date such notice is given such Advances will convert to
      Base Rate Advances until the Administrative Agent has notified the Funding Agents and the Master Issuer that the circumstances causing such suspension no longer exist.

    
      
        Section 3.05 Increased Costs, etc. The Master Issuer agrees to reimburse each
            Investor and any Program Support Provider (each, an “Affected Person”, which term, for purposes of Sections
                3.07 and 3.08 and 3.09, shall also include the Swingline Lender and the L/C Issuing
            Bank) for any increase in the cost of, or any reduction in the amount of any sum receivable by any such Affected Person, including reductions in the rate of return on such Affected Person’s capital, in respect of funding or maintaining (or of
            its obligation to fund or maintain) any Advances that arise in connection with any Change in Law, except for any Change in Law with respect to increased capital costs and Taxes which shall be governed by Sections 3.07 and 3.08, respectively (whether or not amounts are payable thereunder in respect thereof). For purposes of this
            Agreement, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all regulations, requests, guidelines or directives issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank
            for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case, pursuant to Basel III, are deemed to have gone into effect
            and been adopted subsequent to the date hereof. Each such demand shall be provided to the related Funding Agent and the Master Issuer in writing and shall state, in reasonable detail, the reasons therefor and the additional amount required
            fully to compensate such Affected Person for such increased cost or reduced amount of return. Such additional amounts (“Increased Costs”) shall be deposited into the
            Collection Account by the Master Issuer within seven (7) Business Days of receipt of such notice to be payable as Class A-1 Notes Other Amounts, subject to and in accordance with the Priority of Payments, to the Administrative Agent and by the
            Administrative Agent to such Funding Agent and by such Funding Agent directly to such Affected Person, and such notice shall, in the absence of manifest error, be conclusive and binding on the Master Issuer; provided that with respect to any notice given to the Master Issuer under this Section 3.05, the Master Issuer shall not be under
            any obligation to pay any amount with respect to any period prior to the date that is nine (9) months prior to such demand if the relevant Affected Person knew or could reasonably have been expected to know of the circumstances giving rise to
            such increased costs or reductions in the rate of return (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period
            of retroactive effect thereof).

        
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        Section 3.06 Funding Losses.  In the event any Affected Person shall incur any
            loss or expense (including any loss or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Affected Person to fund or maintain any portion of the principal amount of any Advance as a
            Eurodollar Advance) as a result of:

      

    

    
      
        (a) any conversion, repayment, prepayment or redemption (for any reason, including, without limitation, as a result of any Mandatory Decrease or Voluntary Decrease, or the acceleration of the
            maturity of such Eurodollar Advance) of the principal amount of any Eurodollar Advance on a date other than the scheduled last day of the Eurodollar Interest Accrual Period applicable thereto;

      

    

    
      
        (b) any Advance not being funded or maintained as a Eurodollar Advance after a request therefor has been made in accordance with the terms contained herein (for a reason other than the failure of
            such Affected Person to make an Advance after all conditions thereto have been met); or

      

    

    
      
        (c) any failure of the Master Issuer to make a Mandatory Decrease or a Voluntary Decrease, prepayment or redemption with respect to any Eurodollar Advance after giving notice thereof pursuant to the
            applicable provisions of the Series 2022-1 Supplement;

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

    
      
        Section 3.07 Increased Capital or Liquidity Costs. If any Change in Law
            affects or would affect the amount of capital or liquidity required or reasonably expected to be maintained by any Affected Person or any Person controlling such Affected Person and such Affected Person determines in its sole and absolute
            discretion that the rate of return on its or such controlling Person’s capital as a consequence of its commitment hereunder or under a Program Support Agreement or the Advances, Swingline Loans or Letters of Credit made or issued by such
            Affected Person is reduced to a level below that which such Affected Person or such controlling Person would have achieved but for the occurrence of any such circumstance, then, in any such case after notice from time to time by such Affected
            Person (or in the case of an L/C Issuing Bank, by the L/C Provider) to the related Funding Agent and the Master Issuer (or, in the case of the Swingline Lender or the L/C Provider, to the Master Issuer), the Master Issuer shall deposit into the
            Collection Account within seven (7) Business Days of the Master Issuer’s receipt of such notice, to be payable as Class A-1 Notes Other Amounts, subject to and in accordance with the Priority of Payments, to the Administrative Agent and by the
            Administrative Agent to such Funding Agent (or, in the case of the Swingline Lender or the L/C Provider, directly to such Person) and such Funding Agent shall pay to such Affected Person, such amounts (“Increased Capital Costs”) as will be sufficient to compensate such Affected Person or such controlling Person for such reduction in rate of return; provided
            that with respect to any notice given to the Master Issuer under this Section 3.07, the Master Issuer shall not be under any obligation to pay any amount with respect to
            any period prior to the date that is nine (9) months prior to such demand if the relevant Affected Person knew or could reasonably have been expected to know of the Change in Law (except that, if the Change in Law giving rise to such increased
            costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof). A statement of such Affected Person as to any such additional amount or amounts (including
            calculations thereof in reasonable detail), in the absence of manifest error, shall be conclusive and binding on the Master Issuer. In determining such additional amount, such Affected Person may use any method of averaging and attribution that
            it (in its reasonable discretion) shall deem applicable so long as it applies such method to other similar transactions. For purposes of this Agreement, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all regulations,
            requests, guidelines or directives issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or
            similar authority) or the United States or foreign regulatory authorities, in each case, pursuant to Basel III, are deemed to have gone into effect and been adopted subsequent to the date hereof.

        
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        Section 3.08 Taxes.

      

    

    
      
        (a) Except as otherwise required by law, all payments by the Master Issuer of principal of, and interest on, the Advances, the Swingline Loans and the L/C Obligations and all other amounts payable
            hereunder (including fees) shall be made free and clear of and without deduction or withholding for or on account of any present or future income, excise, documentary, property, stamp or franchise taxes and other taxes, fees, duties,
            withholdings or other charges in the nature of a tax imposed by any taxing authority including all interest, penalties or additions to tax and other liabilities with respect thereto (all such taxes, fees, duties, withholdings and other charges,
            and including all interest, penalties or additions to tax and other liabilities with respect thereto, being called “Taxes”), but excluding in the case of any Affected
            Person (i) net income, franchise (imposed in lieu of net income) or similar Taxes (and including branch profits or alternative minimum Taxes) and any other Taxes imposed or levied on the Affected Person as a result of a connection between the
            Affected Person and the jurisdiction of the Governmental Authority imposing such Taxes (or any political subdivision or taxing authority thereof or therein) (other than any such connection arising solely from such Affected Person having
            executed, delivered or performed its obligations or received a payment under, or enforced, this Agreement or any other Related Document), (ii) with respect to any Affected Person organized under the laws of a jurisdiction other than the United
            States or any state of the United States (“Foreign Affected Person”), any withholding Tax that is imposed on amounts payable to the Foreign Affected Person at the time the
            Foreign Affected Person becomes a party to this Agreement (or designates a new lending office), except to the extent that such Foreign Affected Person (or its assignor, if any) was already entitled, at the time of the designation of the new
            lending office (or assignment), to receive additional amounts from the Master Issuer with respect to withholding Tax, (iii) with respect to any Affected Person, any Taxes imposed under FATCA, (iv) any backup withholding Tax and (v) with respect
            to any Affected Person, any Taxes imposed as a result of such Affected Person’s failure to comply with Section 3.08(d) (such Taxes not excluded by (i), (ii), (iii) and
            (iv) above being called “Non-Excluded Taxes”). If any Taxes are imposed and required by law to be withheld or deducted from any amount payable by the Master Issuer
            hereunder to an Affected Person, then, if such Taxes are Non-Excluded Taxes, (x) the amount of the payment shall be increased so that such payment is made, after withholding or deduction for or on account of such Non-Excluded Taxes, in an
            amount that is not less than the amount equal to the sum that would have been received by the Affected Person had no such deduction or withholding been required and (y) the Master Issuer shall withhold the amount of such Taxes from such payment
            (as increased, if applicable, pursuant to the preceding clause (x)) and shall pay such amount, subject to and in accordance with the Priority of Payments, to the taxing authority imposing such Taxes in accordance with applicable law.

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

      

    

    
      
        (c) As promptly as practicable after the payment of any Taxes, and in any event within thirty (30) days of any such payment being due, the Master Issuer shall furnish to each applicable Affected
            Person or its agents a certified copy of an official receipt (or other documentary evidence satisfactory to such Affected Person and agents) evidencing the payment of such Taxes.

      

    

    
      
        (d) Each Affected Person, on or prior to the date it becomes a party to this Agreement (and from time to time thereafter as soon as practicable after the obsolescence or invalidity of any form or
            document previously delivered or within a reasonable period of time following a written request by the Master Issuer), shall deliver to the Master Issuer and the Administrative Agent a U.S. Internal Revenue Service Form W-8BEN, Form W-8BEN-E,
            Form W-8ECI, Form W-8IMY or Form W-9, as applicable, or applicable successor form, or such other forms or documents (or successor forms or documents), appropriately completed and executed, as may be applicable, as will permit the Master Issuer
            or the Administrative Agent to establish the extent to which a payment to such Affected Person is exempt from, or eligible for a reduced rate of, United States federal withholding Taxes (including withholding pursuant to FATCA) and to determine
            whether or not such Affected Person is subject to backup withholding or information reporting requirements. Promptly following the receipt of a written request by the Master Issuer or the Administrative Agent, each Affected Person shall deliver
            to the Master Issuer and the Administrative Agent any other forms or documents (or successor forms or documents), appropriately completed and executed, as may be applicable to establish the extent to which a payment to such Affected Person is
            exempt from withholding or deduction of Non-Excluded Taxes other than United States federal withholding Taxes, including but not limited to, such information necessary to claim the benefits of the exemption for portfolio interest under section
            881(c) of the Code. The Master Issuer and the Administrative Agent (or other withholding agent selected by the Master Issuer) may rely on any form or document provided pursuant to this Section

                3.08(d) until notified otherwise by the Affected Person that delivered such form or document. Notwithstanding anything to the contrary, no Affected Person shall be required to deliver any documentation that it is not legally
            eligible to deliver as a result of a change in applicable law after the time the Affected Person becomes a party to this Agreement (or designates a new lending office).

        
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        (e) The Administrative Agent, Trustee, Paying Agent or any other withholding agent may deduct and withhold any Taxes required by any laws to be deducted and withheld from any payments pursuant to
            this Agreement.

      

    

    
      
        (f) If any Governmental Authority asserts that the Master Issuer or the Administrative Agent or other withholding agent did not properly withhold or backup withhold, as the case may be, any Taxes
            from payments made to or for the account of any Affected Person, then to the extent such improper withholding or backup withholding was directly caused by such Affected Person’s actions or inactions, such Affected Person shall indemnify the
            Master Issuer, Trustee, Paying Agent and the Administrative Agent for any Taxes imposed by any jurisdiction on the amounts payable to the Master Issuer and the Administrative Agent under this Section 3.08, and costs and expenses (including attorney costs) of the Master Issuer, Trustee, Paying Agent and the Administrative Agent. The obligation of the Affected Persons, severally, under this Section 3.08 shall survive any assignment of rights by, or the replacement of, an Affected Person or the termination of the aggregate Commitments, repayment of all other
            Obligations hereunder and the resignation of the Administrative Agent.

      

    

    
      
        (g) Prior to the Closing Date, the Administrative Agent shall provide the Master Issuer with a properly executed and completed U.S. Internal Revenue Service Form W-8IMY or W-9, as appropriate.

      

    

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

        
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        Section 3.09 Change of Lending Office.  Each Committed Note Purchaser agrees
            that, upon the occurrence of any event giving rise to the operation of Sections 3.05 or 3.07 or
            the payment of additional amounts under Sections 3.08(a) or (b), in each case with respect to an
            Affected Person in such Committed Note Purchaser’s Investor Group, it will, if requested by the Master Issuer, use reasonable efforts (subject to overall policy considerations of such Committed Note Purchaser) to designate, or cause the
            designation of, another lending office for any Advances affected by such event with the object of avoiding the consequences of such event; provided that such designation
            is made on terms that, in the sole judgment of such Committed Note Purchaser, cause such Committed Note Purchaser and its lending office(s) or the related Affected Person to suffer no economic, legal or regulatory disadvantage; provided, further, that nothing in this Section

                3.09 shall affect or postpone any of the obligations of the Master Issuer or the rights of any Committed Note Purchaser pursuant to Sections 3.05, 3.07 and 3.08. If a Committed Note Purchaser notifies the Master Issuer in writing that such Committed
            Note Purchaser will be unable to designate, or cause the designation of, another lending office, the Master Issuer may replace every member (but not any subset thereof) of such Committed Note Purchaser’s entire Investor Group by giving written
            notice to each member of such Investor Group and the Administrative Agent designating one or more Persons that are willing and able to purchase each member of such Investor Group’s rights and obligations under this Agreement for a purchase
            price that, with respect to each such member of such Investor Group, shall equal the amount owed to each such member of such Investor Group with respect to the Series 2022-1 Class A-1 Advance Notes (whether arising under the Indenture, this
            Agreement, the Series 2022-1 Class A-1 Advance Notes or otherwise). Upon receipt of such written notice, each member of such Investor Group shall assign its rights and obligations under this Agreement pursuant to and in accordance with Sections 9.17(a), (b) and (c),
            as applicable, in consideration for such purchase price and at the reasonable expense of the Master Issuer (including, without limitation, the reasonable documented fees and out-of-pocket expenses of counsel to each such member); provided, however, that no member of such Investor Group shall be obligated to assign any of its rights
            and obligations under this Agreement if the purchase price to be paid to such member is not at least equal to the amount owed to such member with respect to the Series 2022-1 Class A-1 Advance Notes (whether arising under the Indenture, this
            Agreement, the Series 2022-1 Class A-1 Advance Notes or otherwise).

        
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    Section 3.10 Benchmark Replacement
            Setting.

    
      
        (a) Notwithstanding anything to the contrary herein or in any other Related Document, upon the occurrence of a Benchmark Transition Event, the Administrative Agent and the Master Issuer may amend
            this Agreement to replace the then-current Benchmark with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the
            Administrative Agent has posted such proposed amendment to all affected Investors and the Master Issuer so long as the Administrative Agent has not received, by such time, written notice of objection to such amendment from Investors comprising
            the Required Investor Groups  (provided that the Commitment of any Defaulting Investor shall be disregarded in the determination of whether any threshold percentage of
            Commitments has been met). No replacement of a Benchmark with a Benchmark Replacement pursuant to this Section 3.10(a) will occur prior to the applicable Benchmark Transition Start Date.

      

    

    
      
        (b) In connection with the use, administration, adoption or implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Conforming Changes from time to time and,
            notwithstanding anything to the contrary herein or in any other Related Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other
            Related Document.

      

    

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

      

    

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

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

      

    

    Section 3.11 SOFR Conforming Changes. In connection with the use, administration of, or conventions associated with, Term SOFR and the Term SOFR Reference Rate, the Administrative Agent will
        have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Related Document, any amendments implementing such Conforming Changes will become effective without any further action
        or consent of any other party to this Agreement or any other Related Document. The Administrative Agent will reasonably promptly notify the Master Issuer and the Investors of the effectiveness of any such Conforming Changes.

    Section 3.12 Disclaimer. Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the continuation of, administration of,
        submission of, calculation of, or any other matter related to “Base Rate”, “SOFR”, “Term SOFR”, the “Term SOFR Reference Rate” or “Adjusted Term SOFR”, any component definition thereof or rates referenced in the definition thereof or any
        alternative or successor rate thereto, or replacement rate thereof (including, without limitation, (i) any then-current Benchmark or any Benchmark Replacement, (ii) any alternative, successor or replacement rate implemented pursuant to Section 3.10, whether upon the occurrence of a Benchmark Transition Event and (iii) the effect, implementation or composition of any Conforming Changes, including without
        limitation, (A) whether the composition or characteristics of any such alternative, successor or replacement reference rate (including any Benchmark Replacement) will be similar to, or produce the same value or economic equivalence of, or have the
        same volume or liquidity as Base Rate, the existing Benchmark or any subsequent Replacement Benchmark prior to its discontinuance or unavailability (including Term SOFR, the Term SOFR Reference Rate, Adjusted Term SOFR or any other Benchmark), and
        (B) the impact or effect of such alternative, successor or replacement reference rate or Conforming Changes on any other financial products or agreements in effect or offered by or to the Master Issuer, any Guarantor or Investor or any of their
        respective Affiliates). Administrative Agent may select information sources or services in its reasonable discretion to ascertain any Base Rate or any Benchmark, in each case pursuant to the terms of this Agreement, and shall have no liability to
        the Master Issuer, any Investor or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and
        whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service. Administrative Agent and its affiliates or other related entities may engage in transactions that
        affect the calculation of Base Rate or any Benchmark, any alternative, successor or replacement rate (including any Benchmark Replacement) and/or any relevant adjustments thereto, in each case, in a manner adverse to the Master Issuer.

    
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    Section 3.13 Reaffirmation.  The Master Issuer and each Guarantor (including those that that become party hereto after the date hereof), in its respective capacity as the Master Issuer, a
        Guarantor, debtor, obligor, grantor, pledgor, assignor, or other similar capacity in which such party acts as direct or indirect, or primary or secondary, obligor, accommodation party or guarantor or grants liens or security interests in or to its
        properties hereunder or under any other Related Document, hereby acknowledges and agrees to be bound by the provisions of Section 3.10 (including, without limitation, the
        implementation from time to time of any Benchmark Replacement and any Conforming Changes in accordance herewith) and, in furtherance of the forgoing (and without, in any way express or implied, invalidating, impairing or otherwise negatively
        affecting any obligations heretofore provided) hereby acknowledges and agrees that in connection with and after giving effect to any Conforming Changes: (i) its Obligations shall not in any way be novated, discharged or otherwise impaired, and
        shall continue, be ratified and be affirmed and shall remain in full force in effect, (ii) its grant of a guarantee, pledge, assignment or any other accommodation, lien or security interests in or to its properties relating to this Agreement or any
        other Related Document shall continue, be ratified and be affirmed, and shall remain in full force and effect and shall not be novated, discharged or otherwise impaired and (iii) the Related Documents and its obligations thereunder (contingent or
        otherwise) shall continue, be ratified and be affirmed and shall remain in full force and effect and shall not be novated, discharged or otherwise impaired. In addition, each of the Master Issuer and each Guarantor hereby fully waives any
        requirements to notify the Master Issuer or such Guarantor, as applicable, of any Conforming Changes (except as expressly provided in Section 3.10). From time to time, the
        Master Issuer and each Guarantor shall execute and deliver, or cause to be executed and delivered, such instruments, agreements, certificates or documents, and take all such actions, as Administrative Agent may reasonably request for the purposes
        of implementing or effectuating the provisions of Section 3.10, or of renewing, continuing, reaffirming or ratifying the rights of Administrative Agent, and the other Secured
        Parties with respect to the Master Issuer’s or Guarantor’s obligations or the Collateral.

    
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    ARTICLE IV

        OTHER PAYMENT TERMS

    
      
        Section 4.01 Time and Method of Payment (Amounts Distributed by the Administrative Agent).  Except as
            otherwise provided in Section 4.02, all amounts payable to any Funding Agent or Investor hereunder or with respect to the Series 2022-1 Class A-1 Advance Notes shall be
            made to the Administrative Agent for the benefit of the applicable Person, by wire transfer of immediately available funds in Dollars not later than 3:00 p.m. (Eastern time) on the date due. The Administrative Agent will promptly, and in any
            event by 5:00 p.m. (Eastern time) on the same Business Day as its receipt or deemed receipt of the same, distribute to the applicable Funding Agent for the benefit of the applicable Person, or upon the order of the applicable Funding Agent for
            the benefit of the applicable Person, its pro rata share (or other applicable share as provided herein) of such payment by wire transfer in like funds as received.

      

    

    Except as otherwise provided in Section 2.07
      and Section 4.02, all amounts payable to the Swingline Lender or the L/C Provider hereunder or with respect to the Swingline Loans and L/C Obligations shall be made to or upon
      the order of the Swingline Lender or the L/C Provider, respectively, by wire transfer of immediately available funds in Dollars not later than 3:00 p.m. (Eastern time) on the date due. Any funds received after that time on such date will be deemed to
      have been received on the next Business Day.

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

    
      
        Section 4.02 Order of Distributions (Amounts Distributed by the Trustee or the Paying Agent). (a) Subject to
            Section 9.18(c)(ii), any amounts deposited into the Series 2022-1 Class A-1 Distribution Account (including amounts in respect of accrued interest, letter of credit fees or
            undrawn commitment fees but excluding amounts allocated for the purpose of reducing the Series 2022-1 Class A-1 Outstanding Principal Amount shall be distributed by the Trustee or the Paying Agent, as applicable, on the date due and payable
            under the Indenture and in the manner provided therein, ratably to the Series 2022-1 Class A-1 Noteholders of record on the applicable Record Date in respect of the amounts due to such payees at each applicable level of the Priority of
            Payments, in accordance with the applicable Quarterly Noteholders’ Report or the written report provided to the Trustee pursuant to Section 2.02(b) of the Series 2022-1 Supplement, as applicable.

        
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    (b)  Subject to Section 9.18(c)(ii),
      any amounts deposited into the Series 2022-1 Class A-1 Distribution Account for the purpose of reducing the Series 2022-1 Class A-1 Outstanding Principal Amount shall be distributed by the Trustee or the Paying Agent, as applicable, on the date due
      and payable under the Indenture and in the manner provided therein, to the Series 2022-1 Class A-1 Noteholders of record on the applicable Record Date, in the following order of priority (which the Master Issuer shall cause to be set forth in the
      applicable Quarterly Noteholders’ Report or the written report provided to the Trustee pursuant to Section 2.02(b) of the Series 2022-1 Supplement, as applicable): first, to the
      Swingline Lender and the L/C Provider in respect of outstanding Swingline Loans and Unreimbursed L/C Drawings, to the extent Unreimbursed Drawings cannot be reimbursed pursuant to Section
          2.08, ratably in proportion to the respective amounts due to such payees; second, to the other Series 2022-1 Class A-1 Noteholders in respect of their outstanding
      Advances, ratably in proportion thereto; and, third, any balance remaining of such amounts (up to an aggregate amount not to exceed the amount of Undrawn L/C Face Amounts at
      such time) shall be paid to the L/C Provider, to be deposited by the L/C Provider into a cash collateral account in the name of the L/C Provider in accordance with Section 4.03(b).

    (c)  Any amounts distributed to the Administrative Agent pursuant to the Priority of Payments in
      respect of any other amounts related to the Class A-1 Notes shall be distributed by the Administrative Agent in accordance with Section 4.01 on the date such amounts are due and
      payable hereunder to the applicable Series 2022-1 Class A-1 Noteholders and/or the Administrative Agent for its own account, as applicable, ratably in proportion to the respective aggregate of such amounts due to such payees.

    
      
        Section 4.03 L/C Cash Collateral. (a) If (i) as of five (5) Business Days prior to the Commitment Termination
            Date, any Undrawn L/C Face Amounts remain in effect, the Master Issuer shall either (i) provide cash collateral (in an aggregate amount equal to the amount of Undrawn L/C Face Amounts at such time, to the extent that such amount of cash
            collateral has not been provided pursuant to Sections 4.02(b) or 9.18(c)(ii)) to the L/C Provider,
            to be deposited by the L/C Provider into a cash collateral account in the name of the L/C Provider in accordance with Section 4.03(b) or (ii) make other arrangements with
            respect thereto as may be satisfactory to the L/C Provider in its sole and absolute discretion.

      

    

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

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

      

    

    ARTICLE V

        THE ADMINISTRATIVE AGENT AND THE FUNDING AGENTS

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

            and termination in full of all Commitments and the Swingline Commitment and the L/C Commitment.

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

      

    

    
      
        Section 5.03 Exculpatory Provisions. None of the Administrative Agent or any
            of its directors, officers, agents or employees shall be (a) liable for any action lawfully taken or omitted to be taken by it or them under or in connection with this Agreement (except for its, their or such Person’s own gross negligence or
            willful misconduct as determined by a court of competent jurisdiction by a final and nonappealable judgment), or (b) responsible in any manner to any Lender Party or any Funding Agent for any recitals, statements, representations or warranties
            made by the Master Issuer contained in this Agreement or in any certificate, report, statement or other document referred to or provided for in, or received under or in connection with, this Agreement for the due execution, legality, value,
            validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other document furnished in connection herewith, or for any failure of the Master Issuer to perform its obligations hereunder, or for the satisfaction
            of any condition specified in Article VII. The Administrative Agent shall not be under any obligation to any Investor or any Funding Agent to ascertain or to inquire as to
            the observance or performance of any of the agreements or covenants contained in, or conditions of, this Agreement, or to inspect the properties, books or records of the Master Issuer. The Administrative Agent shall not be deemed to have
            knowledge of any Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default unless the Administrative Agent has received notice in writing of such event from the Master Issuer, any Lender Party or any Funding
            Agent.

      

    

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

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

      

    

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

      

    

    
      
        Section 5.07 Successor Administrative Agent; Defaulting Administrative Agent.

      

    

    
      
        (a) The Administrative Agent may, upon 30 days' notice to the Master Issuer and each of the Lender Parties and the Funding Agents, and the Administrative Agent shall, upon the direction of Investor
            Groups holding 100% of the Commitments (excluding any Commitments held by Defaulting Investors), resign as Administrative Agent. If the Administrative Agent shall resign, then the Required Investor Groups (excluding any Commitments are held by
            the resigning Administrative Agent or its Affiliates, and if all Commitments are held by the resigning Administrative Agent or its Affiliates, then the Master Issuer), during such 30-day period, shall appoint a successor administrative agent,
            subject to the consent of (i) the Master Issuer, at all times other than while an Event of Default has occurred and is continuing (which consent of the Master Issuer shall not be unreasonably withheld or delayed) and (ii) the Control Party
            (which consent of the Control Party shall not be unreasonably withheld or delayed); provided that the Commitment of any Defaulting Investor shall be disregarded in the
            determination of whether any threshold percentage of Commitments has been met under this Section 5.07(a). If for any reason no successor Administrative Agent is appointed
            by the Investor Groups during such 30-day period, then, effective upon the expiration of such 30-day period, the Master Issuer shall make all payments in respect of the Aggregate Unpaids or under any fee letter delivered in connection herewith
            (including, without limitation, the Series 2022-1 Class A-1 VFN Fee Letter) directly to the Funding Agents or the Swingline Lender or the L/C Provider, as applicable, and the Master Issuer for all purposes shall deal directly with the Funding
            Agents or the Swingline Lender or the L/C Provider, as applicable, until such time, if any, as a successor administrative agent is appointed as provided above, and the Master Issuer shall instruct the Trustee in writing accordingly. After any
            retiring Administrative Agent’s resignation hereunder as Administrative Agent, the provisions of Section 9.05 and this Article V shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrative Agent under this Agreement.

        
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        (b) The Master Issuer may, upon the occurrence of any of the following events (any such event, a “Defaulting Administrative Agent Event”)

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

        
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        (c) If a Defaulting Administrative Agent Event has occurred and is continuing, the Master Issuer may make all payments in respect of the Aggregate Unpaids or under any fee letter delivered in
            connection herewith (including, without limitation, the Series 2022-1 Class A-1 VFN Fee Letter) directly to the Funding Agents or the Swingline Lender or the L/C Provider, as applicable, and the Master Issuer for all purposes may deal directly
            with the Funding Agents or the Swingline Lender or the L/C Provider, as applicable.

      

    

    
      
        Section 5.08 Authorization and Action of Funding Agents. Each Investor is
            hereby deemed to have designated and appointed its related Funding Agent set forth next to such Investor’s name on Schedule I (or identified as such Investor’s Funding
            Agent pursuant to any applicable Assignment and Assumption Agreement or Investor Group Supplement) as the agent of such Person hereunder, and hereby authorizes such Funding Agent to take such actions as agent on its behalf and to exercise such
            powers as are delegated to such Funding Agent by the terms of this Agreement together with such powers as are reasonably incidental thereto. Each Funding Agent shall not have any duties or responsibilities, except those expressly set forth
            herein, or any fiduciary relationship with the related Investor Group, and no implied covenants, functions, responsibilities, duties, obligations or liabilities on the part of such Funding Agent shall be read into this Agreement or otherwise
            exist for such Funding Agent. In performing its functions and duties hereunder, each Funding Agent shall act solely as agent for the related Investor Group and does not assume, nor shall it be deemed to have assumed, any obligation or
            relationship of trust or agency with or for the Master Issuer, any of its successors or assigns or any other Person. Each Funding Agent shall not be required to take any action that exposes such Funding Agent to personal liability or that is
            contrary to this Agreement or any Requirement of Law. The appointment and authority of the Funding Agents hereunder shall terminate upon the indefeasible payment in full of the Aggregate Unpaids of the Investor Groups and the termination in
            full of all the Commitments.

      

    

    
      
        Section 5.09 Delegation of Duties. Each Funding Agent may execute any of its
            duties under this Agreement by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. Each Funding Agent shall not be responsible for the gross negligence or willful
            misconduct of any agents or attorneys-in-fact selected by it in good faith.

        
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        Section 5.10 Exculpatory Provisions. Each Funding Agent and its Affiliates,
            and each of their directors, officers, agents or employees shall not be (a) liable for any action lawfully taken or omitted to be taken by it or them under or in connection with this Agreement (except for its, their or such Person’s own gross
            negligence or willful misconduct), or (b) responsible in any manner to the related Investor Group for any recitals, statements, representations or warranties made by the Master Issuer contained in this Agreement or in any certificate, report,
            statement or other document referred to or provided for in, or received under or in connection with, this Agreement, or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other document
            furnished in connection herewith, or for any failure of the Master Issuer to perform its obligations hereunder, or for the satisfaction of any condition specified in Article VII.
            Each Funding Agent shall not be under any obligation to the related Investor Group to ascertain or to inquire as to the observance or performance of any of the agreements or covenants contained in, or conditions of, this Agreement, or to
            inspect the properties, books or records of the Master Issuer. Each Funding Agent shall not be deemed to have knowledge of any Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default unless such Funding Agent
            has received notice of such event from the Master Issuer or any member of the related Investor Group.

      

    

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

      

    

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

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

      

    

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

      

    

    Section 5.15 Erroneous Payments.

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

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

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

    (ii) such Lender Party shall (and shall cause any other recipient that receives funds on its respective behalf to) promptly (and, in all events, within one Business Day of its
        knowledge of such error) notify the Administrative Agent of its receipt of such payment, prepayment or repayment, the details thereof (in reasonable detail) and that it is so notifying the Administrative Agent pursuant to this Section 5.15(b).

    (c) Each Lender Party hereby authorizes the Administrative Agent to set off, net and apply any and all amounts at any time owing to such Lender Party under any Related Document, or
        otherwise payable or distributable by the Administrative Agent to such Lender Party from any source, against any amount due to the Administrative Agent under immediately preceding clause
            (a) or under the indemnification provisions of this Agreement.

    (d) In the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand therefor by the Administrative Agent in
        accordance with immediately preceding clause (a), from any Lender Party that has received such Erroneous Payment (or portion thereof) (and/or from any Payment Recipient who
        received such Erroneous Payment (or portion thereof) on its respective behalf)  (such unrecovered amount, an “Erroneous Payment Return Deficiency”), upon the Administrative
        Agent’s notice to such Lender or Issuing Lender at any time, (i) such Lender Party shall be deemed to have assigned its Advances (but not its Commitments) in an amount equal to the Erroneous Payment Return Deficiency (or such lesser amount as the
        Administrative Agent may specify) (such assignment of the Advances (but not Commitments), the “Erroneous Payment Deficiency Assignment”) at par plus any accrued and unpaid
        interest (with the assignment fee to be waived by the Administrative Agent in such instance), and is hereby (together with the Master Issuer) deemed to execute and deliver an Assignment and Assumption (or, to the extent applicable, an agreement
        incorporating an Assignment and Assumption by reference pursuant to a platform as to which the Administrative Agent and such parties are participants) with respect to such Erroneous Payment Deficiency Assignment, (ii) the Administrative Agent as
        the assignee Lender shall be deemed to acquire the Erroneous Payment Deficiency Assignment, (iii) upon such deemed acquisition, the Administrative Agent as the assignee Lender Party shall become a Lender Party, as applicable, hereunder with respect
        to such Erroneous Payment Deficiency Assignment and the assigning Lender Party shall cease to be a Lender Party hereunder with respect to such Erroneous Payment Deficiency Assignment, excluding, for the avoidance of doubt, its obligations under the
        indemnification provisions of this Agreement and its applicable Commitments which shall survive as to such assigning Lender Party and (iv) the Administrative Agent may reflect in the Register its ownership interest in the Advances subject to the
        Erroneous Payment Deficiency Assignment. The Administrative Agent may, in its discretion, sell any Advances acquired pursuant to an Erroneous Payment Deficiency Assignment and upon receipt of the proceeds of such sale, the Erroneous Payment Return
        Deficiency owing by the applicable Lender Party shall be reduced by the net proceeds of the sale of such Advance (or portion thereof), and the Administrative Agent shall retain all other rights, remedies and claims against such Lender Party (and/or
        against any recipient that receives funds on its respective behalf). For the avoidance of doubt, no Erroneous Payment Deficiency Assignment will reduce the Commitments of any Lender Party and such Commitments shall remain available in accordance
        with the terms of this Agreement.  In addition, each party hereto agrees that, except to the extent that the Administrative Agent has sold an Advance (or portion thereof) acquired pursuant to an Erroneous Payment Deficiency Assignment, and
        irrespective of whether the Administrative Agent may be equitably subrogated, the Administrative Agent shall be contractually subrogated to all the rights and interests of the applicable Lender Party under the Related Documents with respect to each
        Erroneous Payment Return Deficiency.

    
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    (e) The parties hereto agree that an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any obligations owed by the Master Issuer or Guarantors, except, in
        each case, to the extent (i) such Erroneous Payment is, and solely with respect to the amount of such Erroneous Payment that is, comprised of funds received by the Administrative Agent  from  the  Master  Issuer  or  any  Guarantor  for  the 
        purpose  of  paying any Obligations and (ii) such Erroneous Payment is not otherwise returned to the Master Issuer or such Guarantor.

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

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

    ARTICLE VI

        REPRESENTATIONS AND WARRANTIES

    
      
        Section 6.01 The Master Issuer and Guarantors. The Master Issuer and the
            Guarantors jointly and severally represent and warrant to the Administrative Agent and each Lender Party, as of the date of this Agreement, as of the Closing Date and as of the date of each Advance made hereunder, that:

      

    

    
      
        (a) each of their representations and warranties made in favor of the Trustee or the Noteholders in the Indenture and the other Related Documents (other than a Related Document relating solely to a
            Series of Notes other than the Series 2022-1 Notes) is true and correct (i) if not qualified as to materiality or Material Adverse Effect, in all material respects and (ii) if qualified as to materiality or Material Adverse Effect, in all
            respects, as of the date originally made, as of the date hereof and as of the Closing Date (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct in all material respects
            as of such earlier date);

        
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        (b) no Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default has occurred and is continuing;

      

    

    
      
        (c) neither they nor or any of their Affiliates, have, directly or through an agent, engaged in any form of general solicitation or general advertising in connection with the offering of the Series
            2022-1 Class A-1 Notes under the 1933 Act or in any manner involving a public offering within the meaning of Section 4(a)(2) of the 1933 Act, including, but not limited to, articles, notices or other communications published in any newspaper,
            magazine, or similar medium or broadcast over television or radio or any seminar or meeting whose attendees have been invited by any general solicitation or general advertising; provided
            that no representation or warranty is made with respect to the Lender Parties and their Affiliates; and neither the Master Issuer nor any of its Affiliates has entered into any contractual arrangement with respect to the distribution of the
            Series 2022-1 Class A-1 Notes, except for this Agreement and the other Related Documents, and the Master Issuer will not enter into any such arrangement;

      

    

    
      
        (d) neither they nor any of their Affiliates have, directly or through any agent, sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any “security” (as defined in
            the 1933 Act) that is or will be integrated with the sale of the Series 2022-1 Class A-1 Notes in a manner that would require the registration of the Series 2022-1 Class A-1 Notes under the 1933 Act;

      

    

    
      
        (e) assuming the representations and warranties of each Lender Party set forth in Section 6.03 are true and correct, the
            offer and sale of the Series 2022-1 Class A-1 Notes in the manner contemplated by this Agreement is a transaction exempt from the registration requirements of the 1933 Act, and the Base Indenture is not required to be qualified under the United
            States Trust Indenture Act of 1939, as amended;

      

    

    
      
        (f) the Master Issuer has made available to the Administrative Agent and each Funding Agent true, accurate and complete copies of all other Related Documents (excluding Series Supplements and other
            Related Documents relating solely to a Series of Notes other than the Series 2022-1 Notes) to which they are a party as of the Closing Date, all of which Related Documents are in full force and effect in all material respects as of the Closing
            Date and no terms of any such agreements or documents have been amended, modified or otherwise waived as of such date, other than such amendments, modifications or waivers about which the Master Issuer has informed each Funding Agent, the
            Swingline Lender and the L/C Provider;

        
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        (g) the Master Issuer is not an “investment company” as defined in Section 3(a)(1) of the 1940 Act, and therefore has no need (x) to rely solely on the exemption from the definition of “investment
            company” set forth in Section 3(c)(1) and/or Section 3(c)(7) of the 1940 Act or (y) to be entitled to the benefit of the exclusion for loan securitizations in the Volcker Rule under 10 C.F.R. 248.10(c)(8), and the Master Issuer is not a
            “covered fund” for purposes of the Volcker Rule;

      

    

    
      
        (h) none of the Master Issuer, any Guarantor or any of their Affiliates is in violation of any Anti-Terrorism Laws, Anti-Corruption Laws, or Sanctions or engages in or conspires to engage in any
            transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Laws, Anti-Corruption Laws, or Sanctions; nor are the Master Issuer, any Guarantor or
            any of their Affiliates or any director, officer, employee, agent or affiliate of the Master Issuer, any Guarantor or any of their Affiliates is a Person (each such Person, a “Sanctioned

                Person”) that is, or is owned or controlled by Persons that are:  (i) the subject of any Sanctions, or (ii) located, organized or resident in a region, country or territory that is, or whose government is, the subject of
            Sanctions, including, without limitation, currently the Region of Crimea, Cuba, Iran, North Korea, Sudan and Syria; and

      

    

    
      
        (i) neither the Master Issuer nor any Guarantor is classified as an association taxable as a corporation  for U.S. federal income tax purposes.

      

    

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

      

    

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

      

    

    
      
        (a) it has had an opportunity to discuss the Master Issuer’s and the Manager’s business, management and financial affairs, and the terms and conditions of the proposed purchase of the Series 2022-1
            Class A-1 Notes, with the Master Issuer and the Manager and their respective representatives;

        
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        (b) it is an “accredited investor” and “qualified institutional buyer” within the meaning of Rules 501 and 144A, respectively, under the 1933 Act and has sufficient knowledge and experience in
            financial and business matters to be capable of evaluating the merits and risks of investing in, and is able and prepared to bear the economic risk of investing in, the Series 2022-1 Class A-1 Notes;

      

    

    
      
        (c) it is purchasing the Series 2022-1 Class A-1 Notes for its own account, or for the account of one or more “qualified institutional buyers” within the meaning of Rule 144A under the 1933 Act that
            meet the criteria described in clause (b) above and for which it is acting with complete investment discretion, for investment purposes only and not with a view to a
            distribution in violation of the 1933 Act, subject, nevertheless, to the understanding that the disposition of its property shall at all times be and remain within its control, and neither it nor its Affiliates has engaged in any general
            solicitation or general advertising within the meaning of the 1933 Act, or the rules and regulations promulgated thereunder, with respect to the Series 2022-1 Class A-1 Notes;

      

    

    
      
        (d) it understands that (i) the Series 2022-1 Class A-1 Notes have not been and will not be registered or qualified under the 1933 Act or any applicable state securities laws or the securities laws
            of any other jurisdiction and are being offered only in a transaction not involving any public offering within the meaning of the 1933 Act and may not be resold or otherwise transferred unless so registered or qualified or unless an exemption
            from registration or qualification is available and an opinion of counsel shall have been delivered in advance to the Master Issuer, (ii) the Master Issuer is not required to register the Series 2022-1 Class A-1 Notes under the 1933 Act or any
            applicable state securities laws or the securities laws of any other jurisdiction, (iii) any permitted transferee hereunder must meet the criteria in clause (b) above and (iv) any transfer must comply with the provisions of Section 2.08 of the
            Base Indenture, Section 4.03 of the Series 2022-1 Supplement and Section 9.03 or 9.17, as
            applicable, of this Agreement;

      

    

    
      
        (e) it will comply with the requirements of Section 6.03(d) above in connection with any transfer by it of the Series 2022-1
            Class A-1 Notes;

      

    

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

      

    

    
      
        (g) it will obtain for the benefit of the Master Issuer from any purchaser of the Series 2022-1 Class A-1 Notes substantially the same representations and warranties contained in the foregoing
            paragraphs; and

        
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              (h) it has executed a Purchaser’s Letter substantially in the form of Exhibit D hereto.

            

          

          ARTICLE VII

              CONDITIONS

          
            
              Section 7.01 Conditions to Issuance and Effectiveness. Each Lender Party will have no obligation to
                  purchase the Series 2022-1 Class A-1 Notes hereunder on the Closing Date, and the Commitments, the Swingline Commitment and the L/C Commitment will not become effective, unless:

            

          

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

            

          

          
            
              (b) on the Closing Date, the Administrative Agent shall have received a letter, in form and substance reasonably satisfactory to it, from S&P stating that a
                  long-term rating of “BBB” has been assigned to the Series 2022-1 Class A-1 Notes;

            

          

          
            
              (c) at the time of such issuance, the additional conditions set forth in Schedule III
                  hereto and all other conditions to the issuance of the Series 2022-1 Class A-1 Notes under the Indenture shall have been satisfied or waived by such Lender Party.

            

          

          
            
              Section 7.02 Conditions to Initial Extensions of Credit. The election of each Conduit Investor to fund,
                  and the obligation of each Committed Note Purchaser to fund, the initial Borrowing hereunder, and the obligations of the Swingline Lender and the L/C Provider to fund the initial Swingline Loan or provide the initial Letter of Credit
                  hereunder, respectively, shall be subject to the satisfaction of the conditions precedent that (a) each Funding Agent shall have received a duly executed and authenticated Series 2022-1 Class A-1 Advance Note registered in its name or in
                  such other name as shall have been directed by such Funding Agent and stating that the principal amount thereof shall not exceed the Maximum Investor Group Principal Amount of the related Investor Group (or, in the case of a Series 2022-1
                  Class A-1 Advance Note that is an Uncertificated Note, a Confirmation of Registration with respect thereto); (b) each of the Swingline Lender and the L/C Provider shall have received a duly executed and authenticated Series 2022-1 Class
                  A-1 Swingline Note or Series 2022-1 Class A-1 L/C Note, as applicable, registered in its name or in such other name as shall have been directed by it and stating that the principal amount thereof shall not exceed the Swingline Commitment
                  or L/C Commitment, respectively (or, if either the initial Series 2022-1 Class A-1 Swingline Note or the initial Series 2022-1 Class A-1 L/C Note is an Uncertificated Note, a Confirmation of Registration with respect thereto); and (c) the
                  Master Issuer shall have paid all fees required to be paid by it under the Related Documents on the Closing Date, including all fees required hereunder.

              
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              Section 7.03 Conditions to Each Extension of Credit. The
                  election of each Conduit Investor to fund, and the obligation of each Committed Note Purchaser to fund, any Borrowing on any day (including the initial Borrowing but excluding any Borrowings to repay Swingline Loans or L/C Obligations
                  pursuant to Sections 2.05, 2.06 or 2.08, as applicable), and the obligations of the Swingline Lender to fund any Swingline Loan (including the initial one) and of the L/C Provider to provide any Letter of Credit (including the initial
                  one), respectively, shall be subject to the conditions precedent that, on the date of such funding or provision, before and after giving effect thereto and to the application of any proceeds therefrom, the following statements shall be
                  true (without regard to any waiver, amendment or other modification of this Section 7.03 or any definitions used herein consented to by the Control Party unless the
                  Required Investor Groups (provided that the Commitment of any Defaulting Investor shall be disregarded in the determination of whether any threshold percentage of
                  Commitments has been met under this Section 7.03) have consented to such waiver, amendment or other modification for purposes of this Section 7.03); provided, however, that if a
                  Rapid Amortization Event has occurred and (other than in the case of Section 9.01(b)) has been declared by the Control Party pursuant to Sections 9.01(a), (b), (c),
                  (d), or (e) of the Base Indenture, consent to such waiver, amendment or other modification from all Investors (provided that it shall not be the obligation of the
                  Control Party to obtain such consent from the Investors) as well as the Control Party is required for purposes of this Section 7.03:

            

          

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

            

          

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

            

          

          
            
              (c) for any Borrowing occurring after the second Quarterly Calculation Date, the DSCR as calculated as of the immediately preceding Quarterly Calculation Date
                  shall not be less than 1.50x;

            

          

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

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

            

          

          
            
              (f) the Master Issuer has furnished to the Administrative Agent true, accurate and complete copies of all other Related Documents (excluding any Series
                  Supplements and other Related Documents relating solely to a Series of Notes other than the Series 2022-1 Notes) to which the Maser Issuer, the Manager or any Guarantor is a party as of the Closing Date, all of which Related Documents are
                  in full force and effect as of the Closing Date and no terms of any such agreements or documents have been amended, modified or otherwise waived as of such date;

            

          

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

            

          

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

            

          

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

          ARTICLE VIII

              COVENANTS

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

            

          

          
            
              (a) unless waived in writing by the Control Party in accordance with Section 9.07 of the Base Indenture, duly and timely perform all of its covenants (both
                  affirmative and negative) and obligations under each Related Document to which it is a party;

            

          

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

            

          

          
            
              (c) reasonably concurrent with the time any report, notice or other document is provided to the Rating Agencies and/or the Trustee, or caused to be provided, by
                  the Master Issuer or the Manager under the Base Indenture (including, without limitation, under Sections 8.08, 8.09 and/or 8.11 thereof) or under the Series 2022-1 Supplement, provide the Administrative Agent (who shall promptly provide a
                  copy thereof to the Lender Parties) with a copy of such report, notice or other document; provided, however,
                  that neither the Manager nor the Master Issuer shall have any obligation under this Section 8.01(c) to deliver to the Administrative Agent copies of any Quarterly
                  Noteholders’ Reports that relate solely to a Series of Notes other than the Series 2022-1 Notes;

              
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              (d) once per calendar year, following reasonable prior notice from the Administrative Agent (the “Annual

                      Inspection Notice”), and during regular business hours, permit any one or more of such Administrative Agent, any Funding Agent, the Swingline Lender or the L/C Provider, or any of their respective agents, representatives or
                  permitted assigns, at the Master Issuer’s expense, access (as a group, and not individually unless only one such Person desires such access) to the offices of the Manager, the Master Issuer and the Guarantors, (i) to examine and make
                  copies of and abstracts from all documentation relating to the Collateral on the same terms as are provided to the Trustee under Section 8.06 of the Base Indenture, and (ii) to visit the offices and properties of the Manager, the Master
                  Issuer and the Guarantors for the purpose of examining such materials described in clause (i) above, and to discuss matters relating to the Collateral, or the
                  administration and performance of the Base Indenture, the Series 2022-1 Supplement and the other Related Documents with any of the officers or employees of, the Manager, the Master Issuer and/or the Guarantors, as applicable, having
                  knowledge of such matters; provided, however, that upon the occurrence and continuation of a
                  Potential Rapid Amortization Event, Rapid Amortization Event, Cash Trapping Period, Default or Event of Default, the Administrative Agent, any Funding Agent, the Swingline Lender or the L/C Provider, or any of their respective agents,
                  representatives or permitted assigns, at the Master Issuer’s expense may do any of the foregoing at any time during normal business hours and without advance notice; provided,
                  further, that, in addition to any visits made pursuant to provision of an Annual Inspection Notice or during the continuation of a Potential Rapid Amortization Event,
                  Rapid Amortization Event, Default or Event of Default, the Administrative Agent, any Funding Agent, the Swingline Lender or the L/C Provider, or any of their respective agents, representatives or permitted assigns, at their own expense,
                  may do any of the foregoing at any time during normal business hours following reasonable prior notice with respect to the business of the Master Issuer and/or the Guarantors; and provided,
                  further, that the Funding Agents, the Swingline Lender and the L/C Provider will be permitted to provide input to the Administrative Agent with respect to the timing
                  of delivery, and content, of the Annual Inspection Notice;

            

          

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

              
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              (f) not permit any amounts owed with respect to the Series 2022-1 Class A-1 Notes to be secured, directly or indirectly, by any Margin Stock in a manner that
                  would violate the regulations of the Board of Governors of the Federal Reserve System, including Regulations T, U and X thereof;

            

          

          
            
              (g) promptly provide such additional financial and other information with respect to the Related Documents (other than Series Supplements and Related Documents
                  relating solely to a Series of Notes other than the Series 2022-1 Notes), the Master Issuer, the Manager or the Guarantors as the Administrative Agent may from time to time reasonably request;

            

          

          
            
              (h) deliver to the Administrative Agent (who shall promptly provide a copy thereof to the Lender Parties), the financial statements prepared pursuant to Section
                  4.01 of the Base Indenture reasonably contemporaneously with the delivery of such statements under the Base Indenture;

            

          

          
            
              (i) promptly following any change in the information included in the Beneficial Ownership Certification that would result in a change to the list of beneficial
                  owners or control parties identified in part (c) or (d) of such certification, the Master Issuer and each Guarantor, as applicable, shall execute and deliver to the Administrative Agent an updated Beneficial Ownership Certification; and

            

          

          
            
              (j) promptly following any request therefor, the Master Issuer and each Guarantor, as applicable, shall deliver to the Administrative Agent all documentation and
                  other information required by bank regulatory authorities requested by a Committed Note Purchaser for purposes of compliance with applicable “know your customer” requirements under the Patriot Act, the Beneficial Ownership Rule or other
                  applicable anti-money laundering laws, rules and regulations.

            

          

          ARTICLE IX

              MISCELLANEOUS PROVISIONS

          
            
              Section 9.01 Amendments. No amendment to or waiver or other modification
                  of any provision of this Agreement, nor consent to any departure therefrom by the Manager or the Master Issuer, shall in any event be effective unless the same shall be in writing and signed by the Manager, the Master Issuer and the
                  Administrative Agent with the written consent of the Required Investor Groups (provided that the Commitment of any Defaulting Investor shall be disregarded in the
                  determination of whether any threshold percentage of Commitments has been met); provided, however,
                  that, in addition, (i) the prior written consent of each affected Investor shall be required in connection with any amendment, modification or waiver that (x) increases the amount of the Commitment of such Investor, extends the Commitment
                  Termination Date or the Series 2022-1 Class A-1 Notes Renewal Date, modifies the conditions to funding such Commitment or otherwise subjects such Investor to any increased or additional duties or obligations hereunder or in connection
                  herewith (it being understood and agreed that waivers or modifications of conditions precedent, covenants, Defaults or Events of Default or of a mandatory reduction in the aggregate Commitments shall not constitute an increase of the
                  Commitments of any Lender Party), (y) reduces the amount or delays the timing of payment of any principal, interest, fees or other amounts payable to such Investor hereunder or (z) would have an effect comparable to any of those set forth
                  in Section 13.02(a) of the Base Indenture that require the consent of each Noteholder or each affected Noteholder; (ii) any amendment, modification or waiver that affects the rights or duties of any of the Swingline Lender, the L/C
                  Provider, the Administrative Agent or the Funding Agents shall require the prior written consent of such affected Person; and (iii) the prior written consent of each Investor, the Swingline Lender, the L/C Provider, the Administrative
                  Agent and each Funding Agent shall be required in connection with any amendment, modification or waiver of this Section 9.01. For purposes of any provision of any
                  other Indenture Document relating to any vote, consent, direction or the like to be given by the Series 2022-1 Class A-1 Noteholders, such vote, consent, direction or the like shall be given by the Holders of the Series 2022-1 Class A-1
                  Advance Notes only and not by the Holders of any Series 2022-1 Class A-1 Swingline Notes or Series 2022-1 Class A-1 L/C Notes except to the extent that such vote, consent, direction or the like is to be given by each affected Noteholder
                  and the Holders of any Series 2022-1 Class A-1 Swingline Notes or Series 2022-1 Class A-1 L/C Notes would be affected thereby. The Master Issuer and the Lender Parties shall negotiate any amendments, waivers, consents, supplements or
                  other modifications to this Agreement or the other Related Documents that require the consent of the Lender Parties in good faith. Pursuant to Section 9.05(a), the
                  Lender Parties shall be entitled to reimbursement by the Master Issuer for the reasonable expenses incurred by the Lender Parties in reviewing and approving any such amendment, waiver, consent, supplement or other modification to this
                  Agreement or any Related Document.

              
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              Section 9.02 No Waiver; Remedies. Any waiver, consent or approval given
                  by any party hereto shall be effective only in the specific instance and for the specific purpose for which given, and no waiver by a party of any breach or default under this Agreement shall be deemed a waiver of any other breach or
                  default. No failure on the part of any party hereto to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder, or any abandonment or
                  discontinuation of steps to enforce the right, power or privilege, preclude any other or further exercise thereof or the exercise of any other right. No notice to or demand on any party hereto in any case shall entitle such party to any
                  other or further notice or demand in the same, similar or other circumstances. The remedies herein provided are cumulative and not exclusive of any remedies provided by law.

            

          

          
            
              Section 9.03 Binding on Successors and Assigns.

            

          

          
            
              (a) This Agreement shall be binding upon, and inure to the benefit of, the Master Issuer, the Manager, the Lender Parties, the Funding Agents, the Administrative
                  Agent and their respective successors and assigns; provided, however, that neither the
                  Master Issuer nor the Manager may assign its rights or obligations hereunder or in connection herewith or any interest herein (voluntarily, by operation of law or otherwise) without the prior written consent of each Lender Party (other
                  than any Defaulting Investor); provided, further, that nothing herein shall prevent the
                  Master Issuer from assigning its rights (but none of its duties or liabilities) to the Trustee under the Base Indenture and the Series 2022-1 Supplement; and provided,
                  further that none of the Lender Parties may transfer, pledge, assign, sell participations in or otherwise encumber its rights or obligations hereunder or in
                  connection herewith or any interest herein except as permitted under Section 6.03, Section 9.17
                  and this Section 9.03. Nothing expressed herein is intended or shall be construed to give any Person other than the Persons referred to in the preceding sentence any
                  legal or equitable right, remedy or claim under or in respect of this Agreement except as provided in Section 9.16.

              
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              (b) Notwithstanding any other provision set forth in this Agreement, each Investor may at any time grant to one or more Program Support Providers a participating
                  interest in or lien on such Investor’s interests in the Advances made hereunder and such Program Support Provider, with respect to its participating interest, shall be entitled to the benefits granted to such Investor under this
                  Agreement.

            

          

          
            
              (c) In addition to its rights under Section 9.17, each Conduit Investor may at any time
                  assign its rights in the Series 2022-1 Class A-1 Advance Notes (and its rights hereunder and under the Related Documents) to its related Committed Note Purchaser or, subject to Section

                      6.03 and Section 9.17(f), its related Program Support Provider or any Affiliate of any of the foregoing, in each case in accordance with the
                  applicable provisions of the Indenture. Furthermore, each Conduit Investor may at any time grant a security interest in and lien on, all or any portion of its interests under this Agreement, its Series 2022-1 Class A-1 Advance Note and
                  all Related Documents to (i) its related Committed Note Purchaser, (ii) its Funding Agent, (iii) any Program Support Provider who, at any time now or in the future, provides program liquidity or credit enhancement, including, without
                  limitation, an insurance policy for such Conduit Investor relating to the Commercial Paper or the Series 2022-1 Class A-1 Advance Notes, (iv) any other Person who, at any time now or in the future, provides liquidity or credit enhancement
                  for the Conduit Investors, including, without limitation, an insurance policy relating to the Commercial Paper or the Series 2022-1 Class A-1 Advance Notes or (v) any collateral trustee or collateral agent for any of the foregoing; provided, however, that any such security interest or lien shall be released upon assignment of
                  its Series 2022-1 Class A-1 Advance Note to its related Committed Note Purchaser. Each Committed Note Purchaser may assign its Commitment, or all or any portion of its interest under its Series 2022-1 Class A-1 Advance Note, this
                  Agreement and the Related Documents to any Person to the extent permitted by Section 9.17. Notwithstanding any other provisions set forth in this Agreement, each
                  Committed Note Purchaser may at any time create a security interest in all or any portion of its rights under this Agreement, its Series 2022-1 Class A-1 Advance Note and the Related Documents in favor of any Federal Reserve Bank in
                  accordance with Regulation A of the F.R.S. Board or any similar foreign entity.

            

          

          
            
              Section 9.04 Survival of Agreement. All covenants, agreements,
                  representations and warranties made herein and in the Series 2022-1 Class A-1 Notes delivered pursuant hereto shall survive the making and the repayment of the Advances, the Swingline Loans and the Letters of Credit and the execution and
                  delivery of this Agreement and the Series 2022-1 Class A-1 Notes and shall continue in full force and effect until all interest on and principal of the Series 2022-1 Class A-1 Notes, and all other amounts owed to the Lender Parties, the
                  Funding Agents and the Administrative Agent hereunder and under the Series 2022-1 Supplement have been paid in full, all Letters of Credit have expired or been fully cash collateralized in accordance with the terms of this Agreement and
                  the Commitments, the Swingline Commitment and the L/C Commitment have been terminated. In addition, the obligations of the Master Issuer and the Lender Parties under Sections
                      3.05, 3.06, 3.07, 3.08,
                  9.05, 9.10 and 9.11
                  shall survive the termination of this Agreement.

              
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              Section 9.05 Payment of Costs and Expenses; Indemnification.

            

          

          
            
              (a) Payment of Costs and Expenses. The Master Issuer agrees to pay (by
                  depositing such amounts into the Collection Account to be distributed subject to and in accordance with the Priority of Payments), on the Closing Date (if invoiced at least one (1) Business Day prior to such date) or on or before seven
                  (7) Business Days after written demand (in all other cases), all reasonable expenses of the Administrative Agent, each initial Funding Agent and each initial Lender Party (including the reasonable fees and out-of-pocket expenses of
                  counsel to each of the foregoing, if any, as well as the fees and expenses of the Rating Agencies) in connection with (i) the negotiation, preparation, execution and delivery of this Agreement and of each other Related Document, including
                  schedules and exhibits, whether or not the transactions contemplated hereby or thereby are consummated (“Pre-Closing Costs”), and (ii) any amendments, waivers,
                  consents, supplements or other modifications to this Agreement or any other Related Document as may from time to time hereafter be proposed (“Amendment Expenses”).
                  The Master Issuer further agrees to pay, subject to and in accordance with the Priority of Payments, and to hold the Administrative Agent, each Funding Agent and each Lender Party harmless from all liability for (x) any breach by the
                  Master Issuer of its obligations under this Agreement, (y) all reasonable costs incurred by the Administrative Agent, such Funding Agent or such Lender Party in enforcing this Agreement and (z) any Non-Excluded Taxes that may be payable
                  in connection with (1) the execution or delivery of this Agreement, (2) any Borrowing or Swingline Loan hereunder, (3) the issuance of the Series 2022-1 Class A-1 Notes, (4) any Letter of Credit hereunder or (5) any other Related
                  Documents (“Other Post-Closing Expenses”).  The Master Issuer also agrees to reimburse, subject to and in accordance with the Priority of Payments, the Administrative
                  Agent, such Funding Agent and such Lender Party upon demand for all reasonable out-of-pocket expenses incurred by the Administrative Agent, such Funding Agent and such Lender Party in connection with (1) the negotiation of any
                  restructuring or “work-out”, whether or not consummated, of the Related Documents and (2) the enforcement of, or any waiver or amendment requested under or with respect to, this Agreement or any other Related Documents (“Out-of-Pocket Expenses”). Notwithstanding the foregoing, other than in connection with a sale or assignment pursuant to Section 9.18(a), the Master Issuer shall have no obligation to reimburse any Lender Party for any of the fees and/or expenses incurred by such Lender Party with respect to its sale or assignment of all
                  or any part of its respective rights and obligations under this Agreement and the Series 2022-1 Class A-1 Notes pursuant to Section 9.03 or Section 9.17.

              
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              (b) Indemnification of the Lender Parties. In consideration of the
                  execution and delivery of this Agreement by the Lender Parties, the Master Issuer hereby agrees to indemnify and hold each Lender Party (each in its capacity as such and to the extent not reimbursed by the Master Issuer and without
                  limiting the obligation of the Master Issuer to do so) and each of their officers, directors, employees and agents (collectively, the “Indemnified Parties”) harmless
                  (by depositing such amounts into the Collection Account to be distributed subject to and in accordance with the Priority of Payments) from and against any and all actions, causes of action, suits, losses, liabilities and damages, and
                  reasonable documented costs and expenses incurred in connection therewith (irrespective of whether any such Indemnified Party is a party to the action for which indemnification hereunder is sought and including, without limitation, any
                  liability in connection with the offering and sale of the Series 2022-1 Class A-1 Notes), including reasonable documented attorneys’ fees and disbursements (collectively, the “Indemnified

                      Liabilities”), incurred by the Indemnified Parties or any of them (whether in prosecuting or defending against such actions, suits or claims) to the extent resulting from, or arising out of, or relating to:

            

          

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

            

          

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

            

          

          
            
              (iii) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other
                  theory and regardless of whether the Indemnified Party is a party thereto;

            

          

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

          
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              (c) Indemnification of the Administrative Agent and each Funding Agent by the Master Issuer.  In consideration of the execution and delivery of this Agreement by the Administrative Agent and each Funding Agent, the Master Issuer hereby agrees to indemnify and hold the Administrative Agent and each
                  Funding Agent and each of their officers, directors, employees and agents (collectively, the “Agent Indemnified Parties”) harmless (by depositing such amounts into
                  the Collection Account to be distributed subject to and in accordance with the Priority of Payments) from and against any and all actual or prospective litigation, actions, causes of action, suits, losses, liabilities and damages, and
                  reasonable documented costs and expenses incurred in connection therewith (irrespective of whether any such Agent Indemnified Party is a party to the action for which indemnification hereunder is sought and including, without limitation,
                  any liability in connection with the offering and sale of the Series 2022-1 Class A-1 Notes), including reasonable documented attorneys’ fees and disbursements (collectively, the “Agent

                      Indemnified Liabilities”), incurred by the Agent Indemnified Parties or any of them (whether in prosecuting or defending against such actions, suits or claims) to the extent resulting from, or arising out of, or relating to
                  the entering into and performance of this Agreement and any other Related Document by any of the Agent Indemnified Parties, except for any such Agent Indemnified Liabilities arising for the account of a particular Agent Indemnified Party
                  by reason of the relevant Agent Indemnified Party’s gross negligence or willful misconduct.  If and to the extent that the foregoing undertaking may be unenforceable for any reason, the Master Issuer hereby agrees to make the maximum
                  contribution to the payment and satisfaction of each of the Agent Indemnified Liabilities that is permissible under applicable law. The indemnity set forth in this Section
                      9.05(c) shall in no event include indemnification for special, punitive, consequential or indirect damages of any kind or for any Taxes (other than Taxes arising from any non-Tax claim) which shall be covered by (or
                  expressly excluded from) the indemnification provided in Section 3.08. The Master Issuer shall give notice to the Rating Agencies of any claim for Agent Indemnified
                  Liabilities made under this Section 9.05(c).

            

          

          
            
              (d) Indemnification of the Administrative Agent and each Funding Agent by the Committed Note Purchasers. In consideration of the execution and delivery of this Agreement by the Administrative Agent and the related Funding Agent, each Committed Note Purchaser, ratably according to its respective Commitment, hereby
                  agrees to indemnify and hold the Administrative Agent and each of its officers, directors, employees and agents (collectively, the “Administrative Agent Indemnified Parties”)

                  and such Funding Agent and each of its officers, directors, employees and agents (collectively, the “Funding Agent Indemnified Parties,” and together with the
                  Administrative Agent Indemnified Parties, the “Applicable Agent Indemnified Parties”) harmless from and against any and all actions, causes of action, suits, losses,
                  liabilities and damages, and reasonable documented costs and expenses incurred in connection therewith (solely to the extent not reimbursed by or on behalf of the Master Issuer) (irrespective of whether any such Applicable Agent
                  Indemnified Party is a party to the action for which indemnification hereunder is sought and including, without limitation, any liability in connection with the offering and sale of the Series 2022-1 Class A-1 Notes), including reasonable
                  documented attorneys’ fees and disbursements (collectively, the “Applicable Agent Indemnified Liabilities”), incurred by the Applicable Agent Indemnified Parties or
                  any of them (whether in prosecuting or defending against such actions, suits or claims) to the extent resulting from, or arising out of, or relating to the entering into and performance of this Agreement and any other Related Document by
                  any of the Applicable Agent Indemnified Parties, except for any such Applicable Agent Indemnified Liabilities arising for the account of a particular Applicable Agent Indemnified Party by reason of the relevant Applicable Agent
                  Indemnified Party’s gross negligence or willful misconduct. If and to the extent that the foregoing undertaking may be unenforceable for any reason, each Committed Note Purchaser, ratably according to its respective Commitment, hereby
                  agrees to make the maximum contribution to the payment and satisfaction of each of the Applicable Agent Indemnified Liabilities that is permissible under applicable law. The indemnity set forth in this Section 9.05(d) shall in no event include indemnification for consequential or indirect damages of any kind or for any Taxes (other than Taxes arising from any non-Tax claim) which shall be covered
                  by (or expressly excluded from) the indemnification provided in Section 3.08.

              
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              Section 9.06 Characterization as Related Document; Entire Agreement.
                  This Agreement shall be deemed to be a Related Document for all purposes of the Base Indenture and the other Related Documents. This Agreement, together with the Base Indenture, the Series 2022-1 Supplement, the documents delivered
                  pursuant to Article VII and the other Related Documents, including the exhibits and schedules thereto, contains a final and complete integration of all prior
                  expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof, superseding all previous oral statements and other
                  writings with respect thereto.

            

          

          
            
              Section 9.07 Notices. All notices, amendments, waivers, consents and
                  other communications provided to any party hereto under this Agreement shall be in writing and addressed, delivered or transmitted to such party at its address, e-mail address (if provided), or facsimile number set forth on Schedule II hereto, or in each case at such other address, e-mail address or facsimile number as may be designated by such party in a notice to the other parties. Any
                  notice, if mailed and properly addressed with postage prepaid or if properly addressed and sent by pre-paid courier service, shall be deemed given when received; any notice, if transmitted by e-mail, shall be deemed given when received;
                  any notice, if transmitted by facsimile, shall be deemed given when transmitted (so long as transmitted on a Business Day, otherwise the next succeeding Business Day) upon receipt of electronic confirmation of transmission.

            

          

          
            
              Section 9.08 Severability of Provisions. Any covenant, provision,
                  agreement or term of this Agreement that is prohibited or is held to be void or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of the prohibition or unenforceability without invalidating the
                  remaining provisions of this Agreement.

              
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              Section 9.09 Tax Characterization. Each party to this Agreement (a)
                  acknowledges that it is the intent of the parties to this Agreement that, for accounting purposes and for all federal, state and local income and franchise Tax purposes, the Series 2022-1 Class A‐1 Notes will be treated as evidence of
                  indebtedness, (b) agrees to treat the Series 2022-1 Class A‐1 Notes for all such purposes as indebtedness and (c) agrees that the provisions of the Related Documents shall be construed to further these intentions.

            

          

          
            
              Section 9.10 No Proceedings; Limited Recourse.

            

          

          
            
              (a) The Securitization Entities. Each of the parties hereto (other than
                  the Master Issuer) hereby covenants and agrees that, prior to the date that is one year and one day after the payment in full of the last maturing Note issued by the Master Issuer pursuant to the Base Indenture, it will not institute
                  against, or join with any other Person in instituting against, any Securitization Entity, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings, under any federal or state bankruptcy or
                  similar law, all as more particularly set forth in Section 14.13 of the Base Indenture and subject to any retained rights set forth therein; provided, however, that nothing in this Section 9.10(a) shall constitute a waiver of any right to
                  indemnification, reimbursement or other payment from the Securitization Entities pursuant to this Agreement, the Series 2022-1 Supplement, the Base Indenture or any other Related Document. In the event that a Lender Party (solely in its
                  capacity as such) takes action in violation of this Section 9.10(a), each affected Securitization Entity shall file or cause to be filed an answer with the
                  bankruptcy court or otherwise properly contest or cause to be contested the filing of such a petition by any such Person against such Securitization Entity or the commencement of such action and raise or cause to be raised the defense
                  that such Person has agreed in writing not to take such action and should be estopped and precluded therefrom and such other defenses, if any, as its counsel advises that it may assert. The provisions of this Section 9.10(a) shall survive the termination of this Agreement. Nothing contained herein shall preclude participation by a Lender Party in the assertion or defense of its claims in any such
                  proceeding involving any Securitization Entity. The obligations of the Master Issuer under this Agreement are solely the limited liability company obligations of the Master Issuer.

            

          

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

              
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              Section 9.11 Confidentiality. Each Lender Party agrees that it shall not
                  disclose any Confidential Information to any Person without the prior written consent of the Manager and the Master Issuer, other than (a) to their Affiliates, officers, directors, employees, agents and advisors, including, without
                  limitation, legal counsel and accountants (it being understood that the Person to whom such disclosure is made will be informed of the confidential nature of such Confidential Information and instructed to keep it confidential), (b) to
                  actual or prospective assignees and participants, and then only on a confidential basis (after obtaining such actual or prospective assignee’s or participant’s agreement to keep such Confidential Information confidential in a manner
                  substantially similar to this Section 9.11), (c) as requested by a Governmental Authority or self-regulatory organization or required by any law, rule or regulation
                  or judicial process of which the Master Issuer or the Manager, as the case may be, has knowledge; provided that each Lender Party may disclose Confidential
                  Information as requested by a Governmental Authority or self-regulatory organization or required by any law, rule or regulation or judicial process of which the Master Issuer or the Manager, as the case may be, does not have knowledge if
                  such Lender Party is prohibited by law, rule or regulation from disclosing such requirement to the Master Issuer or the Manager, as the case may be, (d) to Program Support Providers (after obtaining such Program Support Providers’
                  agreement to keep such Confidential Information confidential in a manner substantially similar to this Section 9.11), (e) to any Rating Agency providing a rating for
                  any Series or Class of Notes or any Conduit Investor’s debt; (f) in connection with the exercise of any remedies hereunder or under any other Related Document or any action or proceeding relating to this Agreement or any other Related
                  Document or the enforcement of rights hereunder or thereunder; or (g) in the course of litigation with the Master Issuer, the Manager or such Lender Party.

              
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          “Confidential Information”
            means information that the Master Issuer or the Manager furnishes to a Lender Party, but does not include (i) any such information that is or becomes generally available to the public other than as a result of a disclosure by a Lender Party or
            other Person to which a Lender Party delivered such information, (ii) any such information that was in the possession of a Lender Party prior to its being furnished to such Lender Party by the Master Issuer or the Manager or (iii) any such
            information that is or becomes available to a Lender Party from a source other than the Master Issuer or the Manager; provided that with respect to clauses (ii) and (iii) herein, such source is not (x) known to a Lender Party to be bound by a
            confidentiality agreement with the Master Issuer or the Manager, as the case may be, with respect to the information or (y) known to a Lender Party to be otherwise prohibited from transmitting the information by a contractual, legal or
            fiduciary obligation.

          
            
              Section 9.12 GOVERNING LAW; CONFLICTS WITH INDENTURE. THIS AGREEMENT AND ALL MATTERS ARISING UNDER OR IN ANY MANNER RELATING TO THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
                    ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICT PROVISION OR RULE (WHETHER OF THE STATE OF NEW YORK OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY
                    JURISDICTION OTHER THAN THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAW. IN THE EVENT OF ANY CONFLICTS BETWEEN THIS AGREEMENT AND THE INDENTURE, THE
                    INDENTURE SHALL GOVERN.

            

          

          
            
              Section 9.13 JURISDICTION. ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY OF THE PARTIES HEREUNDER WITH RESPECT TO THIS AGREEMENT MAY BE BROUGHT IN ANY STATE OR (TO THE EXTENT PERMITTED BY LAW)
                    FEDERAL COURT OF COMPETENT JURISDICTION SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY HEREUNDER ACCEPTS FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES,
                    GENERALLY AND UNCONDITIONALLY, THE NONEXCLUSIVE JURISDICTION OF THE AFORESAID COURTS, AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION WITH THIS AGREEMENT.

            

          

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

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

            

          

          
            
              Section 9.16 Third-Party Beneficiary. The Trustee, on behalf of the
                  Secured Parties, and the Control Party are express third-party beneficiaries of this Agreement.

            

          

          
            
              Section 9.17 Assignment.

            

          

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

            

          

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

              
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              (c) Subject to Sections 6.03 and 9.17(f), any Conduit Investor and the related Committed Note Purchaser(s) may at any time sell all or any part of their respective rights and obligations under this Agreement, the Series 2022-1 Class
                  A-1 Advance Notes and, in connection therewith, any other Related Documents to which it is a party, with the prior written consent (not to be unreasonably withheld or delayed) of the Master Issuer, the Swingline Lender and the L/C
                  Provider, to a multi-seller commercial paper conduit, whose commercial paper is rated at least “A‐1” from S&P, “P1” from Moody’s and/or “F1” from Fitch, as applicable, and one or more financial institutions providing support to such
                  multi-seller commercial paper conduit (an “Acquiring Investor Group”) pursuant to a transfer supplement, substantially in the form of Exhibit C (the “Investor Group Supplement” or the “Series
                      2022-1 Class A-1 Investor Group Supplement”), executed by such Acquiring Investor Group, the Funding Agent with respect to such Acquiring Investor Group (including the Conduit Investor and the Committed Note Purchasers with
                  respect to such Investor Group), such assigning Conduit Investor and the Committed Note Purchasers with respect to such Conduit Investor, the Funding Agent with respect to such assigning Conduit Investor and Committed Note Purchasers, the
                  Master Issuer, the Swingline Lender and the L/C Provider and delivered to the Administrative Agent; provided that no consent of the Master Issuer shall be required
                  for an assignment to another Committed Note Purchaser or any Affiliate of a Committed Note Purchaser and its related Conduit Investor or if a Rapid Amortization Event or an Event of Default has occurred and is continuing. For the
                  avoidance of doubt, this Section 9.17(c) is intended to permit and provide for (i) assignments from a Committed Note Purchaser to a Conduit Investor in a different
                  Investor Group and (ii) assignments from a Conduit Investor to a Committed Note Purchaser in a different Investor group, and, in each of (i) and (ii), Exhibit C
                  shall be revised to reflect such assignments.

              
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              (d) Subject to Sections 6.03 and 9.17(f), the Swingline Lender may at any time assign all its rights and obligations hereunder and under the Series 2022-1 Class A-1 Swingline Note, in whole but not in part, with the prior written
                  consent of the Master Issuer and the Administrative Agent, which consent shall not be unreasonably withheld or delayed, to a financial institution pursuant to an agreement with, and in form and substance reasonably satisfactory to, the
                  Administrative Agent and the Master Issuer, whereupon the assignor shall be released from its obligations hereunder; provided that no consent of the Master Issuer
                  shall be required if a Rapid Amortization Event or an Event of Default has occurred and is continuing; provided, further, that the prior written consent of each Funding Agent (other than any Funding Agent with respect to which all of the Committed Note Purchasers in such Funding Agent’s Investor Group are
                  Defaulting Investors), which consent shall not be unreasonably withheld or delayed, shall be required if such financial institution is not a Committed Note Purchaser.

            

          

          
            
              (e) Subject to Sections 6.03 and 9.17(f), the L/C Provider may at any time assign all or any portion of its rights and obligations hereunder and under the Series 2022-1 Class A-1 L/C Note with the prior written consent of the Master
                  Issuer and the Administrative Agent, which consent shall not be unreasonably withheld or delayed, to a financial institution pursuant to an agreement with, and in form and substance reasonably satisfactory to, the Administrative Agent and
                  the Master Issuer, whereupon the assignor shall be released from its obligations hereunder to the extent so assigned; provided that no consent of the Master Issuer
                  shall be required if a Rapid Amortization Event or an Event of Default has occurred and is continuing.

            

          

          
            
              (f) Any assignment of the Series 2022-1 Class A-1 Notes shall be made in accordance with the applicable provisions of the Indenture.

            

          

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

              
                81

                
                  

              

            

          

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

            

          

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

            

          

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

              
                82

                
                  

              

            

          

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

              
                83

                
                  

              

            

          

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

            

          

          
            
              (iv) If the reallocation described in clause (iii) above cannot, or can only partially, be effected, the Master Issuer shall, without prejudice to any right or
                  remedy available to them hereunder or under law, prepay Swingline Loans in an amount equal to the amount that cannot be so reallocated.

            

          

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

            

          

          
            
              Section 9.19 No Fiduciary Duties.  Each of the Manager and the
                  Securitization Entities acknowledge and agree that in connection with the transaction contemplated in this Agreement, or any other services the Lender Parties may be deemed to be providing hereunder, notwithstanding any preexisting
                  relationship, advisory or otherwise, between the parties or any oral representations or assurances previously or subsequently made by the Lender Parties: (a) no fiduciary or agency relationship between any of the Manager, the
                  Securitization Entities and any other person, on the one hand, and the Lender Parties, on the other, exists; (b) the Lender Parties are not acting as advisor, expert or otherwise, to the Manager or the Securitization Entities, and such
                  relationship between any of the Manager or the Securitization Entities, on the one hand, and the Lender Parties, on the other, is entirely and solely commercial, based on arms-length negotiations; (c) any duties and obligations that the
                  Lender Parties may have to the Manager and any of the Securitization Entities shall be limited to those duties and obligations specifically stated herein; (d) the Lender Parties and their respective affiliates may have interests that
                  differ from those of the Manager or any of the Securitization Entities; and (e) the Manager and the Securitization Entities have consulted their own legal and financial advisors to the extent they deemed appropriate. Each of the Manager
                  and the Securitization Entities hereby waive any claims that Manager or the Securitization Entities may have against the Lender Parties with respect to any breach of fiduciary duty in connection with the Series 2021-1 Class A-1 Notes.

              
                84

                
                  

              

            

          

          Section 9.20 Acknowledgement and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Related Document or in any
              other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Related Document, to the extent such liability is unsecured, may be
              subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

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

            

          

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

            

          

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

            

          

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

            

          

          
            
              (iii) the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority.

              
                85

                
                  

              

            

          

          Section 9.21 Patriot Act. In accordance with the USA PATRIOT Act, to help fight the funding of terrorism and money laundering activities, any Lender Party may obtain, verify and record
              information that identifies individuals or entities that establish a relationship with such Lender Party. Such Lender Party may ask for the name, address, tax identification number and other information that will allow it to identify the
              individual or entity who is establishing the relationship or opening the account. Such Lender Party may also ask for formation documents such as articles of incorporation, an offering memorandum, or other identifying documents to be provided.

          

          

          [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

          
            86

            
              

          

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

            
              	 	JACK IN THE BOX FUNDING, LLC,  

                    
	 	as Master Issuer 

                    
	 	 	 
	 	 	 
	 	By: 

                    	/s/ Michael

                        J. Snider 
	 	 

                    	Name: Michael J. Snider 

                    
	 	 

                    	Title: Assistant Secretary 

                    
	 	 	 
	 	 	 
	 	 JACK IN THE BOX INC.

                         
                      as Manager

                         

                    
	 	 	 
	 	 	 
	 	By: 

                    	/s/ Michael J. Snider 
	 	 

                    	Name: Michael J. Snider  
	 	

                    	Title: Assistant Secretary

               

              

               

              

              
                	 	JACK IN THE BOX SPV GUARANTOR, LLC

                         
	 	as Guarantor

                         
	 	 	 
	 	 	 
	 	By: 

                      	/s/ Michael

                          J. Snider 
	 	 

                      	Name: Michael J. Snider 

                      
	 	 

                      	Title: Assistant Secretary 

                      
	 	 	 
	 	 	 
	 	DIFFERENT RULES, LLC

                           
                        as Guarantor

                           

                      
	 	 	 
	 	 	 
	 	By: 

                      	/s/ Michael J. Snider 
	 	 

                      	Name: Michael J. Snider  
	 	

                      	Title: Assistant Secretary

                 

                

                 

                

                Signature Page to Series 2022-1 Class A-1 Note Purchase Agreement

                
                  
                    

                

              

            

            
              	 	JACK IN THE BOX PROPERTIES, LLC

                       
	 	as Guarantor  
	 	 	 
	 	 	 
	 	By: 

                    	/s/ Michael

                        J. Snider 
	 	 

                    	Name: Michael J. Snider 

                    
	 	 

                    	Title: Assistant Secretary 

                    
	 	 	 
	 	 	 
	 	
                      COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH,

                           
                        as Administrative Agent

                           

                      

                    
	 	 	 
	 	 	 
	 	By: 

                    	/s/ Jinyang Wang

                      
	 	 

                    	Name: Jinyang Wang

                      
	 	

                    	Title: Vice President
	 	 	 
	 	 	 
	 	By: 

                    	/s/ Christopher
                        Lew 
	 	 	Name: Christopher Lew 

                    
	 	 	Title: Managing Director 

                    

               

              

               

              

              
                	 	
                        COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH,

                             
                          as L/C Provider

                             

                        

                      
	 	 	 
	 	 	 
	 	By: 

                      	/s/ Jinyang Wang

                        
	 	 

                      	Name: Jinyang Wang

                        
	 	

                      	Title: Vice President
	 	 	 
	 	 	 
	 	By: 

                      	/s/ Christopher
                          Lew 
	 	 	Name: Christopher Lew 

                      
	 	 	Title: Managing Director 

                      

                 

                

                 

                  

                Signature Page to Series 2022-1 Class A-1 Note Purchase Agreement 

                
                  
                    

                

              

            

            	 	
                    COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH,

                         
                      as Swingline Lender

                         

                    

                  
	 	 	 
	 	 	 
	 	By: 

                  	/s/ Jinyang Wang

                    
	 	 

                  	Name: Jinyang Wang

                    
	 	

                  	Title: Vice President
	 	 	 
	 	 	 
	 	By: 

                  	/s/ Christopher
                      Lew 
	 	 	Name: Christopher Lew 

                  
	 	 	Title: Managing Director 

                  

             

            

             

            

            
              	 	
                      COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH,

                           
                        as the Committed Note Purchaser

                           

                      

                    
	 	 	 
	 	 	 
	 	By: 

                    	/s/ Jinyang Wang

                      
	 	 

                    	Name: Jinyang Wang

                      
	 	

                    	Title: Vice President
	 	 	 
	 	 	 
	 	By: 

                    	/s/ Christopher
                        Lew 
	 	 	Name: Christopher Lew 

                    
	 	 	Title: Managing Director 

                    

               

              

               

              

              
                	 	
                        COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH,

                             
                          as the related Funding Agent

                             

                        

                      
	 	 	 
	 	 	 
	 	By: 

                      	/s/ Jinyang Wang

                        
	 	 

                      	Name: Jinyang Wang

                        
	 	

                      	Title: Vice President
	 	 	 
	 	 	 
	 	By: 

                      	/s/ Christopher
                          Lew 
	 	 	Name: Christopher Lew 

                      
	 	

                      	Title: Managing Director

                      

                 

                

                 

                

                Signature Page to Series 2022-1 Class A-1 Note Purchase Agreement

                
                  
                    

                

              

            

            SCHEDULE I TO CLASS A-1

            

             NOTE PURCHASE AGREEMENT

            INVESTOR GROUPS AND COMMITMENTS

            	
                    Investor Group/

                    Funding Agent

                  	
                    Maximum Investor Group

                    Principal Amount

                  	
                    Conduit Lender

                    (if any)

                  	
                    Committed Note

                    Purchaser(s)

                  	
                    Commitment

                    Amount

                  
	
                    Coöperatieve Rabobank U.A.,

                    New York Branch

                  	
                    $150,000,000

                  	
                    N/A

                  	
                    Coöperatieve Rabobank U.A.,

                    New York Branch

                  	
                    $150,000,000

                  

             

            

             

            

             Schedule I-1

            

            
              
                

            

            SCHEDULE II TO CLASS A-1

                NOTE PURCHASE AGREEMENT

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

            

            

            CONDUIT INVESTORS

            N/A

            COMMITTED PURCHASERS

            Coöperatieve Rabobank U.A., New York Branch

            245 Park Avenue

            New York, NY 10167

            Attention:  General Counsel

                

              

            With a copy by e-mail to: tmteam@rabobank.com

            

            

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

            

            

            Susan Williams  

            Assistant Vice President 

            245 Park Avenue, 38th Floor        

            New York, NY 10167       

            Fax:  914.304.9326    

            fm.us.bilateralloansfax@rabobank.com

            

            

            

            

            Schedule II-1

            

            
              
                

            

            

            

            FUNDING AGENTS

            Coöperatieve Rabobank U.A., New York Branch

            245 Park Avenue

            New York, NY 10167

            Attention:  General Counsel

                

              

            With a copy by e-mail to: tmteam@rabobank.com

            

            

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

            

            

            Susan Williams  

            Assistant Vice President 

            245 Park Avenue, 38th Floor        

            New York, NY 10167       

            Fax:  914.304.9326    

            fm.us.bilateralloansfax@rabobank.com

            

            

            ADMINISTRATIVE AGENT

            Coöperatieve Rabobank U.A., New York Branch

            245 Park Avenue

            New York, NY 10167

            Attention:  General Counsel

                

              

            With a copy by e-mail to: tmteam@rabobank.com

            

            

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

            

            

            Susan Williams  

            Assistant Vice President 

            245 Park Avenue, 38th Floor        

            New York, NY 10167       

            Fax:  914.304.9326    

            fm.us.bilateralloansfax@rabobank.com

            

            

             

            

            Schedule II-2

              

            

          

            
            
              
                

            

            

            SWINGLINE LENDER

            Coöperatieve Rabobank U.A., New York Branch

            245 Park Avenue

            New York, NY 10167

            Attention:  General Counsel

                

              

            With a copy by e-mail to: tmteam@rabobank.com

            

            

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

            

            

            Susan Williams  

            Assistant Vice President 

            245 Park Avenue, 38th Floor        

            New York, NY 10167       

            Fax:  914.304.9326    

            fm.us.bilateralloansfax@rabobank.com

            

            

            L/C PROVIDER

            Coöperatieve Rabobank U.A., New York Branch

            245 Park Avenue

            New York, NY 10167

            Attention:  General Counsel

                

              

            With a copy by e-mail to: tmteam@rabobank.com

            

            

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

            

            

            Sandra Rodriguez

            Vice President 

            245 Park Avenue, 38th Floor        

            New York, NY 10167       

            Phone:  212.574.7315

              Fax:  201.499.5479    

            rabonysblc@rabobank.com

            

            

            

            

            Schedule II-3 

            
              
                

            

            MASTER ISSUER

            Jack in the Box Funding, LLC

            9330 Balboa Avenue

            San Diego, California 92123

            Attention: Chief Legal Officer

                

              

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

            

            

            White & Case LLP  

            1221 Avenue of the Americas

            New York, NY 10021

            Attention: David Thatch

            Fax: 212.354.8113

            

            

            MANAGER

            Jack in the Box Inc.

            9330 Balboa Avenue

            San Diego, California 92123

            Attention: Chief Legal Officer

                

              

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

            

            

            White & Case LLP  

            1221 Avenue of the Americas

            New York, NY 10021

            Attention: David Thatch

            Fax: 212.354.8113

             

            

             

            

            Schedule II-4 

            
              
                

            

            SCHEDULE III
                  TO CLASS A-1

                NOTE PURCHASE AGREEMENT

            ADDITIONAL CLOSING CONDITIONS

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

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

            (b) The Lender Parties shall have received evidence satisfactory to the Lender Parties and their counsel, that, on or before the Closing
                Date, all existing Liens (other than Permitted Liens) on the Collateral shall have been released and UCC-1 financing statements and assignments and other instruments required to be filed on or prior to the Closing Date pursuant to the
                Related Documents have been or are being filed.

            (c) Each Lender Party shall have received opinions of counsel, in each case dated as of the Closing Date and addressed to the Lender Parties,
                from White & Case LLP, as counsel to the Master Issuer, the Guarantors, the Manager and the Parent Companies, and such local, franchise, special and foreign counsel as the Administrative Agent shall reasonably request, dated as of the
                Closing Date and addressed to the Lender Parties, with respect to such matters as the Administrative Agent shall reasonably request (including, without limitation, company matters, franchise matters, non-consolidation matters, security
                interest matters relating to the Collateral and no-conflicts matters, “true contribution” matters and, from appropriate special counsel, franchise law matters).

            (c) The Lender Parties shall have received an opinion of Dentons US LLP, counsel to the Trustee, dated the Closing Date and addressed to the
                Lender Parties, in form and substance satisfactory to the Lender Parties and their counsel.

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

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

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

             

              

            Schedule III-1 

            
              
                

            

            (g) The Manager, the Master Issuer and each Guarantor, shall have furnished to the Administrative Agent a certificate, dated as of the
                Closing Date, of the Chief Financial Officer of such entity (or other officers reasonably satisfactory to the Administrative Agent) that such entity will be Solvent immediately after the consummation of the transactions contemplated by this
                Agreement; provided, that, in the case of each Securitization Entity, the liabilities of the other Securitization Entities with respect to debts, liabilities and
                obligations for which such Securitization Entity is jointly and severally liable shall be taken into account.

            (h) None of the transactions contemplated by this Agreement shall be subject to an injunction (temporary or permanent) and no restraining
                order or other injunctive order shall have been issued; and there shall not have been any legal action, order, decree or other administrative proceeding instituted or threatened against the Master Issuer, the Parent Companies, the
                Guarantors or the Lender Parties that would reasonably be expected to adversely impact the issuance of the Series 2022-1 Notes and the Guarantee thereof under the Guarantee and Collateral Agreement or the Lender Parties’ activities in
                connection therewith or any other transactions contemplated by the Related Documents.

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

            (j) The Master Issuer shall have delivered $1,300,000 of the Series 2022-1 Class A-2 Notes to the Initial Purchasers on the Closing Date.

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

            
              
                

            

            (l) On or prior to the Closing Date, the Master Issuer shall have paid to the Administrative Agent (i) the Upfront Commitment Fee (under and
                as defined in the Series 2022-1 Class A-1 VFN Fee Letter) and (ii) the initial installment of Administrative Agent Fees Fee (under and as defined in the Series 2022-1 Class A-1 VFN Fee Letter).

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

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

            For purposes of this Schedule

                  III, “Parent Companies” shall have the meaning ascribed to such term in the Series 2022-1 Class A-2 Note Purchase Agreement.

            
              
                

            

            
              SCHEDULE IV TO CLASS A-1

                  NOTE PURCHASE AGREEMENT

              Letters of Credit

              	
                      Applicant

                    	
                      Beneficiary

                    	
                      Facility Maturity

                    	
                      LC Effective  Date

                    	
                      LC Expiry Date

                    	
                      Face Amount

                    
	
                      Jack in the Box

                      Funding LLC

                    	
                      Citibank N.A

                    	
                      2/25/2027

                    	
                      7/08/19

                    	
                      07/08/22

                    	
                      $20,705,861.25

                    
	
                      Jack in the Box

                      Funding LLC

                    	
                      ACE American Insurance Company

                        ACE Fire Underwriters Insurance Company

                        ACE Indemnity Insurance Company

                        ACE Insurance Company of the Midwest

                        ACE Property and Casualty Insurance Company

                        Agri General Insurance Company

                        Atlantic Employers Insurance Company

                        Bankers Standard Insurance Company

                        Illinois Union Insurance Company

                        Indemnity Insurance Company of North America

                        Insurance Company of North America

                        Pacific Employers Insurance Company

                        Chubb Insurance Company of Canada

                        Westchester Fire Insurance Company

                        Westchester Surplus Lines Insurance Company

                        ACE INA Overseas Insurance Company LTD

                    	
                      2/25/2027

                    	
                      07/08/19

                    	
                      07/08/22

                    	
                      $20,791,290.00

                    
	
                      Jack in the Box

                      Funding LLC

                    	
                      America Casualty Company

                    	
                      2/25/2027

                    	
                      07/08/19

                    	
                      07/08/22

                    	
                      $494,000.00

                    

               

              

               

              

              Schedule IV-1 

              
                
                  

              

              
              EXHIBIT A-1 TO CLASS A-1

                  NOTE PURCHASE AGREEMENT

              ADVANCE REQUEST

                    

                  JACK IN THE BOX FUNDING, LLC

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

              TO:

                

                

                COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, as Administrative Agent

              

                

                Ladies and Gentlemen:

              This Advance Request is delivered to you pursuant to Section 2.03 of that certain Series 2022-1 Class A-1 Note Purchase Agreement, dated as of February 11, 2022 (as amended, supplemented, amended and restated or otherwise modified from time to time, the “Series 2022-1 Class A-1 Note Purchase Agreement”), by and among Jack in the Box Funding, LLC, as Master Issuer, Jack in the Box SPV Guarantor, LLC, Different Rules, LLC and
                Jack in the Box Properties, LLC, each as a Guarantor, Jack in the Box Inc., as Manager, the Conduit Investors, Committed Note Purchasers and Funding Agents named therein, the L/C Provider and Swingline Lender named therein, and Coöperatieve
                Rabobank U.A., New York Branch, as Administrative Agent (in such capacity, the “Administrative Agent”).

              

              

              Unless otherwise defined herein or as the context otherwise requires, terms used herein
                have the meaning assigned thereto under or as provided in the Recitals and Section 1.01 of the Series 2022-1 Class A-1 Note Purchase Agreement.

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

              [IF THE
                    MASTER ISSUER IS ELECTING EURODOLLAR RATE FOR THESE ADVANCES ON THE DATE MADE IN ACCORDANCE WITH SECTION 3.01(b) OF THE CLASS A-1 NOTE PURCHASE AGREEMENT, ADD THE FOLLOWING SENTENCE: The undersigned hereby elects that the Advances that
                    are not funded at the CP Rate by an Eligible Conduit Investor shall be Eurodollar Advances and the related Eurodollar Interest Accrual Period shall commence on the date of such Eurodollar Advances and end on but excluding the date [one
                    month subsequent to such date] [two months subsequent to such date] [three months subsequent to such date] [six months subsequent to such date].]

              The undersigned hereby acknowledges that the delivery of this Advance Request and the
                acceptance by the undersigned of the proceeds of the Advances requested hereby constitute a representation and warranty by the undersigned that, on the date of such Advances, and before and after giving effect thereto and to the application
                of the proceeds therefrom, all conditions set forth in Section 7.03 of the Series 2022-1 Class A-1 Note Purchase Agreement have been satisfied and all statements set
                forth in Section 6.01 of the Series 2022-1 Class A-1 Note Purchase Agreement are true and correct.

              
                A-1

                
                  

              

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

              Please wire transfer the proceeds of the Advances, first, $[
                ] to the Swingline Lender and $[ ] to the L/C Provider for application to repayment of outstanding Swingline Loans and Unreimbursed L/C Drawings, as applicable, and, second, pursuant to the following instructions:

              [insert payment instructions]

              
                A-2

                
                  

              

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

                    

                    

                  

                	 	
                        JACK IN THE BOX INC.,
                          as Manager on behalf of the Master Issuer  

                        

                      
	 	 	 
	 	 	 
	 	By: 

                      	

                        
	 	 

                      	Name:

                        
	 	

                      	Title:

                

                

                
                  A-3

                  
                    

                

                 

              

              EXHIBIT A-2 TO CLASS A-1

                  NOTE PURCHASE AGREEMENT

              SWINGLINE LOAN REQUEST

              JACK IN THE BOX FUNDING, LLC

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

              TO:

              COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, as Swingline Lender

              

              

              Ladies and Gentlemen:

              This Swingline Loan Request is delivered to you pursuant to Section 2.06 of that certain Series 2022-1 Class A-1 Note Purchase Agreement, dated as of February 11, 2022 (as amended, supplemented, amended and restated or otherwise modified from time to
                time, the “Series 2022-1 Class A-1 Note Purchase Agreement”), by and among Jack in the Box Funding, LLC, as Master Issuer, Jack in the Box SPV Guarantor, LLC,
                Different Rules, LLC and Jack in the Box Properties, LLC, each as a Guarantor, Jack in the Box Inc., as Manager, the Conduit Investors, Committed Note Purchasers and Funding Agents named therein, the L/C Provider named therein, COÖPERATIEVE
                RABOBANK U.A., NEW YORK BRANCH, as Swingline Lender (in such capacity, the “Swingline Lender”) and Coöperatieve Rabobank U.A., New York Branch, as Administrative Agent
                (in such capacity, the “Administrative Agent”).

              Unless otherwise defined herein or as the context otherwise requires, terms used herein
                have the meaning assigned thereto under or as provided in the Recitals and Section 1.01 of the Series 2022-1 Class A-1 Note Purchase Agreement.

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

              The undersigned hereby acknowledges that the delivery of this Swingline Loan Request and
                the acceptance by the undersigned of the proceeds of the Swingline Loans requested hereby constitute a representation and warranty by the undersigned that, on the date of such Advances, and before and after giving effect thereto and to the
                application of the proceeds therefrom, all conditions set forth in Section 7.03 of the Series 2022-1 Class A-1 Note Purchase Agreement have been satisfied and all
                statements set forth in Section 6.01 of the Series 2022-1 Class A-1 Note Purchase Agreement are true and correct.

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

              
                A-1-1

                
                  

              

              Please wire transfer the proceeds of the Swingline Loans pursuant to the following
                instructions:

              [insert payment instructions]

              
                A-1-2

                
                  

              

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

              
                 

                

                	 	
                        JACK IN THE BOX INC.,
                          as Manager on behalf of the Master Issuer  

                        

                      
	 	 	 
	 	 	 
	 	By: 

                      	

                        
	 	 

                      	Name:

                        
	 	

                      	Title:

                 

                

                
                  A-2-1

                  
                    

                

                 

              

              EXHIBIT B TO CLASS A-1

                  NOTE PURCHASE AGREEMENT

              ASSIGNMENT AND ASSUMPTION AGREEMENT, dated as of [  ], by and among [____________] (the “Transferor”), each purchaser
                  listed as an Acquiring Committed Note Purchaser on the signature pages hereof (each, an “Acquiring Committed Note Purchaser”), the Funding Agent with respect to such
                  Acquiring Committed Note Purchaser listed on the signature pages hereof (each, a “Funding Agent”), and the Master Issuer, Swingline Lender and L/C Provider listed on
                  the signature pages hereof.

              W I T N E S S E T H:

              WHEREAS, this Assignment and Assumption Agreement is being executed and delivered in
                accordance with Section 9.17(a) of the Series 2022-1 Class A-1 Note Purchase Agreement, dated as of February 11, 2022 (as from time to time amended, supplemented or
                otherwise modified in accordance with the terms thereof, the “Series 2022-1 Class A-1 Note  Purchase Agreement”; terms used but not otherwise defined herein having the
                meanings ascribed to such terms therein), by and among the Master Issuer, the Guarantors, the Manager, the Conduit Investors, Committed Note Purchasers and Funding Agents named therein, the L/C Provider and Swingline Lender named therein,
                Jack in the Box Inc., as Manager, and Coöperatieve Rabobank U.A., New York Branch, as Administrative Agent (in such capacity, the “Administrative Agent”);

              WHEREAS, each Acquiring Committed Note Purchaser (if it is not already an existing
                Committed Note Purchaser) wishes to become a Committed Note Purchaser party to the Series 2022-1 Class A-1 Note Purchase Agreement; and

              WHEREAS, the Transferor is selling and assigning to each Acquiring Committed Note
                Purchaser, [all] [a portion of] its rights, obligations and commitments under the Series 2022-1 Class A-1 Note Purchase Agreement, the Series 2022-1 Class A-1 Advance Notes and each other Related Document to which it is a party with respect
                to the percentage of its Commitment Amount specified on Schedule I attached hereto;

              NOW, THEREFORE, the parties hereto hereby agree as follows:

              Upon the execution and delivery of this Assignment and Assumption Agreement by each
                Acquiring Committed Note Purchaser, each related Funding Agent, the Transferor, the Swingline Lender, the L/C Provider and, to the extent required by Section 9.17(a)
                of the Series 2022-1 Class A-1 Note Purchase Agreement, the Master Issuer (the date of such execution and delivery, the “Transfer Issuance Date”), each Acquiring
                Committed Note Purchaser shall be a Committed Note Purchaser party to the Series 2022-1 Class A-1 Note Purchase Agreement for all purposes thereof.

              The Transferor acknowledges receipt from each Acquiring Committed Note Purchaser of an
                amount equal to the purchase price, as agreed between the Transferor and such Acquiring Committed Note Purchaser (the “Purchase Price”), of the portion being purchased
                by such Acquiring Committed Note Purchaser (such Acquiring Committed Note Purchaser’s “Purchased Percentage”) of (i) the Transferor’s Commitment under the Series
                2022-1 Class A-1 Note Purchase Agreement and (ii) the Transferor’s Committed Note Purchaser Percentage of the related Investor Group Principal Amount. The Transferor hereby irrevocably sells, assigns and transfers to each Acquiring
                Committed Note Purchaser, without recourse, representation or warranty, and each Acquiring Committed Note Purchaser hereby irrevocably purchases, takes and assumes from the Transferor, such Acquiring Committed Note Purchaser’s Purchased
                Percentage of (x) the Transferor’s Commitment under the Series 2022-1 Class A-1 Note Purchase Agreement and (y) the Transferor’s Committed Note Purchaser Percentage of the related Investor Group Principal Amount.

              
                B-1

                
                  

              

              The Transferor has made arrangements with each Acquiring Committed Note Purchaser with
                respect to (i) the portion, if any, to be paid, and the date or dates for payment, by the Transferor to such Acquiring Committed Note Purchaser of any program fees, undrawn facility fee, structuring and commitment fees or other fees
                (collectively, the “Fees”) [heretofore received] by the Transferor pursuant to Section 3.02 of
                the Series 2022-1 Class A-1 Note Purchase Agreement prior to the Transfer Issuance Date [and (ii) the portion, if any, to be paid, and the date or dates for payment, by such Acquiring Committed Note Purchaser to the Transferor of Fees or
                [__________] received by such Acquiring Committed Note Purchaser pursuant to the Series 2022-1 Supplement from and after the Transfer Issuance Date].

              From and after the Transfer Issuance Date, amounts that would otherwise be payable to or
                for the account of the Transferor pursuant to the Series 2022-1 Supplement or the Series 2022-1 Class A-1 Note Purchase Agreement shall, instead, be payable to or for the account of the Transferor and the Acquiring Committed Note
                Purchasers, as the case may be, in accordance with their respective interests as reflected in this Assignment and Assumption Agreement, whether such amounts have accrued prior to the Transfer Issuance Date or accrue subsequent to the
                Transfer Issuance Date.

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

              
                B-2

                
                  

              

              By executing and delivering this Assignment and Assumption Agreement, the Transferor and
                each Acquiring Committed Note Purchaser confirm to and agree with each other and the other parties to the Series 2022-1 Class A-1 Note Purchase Agreement as follows: (i) other than the representation and warranty that it is the legal and
                beneficial owner of the interest being assigned hereby free and clear of any adverse claim, the Transferor makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made
                in or in connection with the Series 2022-1 Supplement, the Series 2022-1 Class A-1 Note Purchase Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Indenture, the Series 2022-1 Class A-1
                Notes, the Related Documents or any instrument or document furnished pursuant thereto; (ii) the Transferor makes no representation or warranty and assumes no responsibility with respect to the financial condition of the Master Issuer or the
                performance or observance by the Master Issuer of any of the Master Issuer’s obligations under the Indenture, the Series 2022-1 Class A-1 Note Purchase Agreement, the Related Documents or any other instrument or document furnished pursuant
                hereto; (iii) each Acquiring Committed Note Purchaser confirms that it has received a copy of the Indenture, the Series 2022-1 Class A-1 Note Purchase Agreement and such other Related Documents and other documents and information as it has
                deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption Agreement; (iv) each Acquiring Committed Note Purchaser will, independently and without reliance upon the Administrative Agent, the
                Transferor, the Funding Agent or any other Investor Group and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Series 2022-1
                Class A-1 Note Purchase Agreement; (v) each Acquiring Committed Note Purchaser appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under the Series 2022-1 Class A-1 Note
                Purchase Agreement as are delegated to the Administrative Agent by the terms thereof, together with such powers as are reasonably incidental thereto, all in accordance with Article
                    V of the Series 2022-1 Class A-1 Note Purchase Agreement; (vi) each Acquiring Committed Note Purchaser appoints and authorizes its related Funding Agent to take such action as agent on its behalf and to exercise such powers
                under the Series 2022-1 Class A-1 Note Purchase Agreement as are delegated to such Funding Agent by the terms thereof, together with such powers as are reasonably incidental thereto, all in accordance with Article V of the Series 2022-1 Class A-1 Note Purchase Agreement; (vii) each Acquiring Committed Note Purchaser agrees that it will perform in accordance with their terms all of the obligations that
                by the terms of the Series 2022-1 Class A-1 Note Purchase Agreement are required to be performed by it as an Acquiring Committed Note Purchaser; and (viii) each Acquiring Committed Note Purchaser hereby represents and warrants to the Master
                Issuer and the Manager that: (A) it has had an opportunity to discuss the Master Issuer’s and the Manager’s business, management and financial affairs, and the terms and conditions of the proposed purchase, with the Master Issuer and the
                Manager and their respective representatives; (B) it is a “qualified institutional buyer” within the meaning of Rule 144A under the 1933 Act and otherwise meets the criteria in Section
                    6.03(b) of the Series 2022-1 Class A-1 Note Purchase Agreement and has sufficient knowledge and experience in financial and business matters to be capable of evaluating the merits and risks of investing in, and is able and
                prepared to bear the economic risk of investing in, the Series 2022-1 Class A-1 Notes; (C) it is purchasing the Series 2022-1 Class A-1 Notes for its own account, or for the account of one or more “qualified institutional buyers” within the
                meaning of Rule 144A under the 1933 Act that meet the criteria described in clause (viii)(B) above and for which it is acting with complete investment discretion, for
                investment purposes only and not with a view to distribution, subject, nevertheless, to the understanding that the disposition of its property shall at all times be and remain within its control, and neither it nor its Affiliates has
                engaged in any general solicitation or general advertising within the meaning of the 1933 Act with respect to the Series 2022-1 Class A-1 Notes; (D) it understands that (I) the Series 2022-1 Class A-1 Notes have not been and will not be
                registered or qualified under the 1933 Act or any applicable state securities laws or the securities laws of any other jurisdiction and are being offered only in a transaction not involving any public offering within the meaning of the 1933
                Act and may not be resold or otherwise transferred unless so registered or qualified or unless an exemption from registration or qualification is available and an opinion of counsel shall have been delivered in advance to the Master Issuer,
                (II) the Master Issuer is not required to register the Series 2022-1 Class A-1 Notes, (III) any permitted transferee hereunder must be a “qualified institutional buyer” within the meaning of Rule 144A under the 1933 Act and must otherwise
                meet the criteria described under clause (viii)(B) above and (IV) any transfer must comply with the provisions of Section 2.08 of the Base Indenture, Section 4.03 of
                the Series 2022-1 Supplement and Sections 9.03 or 9.17, as applicable, of the Series 2022-1 Class A-1 Note Purchase Agreement; (E) it will comply with the requirements of clause
                    (viii)(D) above in connection with any transfer by it of the Series 2022-1 Class A-1 Notes; (F) it understands that the Series 2022-1 Class A-1 Notes will bear the legend set out in the form of Series 2022-1 Class A-1 Notes
                attached to the Series 2022-1 Supplement and be subject to the restrictions on transfer described in such legend; (G) it will obtain for the benefit of the Master Issuer from any purchaser of the Series 2022-1 Class A-1 Notes substantially
                the same representations and warranties contained in the foregoing paragraphs; and (H) it has executed a Purchaser’s Letter substantially in the form of Exhibit D to
                the Series 2022-1 Class A-1 Note Purchase Agreement.

              
                B-3

                
                  

              

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

              This Assignment and Assumption Agreement and all matters arising under or in any manner
                relating to this Assignment and Assumption Agreement shall be governed by, and construed in accordance with, the laws of the State of New York without giving effect to any choice of law or conflict provision or rule (whether of the State of
                New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York), and the obligations, rights and remedies of the parties hereto shall be determined in accordance with
                such law.

              
                B-4

                
                  

              

              ALL PARTIES HEREUNDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHTS
                THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON OR ON THE SERIES 2022-1 CLASS A-1 NOTE PURCHASE AGREEMENT, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS ASSIGNMENT AND ASSUMPTION AGREEMENT OR THE SERIES
                2022-1 CLASS A-1 NOTE PURCHASE AGREEMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE PARTIES IN CONNECTION HEREWITH OR THEREWITH. ALL PARTIES ACKNOWLEDGE AND AGREE THAT THEY HAVE
                RECEIVED FULL AND SIGNIFICANT CONSIDERATION FOR THIS PROVISION AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR ALL PARTIES TO ENTER INTO THIS ASSIGNMENT AND ASSUMPTION AGREEMENT.

              
                B-5

                
                  

              

              

              

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

              
                	 	
                        [  ], as
                              Transferor 

                            

                        

                      
	 	 	 
	 	 	 
	 	By: 

                      	

                        
	 	 

                      	Name:

                        
	 	

                      	Title:

              

              

                	 	By: 

                      	

                        
	 	 

                      	Name:

                        
	 	

                      	Title:

                 

                

                 

                

                
                  	 	
                          [ 
                                ], as Acquiring Committed Note Purchaser

                                  

                        
	 	 	 
	 	 	 
	 	By: 

                        	

                          
	 	 

                        	Name:

                          
	 	

                        	Title:

                   

                  

                

              

              

                	 	
                        [  ], as
                              Funding Agent 

                      
	 	 	 
	 	 	 
	 	By: 

                      	

                        
	 	 

                      	Name:

                        
	 	

                      	Title:

              

              

              
              
                B-6

                
                  

              

              

              	 	
                      CONSENTED AND ACKNOWLEDGED

                      BY THE MASTER ISSUER:  

                       
	 	 
	 	JACK IN THE BOX FUNDING, LLC, 

                        as Master Issuer 

                    
	 	 	 
	 	 	 
	 	By: 

                    	

                      
	 	 

                    	Name:

                      
	 	

                    	Title:

              

              

              
                B-7

                
                  

              

              

              	 	CONSENTED BY: 

                    
	 	 
	 	COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH,  
	 	as Swingline Lender
	 	 	 
	 	 	 
	 	By: 

                    	

                       
	 	 

                    	Name: 

                    
	 	 

                    	Title: 

                    
	 	 	 
	 	 	 
	 	
                      COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, 

                      as L/C Provider

                           

                    
	 	 	 
	 	 	 
	 	By: 

                    	

                      
	 	 

                    	Name:

                      
	 	

                    	Title:
	 	 	 
	 	 	 
	 	By: 

                    	

                       
	 	 	Name: 

                    
	 	 	Title: 

                    

               

              

               

              

              
                B-8

                
                  

              

              
            

          

        

      

    

  

  

  SCHEDULE I TO

    ASSIGNMENT AND ASSUMPTION AGREEMENT

  LIST OF ADDRESSES FOR NOTICES

    AND OF COMMITMENT AMOUNTS

  

  

  
    [____________________],

    as Transferor

    

    Prior Commitment Amount: $[     ]

    Revised Commitment Amount: $[     ]

    Prior Maximum Investor Group

    Principal Amount: $[     ]

    Revised Maximum Investor

    Group Principal Amount: $[     ]

    Related Conduit Investor (if applicable) [     ]

    [________________________________]

    

      

  

  Acquiring
      Committed Note Purchaser Address:

    

      Attention:

  Telephone:

  Facsimile:

  Purchased Percentage of

    Transferor’s Commitment: [      ]%

  Prior Commitment Amount: $[     ]

  Revised Commitment Amount: $[     ]

  Prior Maximum Investor Group

  Principal Amount: $[     ]

  Revised Maximum Investor

  
    B-9

    
      

  

  Group Principal Amount: $[     ]

  Related Conduit Investor

  (if applicable) [     ]

  

  

  [_____________________], as

  related Funding Agent

  

  

  Address:

  Attention:

  Telephone:

  Facsimile:

  

  

  
    B-10

    
      

  

  
  

  

  EXHIBIT C TO CLASS A-1

    NOTE PURCHASE AGREEMENT

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

  W I T N E S S E T H:

  WHEREAS, this Investor Group Supplement is being executed and delivered in accordance with
    Section 9.17(c) of the Series 2022-1 Class A-1 Note Purchase Agreement, dated as of February 11, 2022 (as from time to time amended, supplemented or otherwise modified in
    accordance with the terms thereof, the “Series 2022-1 Class A-1 Note Purchase Agreement”; terms used but not otherwise defined herein having the meanings ascribed to such
    terms therein), by and among the Master Issuer, the Guarantors, the Manager, the Conduit Investors, Committed Note Purchasers and Funding Agents named therein, the L/C Provider and Swingline Lender named therein, Jack in the Box Inc., as Manager, and
    Coöperatieve Rabobank U.A., New York Branch, as Administrative Agent (in such capacity, the “Administrative Agent”);

  WHEREAS, the Acquiring Investor Group wishes to become a Conduit Investor and [a]
    Committed Note Purchaser[s] with respect to such Conduit Investor under the Series 2022-1 Class A-1 Note Purchase Agreement; and

  WHEREAS, the Transferor Investor Group is selling and assigning to the Acquiring Investor
    Group [all] [a portion of] its respective rights, obligations and commitments under the Series 2022-1 Class A-1 Note Purchase Agreement, the Series 2022-1 Class A-1 Advance Notes and each other Related Document to which it is a party with respect to
    the percentage of its Commitment Amount specified on Schedule I attached hereto;

  NOW, THEREFORE, the parties hereto hereby agree as follows:

  Upon the execution and delivery of this Investor Group Supplement by the Acquiring
    Investor Group, each related Funding Agent with respect thereto, the Transferor Investor Group, the Swingline Lender, the L/C Provider and, to the extent required by Section
        9.17(c) of the Series 2022-1 Class A-1 Note Purchase Agreement (the date of such execution and delivery, the “Transfer Issuance Date”), the Master Issuer,
    the Conduit Investor and the Committed Note Purchaser[s] with respect to the Acquiring Investor Group shall be parties to the Series 2022-1 Class A-1 Note Purchase Agreement for all purposes thereof.

  The Transferor Investor Group acknowledges receipt from the Acquiring Investor Group of an
    amount equal to the purchase price, as agreed between the Transferor Investor Group and the Acquiring Investor Group (the “Purchase Price”), of the portion being
    purchased by the Acquiring Investor Group (the Acquiring Investor Group’s “Purchased Percentage”) of (i) the aggregate Commitment[s] of the Committed Note Purchaser[s]
    included in the Transferor Investor Group under the Series 2022-1 Class A-1 Note Purchase Agreement and (ii) the aggregate related Committed Note Purchaser Percentage[s] of the related Investor Group Principal Amount. The Transferor Investor Group
    hereby irrevocably sells, assigns and transfers to the Acquiring Investor Group, without recourse, representation or warranty, and the Acquiring Investor Group hereby irrevocably purchases, takes and assumes from the Transferor Investor Group, such
    Acquiring Investor Group’s Purchased Percentage of (x) the aggregate Commitment[s] of the Committed Note Purchaser[s] included in the Transferor Investor Group under the Series 2022-1 Class A-1 Note Purchase Agreement and (y) the aggregate related
    Committed Note Purchaser Percentage[s] of the related Investor Group Principal Amount.

  
    C-1

    
      

  

  The Transferor Investor Group has made arrangements with the Acquiring Investor Group with
    respect to (i) the portion, if any, to be paid, and the date or dates for payment, by the Transferor Investor Group to such Acquiring Investor Group of any program fees, undrawn facility fee, structuring and commitment fees or other fees (collectively,
    the “Fees”) [heretofore received] by the Transferor Investor Group pursuant to Section 3.02
    of the Series 2022-1 Class A-1 Note Purchase Agreement prior to the Transfer Issuance Date [and (ii) the portion, if any, to be paid, and the date or dates for payment, by such Acquiring Investor Group to the Transferor Investor Group of Fees or
    [_______] received by such Acquiring Investor Group pursuant to the Series 2022-1 Supplement from and after the Transfer Issuance Date].

  From and after the Transfer Issuance Date, amounts that would otherwise be payable to or
    for the account of the Transferor Investor Group pursuant to the Series 2022-1 Supplement or the Series 2022-1 Class A-1 Note Purchase Agreement shall, instead, be payable to or for the account of the Transferor Investor Group and the Acquiring
    Investor Group, as the case may be, in accordance with their respective interests as reflected in this Investor Group Supplement, whether such amounts have accrued prior to the Transfer Issuance Date or accrue subsequent to the Transfer Issuance Date.

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

  The Acquiring Investor Group has executed and delivered to the Administrative Agent a
    Purchaser’s Letter substantially in the form of Exhibit D to the Series 2022-1 Class A-1 Note Purchase Agreement.

  
    C-2

    
      

  

  By executing and delivering this Investor Group Supplement, the Transferor Investor Group
    and the Acquiring Investor Group confirm to and agree with each other and the other parties to the Series 2022-1 Class A-1 Note Purchase Agreement as follows: (i) other than the representation and warranty that it is the legal and beneficial owner of
    the interest being assigned hereby free and clear of any adverse claim, the Transferor Investor Group makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in
    connection with the Series 2022-1 Supplement, the Series 2022-1 Class A-1 Note Purchase Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Indenture, the Series 2022-1 Class A-1 Notes, the Related
    Documents or any instrument or document furnished pursuant thereto; (ii) the Transferor Investor Group makes no representation or warranty and assumes no responsibility with respect to the financial condition of the Master Issuer or the performance or
    observance by the Master Issuer of any of the Master Issuer’s obligations under the Indenture, the Series 2022-1 Class A-1 Note Purchase Agreement, the Related Documents or any other instrument or document furnished pursuant hereto; (iii) the Acquiring
    Investor Group confirms that it has received a copy of the Indenture, the Series 2022-1 Class A-1 Note Purchase Agreement and such other Related Documents and other documents and information as it has deemed appropriate to make its own credit analysis
    and decision to enter into this Investor Group Supplement; (iv) the Acquiring Investor Group will, independently and without reliance upon the Administrative Agent, the Transferor Investor Group, the Funding Agents or any other Person and based on such
    documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Series 2022-1 Class A-1 Note Purchase Agreement; (v) the Acquiring Investor Group appoints and
    authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under the Series 2022-1 Class A-1 Note Purchase Agreement as are delegated to the Administrative Agent by the terms thereof, together with such
    powers as are reasonably incidental thereto, all in accordance with Article V of the Series 2022-1 Class A-1 Note Purchase Agreement; (vi) each member of the Acquiring
    Investor Group appoints and authorizes its related Funding Agent, listed on Schedule I hereto, to take such action as agent on its behalf and to exercise such powers
    under the Series 2022-1 Class A-1 Note Purchase Agreement as are delegated to such Funding Agent by the terms thereof, together with such powers as are reasonably incidental thereto, all in accordance with Article V of the Series 2022-1 Class A-1 Note Purchase Agreement; (vii) each member of the Acquiring Investor Group agrees that it will perform in accordance with their terms all of the obligations that by the
    terms of the Series 2022-1 Class A-1 Note Purchase Agreement are required to be performed by it as a member of the Acquiring Investor Group; and (viii) each member of the Acquiring Investor Group hereby represents and warrants to the Master Issuer and
    the Manager that: (A) it has had an opportunity to discuss the Master Issuer’s and the Manager’s business, management and financial affairs, and the terms and conditions of the proposed purchase, with the Master Issuer and the Manager and their
    respective representatives; (B) it is a “qualified institutional buyer” within the meaning of Rule 144A under the 1933 Act and has sufficient knowledge and experience in financial and business matters to be capable of evaluating the merits and risks of
    investing in, and is able and prepared to bear the economic risk of investing in, the Series 2022-1 Class A-1 Notes; (C) it is purchasing the Series 2022-1 Class A-1 Notes for its own account, or for the account of one or more “qualified institutional
    buyers” within the meaning of Rule 144A under the 1933 Act that meet the criteria described in clause (viii)(B) above and for which it is acting with complete investment
    discretion, for investment purposes only and not with a view to distribution, subject, nevertheless, to the understanding that the disposition of its property shall at all times be and remain within its control, and neither it nor its Affiliates has
    engaged in any general solicitation or general advertising within the meaning of the 1933 Act with respect to the Series 2022-1 Class A-1 Notes; (D) it understands that (I) the Series 2022-1 Class A-1 Notes have not been and will not be registered or
    qualified under the 1933 Act or any applicable state securities laws or the securities laws of any other jurisdiction and are being offered only in a transaction not involving any public offering within the meaning of the 1933 Act and may not be resold
    or otherwise transferred unless so registered or qualified or unless an exemption from registration or qualification is available and an opinion of counsel shall have been delivered in advance to the Master Issuer, (II) the Master Issuer is not
    required to register the Series 2022-1 Class A-1 Notes, (III) any permitted transferee hereunder must meet the criteria described under clause (viii)(B) above and (IV)
    any transfer must comply with the provisions of Section 2.08 of the Base Indenture, Section 4.03 of the Series 2022-1 Supplement and Sections 9.03 or 9.17, as applicable, of the Series 2022-1 Class A-1 Note Purchase Agreement; (E) it will comply with
    the requirements of clause (viii)(D) above in connection with any transfer by it of the Series 2022-1 Class A-1 Notes; (F) it understands that the Series 2022-1 Class
    A-1 Notes will bear the legend set out in the form of Series 2022-1 Class A-1 Notes attached to the Series 2022-1 Supplement and be subject to the restrictions on transfer described in such legend; (G) it will obtain for the benefit of the Master
    Issuer from any purchaser of the Series 2022-1 Class A-1 Notes substantially the same representations and warranties contained in the foregoing paragraphs; and (H) it has executed a Purchaser’s Letter substantially in the form of Exhibit D to the Series 2022-1 Class A-1 Note Purchase Agreement.

  
    C-3

    
      

  

  
  Schedule I hereto sets forth (i) the Purchased Percentage for the Acquiring Investor Group, (ii) the revised Commitment Amounts of the Transferor Investor Group and the Acquiring Investor Group, and (iii) the revised Maximum Investor
      Group Principal Amounts for the Transferor Investor Group and the Acquiring Investor Group and (iv) administrative information with respect to the Acquiring Investor Group and its related Funding Agent.

  This Investor Group Supplement and all matters arising under or in any manner relating to
    this Investor Group Supplement shall be governed by, and construed in accordance with, the laws of the State of New York without giving effect to any choice of law or conflict provision or rule (whether of the State of New York or any other
    jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York, and the obligations, rights and remedies of the parties hereto shall be determined in accordance with such law.

  ALL PARTIES HEREUNDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHTS
    THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON OR ON THE SERIES 2022-1 CLASS A-1 NOTE PURCHASE AGREEMENT, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS INVESTOR GROUP SUPPLEMENT OR THE SERIES 2022-1 CLASS A-1 NOTE
    PURCHASE AGREEMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE PARTIES IN CONNECTION HEREWITH OR THEREWITH. ALL PARTIES ACKNOWLEDGE AND AGREE THAT THEY HAVE RECEIVED FULL AND SIGNIFICANT
    CONSIDERATION FOR THIS PROVISION AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR ALL PARTIES TO ENTER INTO THIS INVESTOR GROUP SUPPLEMENT.

  
    C-4

    
      

  

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

  
    	 	
            [  ], as Transferor  r Investor Group

                

            

          
	 	 	 
	 	 	 
	 	By: 

          	

            
	 	 

          	Name:

            
	 	

          	Title:

    
      

         

        

        
          	 	
                  [  ], as
                        Acquiring Investor Group

                          

                
	 	 	 
	 	 	 
	 	By: 

                	

                  
	 	 

                	Name:

                  
	 	

                	Title:

           

          

        

      

      

        	 	
                [  ], as Funding
                      Agent 

              
	 	 	 
	 	 	 
	 	By: 

              	

                
	 	 

              	Name:

                
	 	

              	Title:

      

      

       

    
      C-5

      
        

    

  

  

  	 	
          CONSENTED AND

          ACKNOWLEDGED

          BY THE MASTER ISSUER:  

           
	 	 
	 	JACK IN THE BOX FUNDING, LLC, 

            as Master Issuer 

        
	 	 	 
	 	 	 
	 	By: 

        	

          
	 	 

        	Name:

          
	 	

        	Title:

  

  

  
    C-6

    
      

  

   

    	 	CONSENTED BY: 

          
	 	 
	 	COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH,  
	 	as Swingline Lender
	 	 	 
	 	 	 
	 	By: 

          	

          
	 	 

          	Name: 

          
	 	 

          	Title: 

          
	 	 	 
	 	 	 
	 	By: 

          	 
	 	 	Name: 

          
	 	 	Title: 

          
	 	 	 
	 	 	 
	 	
            COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, 

            as L/C Provider

                 

          
	 	 	 
	 	 	 
	 	By: 

          	

            
	 	 

          	Name:

            
	 	

          	Title:
	 	 	 
	 	 	 
	 	By: 

          	

          
	 	 	Name: 

          
	 	 	Title: 

          

     

    

    
      C-7

      
        

    

  

  

  SCHEDULE I TO

    INVESTOR GROUP SUPPLEMENT

  

    

    LIST OF ADDRESSES FOR NOTICES

  AND OF COMMITMENT AMOUNTS

  

    

    [____________________], as

    Transferor Investor Group

  Prior Commitment Amount: $[     ]

  Revised Commitment Amount: $[     ]

  Prior Maximum Investor Group

  Principal Amount: $[     ]

  Revised Maximum Investor

  Group Principal Amount: $[     ]

  

    

    [_______________________], as

    Acquiring Investor Group

  

    Address:

  Attention:

  Telephone:

  Facsimile:

  

    

    Purchased Percentage of

    Transferor Investor Group’s Commitment: [_______]%

  Prior Commitment Amount: $[________]

  Revised Commitment Amount: $[______]

  Prior Maximum Investor Group

  
    C-8

    
      

  

  Principal Amount: $[________]

  Revised Maximum Investor

  Group Principal Amount: $[_______]

  

    

    [_________________________________], as

    related Funding Agent

  

    

    Address:  Attention:

  Telephone:

  Facsimile:

  
    C-9

    
      

  

  
  EXHIBIT D TO CLASS A-1

    NOTE PURCHASE AGREEMENT

  [FORM OF PURCHASER’S LETTER]

  [INVESTOR]

    [INVESTOR ADDRESS]

    Attention: [INVESTOR CONTACT]                    [Date]

  

    Ladies and Gentlemen:

  Reference is hereby made to the Class A-1 Note Purchase Agreement dated February 11, 2022
    (the “NPA”) relating to the offer and sale (the “Offering”) of up to $150,000,000 of
    Series 2022-1 Variable Funding Senior Notes, Class A-1 (the “Securities”) of Jack in the Box Funding, LLC (the “Master Issuer”). The Offering will not be required to be registered with the Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended (the “Act”) under an exemption from registration granted in Section 4(a)(2) of the Act. Coöperatieve Rabobank U.A., New York Branch is acting as administrative agent (the “Administrative Agent”) in connection with the Offering.  Unless otherwise defined herein, capitalized terms have the definitions ascribed to them in the NPA. Please confirm with us your acknowledgement and
    agreement with the following:

  	

        	(a)	
          You are an “accredited investor” within the meaning of Rule 501 under the Act and a “qualified institutional buyer” within the meaning of Rule 144A under the Act (a “Qualified Institutional Buyer”) and have sufficient knowledge and experience in financial and business matters to be capable of evaluating the merits and risks of
            investing in, and are able and prepared to bear the economic risk of investing in, the Securities.

        

  	

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

        

  	

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

        

   

  

  
    D-1

    
      

  

   

  

  	

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

        

  	

        	(e)	
          You are purchasing the Securities for your own account, or for the account of one or more Persons who are Qualified Institutional Buyers and who meet the criteria described in
            paragraph (a) above and for whom you are acting with complete investment discretion, for investment purposes only and not with a view to a distribution in violation of the Act, subject, nevertheless, to the understanding that the disposition of
            your property shall at all times be and remain within your control, and neither you nor your Affiliates has engaged in any general solicitation or general advertising within the meaning of the Act, or the rules and regulations promulgated
            thereunder with respect to the Securities. You confirm that, to the extent you are purchasing the Securities for the account of one or more other Persons, (i) you have been duly authorized to make the representations, warranties,
            acknowledgements and agreements set forth herein on their behalf and (ii) the provisions of this letter constitute legal, valid and binding obligations of you and any other Person for whose account you are acting;

        

  	

        	(f)	
          You understand that (i) the Securities have not been and will not be registered or qualified under the Act or any applicable state securities laws or the securities laws of any
            other jurisdiction and are being offered only in a transaction not involving any public offering within the meaning of the Act and may not be resold or otherwise transferred unless so registered or qualified or unless an exemption from
            registration or qualification is available and an opinion of counsel on the foregoing shall have been delivered in advance to the Master Issuer, (ii) the Master Issuer is not required to register the Securities under the Act or any applicable
            state securities laws or the securities laws of any state of the United States or any other jurisdiction, (iii) any permitted transferee under the NPA must be a Qualified Institutional Buyer and (iv) any transfer must comply with the provisions
            of Section 2.08 of the Base Indenture, Section 4.03 of the Series 2022-1 Supplement and Sections 9.03 or 9.17 of the NPA, as applicable;

        

  	

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

        

   

  

  
    D-2

    
      

  

   

  

  	

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

        

  	

        	(i)	
          Either (i) you are not acquiring or holding the Securities for or on behalf of, or with the assets of, any plan, account or other arrangement that is subject to Section 406 of the
            Employee Retirement Income Security Act of 1974, as amended (“ERISA”), Section 4975 of the Code, or provisions under any Similar Law (as defined in the Series
            2022-1 Supplemental Definitions List attached to the Series 2022-1 Supplement as Annex A) or (ii) your purchase and holding of the Securities will not constitute or result in  a non-exempt prohibited transaction under Section 406 of ERISA or
            Section 4975 of the Code or a violation of any applicable Similar Law; and

        

  	

        	(j)	
          You will obtain for the benefit of the Master Issuer from any purchaser of the Securities substantially the same representations and warranties contained in the foregoing
            paragraphs.

        

  This letter agreement will be governed by and construed in accordance with the laws of the
    State of New York without giving effect to any choice of law or conflict provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York.

  
    D-3

    
      

  

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

  
     

    

    	 	[  ] 

          
	 	 	 
	 	By: 

          	

          
	 	 

          	Name: 

          
	 	 

          	Title: 

          
	 	 	 
	 	 	 
	 	Agreed and Acknowledged:

          
	 	 
	 	[INVESTOR] 

          
	 	 
	 	 
	 	By: 

          	 
	 	 	Name: 

          
	 	 	Title: 

          

  

  

  D-4

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