Document:

Exhibit 4.2

 

 

 

FAT
BRANDS FAZOLI’S NATIVE I, LLC,

 

as
Issuer

 

and

 

UMB
BANK, N.A.,

 

as
Trustee

 

 

 

SERIES
2021-1 SUPPLEMENT

 

Dated
as of December 15, 2021

 

to

 

BASE
INDENTURE

 

Dated
as of December 15, 2021

 

 

 

$128,760,000.00
Series 2021-1 6.00% Fixed Rate Senior Secured Notes, Class A-2

$25,000,000.00 Series 2021-1 7.00% Fixed Rate Senior Subordinated Secured Notes, Class B-2

$40,000,000.00
Series 2021-1 9.00% Fixed Rate Subordinated Secured Notes, Class M-2

 

    	 

    	 

    

 

TABLE
OF CONTENTS

 

	 	 	 	Page
	 	 	 	 
	ARTICLE I DEFINITIONS; RULES OF CONSTRUCTION	1
	 	 	 	 
	ARTICLE II AUTHORIZATION AND DETAILS	2
	 	 	 	 
	 	Section
    2.1	Authorization
    of the Series 2021-1 Notes	2
	 	Section
    2.2	Details
    of the Series 2021-1 Notes	2
	 	Section
    2.3	Denominations	2
	 	Section
    2.4	Monthly
    Allocation Dates	2
	 	 	 	 
	ARTICLE III SERIES 2021-1 ALLOCATIONS; PAYMENTS	3
	 	 	 	 
	 	Section
    3.1	Allocations
    of Net Proceeds with Respect to the Series 2021-1 Notes.	3
	 	Section
    3.2	Reserved.	3
	 	Section
    3.3	Certain
    Distributions to Series 2021-1 Noteholders	3
	 	Section
    3.4	Series
    2021-1 Interest.	4
	 	Section
    3.5	Payment
    of Principal.	7
	 	Section
    3.6	Manager	13
	 	Section
    3.7	Other
    Agreements	13
	 	 	 	 
	ARTICLE IV FORM OF SERIES 2021	13
	 	 	 	 
	 	Section
    4.1	Issuance
    of Series 2021-1 Global Notes.	13
	 	Section
    4.2	Transfer
    Restrictions of Series 2021-1 Global Notes.	15
	 	Section
    4.3	Note
    Owner Representations and Warranties	21
	 	Section
    4.4	Limitation
    on Liability	22
	 	 	 	 
	ARTICLE V GENERAL	23
	 	 	 	 
	 	Section
    5.1	Information	23
	 	Section
    5.2	Exhibits	23
	 	Section
    5.3	Ratification
    of Base Indenture	24
	 	Section
    5.4	[Reserved]	24
	 	Section
    5.5	Counterparts	24
	 	Section
    5.6	Governing
    Law	24
	 	Section
    5.7	Amendments	24
	 	Section
    5.8	Termination
    of Series Supplement; Defeasance.	24
	 	Section
    5.9	Limited
    Recourse	24
	 	Section
    5.10	Entire
    Agreement	24
	 	Section
    5.11	Control
    Party Protections	24

 

    	i

    	 

    

 

	ANNEXES	 
	 	 
	Annex A	Series 2021-1 Supplemental
    Definitions List
	 	 
	Annex B	Schedule of Relevant Dates
	 	 
	EXHIBITS	 
	 	 
	Exhibit A-1	Form of Rule 144A Global Note
	 	 
	Exhibit A-2	Form of Temporary Regulation
    S Global Note
	 	 
	Exhibit A-3	Form of Permanent Regulation
    S Global Note
	 	 
	Exhibit B-1	Transfer Certificate (Rule
    144A Global Note to Temporary Regulation S Global Note)
	 	 
	Exhibit B-2	Transfer Certificate (Rule
    144A Global Note to Permanent Regulation S Global Note)
	 	 
	Exhibit B-3	Transfer Certificate (Regulation
    S Global Note to Rule 144A Global Note)
	 	 
	Exhibit C	Form of Quarterly Noteholders’
    Report

 

    	ii

    	 

    

 

SERIES
2021-1 SUPPLEMENT, dated as of December 15, 2021 (this “Series Supplement”), by and among FAT BRANDS FAZOLI’S
NATIVE I, LLC (the “Issuer”), and UMB Bank, N.A., as trustee (in such capacity, the “Trustee”),
to the Base Indenture, dated as of December 15, 2021 (as the same may be amended, amended and restated, modified or supplemented from
time to time, exclusive of Series Supplements, the “Base Indenture”), by and among the Issuer and UMB Bank, N.A.,
as Trustee and as Securities Intermediary.

 

PRELIMINARY
STATEMENT

 

WHEREAS,
Sections 2.2 and 13.1 of the Base Indenture provide, among other things, that the Issuer and the Trustee may at any time
and from time to time enter into a Series Supplement to the Base Indenture for the purpose of authorizing the issuance of one or more
Series of Notes (as defined in Annex A of the Base Indenture) upon satisfaction of the conditions set forth therein; and

 

WHEREAS,
all such conditions have been met or waived by the Control Party (as directed by the Controlling Class Representative) for the issuance
of the Series of Notes authorized hereunder.

 

NOW,
THEREFORE, the parties hereto agree as follows:

 

DESIGNATION

 

There
is hereby created a Series of Notes to be issued pursuant to the Base Indenture and the Series 2021-1 Supplement, and such Series of
Notes shall be designated as the Series 2021-1 Notes. On the Series 2021-1 Closing Date, three (3) Classes of Notes of such Series shall
be issued: (a) Series 2021-1 6.00% Fixed Rate Senior Secured Notes, Class A-2 (as referred to herein, such Class or Notes thereof, as
the context requires, the “Series 2021-1 Class A-2 Notes”), (b) Series 2021-1 7.00% Fixed Rate Senior Subordinated
Secured Notes, Class B-2 (as referred to herein, such Class or Notes thereof, as the context requires, the “Series 2021-1 Class
B-2 Notes”) and (c) Series 2021-1 9.00% Fixed Rate Subordinated Secured Notes, Class M-2 (as referred to herein, such Class
or Notes thereof, as the context requires, the “Series 2021-1 Class M-2 Notes” and together with the Series 2021-1
Class A-2 Notes and Series 2021-1 Class B-2 Notes, the “Series 2021-1 Notes”).

 

ARTICLE
I

DEFINITIONS; RULES OF CONSTRUCTION

 

All
capitalized terms used herein (including in the preamble and the recitals hereto) and not otherwise defined herein shall have the meanings
assigned to such terms in the Series 2021-1 Supplemental Definitions List attached hereto as Annex A (the “Series 2021-1
Supplemental Definitions List”) as such Series 2021-1 Supplemental Definitions List may be amended, supplemented or otherwise
modified from time to time in accordance with the terms hereof. All capitalized terms not otherwise defined herein or therein, and the
term “written” or “in writing”, shall have the meanings assigned thereto in the Base Indenture or the Base Indenture
Definitions List attached to the Base Indenture as Annex A thereto, as such Base Indenture or Base Indenture Definitions List
may be amended, supplemented or otherwise modified from time to time in accordance with the terms of the Base Indenture. Unless otherwise
specified herein, all Article, Exhibit, Section or Subsection references herein shall refer to Articles, Exhibits, Sections or Subsections
of the Series 2021-1 Supplement. Unless otherwise stated herein, as the context otherwise requires or if such term is otherwise defined
in the Base Indenture, each capitalized term used or defined herein shall relate only to the Series 2021-1 Notes and not to any other
Series of Notes issued by the Issuer. The rules of construction set forth in Section 1.4 of the Base Indenture shall apply for
all purposes under the Series 2021-1 Supplement.

 

    	1

    	 

    

 

ARTICLE
II

 

AUTHORIZATION AND DETAILS

 

Section
2.1 Authorization of the Series 2021-1 Notes. The following Series 2021-1 Notes are hereby authorized to be issued in the form
of typewritten Notes representing Book-Entry Notes: (i) the Series 2021-1 Class A-2 Notes in the aggregate principal amount of $128,760,000.00,
(ii) the Series 2021-1 Class B-2 Notes in the aggregate principal amount of $25,000,000.00 and (iii) the Series 2021-1 Class M-2 Notes
in the aggregate principal amount of $40,000,000.00.

 

Section
2.2 Details of the Series 2021-1 Notes. The Series 2021-1 Series Notes shall be subject to the terms of the Base Indenture
applicable to the Notes as described therein, as modified herein, and shall bear interest as set forth in Section 3.4 of this
Series 2021-1 Supplement. The Series 2021-1 Class A-2 Notes shall be issued at a purchase price (net of any underwriting discount) equal
to 95.59725% of the principal amount of such Notes. The Series 2021-1 Class B-2 Notes shall be issued at a purchase price (net of any
underwriting discount) equal to 91.10231% of the principal amount of such Notes. The Series 2021-1 Class M-2 Notes shall be issued at
a purchase price (net of any underwriting discount) equal to 88.07032% of the principal amount of such Notes.

 

Section
2.3 Denominations. The Series 2021-1 Class A-2 Notes shall be issued in minimum denominations of $1,000,000.00, the Series
2021-1 Class B-2 Notes shall be issued in minimum denominations of $1,500,000.00, the Series 2021-1 Class M-2 Notes shall be issued in
minimum denominations of $2,000,000.00 and, in each case, integral multiples of $1,000 in excess thereof.

 

Section
2.4 Monthly Allocation Dates. For the avoidance of doubt, the Monthly Allocation Dates and the date of delivery of the Monthly
Manager’s Certificate through the Series 2021-1 Class A-2 Legal Final Maturity Date, the Series 2021-1 Class B-2 Legal Final Maturity
Date and the Series 2021-1 Class M-2 Legal Final Maturity Date are as set forth in Annex B of this Series 2021-1 Supplement.

 

    	2

    	 

    

 

ARTICLE
III

 

SERIES 2021-1 ALLOCATIONS; PAYMENTS

 

With
respect to the Series 2021-1 Notes only, the following shall apply:

 

Section
3.1 Allocations of Net Proceeds with Respect to the Series 2021-1 Notes.

 

(a) On
the Series 2021-1 Closing Date, (i) the net proceeds from the issuance and sale of the Series 2021-1 Class A-2 Notes, Series 2021-1 Class
B-2 Notes and Series 2021-1 Class M-2 Notes to the Initial Purchaser shall be deposited into the Collection Account and disbursed by
the Trustee in accordance with the instructions of the Issuer set forth in the Flow of Funds Memorandum of the Issuer dated as of December
15, 2021 and (ii) the Issuer shall ensure that the cash on deposit in the Reserve Account is equal to the Required Reserve Amount.

 

(b) On
and after the Series 2021-1 Closing Date, proceeds of the Series 2021-1 Notes may be used for general corporate purposes of the Issuer
and FAT Brands Inc., including the making of distributions and the funding of acquisitions, subject to the terms of the Base Indenture,
including Section 8.18 thereof, for the disbursements described in Section 3.1(a) above and to bridge the gap to realization
of full synergies for the Securitization Entities, to fund additional capital expenditures on existing Company Restaurants, finance development
of additional Company Restaurants, pay severance and certain liabilities associated with the consolidation of the Branded Restaurants
into the FAT Brands’ system, fund shortfalls associated with the acquisitions’ negative net working capital of approximately
$9,000,000, fund additional working capital for each acquisition of approximately $10,000,000 in the aggregate and to generally provide
necessary capital to execute FAT Brands’ growth strategy across the Securitization Entities’ brands.

 

Section
3.2 Reserved.

 

Section
3.3 Certain Distributions to Series 2021-1 Noteholders. On each Quarterly Payment Date, based solely upon the most recent Quarterly
Noteholders’ Report in the form attached hereto as Exhibit C and as required under Section 4.1(c) of the Base Indenture,
the Trustee shall, in accordance with Section 6.1 of the Base Indenture, remit (i) to the Series 2021-1 Senior Noteholders the
amounts withdrawn from the Senior Notes Interest Payment Account, Senior Notes Principal Payment Account or otherwise, as applicable,
pursuant to Section 5.11 of the Base Indenture or otherwise, for the payment of interest and fees and, to the extent applicable,
principal or other amounts in respect of the Series 2021-1 Class A-2 Notes on such Quarterly Payment Date, (ii) to the Series 2021-1
Senior Subordinated Noteholders, the amounts withdrawn from the Senior Subordinated Notes Interest Payment Account, Senior Subordinated
Notes Principal Payment Account or otherwise, as applicable, pursuant to Section 5.11 of the Base Indenture or otherwise, for
the payment of interest and, to the extent applicable, principal or other amounts in respect of the Series 2021-1 Class B-2 Notes on
such Quarterly Payment Date and (iii) to the Series 2021-1 Subordinated Noteholders, the amounts withdrawn from the Subordinated Notes
Interest Payment Account, Subordinated Notes Principal Payment Account or otherwise, as applicable, pursuant to Section 5.11 of the Base
Indenture or otherwise, for the payment of interest and, to the extent applicable, principal or other amounts in respect of the Series
2021-1 Class M-2 Notes on such Quarterly Payment Date.

 

    	3

    	 

    

 

Section
3.4 Series 2021-1 Interest.

 

(a) Series
2021-1 Class A-2 Notes Interest. From the Series 2021-1 Closing Date until the Outstanding Principal Amount of the Series 2021-1
Class A-2 Notes has been paid in full, the Outstanding Principal Amount of the Series 2021-1 Class A-2 Notes will accrue interest for
each Interest Accrual Period (after giving effect to all payments of principal made to the Noteholders as of the first day of such Interest
Accrual Period, and also giving effect to prepayments, repurchases and cancellations of Series 2021-1 Class A-2 Notes during such Interest
Accrual Period) at the Series 2021-1 Class A-2 Note Rate. Such accrued interest will be due and payable in arrears on each Quarterly
Payment Date, from amounts that are made available for payment thereof (i) on any related Monthly Allocation Date in accordance with
the Priority of Payments and (ii) on such Quarterly Payment Date in accordance with Section 5.11 of the Base Indenture, commencing
on the Initial Quarterly Payment Date; provided that in any event all accrued but unpaid interest shall be due and payable in
full on the Series 2021-1 Class A-2 Legal Final Maturity Date or on any other day on which all of the Series 2021-1 Class A-2 Outstanding
Principal Amount is required to be paid in full. To the extent any interest accruing at the applicable Series 2021-1 Class A-2 Note Rate
is not paid when due, such unpaid interest will accrue interest at the Series 2021-1 Class A-2 Note Rate. All computations of interest
at the Series 2021-1 Class A-2 Note Rate shall be made on a 30/360 Day Basis.

 

(b) Series
2021-1 Class B-2 Notes Interest. From the Series 2021-1 Closing Date until the Outstanding Principal Amount of the Series 2021-1
Class B-2 Notes has been paid in full, the Outstanding Principal Amount of the Series 2021-1 Class B-2 Notes will accrue interest for
each Interest Accrual Period (after giving effect to all payments of principal made to the Noteholders as of the first day of such Interest
Accrual Period, and also giving effect to prepayments, repurchases and cancellations of Series 2021-1 Class B-2 Notes during such Interest
Accrual Period) at the Series 2021-1 Class B-2 Note Rate. Such accrued interest will be due and payable in arrears on each Quarterly
Payment Date, from amounts that are made available for payment thereof (i) on any related Monthly Allocation Date in accordance with
the Priority of Payments and (ii) on such Quarterly Payment Date in accordance with Section 5.11 of the Base Indenture, commencing
on the Initial Quarterly Payment Date; provided that in any event all accrued but unpaid interest shall be due and payable in
full on the Series 2021-1 Class B-2 Legal Final Maturity Date or on any other day on which all of the Series 2021-1 Class B-2 Outstanding
Principal Amount is required to be paid in full. To the extent any interest accruing at the applicable Series 2021-1 Class B-2 Note Rate
is not paid when due, such unpaid interest will accrue interest at the Series 2021-1 Class B-2 Note Rate. All computations of interest
at the Series 2021-1 Class B-2 Note Rate shall be made on a 30/360 Day Basis.

 

(c) Series
2021-1 Class M-2 Notes Interest. From the Series 2021-1 Closing Date until the Outstanding Principal Amount of the Series 2021-1
Class M-2 Notes has been paid in full, the Outstanding Principal Amount of the Series 2021-1 Class M-2 Notes will accrue interest for
each Interest Accrual Period (after giving effect to all payments of principal made to the Series 2021-1 Class M-2 Noteholders as of
the first day of such Interest Accrual Period, and also giving effect to prepayments, repurchases and cancellations of Series 2021-1
Class M-2 Notes during such Interest Accrual Period) at the Series 2021-1 Class M-2 Note Rate. Such accrued interest will be due and
payable in arrears on each Quarterly Payment Date, from amounts that are made available for payment thereof: (i) on any related Monthly
Allocation Date in accordance with the Priority of Payments and (ii) on such Quarterly Payment Date in accordance with Section 5.11
of the Base Indenture, commencing on the Initial Quarterly Payment Date; provided that in any event, all accrued but unpaid
interest shall be due and payable in full on the Series 2021-1 Class M-2 Legal Final Maturity Date or on any other day on which all of
the Series 2021-1 Class M-2 Outstanding Principal Amount is required to be paid in full. To the extent any interest accruing at the applicable
Series 2021-1 Class M-2 Note Rate is not paid when due, such unpaid interest will accrue interest at the Series 2021-1 Class M-2 Note
Rate. All computations of interest at the Series 2021-1 Class M-2 Note Rate shall be made on a 30/360 Day Basis.

 

    	4

    	 

    

 

(d) Series
2021-1 Post-Anticipated Call Date Additional Interest.

 

(i) Series
2021-1 Class A-2 Quarterly Post-Anticipated Call Date Additional Interest and Series 2021-1 Class A-2 Quarterly Post-Anticipated Repayment
Date Additional Interest. From and after the Quarterly Payment Date in July 2023 (the “Series 2021-1 Class A-2 Anticipated Call
Date”) until the calendar day preceding the Quarterly Payment Date in January 2025, if the Series 2021-1 Final Payment of the
Class A-2 Notes has not been made, then additional interest will accrue on the Series 2021-1 Class A-2 Outstanding Principal Amount at
a per annum rate (the “Series 2021-1 Class A-2 Quarterly Post-Anticipated Call Date Additional Interest Rate”) equal
to 1.0% (such additional interest, the “Series 2021-1 Class A-2 Quarterly Post-Anticipated Call Date Additional Interest”).
From and after the Quarterly Payment Date in January 2025 (the “Series 2021-1 Class A-2 Anticipated Repayment Date”),
if the Series 2021-1 Final Payment of the Class A-2 Notes has not been made, then additional interest will accrue on the Series 2021-1
Class A-2 Outstanding Principal Amount at a per annum rate (the “Series 2021-1 Class A-2 Quarterly Post-Anticipated Repayment
Date Additional Interest Rate”) equal to 2.5% (such additional interest, the “Series 2021-1 Class A-2 Quarterly Post-Anticipated
Repayment Date Additional Interest”). All computations of Series 2021-1 Class A-2 Quarterly Post-Anticipated Call Date Additional
Interest and Series 2021-1 Class A-2 quarterly Post-Anticipated Repayment Date Additional Interest shall be made on a 30/360 Day Basis
and will be due and payable on any Quarterly Payment Date to the extent allocated in accordance with the Priority of Payments.

 

(ii) Payment
of Series 2021-1 Class A-2 Quarterly Post-Anticipated Call Date Additional Interest. Any Series 2021-1 Class A-2 Quarterly Post-Anticipated
Call Date Additional Interest and Series 2021-1 Class A-2 Quarterly Post-Anticipated Repayment Date Additional Interest will be due and
payable on each applicable Quarterly Payment Date from amounts that are made available for payment thereof (A) on any related Monthly
Allocation Date in accordance with the Priority of Payments and (B) on such Quarterly Payment Date in accordance with the Priority of
Payments and Section 5.11 of the Base Indenture, in the amount so made available. The failure to pay any Series 2021-1 Class A-2
Quarterly Post-Anticipated Call Date Additional Interest or Series 2021-1 Class A-2 Quarterly Post-Anticipated Repayment Date Additional
Interest in excess of available amounts in accordance with the foregoing (including on the Series 2021-1 Legal Final Maturity Date) will
not be an Event of Default and interest will not accrue on any unpaid portion thereof; provided that in any event all accrued
but unpaid Series 2021-1 Class A-2 Quarterly Post-Anticipated Call Date Additional Interest and Series 2021-1 Class A-2 Quarterly Post-Anticipated
Repayment Date Additional Interest shall be due and payable in full on the Series 2021-1 Legal Final Maturity Date, on any Series 2021-1
Prepayment Date with respect to a prepayment in full of the Series 2021-1 Class A-2 Notes or otherwise as part of any Series 2021-1 Final
Payment.

 

    	5

    	 

    

 

(iii) Series
2021-1 Class B-2 Quarterly Post-Anticipated Call Date Additional Interest. From and after the Quarterly Payment Date in July 2023
(the “Series 2021-1 Class B-2 Anticipated Call Date”), if the Series 2021-1 Final Payment of the Class B-2 Notes has
not been made, then additional interest will accrue on the Series 2021-1 Class B-2 Outstanding Principal Amount at a per annum rate (the
“Series 2021-1 Class B-2 Quarterly Post-Anticipated Call Date Additional Interest Rate”) equal to 1.0% (such additional
interest, the “Series 2021-1 Class B-2 Quarterly Post-Anticipated Call Date Additional Interest”). All computations
of Series 2021-1 Class B-2 Quarterly Post-Anticipated Call Date Additional Interest shall be made on a 30/360 Day Basis and will be due
and payable on any Quarterly Payment Date to the extent allocated in accordance with the Priority of Payments.

 

(iv) Payment
of Series 2021-1 Class B-2 Quarterly Post-Anticipated Call Date Additional Interest. Any Series 2021-1 Class B-2 Quarterly Post-Anticipated
Call Date Additional Interest will be due and payable on each applicable Quarterly Payment Date from amounts that are made available
for payment thereof (A) on any related Monthly Allocation Date in accordance with the Priority of Payments and (B) on such Quarterly
Payment Date in accordance with the Priority of Payments and Section 5.11 of the Base Indenture, in the amount so made available.
The failure to pay any Series 2021-1 Class B-2 Quarterly Post-Anticipated Call Date Additional Interest in excess of available amounts
in accordance with the foregoing (including on the Series 2021-1 Legal Final Maturity Date) will not be an Event of Default and interest
will not accrue on any unpaid portion thereof; provided that in any event all accrued but unpaid Series 2021-1 Class B-2 Quarterly
Post-Anticipated Call Date Additional Interest shall be due and payable in full on the Series 2021-1 Legal Final Maturity Date, on any
Series 2021-1 Prepayment Date with respect to a prepayment in full of the Series 2021-1 Class B-2 Notes or otherwise as part of any Series
2021-1 Final Payment.

 

(v) Series
2021-1 Class M-2 Quarterly Post-Anticipated Call Date Additional Interest. From and after the Quarterly Payment Date in July 2023
(the “Series 2021-1 Class M-2 Anticipated Call Date”), if the Series 2021-1 Final Payment of the Class M-2 Notes has
not been made, then additional interest will accrue on the Series 2021-1 Class M-2 Outstanding Principal Amount at a per annum rate (the
“Series 2021-1 Class M-2 Quarterly Post-Anticipated Call Date Additional Interest Rate”) equal to 1.0% (such additional
interest, the “Series 2021-1 Class M-2 Quarterly Post-Anticipated Call Date Additional Interest”). All computations
of Series 2021-1 Class M-2 Quarterly Post-Anticipated Call Date Additional Interest shall be made on a 30/360 Day Basis and will be due
and payable on any Quarterly Payment Date to the extent allocated in accordance with the Priority of Payments.

 

(vi) Payment
of Series 2021-1 Class M-2 Quarterly Post-Anticipated Call Date Additional Interest. Any Series 2021-1 Class M-2 Quarterly Post-Anticipated
Call Date Additional Interest will be due and payable on each applicable Quarterly Payment Date from amounts that are made available
for payment thereof (A) on any related Monthly Allocation Date in accordance with the Priority of Payments and (B) on such Quarterly
Payment Date in accordance with the Priority of Payments and Section 5.11 of the Base Indenture, in the amount so made available.
The failure to pay any Series 2021-1 Class M-2 Quarterly Post-Anticipated Call Date Additional Interest in excess of available amounts
in accordance with the foregoing (including on the Series 2021-1 Legal Final Maturity Date) will not be an Event of Default and interest
will not accrue on any unpaid portion thereof; provided that in any event all accrued but unpaid Series 2021-1 Class M-2 Quarterly
Post-Anticipated Call Date Additional Interest shall be due and payable in full on the Series 2021-1 Legal Final Maturity Date, on any
Series 2021-1 Prepayment Date with respect to a prepayment in full of the Series 2021-1 Class M-2 Notes or otherwise as part of any Series
2021-1 Final Payment.

 

    	6

    	 

    

 

(e) Initial
Interest Accrual Period. The initial Interest Accrual Period for the Series 2021-1 Notes shall commence on (and include) the Series
2021-1 Closing Date and end on (but exclude) April 25, 2022.

 

Section
3.5 Payment of Principal.

 

(a) Payment
of Series 2021-1 Class A-2 Note Principal.

 

(i) Principal
Payment at Legal Maturity. The Series 2021-1 Class A-2 Outstanding Principal Amount shall be due and payable in full on the Series
2021-1 Class A-2 Legal Final Maturity Date. The Series 2021-1 Class A-2 Outstanding Principal Amount is not prepayable, in whole or in
part, except as set forth in the Base Indenture and this Section 3.5.

 

(ii) Series
2021-1 Anticipated Repayment Date. The Series 2021-1 Class A-2 Final Payment Date is anticipated to occur on the Quarterly Payment
Date occurring in January 2025 (such date, the “Series 2021-1 Class A-2 Anticipated Repayment Date”).

 

(iii) Payment
of Series 2021-1 Class A-2 Notes Scheduled Principal Payment Amounts. Series 2021-1 Class A-2 Notes Scheduled Principal Payment Amounts
will be due and payable on each applicable Quarterly Payment Date in accordance with Section 5.11 of the Base Indenture.

 

(b) Payment
of Series 2021-1 Class B-2 Note Principal.

 

(i) Principal
Payment at Legal Maturity. The Series 2021-1 Class B-2 Outstanding Principal Amount shall be due and payable in full on the Series
2021-1 Class B-2 Legal Final Maturity Date. The Series 2021-1 Class B-2 Outstanding Principal Amount is not prepayable, in whole or in
part, except as set forth in the Base Indenture and this Section 3.5.

 

(ii) Series
2021-1 Anticipated Repayment Date. The Series 2021-1 Class B-2 Final Payment Date is anticipated to occur on the Quarterly Payment
Date occurring in January 2025 (such date, the “Series 2021-1 Class B-2 Anticipated Repayment Date”).

 

(iii) Payment
of Series 2021-1 Class B-2 Notes Scheduled Principal Payment Amounts. Series 2021-1 Class B-2 Notes Scheduled Principal Payment Amounts
will be due and payable on each applicable Quarterly Payment Date in accordance with Section 5.11 of the Base Indenture.

 

(c) Payment
of Series 2021-1 Class M-2 Note Principal.

 

(i) Principal
Payment at Legal Maturity. The Series 2021-1 Class M-2 Outstanding Principal Amount shall be due and payable in full on the Series
2021-1 Class M-2 Legal Final Maturity Date. The Series 2021-1 Class M-2 Outstanding Principal Amount is not prepayable, in whole or in
part, except as set forth in the Base Indenture and this Section 3.5.

 

(ii) Series
2021-1 Anticipated Repayment Date. The Series 2021-1 Class M-2 Final Payment Date is anticipated to occur on the Quarterly Payment
Date occurring in January 2025 (such date, the “Series 2021-1 Class M-2 Anticipated Repayment Date”).

 

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(iii) Payment
of Series 2021-1 Class M-2 Notes Scheduled Principal Payment Amounts. Series 2021-1 Class M-2 Notes Scheduled Principal Payment Amounts
will be due and payable on each applicable Quarterly Payment Date in accordance with Section 5.11 of the Base Indenture.

 

(d) Rapid
Amortization of Series 2021-1 Notes. During any Rapid Amortization Period, principal payments shall be due and payable on each Quarterly
Payment Date on the applicable Classes of Series 2021-1 Notes as and when amounts are made available for payment thereof (i) on any related
Monthly Allocation Date, in accordance with the Priority of Payments and (ii) on such Quarterly Payment Date in accordance with Section
5.11 of the Base Indenture. Such payments shall be ratably allocated among the Series 2021-1 Noteholders within each applicable Class
based on their respective portion of the Series 2021-1 Outstanding Principal Amount of such Class.

 

(e) Optional
Prepayment.

 

(i) Optional
Prepayment of Series 2021-1 Class A-2 Notes. Subject to Section 3.5(h), the Issuer shall have the option to prepay (including
with the proceeds of equity contributions) the Outstanding Principal Amount of the Series 2021-1 Class A-2 Notes in whole or in part
(each such prepayment, a “Series 2021-1 Class A-2 Prepayment”) on any Quarterly Payment Date that is specified as
the Series 2021-1 Class A-2 Prepayment Date in the applicable Prepayment Notice (each, an “Class A-2 Optional Prepayment Date”);
provided that no such optional prepayment of the Series 2021-1 Class A-2 Notes may be made prior to the Quarterly Payment Date
in July 2022 and unless the below conditions shall be satisfied; provided, further, that for any prepayment occurring on
and from the Quarterly Payment Date in July 2022 to but excluding the Quarterly Payment Date in January 2023, any such optional prepayments
in respect of the principal amount of the Series 2021-1 Class A-2 Notes shall include a prepayment premium equal to 101.5% of the principal
amount of the Series 2021-1 Class A-2 Notes being prepaid:

 

(A) subject
to Section 5.12(b) of the Base Indenture, in the case of a prepayment of the Series 2021-1 Class A-2 Notes in part:

 

a. the
amounts on deposit in the Indenture Trust Accounts, the Senior Notes Interest Payment Account, the Senior Notes Principal Payment Account
or other available amounts, in each case allocable to Series 2021-1 Class A-2 Notes, are sufficient to pay the amount of such prepayment
as of Quarterly Payment Date, and

 

b. the
amounts on deposit in, or allocable to the Senior Notes Interest Payment Account and the Senior Notes Principal Payment Account and other
available amounts to be distributed on the Quarterly Payment Date which coincides with such Class A-2 Optional Prepayment Date are sufficient
to pay the Senior Prepayment Condition Amounts on such Quarterly Payment Date; and

 

    	8

    	 

    

 

(B) subject
to Section 5.12(b) of the Base Indenture, in the case of an optional prepayment of the Series 2021-1 Class A-2 Notes in whole:

 

a. the
amounts on deposit in the Indenture Trust Accounts, the Senior Notes Interest Payment Account, the Senior Notes Principal Payment Account
or other available amounts, in each case allocable to Series 2021-1 Class A-2 Notes, are sufficient to pay all outstanding monetary Obligations
(including unreimbursed Advances) in respect of the Series 2021-1 Class A-2 Notes set forth in the Priority of Payments after giving
effect to the applicable allocations set forth therein on such Class A-2 Optional Prepayment Date, including unpaid interest accrued
in respect of the period prior to such Class A-2 Optional Prepayment Date and the Senior Prepayment Condition Amounts on such Quarterly
Payment Date, and

 

b. the
amounts on deposit in the Collection Account, the Indenture Trust Accounts or otherwise available are reasonably expected by the Manager
to be sufficient to pay the Senior Prepayment Condition Amounts, other than with respect to the Series 2021-1 Class A-2 Notes, on such
Class A-2 Optional Prepayment Date, if such date is a Quarterly Payment Date,

 

or,
in each case, any shortfalls in such amounts (in a. or b. above) have been deposited to the applicable accounts.

 

(ii) Optional
Prepayment of Series 2021-1 Class B-2 Notes. Subject to Section 5.12(b) of the Base Indenture and Section 3.5(h), the
Issuer shall have the option to prepay (including with the proceeds of equity contributions) the Outstanding Principal Amount of the
Series 2021-1 Class B-2 Notes in whole or in part (each such prepayment a “Series 2021-1 Class B-2 Prepayment”) on
any Quarterly Payment Date that is specified as the Series 2021-1 Class B-2 Prepayment Date in the applicable Prepayment Notice (each,
an “Class B-2 Optional Prepayment Date”); provided that no such optional prepayment of the Series 2021-1 Class
B-2 Notes may be made (i) prior to the Quarterly Payment Date in July 2022 and (ii) unless (a) the Series 2021-1 Class A-2 Notes are
a Defeased Class or (b) the Issuer simultaneously makes an optional prepayment of a principal amount of Series 2021-1 Class A-2 Notes
in accordance with Section 3.5(e)(i) of this Series 2021-1 Supplement at least equal to the lesser of (x) the outstanding
principal amount of the Series 2021-1 Class A-2 Notes and (y) principal amount of Series 2021-1 Class B-2 Notes that the Issuer
has elected to prepay, and provided further that the following conditions shall be satisfied:

 

(A) subject
to Section 5.12(b) of the Base Indenture, in the case of a prepayment of the Series 2021-1 Class B-2 Notes in part:

 

a. the
amounts on deposit in the Indenture Trust Accounts, the Senior Subordinated Notes Interest Payment Account, the Senior Subordinated Notes
Principal Payment Account or other available amounts, in each case allocable to Series 2021-1 Class B-2 Notes, are sufficient to pay
the amount of such prepayment as of Quarterly Payment Date, and

 

b. the
amounts on deposit in, or allocable to, the Senior Subordinated Notes Interest Payment Account and the Senior Subordinated Notes Principal
Payment Account and other available amounts to be distributed on the Quarterly Payment Date which coincides with such Class B-2 Optional
Prepayment Date are sufficient to pay the Prepayment Condition Amounts on such Quarterly Payment Date; and

 

    	9

    	 

    

 

(B) subject
to Section 5.12(b) of the Base Indenture, in the case of an optional prepayment of the Series 2021-1 Class B-2 Notes in whole:

 

a. the
amounts on deposit in the Indenture Trust Accounts, the Senior Subordinated Notes Interest Payment Account, the Senior Subordinated Notes
Principal Payment Account or other available amounts, in each case allocable to Series 2021-1 Class B-2 Notes, are sufficient to pay
all outstanding monetary Obligations (including unreimbursed Advances) in respect of the Series 2021-1 Class B-2 Notes set forth in the
Priority of Payments after giving effect to the applicable allocations set forth therein on such Class B-2 Optional Prepayment Date,
including unpaid interest accrued in respect of the period prior to such Class B-2 Optional Prepayment Date; and

 

b. the
amounts on deposit in the Collection Account, the Indenture Trust Accounts or otherwise available are reasonably expected by the Manager
to be sufficient to pay the Prepayment Condition Amounts, other than with respect to the Series 2021-1 Class B-2 Notes, on such Class
B-2 Optional Prepayment Date, if such date is a Quarterly Payment Date,

 

or,
in each case, any shortfalls in such amounts (in a. or b. above) have been deposited to the applicable accounts.

 

(iii) Optional
Prepayment of Series 2021-1 Class M-2 Notes. Subject to Section 5.12(b) of the Base Indenture and Section 3.5(h), the
Issuer shall have the option to prepay (including with the proceeds of equity contributions) the Outstanding Principal Amount of the
Series 2021-1 Class M-2 Notes in whole or in part (each such prepayment a “Series 2021-1 Class M-2 Prepayment”) on
any Quarterly Payment Date that is specified as the Series 2021-1 Class M-2 Prepayment Date in the applicable Prepayment Notice (each,
an “Class M-2 Optional Prepayment Date”); provided that no such optional prepayment of the Series 2021-1 Class
M-2 Notes may be made (i) prior to the Quarterly Payment Date in July 2022 and (ii) unless (a) the Series 2021-1 Class A-2 Notes and
the Class B-2 Notes are each a Defeased Class or (b) the Issuer simultaneously makes an optional prepayment of a principal amount of
Series 2021-1 Class A-2 Notes and Series 2021-1 Class B-2 Notes in accordance with Section 3.5(e)(i) and Section 3.5(e)(ii)
of this Series 2021-1 Supplement at least equal to the lesser of: (A) with respect to the Series 2021-1 Class A-2 Notes, (x) the
outstanding principal amount of the Series 2021-1 Class A-2 Notes and (y) principal amount of Series 2021-1 Class M-2 Notes that the
Issuer has elected to prepay; and (B) with respect to the Series 2021-1 Class B-2 Notes, (x) the outstanding principal amount of the
Series 2021-1 Class B-2 Notes and (y) principal amount of Series 2021-1 Class M-2 Notes that the Issuer has elected to prepay, provided
further that following a Series Anticipated Repayment Date for any Series of Notes that remains Outstanding, all optional prepayments
must be applied first, to Senior Notes, second, to Senior Subordinated Notes and third, to Subordinated Notes, and provided further that
the following conditions shall be satisfied:

 

(A) subject
to Section 5.12(b) of the Base Indenture, in the case of a prepayment of the Series 2021-1 Class M-2 Notes in part:

 

a. the
amounts on deposit in the Indenture Trust Accounts, the Subordinated Notes Interest Payment Account, the Subordinated Notes Principal
Payment Account or other available amounts, in each case allocable to Series 2021-1 Class M-2 Notes, are sufficient to pay the amount
of such prepayment as of Quarterly Payment Date, and

 

    	10

    	 

    

 

b. the
amounts on deposit in, or allocable to, the Subordinated Notes Interest Payment Account and the Subordinated Notes Principal Payment
Account and other available amounts to be distributed on the Quarterly Payment Date which coincides with such Class M-2 Optional Prepayment
Date are sufficient to pay the Prepayment Condition Amounts on such Quarterly Payment Date; and

 

(B) subject
to Section 5.12(b) of the Base Indenture, in the case of an optional prepayment of the Series 2021-1 Class M-2 Notes in whole:

 

a. the
amounts on deposit in the Indenture Trust Accounts, the Subordinated Notes Interest Payment Account, the Subordinated Notes Principal
Payment Account or other available amounts, in each case allocable to Series 2021-1 Class M-2 Notes, are sufficient to pay all outstanding
monetary Obligations (including unreimbursed Advances) in respect of the Series 2021-1 Class M-2 Notes set forth in the Priority of Payments
after giving effect to the applicable allocations set forth therein on such Class M-2 Optional Prepayment Date, including unpaid interest
accrued in respect of the period prior to such Class M-2 Optional Prepayment Date; and

 

b. the
amounts on deposit in the Collection Account, the Indenture Trust Accounts or otherwise available are reasonably expected by the Manager
to be sufficient to pay the Prepayment Condition Amounts, other than with respect to the Series 2021-1 Class M-2 Notes, on such Class
M-2 Optional Prepayment Date, if such date is a Quarterly Payment Date,

 

or,
in each case, any shortfalls in such amounts (in a. or b. above) have been deposited to the applicable accounts.

 

(f) Notices
of Prepayments.

 

(i) The
Issuer shall give prior written notice (each, a “Prepayment Notice”) at least fifteen (15) Business Days but not more
than twenty (20) Business Days prior to any Series 2021-1 Prepayment with respect to any Class pursuant to Section 3.5(g) to each
Series 2021-1 Noteholder affected by such Series 2021-1 Prepayment, the Trustee and the Control Party; provided that at the request
of the Issuer, such notice to the affected Series 2021-1 Noteholders shall be given by the Trustee in the name and at the expense of
the Issuer.

 

(ii) With
respect to each such Series 2021-1 Prepayment, the related Prepayment Notice shall, in each case, specify (A) the Series 2021-1 Prepayment
Date on which such prepayment will be made, which in all cases shall be a Business Day, and (B) the Series 2021-1 Prepayment Amount.

 

(iii) Any
such optional prepayment and Prepayment Notice may, in the Issuer’s discretion, be subject to the satisfaction of one or more conditions
precedent, including but not limited to the occurrence of a Change of Control. The Issuer shall have the option to provide in any Prepayment
Notice that the payment of the amounts set forth in Section 3.5(g) and the performance of the Issuer’s obligations with
respect to such optional prepayment may be performed by another Person.

 

    	11

    	 

    

 

(iv) The
Issuer shall have the option, by written notice to the Trustee, the Control Party and the affected Noteholders, to revoke, or amend the
Series 2021-1 Prepayment Date set forth in, any Prepayment Notice relating to an optional prepayment at any time up to the fifth Business
Day before the Series 2021-1 Prepayment Date set forth in such Prepayment Notice; provided that at the request of the Issuer,
such notice to the affected Series 2021-1 Noteholders shall be given by the Trustee in the name and at the expense of the Issuer.

 

(g) Series
2021-1 Prepayments. Subject to Section 3.5(h), on each Series 2021-1 Prepayment Date with respect to any Series 2021-1 Prepayment,
the Series 2021-1 Prepayment Amount shall be due and payable.

 

(h) Distributions
of Optional Prepayments

 

(i) Distributions
of Optional Prepayments of Series 2021-1 Notes.

 

(A) No
later than five (5) Business Days prior to the Series 2021-1 Prepayment Date for each Series 2021-1 Prepayment to be made pursuant to
Section 3.5(g), the Issuer shall provide the Trustee with a written report instructing the Trustee to deposit the amounts set
forth in such report, which shall include such amounts set forth in Section 3.5(e)(i)(B)a and Section 3.5(e)(ii)(B)a, as
applicable, and in each case due and payable to the applicable Noteholders on such Series 2021-1 Prepayment Date. Such written report
may be consolidated with additional payment instructions as necessary to effect other distributions occurring on, or substantially concurrently
with, such Series 2021-1 Prepayment Date.

 

(B) On
the Series 2021-1 Prepayment Date for each Series 2021-1 Prepayment to be made pursuant to Section 3.5(e), the Trustee shall,
in accordance with Section 6.1 of the Base Indenture (except that, notwithstanding anything to the contrary therein, references
to the distributions being made on a Quarterly Payment Date shall be deemed to be references to distributions made on such Series 2021-1
Prepayment Date and references to the Record Date shall be deemed to be references to the Prepayment Record Date), distribute to the
Noteholders of record of the applicable Class on the preceding Prepayment Record Date on a pro rata basis, based on their respective
portion of the Outstanding Principal Amount of the applicable Class of Notes the amount specified in the written report delivered in
accordance with Section 3.5(h)(i)(A) in order to pay (without duplication) (A) the applicable portion of such Outstanding Principal
Amount, and (B) in the case of an optional prepayment in whole, the outstanding monetary Obligations described in Section 3.5(e)(i)(B)a
and Section 3.5(e)(ii)(B)a, as applicable, in each case due and payable on such Series 2021-1 Prepayment Date.

 

    	12

    	 

    

 

(i) Series
2021-1 Notices of Final Payment. The Issuer shall notify the Trustee and the Manager of the Series 2021-1 Final Payment Date of a
Class of Notes on or before the Prepayment Record Date preceding such Series 2021-1 Prepayment Date; provided, however,
that with respect to any Series 2021-1 Final Payment that is made in connection with any mandatory or optional prepayment in full, the
Issuer shall not be obligated to provide any additional notice to the Trustee of such Series 2021-1 Final Payment beyond the notice required
to be given in connection with such prepayment pursuant to Section 3.5(f). The Trustee shall provide any written notice required
under this Section 3.5(i) to each Person in whose name such Series 2021-1 Notes are registered at the close of business on such
Prepayment Record Date of the Series 2021-1 Prepayment Date that will be the Series 2021-1 Final Payment Date for such Class of Notes.
Such written notice to be sent to the Series 2021-1 Noteholders shall be made at the expense of the Issuer and shall be mailed by the
Trustee within five (5) Business Days of receipt of notice from the Issuer indicating that the Series 2021-1 Final Payment will be made
and shall specify that such Series 2021-1 Final Payment will be payable only upon presentation and surrender of the related Series 2021-1
Notes, which such surrender shall also constitute a general release by the applicable Noteholder from any claims against the Issuer,
the Manager, the Trustee and their affiliates, and shall specify the place where the related Series 2021-1 Notes may be presented and
surrendered for such Series 2021-1 Final Payment.

 

Section
3.6 Manager. Pursuant to the Management Agreement, the Manager has agreed to provide certain reports, notices, instructions
and other services on behalf of the Issuer. The Series 2021-1 Noteholders by their acceptance of the Series 2021-1 Notes consent to the
provision of such reports and notices to the Trustee by the Manager in lieu of the Issuer.

 

Section
3.7 Other Agreements. In accordance with Section 8.22 of the Base Indenture, for the avoidance of doubt, the Securitization
Entities shall be permitted to enter into or be a party to certain letters of credit relating to self-insurance in respect of Company
Restaurants and any other Company Restaurant Expenses.

 

ARTICLE
IV

 

FORM
OF SERIES 2021

 

Section
4.1 Issuance of Series 2021-1 Global Notes.

 

(a) The
Series 2021-1 Class A-2 Notes may be offered and sold in the applicable Series 2021-1 Class A-2 Initial Principal Amount on the Series
2021-1 Closing Date by the Issuer. The Series 2021-1 Class B-2 Notes may be offered and sold in the applicable Series 2021-1 Class B-2
Initial Principal Amount on the Series 2021-1 Closing Date by the Issuer. The Series 2021-1 Class M-2 Notes may be offered and sold in
the applicable Series 2021-1 Class M-2 Initial Principal Amount on the Series 2021-1 Closing Date by the Issuer. The Series 2021-1 Notes
will be “restricted securities” issued pursuant to the provisions of Rule 506 (b) of Regulation D under Section 4(a)(2) of
the 1933 Act sold only to QIBs purchasing for their own account or the account of one or more Persons, each of which is a QIB. The Series
2021-1 Notes will be resold only to the Issuer or its Affiliates or (A) in the United States, to Persons who are not Competitors and
who are QIBs purchasing for their own account or the account of one or more other Persons, each of which is a QIB, in reliance on Rule
144A and (B) outside the United States, to Persons who are not Competitors and who are not a U.S. person (as defined in Regulation S)
(a “U.S. Person”) in reliance on Regulation S, purchasing for their own account or the account of one or more other
Persons, each of which is a non-U.S. Person. The Series 2021-1 Notes may thereafter be transferred in reliance on Rule 144 A and/or Regulation
S and in accordance with the procedure described herein. The Series 2021-1 Notes will be Book-Entry Notes and DTC will be the Depository
for such Series 2021-1 Notes. The Applicable Procedures shall be applicable to transfers of beneficial interests in the Series 2021-1
Notes.

 

    	13

    	 

    

 

(b) Global
Notes.

 

(i) Rule
144A Global Notes. The Series 2021-1 Notes of each Class offered and sold in their initial distribution in reliance upon Rule 144A
will be issued in the form of one or more global notes in fully registered form, without coupons, substantially in the form set forth
in Exhibit A-1 hereto, registered in the name of Cede & Co. (“Cede”), as nominee of DTC, and deposited
with the Trustee, as custodian for DTC (collectively, for purposes of this Section 4.1 and Section 4.2, the “Rule
144A Global Notes”). The aggregate initial principal amount of the Rule 144A Global Notes of each Class may from time to time
be increased or decreased by adjustments made on the records of the Trustee, as custodian for DTC, in connection with a corresponding
decrease or increase in the aggregate initial principal amount of the corresponding Class of Temporary Regulation S Global Notes or Permanent
Regulation S Global Notes, as hereinafter provided.

 

(ii) Regulation
S Global Notes. Any Series 2021-1 Notes of each Class offered and sold on the Series 2021-1 Closing Date in reliance upon Regulation
S will be issued in the form of one or more global notes in fully registered form, without coupons, substantially in the form set forth
in Exhibit A-2 hereto, registered in the name of Cede, as nominee of DTC, and deposited with the Trustee, as custodian for DTC,
for credit to the respective accounts at DTC of the designated agents holding on behalf of Euroclear or Clearstream. Until such time
as the Restricted Period shall have terminated with respect to any Series 2021-1 Note, such Series 2021-1 Notes shall be referred to
herein collectively, for purposes of this Section 4.1 and Section 4.2, as the “Temporary Regulation S Global Notes.”
After such time as the Restricted Period shall have terminated, the Temporary Regulation S Global Notes shall be exchangeable, in whole
or in part, for interests in one or more permanent global notes in registered form without interest coupons, substantially in the form
set forth in Exhibit A-3 hereto, as hereinafter provided (collectively, for purposes of this Section 4.1 and Section
4.2, the “Permanent Regulation S Global Notes”). The aggregate principal amount of the Temporary Regulation S
Global Notes or the Permanent Regulation S Global Notes may from time to time be increased or decreased by adjustments made on the records
of the Trustee, as custodian for DTC, in connection with a corresponding decrease or increase of aggregate principal amount of the corresponding
Rule 144A Global Notes, as hereinafter provided.

 

(c) Definitive
Notes. The Series 2021-1 Global Notes of each Class shall be exchangeable in their entirety for one or more definitive notes in registered
form, without interest coupons (collectively, for purposes of this Section 4.1 and Section 4.2, the “Definitive
Notes”) pursuant to Section 2.13 of the Base Indenture and this Section 4.1(c) in accordance with their terms
and, upon complete exchange thereof, such Series 2021-1 Global Notes shall be surrendered for cancellation at the applicable Corporate
Trust Office.

 

    	14

    	 

    

 

Section
4.2 Transfer Restrictions of Series 2021-1 Global Notes.

 

(a) A
Series 2021-1 Global Note may not be transferred, in whole or in part, to any Person other than DTC or a nominee thereof, or to a successor
Depository or to a nominee of a successor Depository, and no such transfer to any such other Person may be registered; provided,
however, that this Section 4.4(a) shall not prohibit any transfer of any Series 2021-1 Note that is issued in exchange
for a Series 2021-1 Global Note in accordance with Section 2.8 of the Base Indenture and shall not prohibit any transfer of a
beneficial interest in a Series 2021-1 Global Note effected in accordance with the other provisions of this Section 4.2.

 

(b) The
transfer by a Series 2021-1 Note Owner holding a beneficial interest in a Series 2021-1 Note of any Class in the form of a Rule 144A
Global Note to a Person who wishes to take delivery thereof in the form of a beneficial interest in the Rule 144A Global Note of such
Class shall be made upon the deemed representation of the transferee that it is purchasing for its own account or an account with respect
to which it exercises sole investment discretion and that it and any such account is a QIB and not a Competitor, and is aware that the
sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Issuer as such
transferee has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor
is relying upon its foregoing representations in order to claim the exemption from registration provided by Rule 144A.

 

(c) If
a Series 2021-1 Note Owner holding a beneficial interest in a Series 2021-1 Note of any Class in the form of a Rule 144A Global Note
wishes at any time to exchange its interest in such Rule 144A Global Note for an interest in the Temporary Regulation S Global Note of
such Class, or to transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in the
Temporary Regulation S Global Note of such Class, such exchange or transfer may be effected, subject to the Applicable Procedures, only
in accordance with the provisions of this Section 4.2(c). Upon receipt by the Note Registrar, at the applicable Corporate Trust
Office, of (i) written instructions given in accordance with the Applicable Procedures from a Clearing Agency Participant directing the
Note Registrar to credit or cause to be credited to a specified Clearing Agency Participant’s account a beneficial interest in
the Temporary Regulation S Global Note, in a principal amount equal to that of the beneficial interest in such Rule 144A Global Note
to be so exchanged or transferred, (ii) a written order given in accordance with the Applicable Procedures containing information regarding
the account of the Clearing Agency Participant (and the Euroclear or Clearstream account, as the case may be) to be credited with, and
the account of the Clearing Agency Participant to be debited for, such beneficial interest and (iii) a certificate in substantially the
form set forth in Exhibit B-1 hereto given by the Series 2021-1 Note Owner holding such beneficial interest in such Rule 144A
Global Note, the Note Registrar shall instruct the Trustee, as custodian of DTC, to reduce the principal amount of the Rule 144A Global
Note, and to increase the principal amount of the Temporary Regulation S Global Note, by the principal amount of the beneficial interest
in such Rule 144A Global Note to be so exchanged or transferred, and to credit or cause to be credited to the account of the Person specified
in such instructions (which shall be the Clearing Agency Participant for Euroclear or Clearstream or both, as the case may be) a beneficial
interest in the Temporary Regulation S Global Note having a principal amount equal to the amount by which the principal amount of such
Rule 144A Global Note was reduced upon such exchange or transfer.

 

    	15

    	 

    

 

(d) If
a Series 2021-1 Note Owner holding a beneficial interest in a Rule 144A Global Note of any Class wishes at any time to exchange its interest
in such Rule 144A Global Note for an interest in the Permanent Regulation S Global Note of such Class, or to transfer such interest to
a Person who wishes to take delivery thereof in the form of a beneficial interest in the Permanent Regulation S Global Note of such Class,
such exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this Section
4.2(d). Upon receipt by the Note Registrar, at the applicable Corporate Trust Office, of (i) written instructions given in accordance
with the Applicable Procedures from a Clearing Agency Participant directing the Note Registrar to credit or cause to be credited to a
specified Clearing Agency Participant’s account a beneficial interest in the Permanent Regulation S Global Note in a principal
amount equal to that of the beneficial interest in such Rule 144A Global Note to be so exchanged or transferred, (ii) a written order
given in accordance with the Applicable Procedures containing information regarding the account of the Clearing Agency Participant (and
the Euroclear or Clearstream account, as the case may be) to be credited with, and the account of the Clearing Agency Participant to
be debited for, such beneficial interest and (iii) a certificate in substantially the form of Exhibit B-2 hereto given by the
Series 2021-1 Note Owner holding such beneficial interest in such Rule 144A Global Note, the Note Registrar shall instruct the Trustee,
as custodian of DTC, to reduce the principal amount of such Rule 144A Global Note, and to increase the principal amount of the Permanent
Regulation S Global Note, by the principal amount of the beneficial interest in such Rule 144A Global Note to be so exchanged or transferred,
and to credit or cause to be credited to the account of the Person specified in such instructions (which shall be the Clearing Agency
Participant for Euroclear or Clearstream or both, as the case may be) a beneficial interest in the Permanent Regulation S Global Note
having a principal amount equal to the amount by which the principal amount of such Rule 144A Global Note was reduced upon such exchange
or transfer.

 

(e) If
a Series 2021-1 Note Owner holding a beneficial interest in a Temporary Regulation S Global Note or a Permanent Regulation S Global Note
wishes at any time to exchange its interest in such Temporary Regulation S Global Note or such Permanent Regulation S Global Note for
an interest in the Rule 144A Global Note, or to transfer such interest to a Person who wishes to take delivery thereof in the form of
a beneficial interest in the Rule 144A Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures,
only in accordance with the provisions of this Section 4.2(e). Upon receipt by the Note Registrar, at the applicable Corporate
Trust Office, of (i) written instructions given in accordance with the Applicable Procedures from a Clearing Agency Participant directing
the Note Registrar to credit or cause to be credited to a specified Clearing Agency Participant’s account a beneficial interest
in the Rule 144A Global Note of the applicable Class in a principal amount equal to that of the beneficial interest in such Temporary
Regulation S Global Note or such Permanent Regulation S Global Note, as the case may be, to be so exchanged or transferred, (ii) a written
order given in accordance with the Applicable Procedures containing information regarding the account of the Clearing Agency Participant
(and the Euroclear or Clearstream account, as the case may be) to be credited with, and the account of the Clearing Agency Participant
to be debited for, such beneficial interest and (iii) with respect to a transfer of a beneficial interest in such Temporary Regulation
S Global Note (but not such Permanent Regulation S Global Note), a certificate in substantially the form set forth in Exhibit B-3
hereto given by such Series 2021-1 Note Owner holding such beneficial interest in such Temporary Regulation S Global Note, the Note
Registrar shall instruct the Trustee, as custodian of DTC, to reduce the principal amount of such Temporary Regulation S Global Note
or such Permanent Regulation S Global Note, as the case may be, and to increase the principal amount of such Rule 144A Global Note, by
the principal amount of the beneficial interest in such Temporary Regulation S Global Note or such Permanent Regulation S Global Note
to be so exchanged or transferred, and to credit or cause to be credited to the account of the Person specified in such instructions
(which shall be the Clearing Agency Participant for DTC) a beneficial interest in such Rule 144A Global Note having a principal amount
equal to the amount by which the principal amount of such Temporary Regulation S Global Note or such Permanent Regulation S Global Note,
as the case may be, was reduced upon such exchange or transfer.

 

    	16

    	 

    

 

(f) In
the event that a Series 2021-1 Global Note of any Class or any portion thereof is exchanged for a Series 2021-1 Note of such Class other
than Series 2021-1 Global Notes, such other Series 2021-1 Notes may in turn be exchanged (upon transfer or otherwise) for Series 2021-1
Notes of such Class that are not Series 2021-1 Global Notes or for a beneficial interest in a Series 2021-1 Global Note of such Class
(if any is then outstanding) only in accordance with such procedures as may be adopted from time to time by the Issuer and the Note Registrar,
which shall be substantially consistent with the provisions of Section 4.4(a) through Section 4.4(e) and Section 4.4(g)
(including the certification requirement intended to ensure that transfers and exchanges of beneficial interests in a Series 2021-1
Global Note comply with Rule 144A or Regulation S under the 1933 Act, as the case may be) and any Applicable Procedures.

 

(g) Until
the termination of the Restricted Period with respect to any Series 2021-1 Note, interests in the Temporary Regulation S Global Notes
representing such Series 2021-1 Note may be held only through Clearing Agency Participants acting for and on behalf of Euroclear and
Clearstream; provided that this Section 4.4(g) shall not prohibit any transfer in accordance with Section 4.4(d).
After the expiration of the applicable Restricted Period, interests in the Permanent Regulation S Global Notes may be transferred without
requiring any certifications other than those set forth in this Section 4.4.

 

(h) The
Series 2021-1 Notes Rule 144A Global Notes, the Series 2021-1 Notes Temporary Regulation S Global Notes and the Series 2021-1 Notes Permanent
Regulation S Global Notes shall bear the following legend:

 

THE
ISSUANCE AND SALE OF THIS [RULE 144A] [TEMPORARY REGULATION S] [PERMANENT REGULATION S] SERIES 2021-1 CLASS [A-2][B-2][M-2] NOTE HAVE
NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR
WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT JURISDICTION, AND FAT BRANDS FAZOLI’S NATIVE I, LLC (THE
“ISSUER”) HAVE NOT BEEN REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”).
THIS NOTE OR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE ISSUER OR AN AFFILIATE THEREOF,
(B) IN THE UNITED STATES, TO A PERSON WHO IS NOT A COMPETITOR AND IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE
144A UNDER THE 1933 ACT (“RULE 144A”), ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH
PERSON EXERCISES SOLE INVESTMENT DISCRETION OR (C) OUTSIDE THE UNITED STATES, TO A PERSON WHO IS NOT A COMPETITOR AND IS NOT A “U.S.
PERSON” AS DEFINED IN REGULATION S UNDER THE 1933 ACT (“REGULATION S”), ACTING FOR ITS OWN ACCOUNT OR ONE OR
MORE ACCOUNTS WITH RESPECT TO WHICH SUCH PERSON EXERCISES SOLE INVESTMENT DISCRETION, NONE OF WHICH ARE A U.S. PERSON, IN OFFSHORE TRANSACTIONS
IN RELIANCE ON REGULATION S, AND, IN EACH CASE, IN COMPLIANCE WITH THE CERTIFICATIONS AND OTHER REQUIREMENTS SPECIFIED IN THE INDENTURE
REFERRED TO HEREIN AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OR THE UNITED STATES AND ANY OTHER RELEVANT JURISDICTION.

 

    	17

    	 

    

 

BY
ITS ACQUISITION OR ACCEPTANCE HEREOF, THE HOLDER (IF NOT THE ISSUER OR AN AFFILIATE OF THE ISSUER) REPRESENTS THAT (A) IT IS NOT A COMPETITOR
AND IS (X) A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A OR (Y) NOT A U.S. PERSON AND IS ACQUIRING THIS NOTE
IN AN OFFSHORE TRANSACTION, AS APPLICABLE, (B) IT IS NOT A COMPETITOR AND IS ACTING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
PERSON WHICH IS EITHER (X) A QUALIFIED INSTITUTIONAL BUYER OR (Y) NOT A U.S. PERSON, AND IN EACH CASE WITH RESPECT TO WHICH IT EXERCISES
SOLE INVESTMENT DISCRETION, (C) IT AND EACH ACCOUNT FOR WHICH IT IS PURCHASING WILL HOLD AND TRANSFER AT LEAST THE MINIMUM DENOMINATION
OF NOTES, (D) IT UNDERSTANDS THAT THE ISSUER MAY RECEIVE A LIST OF PARTICIPANTS HOLDING POSITIONS IN ITS NOTES FROM ONE OR MORE BOOK-ENTRY
DEPOSITORIES AND (E) IT WILL PROVIDE NOTICE OF THE TRANSFER RESTRICTIONS TO ANY SUBSEQUENT TRANSFEREES.

 

EACH
PERSON (IF NOT THE ISSUER OR AN AFFILIATE OF THE ISSUER) TAKING DELIVERY OF THIS NOTE OR AN INTEREST IN THIS NOTE WILL BE DEEMED TO HAVE
MADE THE APPLICABLE REPRESENTATIONS AND AGREEMENTS REFERRED TO IN THE INDENTURE. EACH PERSON TAKING DELIVERY OF THIS NOTE OR AN INTEREST
IN THIS NOTE IN THE FORM OF AN INTEREST IN A [TEMPORARY REGULATION S GLOBAL NOTE] [RULE 144A GLOBAL NOTE] OR [PERMANENT REGULATION S
GLOBAL NOTE] WILL BE REQUIRED TO DELIVER A TRANSFER CERTIFICATE IN THE FORM REQUIRED BY THE INDENTURE AND WILL BE REQUIRED TO MAKE THE
APPLICABLE REPRESENTATIONS AND AGREEMENTS REFERRED TO IN THE INDENTURE.

 

ANY
TRANSFER OF THIS NOTE IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT AND WILL BE VOID AB INITIO AND WILL NOT OPERATE TO
TRANSFER ANY RIGHTS TO ANY PERSON CAUSING SUCH VIOLATION, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUER, THE TRUSTEE
OR ANY INTERMEDIARY; PROVIDED, HOWEVER, THAT THE PRECEDING PORTION OF THIS SENTENCE SHALL NOT OPERATE TO INVALIDATE ANY OTHERWISE BONA
FIDE TRANSFER TO AN ELIGIBLE TRANSFEREE WHERE A PREVIOUS ERRONEOUSLY REGISTERED TRANSFEROR IN THE CHAIN OF TITLE OF SUCH TRANSFEREE WOULD
HAVE BEEN INELIGIBLE SOLELY ON ACCOUNT OF BEING A COMPETITOR.

 

    	18

    	 

    

 

IF
THIS NOTE WAS ACQUIRED IN THE UNITED STATES, AND THE HOLDER IS DETERMINED TO BE A COMPETITOR OR NOT TO HAVE BEEN A QUALIFIED INSTITUTIONAL
BUYER AT THE TIME OF ACQUISITION OF THIS NOTE, THE ISSUER HAS THE RIGHT TO REQUIRE SUCH HOLDER TO SELL THIS NOTE TO A PURCHASER WHO IS
NOT A COMPETITOR AND IS A QUALIFIED INSTITUTIONAL BUYER. THE ISSUER ALSO HAS THE RIGHT TO REFUSE TO HONOR A TRANSFER TO A PERSON WHO
IS NOT A QUALIFIED INSTITUTIONAL BUYER OR WHO IS A COMPETITOR.

 

IF
THIS NOTE WAS ACQUIRED OUTSIDE THE UNITED STATES, AND THE HOLDER IS DETERMINED TO BE A COMPETITOR OR TO HAVE BEEN A “U.S. PERSON”
AT THE TIME OF ACQUISITION OF THIS NOTE, THE ISSUER HAS THE RIGHT TO REQUIRE SUCH HOLDER TO SELL THIS NOTE TO A PURCHASER WHO IS NOT
A COMPETITOR AND IS NOT A “U.S. PERSON.” THE ISSUER ALSO HAS THE RIGHT TO REFUSE TO HONOR A TRANSFER TO A PERSON WHO IS A
“U.S. PERSON” OR WHO IS A COMPETITOR.

 

BY
ACCEPTING THIS NOTE, EACH HOLDER COVENANTS THAT IT WILL NOT AT ANY TIME PRIOR TO THE DATE WHICH IS ONE (1) YEAR AND ONE (1) DAY AFTER
THE PAYMENT IN FULL OF THE LATEST MATURING NOTE, 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.

 

THIS
NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST
COMPANY (“DTC”), A NEW YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK 10041, OR A NOMINEE THEREOF. THIS NOTE
MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED,
IN THE NAME OF ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. UNLESS
THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE ISSUER OR THE NOTE REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN.

 

    	19

    	 

    

 

[THIS
[RULE 144A][TEMPORARY REGULATION S] [PERMANENT REGULATION S] GLOBAL SERIES 2021-1 CLASS [A-2][B-2][M-2] NOTE WAS ISSUED WITH “ORIGINAL
ISSUE DISCOUNT” AS DEFINED IN SECTION 1273 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. YOU MAY OBTAIN INFORMATION REGARDING
THE AMOUNT OF ORIGINAL ISSUE DISCOUNT, THE ISSUE PRICE, THE ISSUE DATE AND THE YIELD TO MATURITY BY CONTACTING THE MANAGER AT FAT BRANDS
INC., 9720 WILSHIRE BLVD., SUITE 500, BEVERLY HILLS, CA 90212, ATTN: ANDREW A. WIEDERHORN.]

 

THE
PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF
THE TRUSTEE.

 

(i) The
Series 2021-1 Temporary Regulation S Global Notes shall also bear the following legend:

 

UNTIL
FORTY (40) DAYS AFTER THE ORIGINAL ISSUE DATE OF THE NOTES (THE “RESTRICTED PERIOD”) IN CONNECTION WITH THE OFFERING
OF THE NOTES IN THE UNITED STATES FROM OUTSIDE OF THE UNITED STATES, THE SALE, PLEDGE OR TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN
CONDITIONS AND RESTRICTIONS. THE HOLDER HEREOF, BY PURCHASING OR OTHERWISE ACQUIRING THIS NOTE, ACKNOWLEDGES THAT SUCH HOLDER IS EITHER
NOT A “U.S. PERSON” OR THE ISSUER OR AN AFFILIATE OF THE ISSUER, AND THAT THIS NOTE HAS NOT BEEN REGISTERED UNDER THE 1933
ACT, AND AGREES FOR THE BENEFIT OF THE ISSUER THAT THIS NOTE MAY BE TRANSFERRED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY TO A HOLDER
THAT IS NOT A “U.S. PERSON” OR TO THE ISSUER OR AN AFFILIATE OF THE ISSUER AND IN COMPLIANCE WITH THE 1933 ACT AND OTHER
APPLICABLE LAWS OF THE STATES, TERRITORIES AND POSSESSIONS OF THE UNITED STATES GOVERNING THE OFFER AND SALE OF SECURITIES, AND PRIOR
TO THE EXPIRATION OF THE RESTRICTED PERIOD, ONLY (I) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE 1933 ACT OR
(II) PURSUANT TO AND IN ACCORDANCE WITH RULE 144A UNDER THE 1933 ACT.

 

    	20

    	 

    

 

(j) The
required legends set forth above shall not be removed from the applicable Series 2021-1 Notes except as provided herein. The legend required
for a Series 2021-1 Rule 144A Global Note may be removed from such Series 2021-1 Notes Rule 144A Global Note if there is delivered to
the Issuer and the Note Registrar such satisfactory evidence, which may include an Opinion of Counsel, as may be reasonably required
by the Issuer that neither such legend nor the restrictions on transfer set forth therein are required to ensure that transfers of such
Series 2021-1 Notes Rule 144A Global Note will not violate the registration requirements of the 1933 Act. Upon provision of such satisfactory
evidence, the Trustee at the direction of the Issuer (or the Manager, on its behalf), shall authenticate and deliver in exchange for
such Series 2021-1 Rule 144A Global Note a Series 2021-1 Note or Series 2021-1 Notes of the applicable Class having an equal aggregate
principal amount that does not bear such legend. If such a legend required for a Series 2021-1 Rule 144A Global Note has been removed
from a Series 2021-1 Note as provided above, no other Series 2021-1 Note issued in exchange for all or any part of such Series 2021-1
Note shall bear such legend, unless the Issuer have reasonable cause to believe that such other Series 2021-1 Note is a “restricted
security” within the meaning of Rule 144 under the 1933 Act and instructs the Trustee to cause a legend to appear thereon.

 

Section
4.3 Note Owner Representations and Warranties. Each Person who becomes a Note Owner of a beneficial interest in a Series 2021-1
Note pursuant to the Offering Memorandum will be deemed to represent, warrant and agree on the date such Person acquires any interest
in any such Series 2021-1 Note as follows:

 

(a) With
respect to any sale of Series 2021-1 Notes pursuant to Rule 144A, it is a QIB pursuant to Rule 144A, and is aware that any sale of Series
2021-1 Notes to it will be made in reliance on Rule 144A. Its acquisition of Series 2021-1 Notes in any such sale will be for its own
account or for the account of another QIB.

 

(b) With
respect to any sale of Series 2021-1 Notes pursuant to Regulation S, at the time the buy order for such Series 2021-1 Notes was originated,
it was outside the United States and the offer was made to a Person who is not a U.S. Person, and was not purchasing for the account
or benefit of a U.S. Person.

 

(c) It
will, and each account for which it is purchasing will, hold and transfer at least the minimum denomination of Series 2021-1 Notes set
forth in Section 2.3 of this Series 2021-1 Supplement.

 

(d) It
understands that the Issuer and the Manager may receive a list of participants holding positions in the Series 2021-1 Notes from one
or more book-entry depositories.

 

(e) It
understands that the Manager and the Issuer may receive (i) a list of Note Owners that have requested access to the Trustee’s password-protected
website or that have voluntarily registered as a Note Owner with the Trustee and (ii) copies of Noteholder confirmations of representations
and warranties executed to obtain access to the Trustee’s password-protected website.

 

    	21

    	 

    

 

(f) It
will provide to each person to whom it transfers Series 2021-1 Notes notices of any restrictions on transfer of such Series 2021-1 Notes.

 

(g) It
understands that (i) the Series 2021-1 Notes are being offered in a transaction not involving any public offering in the United States
within the meaning of the 1933 Act, (ii) the Series 2021-1 Notes have not been registered under the 1933 Act, (iii) the Series 2021-1
Notes may be offered, resold, pledged or otherwise transferred only to (a) in the United States, Persons who are not Competitors and
who are QIBs, purchasing for their own account or the account of one or more other Persons, each of which is a QIB, (b) outside the United
States, Persons who are not Competitors and who are not “U.S. Persons” in offshore transactions in reliance on Regulation
S under the 1933 Act, purchasing for their own account or the account of one or more other Persons, each of which is a non-U.S. Person,
or (c) the Issuer or an Affiliate of the Issuer, in each case, in accordance with any applicable securities laws of any state of the
United States and any other relevant jurisdiction, and (iv) it will, and each subsequent holder of a Series 2021-1 Note is required to,
notify any subsequent purchaser of a Series 2021-1 Note of the resale restrictions set forth in clause (iii) above.

 

(h) It
understands that the certificates evidencing the Rule 144A Global Notes will bear legends substantially similar to those set forth in
Section 4.2(h).

 

(i) It
understands that the certificates evidencing the Temporary Regulation S Global Notes will bear legends substantially similar to those
set forth in Sections 4.2(h) and Section 4.2(i), as applicable.

 

(j) It
understands that the certificates evidencing the Permanent Regulation S Global Notes will bear legends substantially similar to those
set forth in Section 4.2(h).

 

(k) Either
(i) it is not acquiring or holding the Series 2021-1 Notes (or any interest therein) for or on behalf of, or with the assets of, Plan
or a governmental, church, non-U.S. or other plan which is subject to any Similar Law or with respect to the Series 2021-1 Class A-2
Notes only, (ii) its acquisition, holding and disposition of the Series 2021-1 Class A-2 Notes (or any interest therein) will not constitute
or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or, in the case of a governmental,
church, non-U.S. or other plan, a non-exempt violation under any Similar Law.

 

(l) It
understands that any subsequent transfer of the Series 2021-1 Notes or any interest therein is subject to certain restrictions and conditions
set forth in the Indenture and it agrees to be bound by, and not to resell, pledge or otherwise transfer the Series 2021-1 Notes or any
interest therein except in compliance with, such restrictions and conditions and the 1933 Act.

 

(m) It
is not a Competitor.

 

Section
4.4 Limitation on Liability. None of the Issuer, the Manager, the Trustee or any Paying Agent or any of their respective Affiliates
shall have any responsibility or liability with respect to (i) any aspects of the records maintained by DTC or its nominee or any of
the Agent Members relating to or for payments made thereby on account of beneficial interests in a Rule l44A Global Note or a Regulation
S Global Note or (ii) any records maintained by the Noteholder with respect to the beneficial holders thereof or payments made thereby
on account of beneficial interests held therein. Notwithstanding anything to the contrary contained herein or in the Base Indenture,
the Trustee (including in its capacity as Note Registrar and Paying Agent) shall have no responsibility or liability with respect to
(i) transfers of beneficial interests within a Rule 144A Global Note or a Regulation S Global Note or (ii) monitoring or inquiring into
or verifying compliance by a Noteholder or Note Owner with the representations, covenants or restrictions set forth in this Series 2021-1
Supplement, the Base Indenture or the Notes.

 

    	22

    	 

    

 

ARTICLE
V

 

GENERAL

 

Section
5.1 Information. On or before the third (3rd) Business Day prior to each Quarterly Payment Date, the Issuer shall furnish,
or cause to be furnished, a Quarterly Noteholders’ Report with respect to the Series 2021-1 Notes to the Trustee and the Back-Up
Manager, substantially in the form of Exhibit C hereto, setting forth, inter alia, the following information with respect
to such Quarterly Payment Date and all other information required pursuant to Section 5.11 of the Base Indenture:

 

(i)
the total amount available to be distributed to Series 2021-1 Noteholders on such Quarterly Payment Date;

 

(ii)
the amount of such distribution allocable to the payment of interest on each Class of the Series 2021-1 Notes;

 

(iii)
the amount of such distribution allocable to the payment of principal of each Class of the Series 2021-1 Notes;

 

(iv)
whether, to the Actual Knowledge of the Issuer, any Potential Rapid Amortization Event, Rapid Amortization Event, Default, Event of Default,
Potential Manager Termination Event or Manager Termination Event has occurred and is continuing as of the related Quarterly Calculation
Date or any Cash Flow Sweeping Period is in effect, as of such Quarterly Calculation Date;

 

(v)
the P&I DSCR for such Quarterly Payment Date and the three Quarterly Payment Dates immediately preceding such Quarterly Payment Date;

 

(vi)
the amount of FAT Brands Fazoli’s Native I Systemwide Sales as of the related Quarterly Calculation Date; and

 

(vii)
the amount on deposit in the Reserve Account as of the close of business on the last Business Day of the preceding Quarterly Collection
Period.

 

Any
Series 2021-1 Noteholder may obtain copies of each Quarterly Noteholders’ Report in accordance with the procedures set forth in
Section 4.4 of the Base Indenture.

 

Section
5.2 Exhibits. The annexes, exhibits and schedules attached hereto and listed on the table of contents hereto supplement the annexes,
exhibits and schedules included in the Base Indenture.

 

    	23

     

    

 

Section
5.3 Ratification of Base Indenture. As supplemented by the Series 2021-1 Supplement, the Base Indenture is in all respects ratified
and confirmed and the Base Indenture as so supplemented by the Series 2021-1 Supplement shall be read, taken and construed as one and
the same instrument.

 

Section
5.4 [Reserved].

 

Section
5.5 Counterparts. The Series 2021-1 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
5.6 Governing Law. THE SERIES 2021-1 SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS
LAW OF THE STATE OF NEW YORK).

 

Section
5.7 Amendments. The Series 2021-1 Supplement may not be modified or amended except in accordance with the terms of the Base Indenture.

 

Section
5.8 Termination of Series Supplement; Defeasance.

 

(a)
The Series 2021-1 Supplement shall cease to be of further effect when (i) all Outstanding Series 2021-1 Notes theretofore authenticated
and issued have been delivered (other than destroyed, lost, or stolen Series 2021-1 Notes that have been replaced or paid) to the Trustee
for cancellation and (ii) the Issuer has paid all sums payable hereunder; provided that any provisions of the Series 2021-1 Supplement
required for the Series 2021-1 Final Payment to be made shall survive until the Series 2021-1 Final Payment is paid to the Series 2021-1
Noteholders. In accordance with Section 6.1(a) of the Base Indenture, the final principal payment due on each Series 2021-1 Note
shall only be paid upon due presentment and surrender of such Note for cancellation in accordance with the provisions of such Note at
the applicable Corporate Trust Office, which such surrender shall also constitute a general release by the applicable Noteholder from
any claims against the Issuer, the Manager, the Trustee and their affiliates.

 

(b)
In addition to (and notwithstanding) the terms of Section 12.1 of the Base Indenture, upon the payment in full (whether optional
or mandatory) or a redemption in full of a particular Class of Series 2021-1 Notes (the “Defeased Class”) as provided
hereunder, the Obligations of the Issuer and the Guarantors under the Transaction Documents in respect of such Defeased Class shall be
terminated.

 

Section
5.9 Limited Recourse. The obligations of the Issuer under this 2021-1 Series Supplement are solely the limited liability company
obligations of the Issuer, and the Issuer shall be liable for claims hereunder only to the extent that funds or assets are available
to pay such claims pursuant to this 2021-1 Series Supplement.

 

Section
5.10 Entire Agreement. The Series 2021-1 Supplement, together with the exhibits and schedules hereto and the other Indenture Documents,
contains a final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and
shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof, superseding all previous oral
statements and other writings with respect thereto.

 

Section
5.11 Control Party Protections. In taking or refraining from taking any action hereunder, the Control Party shall be entitled
to the rights, protections, benefits, immunities and indemnities afforded to the Control Party under this Series 2021-1 Supplement and
the other Transaction Documents mutatis mutandis.

 

[Signature
Pages Follow]

 

    	24

     

    

 

IN
WITNESS WHEREOF, each of the Issuer and the Trustee have caused the Series 2021-1 Supplement to be duly executed by its respective duly
authorized officer as of the day and year first written above.

 

	 	FAT
    BRANDS FAZOLI’S NATIVE I, LLC, as Issuer
	 	 	 
	 	 	 
	 	By:	/s/
    Andrew A. Wiederhorn
	 	Name:	Andrew
    A. Wiederhorn
	 	Title:	President
    and Chief Executive Officer 
	 	 	 
	 	UMB
    BANK, N.A., in its capacity as Trustee and as Securities Intermediary
	 	 	 
	 	By:	/s/
    Michele Voon
	 	Name:	Michele
    Voon
	 	Title:	Vice
    President 

 

    	Signature Page to Series 2021-1 Supplement to the Base Indenture
FAT Brands Fazoli’s Native I, LLC

     

    

 

CONSENT
OF CONTROL PARTY:

 

The
undersigned, as Control Party, hereby consents to the execution and delivery of this Series 2021-1 Supplement by the parties hereto,
and as Control Party hereby directs the Trustee to execute and deliver this Series 2021-1 Supplement.

 

 

	CITADEL
    SPV LLC, in its capacity as Control Party 	 
	 	 	 
	By:	/s/
    Orlando Figueroa	 
	Name:	Orlando
    Figueroa 	 
	Title:	Senior
    Managing Director 	 

 

    	Signature Page to Series 2021-1 Supplement to the Base Indenture
FAT Brands Fazoli’s Native I, LLC

     

    

 

ANNEX
A

 

SERIES
2021-1

 

SUPPLEMENTAL
DEFINITIONS LIST

 

“30/360
Day Basis” means the accrual of interest calculated on the basis of a 360-day year consisting of twelve 30-day months.

 

“Agent
Members” means members of, or participants in, DTC.

 

“Carryover
Senior Subordinated Notes Accrued Quarterly Interest Amount” means (a) for the first Monthly Allocation Date with respect to
any Quarterly Collection Period, zero, and (b) for any other Monthly Allocation Date with respect to such Quarterly Collection Period
the amount, if any, by which (i) the amount allocated to the Senior Subordinated Notes Interest Payment Account with respect to the Senior
Subordinated Notes on the immediately preceding Monthly Allocation Date with respect to such Quarterly Collection Period was less than
(ii) the Senior Subordinated Notes Accrued Quarterly Interest Amount for such immediately preceding Monthly Allocation Date; provided
that for the first Monthly Allocation Date after the applicable Series Closing Date, the Carryover Senior Subordinated Notes Accrued
Quarterly Interest Amount shall equal the aggregate amount of interest accrued on the Senior Subordinated Notes for the period from such
Series Closing Date until such Monthly Allocation Date.

 

“Carryover
Senior Subordinated Notes Accrued Scheduled Principal Payments Amount” means (a) for the first Monthly Allocation Date with
respect to any Quarterly Collection Period, zero, and (b) for any other Monthly Allocation Date with respect to such Quarterly Collection
Period the amount, if any, by which (i) the amount allocated to the Senior Subordinated Notes Principal Payment Account with respect
to the Senior Subordinated Notes Scheduled Principal Payment Amounts on the immediately preceding Monthly Allocation Date with respect
to such Quarterly Collection Period was less than (ii) the Senior Subordinated Notes Accrued Scheduled Principal Payments Amount for
such immediately preceding Monthly Allocation Date.

 

“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 Series 2021-1 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 Series 2021-1 Closing Date.

 

“Change
of Control” has the meaning ascribed to such term in the Management Agreement.

 

“Clearstream”
means Clearstream Luxembourg.

 

    	Annex A-1

     

    

 

“Defeased
Class” has the meaning set forth in Section 5.8(b) of the Series 2021-1 Supplement.

 

“Definitive
Notes” has the meaning set forth in Section 4.1(c) of the Series 2021-1 Supplement.

 

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

 

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

 

“Initial
Purchaser” means Jefferies LLC.

 

“Initial
Quarterly Payment Date” means April 25, 2022.

 

“Offering
Memorandum” means the Offering Memorandum for the offering of the Series 2021-1 Notes, dated December 10, 2021, prepared by
the Issuer.

 

“Official
Body” has the meaning set forth in the definition of “Change in Law.”

 

“Outstanding
Principal Amount” means with respect to any one or more Series, Classes, Subclasses or Tranches of Notes, as applicable at
any time, the aggregate principal amount Outstanding of such Notes at such time.

 

“Permanent
Regulation S Global Notes” has the meaning set forth in Section 4.1(b) of the Series 2021-1 Supplement.

 

“Prepayment
Condition Amounts” means (i) the Senior Prepayment Condition Amounts and the Senior Subordinated Prepayment Condition Amounts
and (ii) as of any Quarterly Payment Date, the aggregate amount due and payable to all of the Noteholders as of such Quarterly Payment
Date.

 

“Prepayment
Notice” has the meaning set forth in Section 3.5(f) of the Series 2021-1 Supplement.

 

“Prepayment
Record Date” means, with respect to the date of any Series 2021-1 Prepayment, the last day of the calendar month immediately
preceding the date of such Series 2021-1 Prepayment unless such last day is less than ten (10) Business Days prior to the date of such
Series 2021-1 Prepayment, in which case the “Prepayment Record Date” will be the date that is ten (10) Business Days prior
to the date of such Series 2021-1 Prepayment.

 

“Qualified
Institutional Buyer” or “QIB” means a Person who is a “qualified institutional buyer” as defined
in Rule 144A.

 

“Regulation
S” means Regulation S promulgated under the 1933 Act.

 

“Regulation
S Global Notes” means, collectively, the Temporary Regulation S Global Notes and the Permanent Regulation S Global Notes.

 

    	Annex A-2

     

    

 

“Required
Reserve Amount” means, as of each Quarterly Calculation Date, the quotient of: (A) the sum of (i)(a) the Series 2021-1 Class
A-2 Outstanding Principal Amount (after giving effect to all principal payments made on the related Quarterly Payment Date), times (b)
the Series 2021-1 Class A-2 Note Rate, plus (ii)(a) the Series 2021-1 Class B-2 Outstanding Principal Amount (after giving effect to
all principal payments made on the related Quarterly Payment Date), times (b) the Series 2021-1 Class B-2 Note Rate, divided by (B) 4.

 

“Restricted
Period” means, with respect to any Series 2021-1 Class A-2 Notes sold pursuant to Regulation S, the period commencing on such
Series 2021-1 Closing Date and ending on the 40th day after the Series 2021-1 Closing Date.

 

“Rule
144A” means Rule 144A promulgated under the 1933 Act.

 

“Rule
144A Global Notes” has the meaning set forth in Section 4.1(b) of the Series 2021-1 Supplement.

 

“Senior
Prepayment Condition Amounts” means, as of any Quarterly Payment Date, the aggregate amount due and payable to all of the Senior
Noteholders as of such Quarterly Payment Date.

 

“Senior
Subordinated Notes Accrued Quarterly Interest Amount” means, for each Monthly Allocation Date with respect to a Quarterly Collection
Period, an amount equal to the lesser of (a) the sum of (i) one-third of the Senior Subordinated Notes Aggregate Quarterly Interest for
the Interest Accrual Period ending in the next succeeding Quarterly Collection Period and (ii) the Carryover Senior Subordinated Notes
Accrued Quarterly Interest Amount for such Monthly Allocation Date and (b) the amount, if any, by which (i) Senior Notes Aggregate Quarterly
Interest for the Interest Accrual Period ending in the next succeeding Quarterly Collection Period exceeds (ii) the aggregate amount
previously allocated to the Senior Subordinated Notes Interest Payment Account with respect to the Senior Subordinated Notes Quarterly
Interest Amount on each preceding Monthly Allocation Date (or prefunded on the Closing Date) with respect to such Quarterly Collection
Period.

 

“Senior
Subordinated Notes Accrued Scheduled Principal Payments Amount” means, for each Monthly Allocation Date with respect to any
Quarterly Collection Period an amount equal to the lesser of (a) the sum of (i) one third of the Senior Subordinated Notes Aggregate
Scheduled Principal Payments for the Quarterly Payment Date in the next succeeding Quarterly Collection Period and (ii) the Carryover
Senior Subordinated Notes Accrued Scheduled Principal Payments Amount for such Monthly Allocation Date and (b) the amount, if any, by
which (i) the Senior Subordinated Notes Aggregate Scheduled Principal Payments for the Quarterly Payment Date in the next succeeding
Quarterly Collection Period exceeds (ii) the aggregate amount previously allocated to the Senior Subordinated Notes Principal Payment
Account with respect to Senior Subordinated Notes Aggregate Scheduled Principal Payments on each preceding Monthly Allocation Date (or
prefunded on the Closing Date) with respect to such Quarterly Collection Period.

 

    	Annex A-3

     

    

 

“Senior
Subordinated Prepayment Condition Amounts” means, as of any Quarterly Payment Date, the aggregate amount due and payable to
all of the Senior Noteholders and Senior Subordinated Noteholders as of such Quarterly Payment Date.

 

“Series
2021-1 Anticipated Repayment Date” means the Series 2021-1 Class A-2 Anticipated Repayment Date, Series 2021-1 Class B-2 Anticipated
Repayment Date and Series 2021-1 Class M-2 Anticipated Repayment Date. For purposes of the Base Indenture, the “Series 2021-1 Anticipated
Repayment Date” shall be deemed to be a “Series Anticipated Repayment Date”.

 

“Series
2021-1 Class A-2 Anticipated Repayment Date” has the meaning set forth in Section 3.5(a)(ii) of the Series 2021-1 Supplement.
For purposes of the Base Indenture, the “Series 2021-1 Class A-2 Anticipated Repayment Date” shall be deemed to be a “Series
Anticipated Repayment Date”.

 

“Series
2021-1 Class A-2 Initial Principal Amount” means, the aggregate initial outstanding principal amount of the Class A-2 Notes
as of the 2021-1 Closing Date, which is $128,760,000.00.

 

“Series
2021-1 Class A-2 Legal Final Maturity Date” means the Quarterly Payment Date occurring in July 2051. For purposes of the Base
Indenture, the “Series 2021-1 Class A-2 Legal Final Maturity Date” shall be deemed to be a “Series Legal Final Maturity
Date.”

 

“Series
2021-1 Class A-2 Note Rate” means, (i) prior to the Series 2021-1 Class A-2 Anticipated Repayment Date, 6.00% per annum, compounded
quarterly and (ii) on and after the Series 2021-1 Class A-2 Anticipated Repayment Date, 8.00% per annum, compounded quarterly.

 

“Series
2021-1 Class A-2 Noteholder” means the Person in whose name a Series 2021-1 Class A-2 Note is registered in the Note Register.

 

“Series
2021-1 Class A-2 Notes” has the meaning specified in the “Designation” of the Series 2021-1 Supplement.

 

“Series
2021-1 Class A-2 Notes Scheduled Principal Payment Amount” means, on each Quarterly Payment Date on and following the Series
2021-1 Class A-2 Anticipated Call Date, an amount equal to one-half percent (0.5%) of the Series 2021-1 Class A-2 Initial Principal Amount.
For purposes of the Base Indenture, the “Series 2021-1 Class A-2 Notes Scheduled Principal Payment Amounts” shall be deemed
to be “Scheduled Principal Payments”.

 

“Series
2021-1 Class A-2 Notes Scheduled Principal Payment Deficiency Amount” means, with respect to any Quarterly Payment Date, if
on any Quarterly Calculation Date, (a) the sum of (i) the amount of funds on deposit in the Senior Notes Principal Payment Account with
respect to the Series 2021-1 Class A-2 Notes and (ii) any other funds on deposit in the Indenture Trust Accounts that are available to
pay the Series 2021-1 Class A-2 Notes Scheduled Principal Payments with respect to the Series 2021-1 Class A-2 Notes on such Quarterly
Payment Date is less than (b) the sum of (i) the Series 2021-1 Class A-2 Notes Scheduled Principal Payment Amount due and payable, if
any, on such Quarterly Payment Date plus any Series 2021-1 Class A-2 Notes Scheduled Principal Payment Amounts due but unpaid
from any previous Quarterly Payment Dates and (ii) the amount of funds on deposit in the Senior Notes Principal Payment Account with
respect to such amounts set forth in clause (b)(i) and allocated to the Series 2021-1 Class A-2 Notes, the amount of such deficiency.

 

    	Annex A-4

     

    

 

“Series
2021-1 Class A-2 Outstanding Principal Amount” means, on any date, an amount equal to (a) the Series 2021-1 Class A-2 Initial
Principal Amount, minus (b) the aggregate amount of principal payments (whether pursuant to the payment of Series 2021-1 Class
A-2 Notes Scheduled Principal Payments Amounts, a prepayment, a purchase and cancellation, a redemption or otherwise) made to Series
2021-1 Class A-2 Noteholders on or prior to such date. For purposes of the Base Indenture, the “Series 2021-1 Class A-2 Outstanding
Principal Amount” shall be deemed to be an “Outstanding Principal Amount.”

 

“Series
2021-1 Class A-2 Prepayment” has the meaning set forth in Section 3.5(e)(i) of the Series 2021-1 Supplement.

 

“Series
2021-1 Class A-2 Quarterly Interest Amount” means, for each Interest Accrual Period, an amount equal to the accrued interest
at the applicable Series 2021-1 Class A-2 Note Rate on the Series 2021-1 Class A-2 Outstanding Principal Amount (as of the first day
of such Interest Accrual Period after giving effect to all payments of principal (if any) made to such Series 2021-1 Class A-2 Noteholders
as of such day and also giving effect to prepayments, repurchases and cancellations of Series 2021-1 Class A-2 Notes during such Interest
Accrual Period). For purposes of the Base Indenture, “Series 2021-1 Class A-2 Quarterly Interest Amount” shall be deemed
to be a “Senior Notes Quarterly Interest Amount.”

 

“Series
2021-1 Class A-2 Quarterly Post-Anticipated Call Date Additional Interest” has the meaning set forth in Section 3.4(d)(i)
of the Series 2021-1 Supplement. For purposes of the Base Indenture, Series 2021-1 Class A-2 Quarterly Post-Anticipated Call Date
Additional Interest shall be deemed to be “Senior Notes Quarterly Post-Anticipated Call Date Additional Interest.”

 

“Series
2021-1 Class A-2 Quarterly Post-Anticipated Call Date Additional Interest Rate” has the meaning set forth in Section 3.4(d)(i)
of the Series 2021-1 Supplement.

 

“Series
2021-1 Class A-2 Quarterly Post-Anticipated Repayment Date Additional Interest” has the meaning set forth in Section 3.4(d)(i)
of the Series 2021-1 Supplement. For purposes of the Base Indenture, Series 2021-1 Class A-2 Quarterly Post-Anticipated Repayment
Date Additional Interest shall be deemed to be “Senior Notes Quarterly Post-Anticipated Repayment Date Additional Interest.”

 

“Series
2021-1 Class A-2 Quarterly Post-Anticipated Repayment Date Additional Interest Rate” has the meaning set forth in Section
3.4(d)(i) of the Series 2021-1 Supplement.

 

“Series
2021-1 Class B-2 Anticipated Repayment Date” has the meaning set forth in Section 3.5(b)(ii) of the Series 2021-1 Supplement.
For purposes of the Base Indenture, the “Series 2021-1 Class B-2 Anticipated Repayment Date” shall be deemed to be a “Series
Anticipated Repayment Date”.

 

    	Annex A-5

     

    

 

“Series
2021-1 Class B-2 Initial Principal Amount” means, the aggregate initial outstanding principal amount of the Class B-2 Notes
as of the 2021-1 Closing Date, which is $25,000,000.00.

 

“Series
2021-1 Class B-2 Legal Final Maturity Date” means the Quarterly Payment Date occurring in July 2051. For purposes of the Base
Indenture, the “Series 2021-1 Class B-2 Legal Final Maturity Date” shall be deemed to be a “Series Legal Final Maturity
Date.”

 

“Series
2021-1 Class B-2 Note Rate” means 7.00% per annum, compounded quarterly.

 

“Series
2021-1 Class B-2 Noteholder” means the Person in whose name a Series 2021-1 Class B-2 Note is registered in the Note Register.

 

“Series
2021-1 Class B-2 Notes” has the meaning specified in the “Designation” of the Series 2021-1 Supplement.

 

“Series
2021-1 Class B-2 Notes Scheduled Principal Payment Amount” means, on each Quarterly Payment Date on and following the Series
2021-1 Class B-2 Anticipated Call Date, an amount equal to one-half percent (0.5%) of the Series 2021-1 Class B-2 Initial Principal Amount.
For purposes of the Base Indenture, the “Series 2021-1 Class B-2 Notes Scheduled Principal Payment Amounts” shall be deemed
to be “Scheduled Principal Payments”.

 

“Series
2021-1 Class B-2 Notes Scheduled Principal Payment Deficiency Amount” means, with respect to any Quarterly Payment Date, if
on any Quarterly Calculation Date, (a) the sum of (i) the amount of funds on deposit in the Senior Notes Principal Payment Account with
respect to the Series 2021-1 Class B-2 Notes and (ii) any other funds on deposit in the Indenture Trust Accounts that are available to
pay the Series 2021-1 Class B-2 Notes Scheduled Principal Payments with respect to the Series 2021-1 Class B-2 Notes on such Quarterly
Payment Date is less than (b) the sum of (i) the Series 2021-1 Class B-2 Notes Scheduled Principal Payment Amount due and payable, if
any, on such Quarterly Payment Date plus any Series 2021-1 Class B-2 Notes Scheduled Principal Payment Amounts due but unpaid
from any previous Quarterly Payment Dates and (ii) the amount of funds on deposit in the Senior Notes Principal Payment Account with
respect to such amounts set forth in clause (b)(i) and allocated to the Series 2021-1 Class B-2 Notes, the amount of such deficiency.

 

“Series
2021-1 Class B-2 Outstanding Principal Amount” means, on any date, an amount equal to (a) the Series 2021-1 Class B-2 Initial
Principal Amount, minus (b) the aggregate amount of principal payments (whether pursuant to the payment of Series 2021-1 Class
B-2 Notes Scheduled Principal Payments Amounts, a prepayment, a purchase and cancellation, a redemption or otherwise) made to Series
2021-1 Class B-2 Noteholders on or prior to such date. For purposes of the Base Indenture, the “Series 2021-1 Class B-2 Outstanding
Principal Amount” shall be deemed to be an “Outstanding Principal Amount.”

 

“Series
2021-1 Class B-2 Prepayment” has the meaning set forth in Section 3.5(e)(ii) of the Series 2021-1 Supplement.

 

    	Annex A-6

     

    

 

“Series
2021-1 Class B-2 Quarterly Interest Amount” means, for each Interest Accrual Period, an amount equal to the accrued interest
at the applicable Series 2021-1 Class B-2 Note Rate on the Series 2021-1 Class B-2 Outstanding Principal Amount (as of the first day
of such Interest Accrual Period after giving effect to all payments of principal (if any) made to such Series 2021-1 Class B-2 Noteholders
as of such day and also giving effect to prepayments, repurchases and cancellations of Series 2021-1 Class B-2 Notes during such Interest
Accrual Period). For purposes of the Base Indenture, “Series 2021-1 Class B-2 Quarterly Interest Amount” shall be deemed
to be a “Senior Subordinated Notes Quarterly Interest Amount.”

 

“Series
2021-1 Class B-2 Quarterly Post-Anticipated Call Date Additional Interest” has the meaning set forth in Section 3.4(d)(iii)
of the Series 2021-1 Supplement. For purposes of the Base Indenture, Series 2021-1 Class B-2 Quarterly Post-Anticipated Call Date
Additional Interest shall be deemed to be “Senior Subordinated Notes Quarterly Post-Anticipated Call Date Additional Interest.”

 

“Series
2021-1 Class B-2 Quarterly Post-Anticipated Call Date Additional Interest Rate” has the meaning set forth in Section 3.4(d)(iii)
of the Series 2021-1 Supplement.

 

“Series
2021-1 Class M-2 Anticipated Repayment Date” has the meaning set forth in Section 3.5(c)(ii) of the Series 2021-1 Supplement.
For purposes of the Base Indenture, the “Series 2021-1 Class M-2 Anticipated Repayment Date” shall be deemed to be a “Series
Anticipated Repayment Date”.

 

“Series
2021-1 Class M-2 Initial Principal Amount” means, the aggregate initial outstanding principal amount of the Class M-2 Notes
as of the 2021-1 Closing Date, which is $40,000,000.00.

 

“Series
2021-1 Class M-2 Legal Final Maturity Date” means the Quarterly Payment Date occurring on July 2051. For purposes of the Base
Indenture, the “Series 2021-1 Class M-2 Legal Final Maturity Date” shall be deemed to be a “Series Legal Final Maturity
Date.”

 

“Series
2021-1 Class M-2 Note Rate” means 9.00% per annum, compounded quarterly.

 

“Series
2021-1 Class M-2 Noteholder” means the Person in whose name a Series 2021-1 Class M-2 Note is registered in the Note Register.

 

“Series
2021-1 Class M-2 Notes” has the meaning specified in the “Designation” of the Series 2021-1 Supplement.

 

“Series
2021-1 Class M-2 Notes Scheduled Principal Payment Amount” means, on each Quarterly Payment Date on and following the Series
2021-1 Class M-2 Anticipated Call Date, an amount equal to one-half percent (0.5%) of the Series 2021-1 Class M-2 Initial Principal Amount.
For purposes of the Base Indenture, the “Series 2021-1 Class M-2 Notes Scheduled Principal Payment Amounts” shall be deemed
to be “Scheduled Principal Payments”.

 

    	Annex A-7

     

    

 

“Series
2021-1 Class M-2 Notes Scheduled Principal Payment Deficiency Amount” means, with respect to any Quarterly Payment Date, if
on any Quarterly Calculation Date, (a) the sum of (i) the amount of funds on deposit in the Subordinated Notes Principal Payment Account
with respect to the Series 2021-1 Class M-2 Notes and (ii) any other funds on deposit in the Indenture Trust Accounts that are available
to pay the Series 2021-1 Class M-2 Notes Scheduled Principal Payments with respect to the Series 2021-1 Class M-2 Notes on such Quarterly
Payment Date is less than (b) the sum of (i) the Series 2021-1 Class M-2 Notes Scheduled Principal Payment Amount due and payable, if
any, on such Quarterly Payment Date plus any Series 2021-1 Class M-2 Notes Scheduled Principal Payment Amounts due but unpaid
from any previous Quarterly Payment Dates and (ii) the amount of funds on deposit in the Subordinated Notes Principal Payment Account
with respect to such amounts set forth in clause (b)(i) and allocated to the Series 2021-1 Class M-2 Notes, the amount of such
deficiency.

 

“Series
2021-1 Class M-2 Outstanding Principal Amount” means, on any date, an amount equal to (a) the Series 2021-1 Class M-2 Initial
Principal Amount, minus (b) the aggregate amount of principal payments (whether pursuant to the payment of Series 2021-1 Class
M-2 Notes Scheduled Principal Payments Amounts, a prepayment, a purchase and cancellation, a redemption or otherwise) made to the Series
2021-1 Class M-2 Noteholders on or prior to such date. For purposes of the Base Indenture, the “Series 2021-1 Class M-2 Outstanding
Principal Amount” shall be deemed to be an “Outstanding Principal Amount.”

 

“Series
2021-1 Class M-2 Prepayment” has the meaning set forth in Section 3.5(e)(iii) of the Series 2021-1 Supplement.

 

“Series
2021-1 Class M-2 Quarterly Interest Amount” means, for each Interest Accrual Period, an amount equal to the accrued interest
at the applicable Series 2021-1 Class M-2 Note Rate on the Series 2021-1 Class M-2 Outstanding Principal Amount (as of the first day
of such Interest Accrual Period after giving effect to all payments of principal (if any) made to such Series 2021-1 Class M-2 Noteholders
as of such day and also giving effect to prepayments, repurchases and cancellations of Series 2021-1 Class M-2 Notes during such Interest
Accrual Period). For purposes of the Base Indenture, “Series 2021-1 Class M-2 Quarterly Interest Amount” shall be deemed
to be a “Subordinated Notes Quarterly Interest Amount.”

 

“Series
2021-1 Class M-2 Quarterly Post-Anticipated Call Date Additional Interest” has the meaning set forth in Section 3.4(d)(v)
of the Series 2021-1 Supplement. For purposes of the Base Indenture, Series 2021-1 Class M-2 Quarterly Post-Anticipated Call Date
Additional Interest shall be deemed to be “Subordinated Notes Quarterly Post-Anticipated Call Date Additional Interest.”

 

“Series
2021-1 Class M-2 Quarterly Post-Anticipated Call Date Additional Interest Rate” has the meaning set forth in Section 3.4(d)(v)
of the Series 2021-1 Supplement.

 

“Series
2021-1 Closing Date” means December 15, 2021.

 

“Series
2021-1 Final Payment” means as to any Class of Notes, the payment of all accrued and unpaid interest on and principal of all
Outstanding Series 2021-1 Notes of such Class.

 

“Series
2021-1 Final Payment Date” means as to any Class of Notes, the date on which the Series 2021-1 Final Payment with respect to
such Class is made.

 

“Series
2021-1 Global Notes” means, collectively, the Regulation S Global Notes and the Rule 144A Global Notes.

 

    	Annex A-8

     

    

 

“Series
2021-1 Legal Final Maturity Date” means the Quarterly Payment Date occurring in July 2051. For purposes of the Base Indenture,
the “Series 2021-1 Legal Final Maturity Date” shall be deemed to be a “Series Legal Final Maturity Date.”

 

“Series
2021-1 Noteholders” means, collectively, the Series 2021-1 Class A-2 Noteholders, the Series 2021-1 Class B-2 Noteholders and
the Series 2021-1 Class M-2 Noteholders.

 

“Series
2021-1 Note Owner” means, with respect to a Series 2021-1 Note that is a Book-Entry Note, the Person who is the beneficial
owner of such Book-Entry Note, as reflected on the books of the Clearing Agency that holds such Book-Entry Note, or on the books of a
Person maintaining an account with such Clearing Agency (directly or as an indirect participant, in accordance with the rules of such
Clearing Agency).

 

“Series
2021-1 Notes” means, collectively, the Series 2021-1 Class A-2 Notes, the Series 2021-1 Class B-2 Notes and the Series 2021-1
Class M-2 Notes.

 

“Series
2021-1 Outstanding Principal Amount” means, with respect to any date, the Series 2021-1 Class A-2 Outstanding Principal Amount,
the Series 2021-1 Class B-2 Outstanding Principal Amount or the Series 2021-1 Class M-2 Outstanding Principal Amount, as applicable.

 

“Series
2021-1 Prepayment” means a Series 2021-1 Class A-2 Prepayment, or a Series 2021-1 Class B-2 Prepayment or a Series 2021-1 Class
M-2 Prepayment, as applicable.

 

“Series
2021-1 Prepayment Amount” means the aggregate principal amount of the applicable Class of Notes to be prepaid on any Series
2021-1 Prepayment Date, together with all accrued and unpaid interest thereon to such date.

 

“Series
2021-1 Prepayment Date” means the date on which any prepayment on the Series 2021-1 Class A-2 Notes, the Series 2021-1 Class
B-2 Notes or the Series 2021-1 Class M-2 Notes is made pursuant to Section 3.5(e) of the Series 2021-1 Supplement, which shall
be, with respect to any Series 2021-1 Prepayment Amount pursuant to Section 3.5(e), the Quarterly Payment Date specified as such
in the applicable Prepayment Notice.

 

“Series
2021-1 Senior Notes” means the Series 2021-1 Class A-2 Notes.

 

“Series
2021-1 Supplement” means this Series 2021-1 Supplement, dated as of the Series 2021-1 Closing Date by and among the Issuer
and Trustee, as amended, supplemented or otherwise modified from time to time.

 

“Similar
Law” means any federal, state, local, or non-U.S. law that is substantially similar to the provisions of Section 406 of ERISA
or Section 4975 of the Code.

 

“Temporary
Regulation S Global Notes” has the meaning set forth in Section 4.1(b) of the Series 2021-1 Supplement.

 

“U.S.
Person” has the meaning set forth in Regulation S under the Securities Act.

 

    	Annex A-9

     

    

 

ANNEX B

 

	Fiscal
    QE Date	 	Prior
    Three Monthly Collection Period End Dates	 	Record
    Date	 	Quarterly
    Calculation Date	 	Quarterly
    Noteholders’ Report Date	 	Quarterly
    Payment Date
	Last
    Sunday of Each 13 Week Quarter (Except for one 14 	 	All
    included in each respective quarterly collection period	 	20th
                                            Calendar Day of

                                                                                Month
                                            
	 	4

                                                                                Business
                                            
	 	3

                                                                                Business
                                            
	 	25th
                                            Calendar Day of the

                                                                             following
                                            Months

                                                                             (April,
                                            July October January)

                                                                             

	week
                                            quarter ending 

                                                                                December
                                            31, 2023)
	 	Month
    1	 	Month
    2	 	Month
    3	 	in
                                            which

                                                                                Quarterly
                                            Payment Date Falls
	 	Days

                                                                                Prior
                                            to Quarterly Payment Date
	 	Days

                                                                                 Prior
                                            to Quarterly Payment Date
	 	(if
                                            not Business

                                                                                Day,
                                            following Business Day)

	Sunday,
    March 27, 2022	 	Sunday,
    January 23, 2022	 	Sunday,
    February 20, 2022	 	Sunday,
    March 27, 2022	 	Wednesday,
    April 20, 2022	 	Tuesday,
    April 19, 2022	 	Wednesday,
    April 20, 2022	 	Monday,
    April 25, 2022
	Sunday,
    June 26, 2022	 	Sunday,
    April 24, 2022	 	Sunday,
    May 22, 2022	 	Sunday,
    June 26, 2022	 	Wednesday,
    July 20, 2022	 	Tuesday,
    July 19, 2022	 	Wednesday,
    July 20, 2022	 	Monday,
    July 25, 2022
	Sunday,
    September 25, 2022	 	Sunday,
    July 24, 2022	 	Sunday,
    August 21, 2022	 	Sunday,
    September 25, 2022	 	Thursday,
    October 20, 2022	 	Wednesday,
    October 19, 2022	 	Thursday,
    October 20, 2022	 	Tuesday,
    October 25, 2022
	Sunday,
    December 25, 2022	 	Sunday,
    October 23, 2022	 	Sunday,
    November 20, 2022	 	Sunday,
    December 25, 2022	 	Friday,
    January 20, 2023	 	Thursday,
    January 19, 2023	 	Friday,
    January 20, 2023	 	Wednesday,
    January 25, 2023
	Sunday,
    March 26, 2023	 	Sunday,
    January 22, 2023	 	Sunday,
    February 19, 2023	 	Sunday,
    March 26, 2023	 	Thursday,
    April 20, 2023	 	Wednesday,
    April 19, 2023	 	Thursday,
    April 20, 2023	 	Tuesday,
    April 25, 2023
	Sunday,
    June 25, 2023	 	Sunday,
    April 23, 2023	 	Sunday,
    May 21, 2023	 	Sunday,
    June 25, 2023	 	Thursday,
    July 20, 2023	 	Wednesday,
    July 19, 2023	 	Thursday,
    July 20, 2023	 	Tuesday,
    July 25, 2023
	Sunday,
    September 24, 2023	 	Sunday,
    July 23, 2023	 	Sunday,
    August 20, 2023	 	Sunday,
    September 24, 2023	 	Friday,
    October 20, 2023	 	Thursday,
    October 19, 2023	 	Friday,
    October 20, 2023	 	Wednesday,
    October 25, 2023
	Sunday,
    December 31, 2023	 	Sunday,
    October 22, 2023	 	Sunday,
    November 19, 2023	 	Sunday,
    December 31, 2023	 	Saturday,
    January 20, 2024	 	Friday,
    January 19, 2024	 	Monday,
    January 22, 2024	 	Thursday,
    January 25, 2024
	Sunday,
    March 31, 2024	 	Sunday,
    January 28, 2024	 	Sunday,
    February 25, 2024	 	Sunday,
    March 31, 2024	 	Saturday,
    April 20, 2024	 	Friday,
    April 19, 2024	 	Monday,
    April 22, 2024	 	Thursday,
    April 25, 2024
	Sunday,
    June 30, 2024	 	Sunday,
    April 28, 2024	 	Sunday,
    May 26, 2024	 	Sunday,
    June 30, 2024	 	Saturday,
    July 20, 2024	 	Friday,
    July 19, 2024	 	Monday,
    July 22, 2024	 	Thursday,
    July 25, 2024
	Sunday,
    September 29, 2024	 	Sunday,
    July 28, 2024	 	Sunday,
    August 25, 2024	 	Sunday,
    September 29, 2024	 	Sunday,
    October 20, 2024	 	Monday,
    October 21, 2024	 	Tuesday,
    October 22, 2024	 	Friday,
    October 25, 2024
	Sunday,
    December 29, 2024	 	Sunday,
    October 27, 2024	 	Sunday,
    November 24, 2024	 	Sunday,
    December 29, 2024	 	Monday,
    January 20, 2025	 	Tuesday,
    January 21, 2025	 	Wednesday,
    January 22, 2025	 	Monday,
    January 27, 2025
	Sunday,
    March 30, 2025	 	Sunday,
    January 26, 2025	 	Sunday,
    February 23, 2025	 	Sunday,
    March 30, 2025	 	Sunday,
    April 20, 2025	 	Monday,
    April 21, 2025	 	Tuesday,
    April 22, 2025	 	Friday,
    April 25, 2025
	Sunday,
    June 29, 2025	 	Sunday,
    April 27, 2025	 	Sunday,
    May 25, 2025	 	Sunday,
    June 29, 2025	 	Sunday,
    July 20, 2025	 	Monday,
    July 21, 2025	 	Tuesday,
    July 22, 2025	 	Friday,
    July 25, 2025
	Sunday,
    September 28, 2025	 	Sunday,
    July 27, 2025	 	Sunday,
    August 24, 2025	 	Sunday,
    September 28, 2025	 	Monday,
    October 20, 2025	 	Tuesday,
    October 21, 2025	 	Wednesday,
    October 22, 2025	 	Monday,
    October 27, 2025
	Sunday,
    December 28, 2025	 	Sunday,
    October 26, 2025	 	Sunday,
    November 23, 2025	 	Sunday,
    December 28, 2025	 	Tuesday,
    January 20, 2026	 	Tuesday,
    January 20, 2026	 	Wednesday,
    January 21, 2026	 	Monday,
    January 26, 2026
	Sunday,
    March 29, 2026	 	Sunday,
    January 25, 2026	 	Sunday,
    February 22, 2026	 	Sunday,
    March 29, 2026	 	Monday,
    April 20, 2026	 	Tuesday,
    April 21, 2026	 	Wednesday,
    April 22, 2026	 	Monday,
    April 27, 2026
	Sunday,
    June 28, 2026	 	Sunday,
    April 26, 2026	 	Sunday,
    May 24, 2026	 	Sunday,
    June 28, 2026	 	Monday,
    July 20, 2026	 	Tuesday,
    July 21, 2026	 	Wednesday,
    July 22, 2026	 	Monday,
    July 27, 2026
	Sunday,
    September 27, 2026	 	Sunday,
    July 26, 2026	 	Sunday,
    August 23, 2026	 	Sunday,
    September 27, 2026	 	Tuesday,
    October 20, 2026	 	Wednesday,
    October 21, 2026	 	Thursday,
    October 22, 2026	 	Monday,
    October 26, 2026

 

    	Annex B-1

     

    

 

	Monthly
                                            Manager Certificate Date
	 	Monthly
                                            Allocation Date

	5
                                            Business Days

                                                                                                     Prior
                                            to

                                                                                                     Monthly
                                            Allocation Date
	 	2nd
                                            Friday Following Fiscal

                                                                                                     Month
                                            End (if not Business Day,

                                                                                following
                                            Business Day)

	Friday,
    January 28, 2022	 	Friday,
    February 4, 2022
	Friday,
    February 25, 2022	 	Friday,
    March 4, 2022
	Friday,
    April 1, 2022	 	Friday,
    April 8, 2022
	Friday,
    April 29, 2022	 	Friday,
    May 6, 2022
	Friday,
    May 27, 2022	 	Friday,
    June 3, 2022
	Friday,
    July 1, 2022	 	Friday,
    July 8, 2022
	Friday,
    July 29, 2022	 	Friday,
    August 5, 2022
	Friday,
    August 26, 2022	 	Friday,
    September 2, 2022
	Friday,
    September 30, 2022	 	Friday,
    October 7, 2022
	Friday,
    October 28, 2022	 	Friday,
    November 4, 2022
	Friday,
    November 25, 2022	 	Friday,
    December 2, 2022
	Friday,
    December 30, 2022	 	Friday,
    January 6, 2023
	Friday,
    January 27, 2023	 	Friday,
    February 3, 2023
	Friday,
    February 24, 2023	 	Friday,
    March 3, 2023
	Friday,
    March 31, 2023	 	Friday,
    April 7, 2023
	Friday,
    April 28, 2023	 	Friday,
    May 5, 2023
	Friday,
    May 26, 2023	 	Friday,
    June 2, 2023
	Friday,
    June 30, 2023	 	Friday,
    July 7, 2023
	Friday,
    July 28, 2023	 	Friday,
    August 4, 2023
	Friday,
    August 25, 2023	 	Friday,
    September 1, 2023
	Friday,
    September 29, 2023	 	Friday,
    October 6, 2023
	Friday,
    October 27, 2023	 	Friday,
    November 3, 2023
	Friday,
    November 24, 2023	 	Friday,
    December 1, 2023
	Friday,
    January 5, 2024	 	Friday,
    January 12, 2024
	Friday,
    February 2, 2024	 	Friday,
    February 9, 2024
	Friday,
    March 1, 2024	 	Friday,
    March 8, 2024
	Friday,
    April 5, 2024	 	Friday,
    April 12, 2024
	Friday,
    May 3, 2024	 	Friday,
    May 10, 2024
	Friday,
    May 31, 2024	 	Friday,
    June 7, 2024
	Friday,
    July 5, 2024	 	Friday,
    July 12, 2024

 

    	Annex B-2

     

    

 

	Monthly
                                            Manager Certificate Date
	 	Monthly
                                            Allocation Date

	5
                                            Business Days

                                                         Prior
                                            to

                                                         Monthly
                                            Allocation Date
	 	2nd
                                            Friday Following Fiscal

                                                         Month
                                            End (if not Business Day,

                                                         following
                                            Business Day)

	Friday,
    August 2, 2024	 	Friday,
    August 9, 2024
	Friday,
    August 30, 2024	 	Friday,
    September 6, 2024
	Friday,
    October 4, 2024	 	Friday,
    October 11, 2024
	Friday,
    November 1, 2024	 	Friday,
    November 8, 2024
	Friday,
    November 29, 2024	 	Friday,
    December 6, 2024
	Friday,
    January 3, 2025	 	Friday,
    January 10, 2025
	Friday,
    January 31, 2025	 	Friday,
    February 7, 2025
	Friday,
    February 28, 2025	 	Friday,
    March 7, 2025
	Friday,
    April 4, 2025	 	Friday,
    April 11, 2025
	Friday,
    May 2, 2025	 	Friday,
    May 9, 2025
	Friday,
    May 30, 2025	 	Friday,
    June 6, 2025
	Thursday,
    July 3, 2025	 	Friday,
    July 11, 2025
	Friday,
    August 1, 2025	 	Friday,
    August 8, 2025
	Friday,
    August 29, 2025	 	Friday,
    September 5, 2025
	Friday,
    October 3, 2025	 	Friday,
    October 10, 2025
	Friday,
    October 31, 2025	 	Friday,
    November 7, 2025
	Friday,
    November 28, 2025	 	Friday,
    December 5, 2025
	Friday,
    January 2, 2026	 	Friday,
    January 9, 2026
	Friday,
    January 30, 2026	 	Friday,
    February 6, 2026
	Friday,
    February 27, 2026	 	Friday,
    March 6, 2026
	Friday,
    April 3, 2026	 	Friday,
    April 10, 2026
	Friday,
    May 1, 2026	 	Friday,
    May 8, 2026
	Friday,
    May 29, 2026	 	Friday,
    June 5, 2026
	Thursday
    July 2, 2026	 	Friday
    July 10, 2026
	Friday,
    July 31, 2026	 	Friday,
    August 7, 2026
	Friday,
    August 28, 2026	 	Friday,
    September 4, 2026
	Friday,
    October 2, 2026	 	Friday,
    October 9, 2026

 

    	Annex B-3

     

    

 

Exhibits
to Series 2021-1 Supplement

 

Exhibit
A-1

 

Form
of Rule 144A Global Note

 

(Attached.)

 

    	Exh. A-1-1

     

    

 

Exhibits
to Series 2021-1 Supplement

 

Exhibit
A-2

 

Form
of Temporary Regulation S Global Note

 

(Attached.)

 

    	Exh. A-2-1

     

    

 

Exhibits
to Series 2021-1 Supplement

 

Exhibit
A-3

 

Form
of Permanent Regulation S Global Note

 

(Attached.)

 

    	Exh. A-3-1

     

    

 

Exhibits
to Series 2021-1 Supplement

 

Exhibit
B-1

 

Form
of Transfer Certificate 

(Rule
144A Global Note to Temporary Regulation S Global Note)

 

(Attached.)

 

    	Exh. B-1-1

     

    

 

Exhibits
to Series 2021-1 Supplement

 

Exhibit
B-2

 

Form
of Transfer Certificate 

(Rule
144A Global Note to Permanent Regulation S Global Note)

 

(Attached.)

 

    	Exh. B-2-1

     

    

 

Exhibits
to Series 2021-1 Supplement

 

Exhibit
B-3

 

Form
of Transfer Certificate 

(Regulation
S Global Note to Rule 144A Global Note)

 

(Attached.)

 

    	Exh. B-3-1

     

    

 

Exhibits
to Series 2021-1 Supplement

 

Exhibit
C

 

Form
of Quarterly Noteholders’ Report

 

(Attached.)

 

    	Exh. C-1-1Exhibit 10.1

 

 

 

GUARANTEE
AND COLLATERAL AGREEMENT

 

made
by

 

THE
GUARANTORS PARTY HERETO,

 

each
as a Guarantor

 

in
favor of

 

UMB
BANK, NATIONAL ASSOCIATION,

as Trustee

 

Dated
as of December 15, 2021

 

    	 

    	 

    

 

TABLE
OF CONTENTS

  

	 	Page
	SECTION
    1 DEFINED TERMS; RULES OF CONSTRUCTION	1
	1.1	Definitions;
    Rules of Construction.	1
	SECTION
    2 GUARANTEE	2
	2.1	Guarantee.	2
	2.2	No
    Subrogation	3
	2.3	Amendments,
    etc. with respect to the Issuer Obligations	3
	2.4	Guarantee
    Absolute and Unconditional	4
	2.5	Reinstatement	4
	2.6	Payments	4
	2.7	Information	4
	SECTION
    3 SECURITY	5
	3.1	Grant
    of Security Interest.	5
	3.2	Certain
    Rights and Obligations of the Guarantors Unaffected.	7
	3.3	Performance
    of Collateral Documents	8
	3.4	Stamp,
    Other Similar Taxes and Filing Fees	8
	3.5	Authorization
    to File Financing Statements; Other Filing and Recording Documents.	9
	SECTION
    4 REPRESENTATIONS AND WARRANTIES	9
	4.1	Existence
    and Power	9
	4.2	Company
    and Governmental Authorization	10
	4.3	No
    Consent	10
	4.4	Binding
    Effect	10
	4.5	Subsidiaries	10
	4.6	Security
    Interests.	11
	4.7	Other
    Representations	12
	SECTION
    5 COVENANTS	12
	5.1	[Reserved].	12
	5.2	Defaults
    or Events of Default; Covenants in Base Indenture and Other Transaction Documents	12
	5.3	Further
    Assurances.	12
	5.4	Legal
    Name, Location Under Section 9-301 or 9-307	13
	5.5	Management
    Accounts	13
	SECTION
    6 REMEDIAL PROVISIONS	13
	6.1	Rights
    of the Control Party and Trustee upon Event of Default.	13
	6.2	Waiver
    of Appraisal, Valuation, Stay and Right to Marshaling	16
	6.3	Limited
    Recourse	16
	6.4	Optional
    Preservation of the Collateral	17
	6.5	Control
    by the Control Party	17
	6.6	The
    Trustee May File Proofs of Claim	17
	6.7	Undertaking
    for Costs	18
	6.8	Restoration
    of Rights and Remedies	18
	6.9	Rights
    and Remedies Cumulative	18

 

    	i

    	 

    

 

	6.10	Delay
    or Omission Not Waiver	18
	6.11	Waiver
    of Stay or Extension Laws	19
	SECTION
    7 THE TRUSTEE’S AUTHORITY	19
	SECTION
    8 MISCELLANEOUS	19
	8.1	Amendments	19
	8.2	Notices.	19
	8.3	Governing
    Law	20
	8.4	Successors	20
	8.5	Severability	21
	8.6	Counterpart
    Originals	21
	8.7	Table
    of Contents, Headings, etc	21
	8.8	Recording
    of Agreement	21
	8.9	Waiver
    of Jury Trial	21
	8.10	Submission
    to Jurisdiction; Waivers	22
	8.11	Additional
    Guarantor	22
	8.12	Currency
    Indemnity	22
	8.13	Acknowledgment
    of Receipt; Waiver	23
	8.14	Termination;
    Partial Release.	23
	8.15	Third
    Party Beneficiary	23
	8.16	KY
    Guarantor	23
	8.17	Entire
    Agreement.	23

 

SCHEDULES

	Schedule
    4.5	–	Guarantor
    Ownership Relationships

 

EXHIBITS

	Exhibit
    A	–	Form
    of Assumption Agreement

 

    	ii

    	 

    

 

GUARANTEE
AND COLLATERAL AGREEMENT

 

GUARANTEE
AND COLLATERAL AGREEMENT (as the same may be amended, amended and restated, supplemented or otherwise modified from time to time, this
“Agreement”), dated as of December 15, 2021, is made by the undersigned guarantors (collectively, the “Guarantors”)
in favor of UMB Bank, National Association, a national banking association, as trustee under the Indenture referred to below (in such
capacity, together with its successors, the “Trustee”) for the benefit of the Secured Parties.

 

W I T N E S S E T H:

 

WHEREAS,
FAT Brands Fazoli’s Native I, LLC, a Delaware limited liability company (the “Issuer”) and the Trustee have
entered into that certain Base Indenture, dated December 15, 2021 (as the same may be amended, amended and restated, supplemented or
otherwise modified from time to time, exclusive of any Series Supplements, the “Base Indenture” and, together with
all Series Supplements, the “Indenture”), providing for the issuance from time to time of one or more Series of Notes
thereunder; and

 

WHEREAS,
in connection with the Indenture, the parties hereto have agreed to enter into this Agreement.

 

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

 

SECTION
1

 

DEFINED
TERMS; RULES OF CONSTRUCTION

 

1.1
Definitions; Rules of Construction.

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 

    	 

    

 

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

 

(d)
The rules of construction set forth in Section 1.4 of the Base Indenture shall apply for all purposes under this Agreement.

 

SECTION
2

 

GUARANTEE

 

2.1
Guarantee.

 

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

 

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

 

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

 

(d)
The guarantee contained in this Section 2 shall remain in full force and effect until the date (the “Termination Date”)
on which this Agreement ceases to be of further effect in accordance with Article XII of the Base Indenture, notwithstanding that
from time to time prior thereto the Issuer may be free from any Issuer Obligations.

 

(e)
No payment made by the Issuer, any of the Guarantors, any other guarantor or any other Person or received or collected by the Trustee
or any other Secured Party from the Issuer, any of the Guarantors, any other guarantor or any other Person by virtue of any action or
proceeding or any set-off or appropriation or application at any time or from time to time in reduction of or in payment of the Issuer
Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of any Guarantor which shall, notwithstanding
any such payment (other than any payment made by such Guarantor in respect of the Issuer Obligations or any payment received or collected
from such Guarantor in respect of the Issuer Obligations), remain liable hereunder for the Issuer Obligations up to the maximum liability
of such Guarantor hereunder until the Termination Date.

 

    	2

    	 

    

 

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

 

2.3
Amendments, etc. with respect to the Issuer Obligations. Each Guarantor shall remain obligated hereunder notwithstanding that,
without any reservation of rights against any Guarantor and without notice to or further assent by any Guarantor, any demand for payment
of any of the Issuer Obligations made by the Trustee or any other Secured Party may be rescinded by the Trustee or such other Secured
Party and any of the Issuer Obligations continued, and the Issuer Obligations, or the liability of any other Person upon or for any part
thereof, or any collateral security or guarantee therefor or right of offset with respect thereto, may, from time to time, in whole or
in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by the Trustee or any other
Secured Party, and the Base Indenture and any other documents executed and delivered in connection therewith may be amended, modified,
supplemented or terminated, in whole or in part, from time to time, and any collateral security, guarantee or right of offset at any
time held by the Trustee or any other Secured Party for the payment of the Issuer Obligations may be sold, exchanged, waived, surrendered
or released (it being understood that this Section 2.3 is not intended to affect any rights or obligations set forth in any other
Transaction Document).

 

    	3

    	 

    

 

2.4
Guarantee Absolute and Unconditional. Each Guarantor waives any and all notice of the creation, renewal, extension or accrual
of any of the Issuer Obligations and notice of or proof of reliance by the Trustee or any other Secured Party upon the guarantee contained
in this Section 2 or acceptance of the guarantee contained in this Section 2; the Issuer Obligations, and any of them,
shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon
the guarantee contained in this Section 2 and the grant of the security interests pursuant to Section 3; and all dealings between
the Issuer and any of the Guarantors, on the one hand, and the Trustee and the other Secured Parties, on the other hand, likewise shall
be conclusively presumed to have occurred or been consummated in reliance upon the guarantee contained in this Section 2 and the
grant of the security interests pursuant to Section 3. Each Guarantor waives diligence, presentment, protest, demand for payment
and notice of default or nonpayment to or upon the Issuer or any of the Guarantors with respect to the Issuer Obligations. Each Guarantor
understands and agrees that the guarantee contained in this Section 2 and the grant of the security interests pursuant to Section
3 shall be construed as a continuing, absolute and unconditional guarantee of payment without regard to (a) the validity or enforceability
of the Indenture or any other Transaction Document, any of the Issuer Obligations or any other collateral security therefor or guarantee
or right of offset with respect thereto at any time or from time to time held by the Trustee or any other Secured Party, (b) any defense,
set-off or counterclaim (other than a defense of full payment or performance) which may at any time be available to or be asserted by
the Issuer or any other Person against the Trustee or any other Secured Party, or (c) any other circumstance whatsoever (with or without
notice to or knowledge of the Issuer or such Guarantor) which constitutes, or might be construed to constitute, an equitable or legal
discharge of the Issuer for the Issuer Obligations, or of such Guarantor under the guarantee contained in this Section 2 and the
grant of the security interests pursuant to Section 3, in bankruptcy or in any other instance. When making any demand hereunder
or otherwise pursuing its rights and remedies hereunder against any Guarantor, the Trustee or any other Secured Party may, but shall
be under no obligation to, make a similar demand on or otherwise pursue such rights and remedies as it may have against the Issuer, any
other Guarantor or any other Person or against any collateral security or guarantee for the Issuer Obligations or any right of offset
with respect thereto, and any failure by the Trustee or any other Secured Party to make any such demand, to pursue such other rights
or remedies or to collect any payments from the Issuer, any other Guarantor or any other Person or to realize upon any such collateral
security or guarantee or to exercise any such right of offset, or any release of the Issuer, any other Guarantor or any other Person
or any such collateral security, guarantee or right of offset, shall not relieve any Guarantor of any obligation or liability hereunder,
and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of the Trustee or any
other Secured Party against any Guarantor. Neither the Trustee nor any other Secured Party shall have any obligation to protect, secure,
perfect or insure any Lien at any time held by it as security for the Issuer Obligations or for the guarantee contained in this Section
2 or any property subject thereto. For the purposes hereof “demand” shall include the commencement and continuance of
any legal proceedings.

 

2.5
Reinstatement. The guarantee contained in this Section 2 shall continue to be effective, or be reinstated, as the case
may be, if at any time payment, or any part thereof, of any of the Issuer Obligations is rescinded or must otherwise be restored or returned
by the Trustee or any other Secured Party upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Issuer or
any Guarantor, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for,
the Issuer or any Guarantor or any substantial part of their respective property, or otherwise, all as though such payments had not been
made.

 

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

 

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

 

    	4

    	 

    

 

SECTION
3

 

SECURITY

 

3.1
Grant of Security Interest.

 

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

 

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

 

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

 

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

 

(iv)
any Owned Real Property and any New Owned Real Property;

 

(v)
the Franchisee Lease Payments received under the Franchised Restaurant Leases;

 

    	5

    	 

    

 

(vi)
the IP License Agreements, all related payments thereon and all rights thereunder;

 

(vii)
(i) the Material Contracts (in each case, to the extent contributed to or entered into by such Company Restaurant Guarantor), all related
payments thereon and all rights to enter into Material Contracts; (ii) the Company Restaurants and all Company Restaurant Assets relating
thereto; and (iii) the New Company Restaurants and all New Company Restaurant Assets relating thereto;

 

(viii)
each Account and all amounts or other property on deposit in or otherwise credited to such Accounts;

 

(ix)
the books and records (whether in physical, electronic or other form), including those books and records maintained by the Manager on
behalf of the Guarantors relating to the Guarantor Assets, the Product Sourcing Assets and the Securitization IP;

 

(x)
the rights, powers, remedies and authorities of the Guarantors under (i) each of the Transaction Documents (other than the Indenture
and the Notes) to which they are a party and (ii) each of the documents relating to the Guarantor Assets and Product Sourcing Assets
to which it is a party;

 

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

 

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

 

provided,
that the Collateral shall exclude the Collateral Exclusions. The Trustee, on behalf of the Secured Parties, acknowledges that it shall
have no security interest in any Collateral Exclusions.

 

(b)
The foregoing grant is made in trust to secure the Obligations and to secure compliance with the provisions of this Agreement, all as
provided in this Agreement. The Trustee, on behalf of the Secured Parties, acknowledges such grant, accepts the trusts under this Agreement
in accordance with the provisions of this Agreement and agrees to perform its duties required in this Agreement. The Collateral shall
secure the Obligations equally and ratably without prejudice, priority or distinction (except, with respect to any Series of Notes, as
otherwise stated in the applicable Series Supplement or in the applicable provisions of the Base Indenture).

 

    	6

    	 

    

 

(c)
In addition, pursuant to and within the time periods specified in Section 8.38 of the Base Indenture, each applicable Guarantor
shall execute and deliver to the Control Party (with a copy to the Trustee), for the benefit of the Secured Parties, a Mortgage with
respect to each New Owned Real Property acquired by such Guarantor (and to the extent necessary, any Contributed Owned Real Property),
which shall be delivered to the Control Party or its agent to be held in escrow; provided, that Applicable Properties will not be subject
to such requirement. 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 Control Party or its agent, at the direction of the Controlling
Class Representative, will deliver the Mortgages within five (5) Business Days to the applicable recording office for recordation in
accordance with Section 8.38 of the Base Indenture. Notwithstanding the foregoing, no Lien will be granted to the Trustee for
the benefit of the Secured Parties on any New Owned Real Property until such time as the Mortgages are required to be delivered in accordance
with the Indenture.

 

3.2
Certain Rights and Obligations of the Guarantors Unaffected.

 

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

 

(b)
The grant of the security interest by the Guarantors in the Collateral to the Trustee on behalf of the Secured Parties hereunder shall
not (i) relieve any Guarantor from the performance of any term, covenant, condition or agreement on such Guarantor’s part to be
performed or observed under or in connection with any of the Collateral Documents to which it is a party or (ii) impose any obligation
on the Trustee or any of the Secured Parties to perform or observe any such term, covenant, condition or agreement on any Guarantor’s
part to be so performed or observed or impose any liability on the Trustee or any of the other Secured Parties for any act or omission
on the part of such Guarantor or from any breach of any representation or warranty on the part of such Guarantor.

 

(c)
Each Guarantor hereby jointly and severally agrees to indemnify and hold harmless the Trustee and each Secured Party (including its respective
directors, officers, employees and agents) from and against any and all losses, liabilities (including liabilities for penalties), claims,
demands, actions, suits, judgments, reasonable and documented out-of-pocket costs and expenses arising out of or resulting from the security
interest granted hereby, whether arising by virtue of any act or omission on the part of such Guarantor or otherwise, including, without
limitation, the reasonable and documented out-of-pocket costs, expenses and disbursements (including reasonable attorneys’ fees
and expenses) incurred by the Trustee or any Secured Party in enforcing this Agreement or any other Transaction Document or preserving
any of its rights to, or realizing upon, any of the Collateral; provided, however, that the foregoing indemnification shall
not extend to any action by the Trustee or any other Secured Party which constitutes gross negligence, bad faith or willful misconduct
by the Trustee or any Secured Party or any other indemnified person hereunder. The indemnification provided for in this Section 3.2
shall survive the removal of, or a resignation by, such Person as Trustee as well as the termination of this Agreement. No amounts
shall be required to be paid under this Section 3.2(c) in duplication of amounts paid under Section 3.2(c) of the Base
Indenture.

 

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

 

3.4
Stamp, Other Similar Taxes and Filing Fees. The Guarantors shall jointly and severally indemnify and hold harmless the Trustee
and each other Secured Party from any present or future claim for liability for any stamp, documentary or other similar tax, and any
penalties or interest and expenses with respect thereto, that may be assessed, levied or collected by any jurisdiction in connection
with this Agreement, any other Transaction Document or any Collateral. The Guarantors shall pay, and jointly and severally indemnify
and hold harmless each Secured Party against, any and all amounts in respect of all search, filing, recording and registration fees,
taxes, excise taxes and other similar imposts that may be payable or determined to be payable in respect of the execution, delivery,
performance and/or enforcement of this Agreement or any other Transaction Document. No amounts shall be required to be paid under this
Section 3.4 in duplication of amounts paid under Section 3.4 of the Base Indenture.

 

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3.5
Authorization to File Financing Statements; Other Filing and Recording Documents.

 

(a)
Each Guarantor hereby irrevocably authorizes the Control Party on behalf of the Secured Parties at any time and from time to time to
file or record in any filing office in any applicable jurisdiction financing statements and other filing or recording documents or instruments
(or, with respect to the Mortgages, upon the occurrence of a Mortgage Recordation Event, unless such Mortgage Recordation Event is waived
by the Control Party (at the direction of the Controlling Class Representative)) with respect to the Collateral, including, without limitation,
any and all Securitization IP (to the extent set forth in Sections 8.25(c) and 8.25(e) of the Base Indenture), to perfect
the security interests of the Trustee for the benefit of the Secured Parties under this Agreement. Each Guarantor authorizes the filing
of any such financing statement naming the Trustee as secured party and indicating that the Collateral includes (a) “all assets”
or words of similar effect or import regardless of whether any particular assets comprised in the Collateral fall within the scope of
Article 9 of the UCC, including, without limitation, any and all Securitization IP or (b) as being of an equal or lesser scope
or with greater detail. Each Guarantor agrees to furnish any information necessary to accomplish the foregoing promptly upon the Control
Party’s request. Each Guarantor also hereby ratifies and authorizes the filing by or on behalf of the Trustee, for the benefit
of the Secured Parties, of any financing statement with respect to the Collateral made prior to the date hereof.

 

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

 

SECTION
4

 

REPRESENTATIONS
AND WARRANTIES

 

Each
Guarantor hereby represents and warrants, for the benefit of the Trustee and the other Secured Parties, as follows as of the Closing
Date and as of each Series Closing Date thereafter:

 

4.1
Existence and Power. Each Guarantor (a) is duly organized, validly existing and in good standing under the laws of its jurisdiction
of organization, (b) is duly qualified to do business as a foreign entity and in good standing under the laws of each jurisdiction where
the character of its property, the nature of its business or the performance of its obligations under the Transaction Documents make
such qualification necessary, except to the extent that the failure to so qualify would not reasonably be likely to result in a Material
Adverse Effect, and (c) has all limited liability company, corporate or other powers and all governmental licenses, authorizations, consents
and approvals required to carry on its business as now conducted and for purposes of the transactions contemplated by this Agreement
and the other Transaction Documents, except to the extent the failure to do so would not reasonably be expected to result in a Material
Adverse Effect.

 

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4.2
Company and Governmental Authorization. The execution, delivery and performance by each Guarantor of this Agreement and the other
Transaction Documents to which it is a party (a) is within such Guarantor’s limited liability company, corporate or other powers
and has been duly authorized by all necessary limited liability company, corporate or other action, (b) requires no action by or in respect
of, or filing with, any Governmental Authority which has not been obtained (other than any actions or filings that may be undertaken
after the Closing Date pursuant to the terms of the Base Indenture or any other Transaction Document, including actions or filings with
respect to any Mortgages) and (c) does not contravene, or constitute a default under, any Requirements of Law with respect to such Guarantor
or any Contractual Obligation with respect to such Guarantor or result in the creation or imposition of any Lien on any property of any
Guarantor, except for Liens created by this Agreement or the other Transaction Documents, except in the case of clauses (b) and (c) above,
solely with respect to the Contribution Agreements, the violation of which could not reasonably be expected to have a Material Adverse
Effect. This Agreement and each of the other Transaction Documents to which each Guarantor is a party has been executed and delivered
by a duly Authorized Officer of such Guarantor.

 

4.3
No Consent. Except as set forth on Schedule 7.3 to the Base Indenture, no consent, action by or in respect of, approval
or other authorization of, or registration, declaration or filing with, any Governmental Authority or other Person is required for the
valid execution and delivery by each Guarantor of this Agreement or any Transaction Document to which it is a party or for the performance
of any of the Guarantors’ obligations hereunder or thereunder other than such consents, approvals, authorizations, registrations,
declarations or filings (a) as shall have been obtained or made by such Guarantor prior to the Closing Date or as are permitted to be
obtained subsequent to the Closing Date in accordance with Section 4.6 hereof or Sections 7.13, 8.25, or 8.38
of the Base Indenture or (b) relating to the performance of any Collateral Franchise Business Document the failure of which to obtain
is not reasonably likely to have a Material Adverse Effect.

 

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

 

4.5
Subsidiaries. The Guarantors do not and shall not own any Subsidiaries other than Subsidiaries that are Guarantors.

 

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4.6
Security Interests.

 

(a)
Each Guarantor owns and has good title to its Collateral, free and clear of all Liens other than Permitted Liens. Except in the case
of the New Real Estate Assets and Applicable Properties included in the Collateral, this Agreement constitutes a valid and continuing
Lien on the Collateral in favor of the Trustee on behalf of and for the benefit of the Secured Parties, which Lien on the Collateral
has been perfected and is prior to all other Liens (other than Permitted Liens), and is enforceable as such as against creditors of and
purchasers from each Guarantor in accordance with its terms (except, in each case, as described on Schedule 7.13(a) of the Base
Indenture and subject to Sections 8.25(c), 8.25(e), and 8.38 of the Base Indenture, or as is permitted under this
Section 4.6(a)), except as such enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium and other similar laws affecting creditors’ rights generally or by general equitable principles, whether considered
in a proceeding at law or in equity and by an implied covenant of good faith and fair dealing. Except as set forth on Schedule 7.13(a)
of the Base Indenture, the Guarantors have received all consents and approvals required by the terms of the Collateral to the pledge
of the Collateral to the Trustee hereunder and the Guarantors have filed, or shall have caused, the filing of all appropriate financing
statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the first-priority security
interest (subject to Permitted Liens) in the Collateral (other than the Owned Real Property, any New Owned Real Property and any Applicable
Property) granted to the Trustee hereunder no later than ten (10) days after the Closing Date or such Series Closing Date; provided,
that with respect to Intellectual Property, New Real Estate Assets or Applicable Property included in the Collateral the Guarantors shall
only take such action necessary to perfect such first-priority security interest consistent with and subject to the obligations and time
periods set forth in Sections 8.25(c), 8.25(e), or 8.38 of the Base Indenture, as applicable.

 

(b)
Other than the security interest granted to the Trustee hereunder, pursuant to the other Transaction Documents or any other Permitted
Lien, none of the Guarantors has pledged, assigned, sold or granted a security interest in the Collateral. All action necessary (including
the filing of UCC-1 financing statements and filings with the PTO and the United States Copyright Office) to protect and evidence the
Trustee’s security interest in the Collateral in the United States has been, or shall be, duly and effectively taken consistent
with and subject to the obligations set forth in Section 4.6(a) above and Sections 8.25(c), 8.25(e) or 8.38
of the Base Indenture, except as described on Schedule 7.13(a) to the Base Indenture. No security agreement, financing statement,
equivalent security or lien instrument or continuation statement authorized by any Guarantor and listing such Guarantor as debtor covering
all or any part of the Collateral is on file or of record in any jurisdiction, except in respect of Permitted Liens or such as may have
been filed, recorded or made by such Guarantor in connection with a Contribution Agreement or in favor of the Trustee on behalf of the
Secured Parties in connection with this Agreement, and no Guarantor has authorized any such filing.

 

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

 

(d)
Notwithstanding anything to the contrary herein, the Guarantors make no representation as to the validity, effectiveness, priority or
enforceability of any grant of security interest in any real property assets under Section 3, including, in each case, the New
Real Estate Assets or the Prospective Company Restaurant Properties, or the perfection thereof, which in each case shall be governed
by the Mortgages, if applicable.

 

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

 

SECTION
5

 

COVENANTS

 

5.1
[Reserved].

 

5.2
Defaults or Events of Default; Covenants in Base Indenture and Other Transaction Documents. Each Guarantor shall take, or shall
refrain from taking, as the case may be, each action that is necessary to be taken or not taken, as the case may be, so that no Default
or Event of Default is caused by the failure to take such action or to refrain from taking such action by such Guarantor; provided that,
for the avoidance of doubt, such taking or refraining from taking such action shall result in an Event of Default under the Indenture
subject to the applicable cure periods set forth thereunder. All covenants of each Guarantor made in the Base Indenture and in each other
Transaction Document are repeated herein as though fully set forth herein. 

 

5.3
Further Assurances.

 

(a)
Each Guarantor shall do such further acts and things, and execute and deliver to the Trustee and the Control Party such additional assignments,
agreements, powers and instruments, as are necessary or desirable to obtain or maintain the security interest of the Trustee in the Collateral
on behalf of the Secured Parties as a perfected security interest subject to no prior Liens (other than Permitted Liens), to carry into
effect the purposes of this Agreement or the other Transaction Documents or to better assure and confirm unto the Trustee, the Control
Party the Noteholders or the other Secured Parties their rights, powers and remedies hereunder including, without limitation, the filing
of any financing or continuation statements or amendments under the UCC in effect in any jurisdiction with respect to the liens and security
interests granted hereby, except as set forth on Schedule 8.11 to the Base Indenture, and in each case subject to Sections
8.25(c), 8.25(e), or 8.38 of the Base Indenture. The Guarantors intend the security interests granted pursuant to this
Agreement in favor of the Secured Parties to be prior to all other Liens (other than Permitted Liens) in respect of the Collateral, and
each Guarantor shall take all actions necessary to obtain and maintain, in favor of the Trustee for the benefit of the Secured Parties,
a first lien on and a first priority, perfected security interest in the Collateral (except with respect to Permitted Liens and except
as set forth on Schedule 8.11 of the Base Indenture or in Sections 8.25 or 8.38 of the Base Indenture). If any Guarantor
fails to perform any of its agreements or obligations under this Section 5.3(a), then the Control Party may perform such agreement
or obligation, and the expenses of the Control Party incurred in connection therewith shall be payable by the Guarantors (without duplication
amounts paid under Section 8.11 of the Base Indenture) upon the Control Party’s demand therefor. The Control Party is hereby
authorized to execute and file any financing statements, continuation statements, amendments or other instruments necessary or appropriate
to perfect or maintain the perfection of the Trustee’s security interest in the Collateral.

 

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

 

(c)
Notwithstanding the provisions set forth in clauses (a) and (b) above, the Guarantors shall not be required to perfect
any security interest in any fixtures (other than through a central filing of a UCC financing statement), any Franchisee promissory notes
or, except as provided in Section 8.38 to the Base Indenture, any New Real Estate Assets or Prospective Company Restaurant Properties.

 

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

 

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

 

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

 

5.5
Management Accounts. To the extent that it owns any Management Account (including any lock-box related thereto), each Guarantor
shall comply with Section 5.1 of the Base Indenture with respect to each such Management Account (including any lock-box related
thereto).

 

SECTION
6

 

REMEDIAL
PROVISIONS

 

6.1
Rights of the Control Party and Trustee upon Event of Default.

 

(a)
Proceedings To Collect Money. In case any Guarantor shall fail forthwith to pay any amounts due on this Guarantee upon demand,
the Trustee at the direction of the Control Party (subject to Section 11.4(e) of the Base Indenture, at the direction of the Controlling
Class Representative), in its own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums
so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may enforce the same against any Guarantor and
collect in the manner provided by law out of the property of any Guarantor, wherever situated, the moneys adjudged or decreed to be payable.

 

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(b)
Other Proceedings. If and whenever an Event of Default shall have occurred and be continuing, the Trustee, at the direction of
the Control Party (subject to Section 11.4(e) of the Base Indenture, at the direction of the Controlling Class Representative),
shall take one or more of the following actions:

 

(i)
proceed to protect and enforce its rights and the rights of the Noteholders and the other Secured Parties, by such appropriate Proceedings
as the Control Party (at the direction of the Controlling Class Representative) shall deem most effective to protect and enforce any
such rights, whether for the specific enforcement of any covenant or agreement in this Agreement or any other Transaction Document or
in aid of the exercise of any power granted therein, or to enforce any other proper remedy or legal or equitable right vested in the
Trustee by this Agreement or any other Transaction Document or by law, including any remedies of a secured party under Requirements of
Law;

 

(ii)
(A) direct the Guarantors to exercise (and each Guarantor agrees to exercise) all rights, remedies, powers, privileges and claims of
any Guarantor against any party to any Collateral Document to which such Guarantor is a party arising as a result of the occurrence of
such Event of Default or otherwise, including the right or power to take any action to compel performance or observance by any such party
of its obligations to any Guarantor, and any right of any Guarantor to take such action independent of such direction shall be suspended,
and (B) if (x) the Guarantors shall have failed, within ten (10) Business Days of receiving the direction of the Trustee (given at the
direction of the Control Party (at the direction of the Controlling Class Representative)), to take commercially reasonable action to
accomplish such directions of the Trustee, (y) any Guarantor refuses to take such action or (z) the Control Party (at the direction of
the Controlling Class Representative) reasonably determines that such action must be taken immediately, take (or the Control Party on
behalf of the Trustee shall take) such previously directed action (and any related action as permitted under this Agreement thereafter
determined by the Trustee or the Control Party to be appropriate without the need under this provision or any other provision under this
Agreement to direct the Guarantors to take such action);

 

(iii)
institute Proceedings from time to time for the complete or partial foreclosure of this Agreement or, to the extent applicable, any other
Transaction Document, with respect to the Collateral; provided that the Trustee shall not be required to take title to any real
property in connection with any foreclosure or other exercise of remedies hereunder or under such Transaction Documents and title to
such property shall instead be acquired in an entity designated and (unless owned by a third party) controlled by the Control Party;
and/or

 

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

 

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(c)
Sale of Collateral. In connection with any sale of the Collateral hereunder (which may proceed separately and independently from
the exercise of remedies under the Indenture), under any Mortgage or under any judgment, order or decree in any judicial proceeding for
the foreclosure or involving the enforcement of this Agreement or any other Transaction Document:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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6.4
Optional Preservation of the Collateral. If the maturity of the Outstanding Notes of each Series has been accelerated pursuant
to Section 9.2 of the Base Indenture following an Event of Default, and such declaration and its consequences have not been rescinded
and annulled, the Trustee, at the direction of the Control Party (acting at the direction of the Controlling Class Representative), subject
to the other terms and provisions hereof and of the Base Indenture, shall elect to maintain possession of such portion, if any, of the
Collateral as the Control Party (acting at the direction of the Controlling Class Representative) shall in its discretion determine.

 

6.5
Control by the Control Party. Notwithstanding any other provision hereof, the Control Party (subject to Section 11.4(e)
of the Base Indenture, at the direction of the Controlling Class Representative) may cause the institution of and direct the time, method
and place of conducting any proceeding for any remedy available to the Trustee or exercise any trust or power conferred on the Trustee;
provided that:

 

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

 

(b)
the Control Party (at the direction of the Controlling Class Representative) may take any other action deemed proper by the Control Party
(at the direction of the Controlling Class Representative) that is not inconsistent with such direction (as the same may be modified
by the Control Party (at the direction of the Controlling Class Representative)); and

 

(c)
such direction shall be in writing;

 

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

 

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

 

    	17

    	 

    

 

6.7
Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Agreement or in any suit against the
Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in
the suit of any undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable
attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses
made by the party litigant. This Section 6.7 does not apply to a suit by the Trustee, a suit by a Noteholder pursuant to Section
9.9 of the Base Indenture or a suit by Noteholders of more than 10% of the Aggregate Outstanding Principal Amount of all Series of
Notes.

 

6.8
Restoration of Rights and Remedies. If the Trustee, any Noteholder or any other Secured Party has instituted any Proceeding to
enforce any right or remedy under this Agreement or any other Transaction Document and such Proceeding has been discontinued or abandoned
for any reason or has been determined adversely to the Trustee or to such Noteholder or other Secured Party, then and in every such case
the Trustee and the Noteholders shall, subject to any determination in such proceeding, be restored severally and respectively to their
former positions hereunder, and thereafter all rights and remedies of the Trustee, the Noteholders and the other Secured Parties shall
continue as though no such Proceeding had been instituted.

 

6.9
Rights and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Trustee or to the Holders of Notes
or any other Secured Party is intended to be exclusive of any other right or remedy, and every right or remedy shall, to the extent permitted
by law, be cumulative and in addition to every other right and remedy given under this Agreement or any other Transaction Document or
now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy under this Agreement or
any other Transaction Document, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right
or remedy.

 

6.10
Delay or Omission Not Waiver. No delay or omission of the Trustee, the Control Party, the Controlling Class Representative, any
Holder of any Note or any other Secured Party to exercise any right or remedy accruing upon any Potential Rapid Amortization Event, Rapid
Amortization Event, Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Potential Rapid
Amortization Event, Rapid Amortization Event, Default or Event of Default or an acquiescence therein. Every right and remedy given by
this Section 6 or by law to the Trustee, the Control Party, the Controlling Class Representative, the Holders of Notes or any
other Secured Party may be exercised from time to time to the extent not inconsistent with the Indenture or this Agreement, and as often
as may be deemed expedient, by the Trustee, the Control Party, the Controlling Class Representative, the Holders of Notes or any other
Secured Party, as the case may be.

 

    	18

    	 

    

 

6.11
Waiver of Stay or Extension Laws. Each Guarantor covenants (to the extent that it may lawfully do so) that it shall not at any
time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever
enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Agreement or any other Transaction
Document; and each Guarantor (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantages of any such
law, and covenants that it shall not hinder, delay or impede the execution of any power herein granted to the Trustee, the Control Party
or the Controlling Class Representative, but shall suffer and permit the execution of every such power as though no such law had been
enacted.

 

SECTION
7

 

THE
TRUSTEE’S AUTHORITY

 

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

 

SECTION
8

 

MISCELLANEOUS

 

8.1
Amendments. None of the terms or provisions of this Agreement may be amended, supplemented, waived or otherwise modified except
in accordance with Article XIII of the Base Indenture, provided, that the execution and delivery of any Assumption Agreement in accordance
with Section 8.11 of this Agreement shall be deemed not to constitute an amendment.

 

8.2
Notices.

 

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

 

If
to a Guarantor:

[INSERT
NAME OF GUARANTOR]

c/o
FAT Brands Inc.

9720
Wilshire Blvd., Suite 500

Beverly
Hills, CA 90212

Attention:
Investor Relations

Telephone:
(310) 319-1850

Email:
ceo@fatbrands.com

 

    	19

    	 

    

 

If
to the Trustee:

UMB
BANK, NATIONAL ASSOCIATION

100
William Street, Suite 1850

New
York, NY 10038

Attention:
Michele Voon

Email:
michele.voon@umb.com

Phone:
(646) 650-3840

 

(b)
The Guarantors or the Trustee by notice to each other party may designate additional or different addresses for subsequent notices or
communications.

 

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

 

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

 

8.3
Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE
STATE OF NEW YORK).

 

8.4
Successors. All agreements of each of the Guarantors in this Agreement and each other Transaction Document to which it is a party
shall bind its successors and assigns; provided, however, no Guarantor may assign its obligations or rights under this Agreement or any
other Transaction Document, except with the written consent of the Control Party. All agreements of the Trustee in the Indenture and
in this Agreement shall bind its successors as permitted by the Transaction Documents.

 

    	20

    	 

    

 

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

 

8.6
Counterpart Originals. The parties may sign any number of copies of this Agreement. Each signed copy shall be an original, but
all of them together represent the same agreement. The exchange of copies of this Agreement and of signature pages by facsimile or electronic
transmission shall constitute effective execution and delivery of this Agreement as to the parties hereto and may be used in lieu of
the original Agreement for all purposes. Signatures of the parties hereto transmitted by facsimile or electronic transmission shall be
deemed to be their original signatures for all purposes. Facsimile, documents executed, scanned and transmitted electronically and electronic
signatures shall be deemed original signatures for purposes of this Agreement and any related document, with such facsimile, scanned
and electronic signatures having the same legal effect as original signatures. The parties agree that this Agreement, any addendum or
amendment hereto or any related document necessary may be accepted, executed or agreed to through the use of an electronic signature
in accordance with the Electronic Signatures in Global and National Commerce Act (“E-Sign Act”), Title 15, United States
Code, Sections 7001 et seq., the Uniform Electronic Transaction Act (“UETA”) and any applicable state law. Electronic signature
shall mean any electronic symbol or process attached to, or associated with, a contract or other record and adopted by a person with
the intent to sign, authenticate or accept such contract or record. Any document accepted, executed or agreed to in conformity with such
laws will be binding on all parties hereto to the same extent as if it were physically executed and each party hereby consents to the
use of any third party electronic signature capture service providers as may be reasonably chosen by a signatory hereto.

 

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

 

8.8
Recording of Agreement. If this Agreement is subject to recording in any appropriate public recording offices, such recording
is to be effected by the Guarantors and at their expense accompanied by an Opinion of Counsel (which may be counsel to the Guarantors
or any other counsel reasonably acceptable to the Control Party (at the direction of the Controlling Class Representative) to the effect
that such recording is necessary either for the protection of the Secured Parties or for the enforcement of any right or remedy granted
to the Trustee under this Agreement.

 

8.9
Waiver of Jury Trial. EACH OF THE GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS
OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY.

 

    	21

    	 

    

 

8.10
Submission to Jurisdiction; Waivers. Each of the Guarantors and the Trustee hereby irrevocably and unconditionally:

 

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

 

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

 

(c)
agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified
mail (or any substantially similar form of mail), postage prepaid, to the Guarantors or the Trustee, as the case may be, at its address
set forth in Section 8.2 or at such other address of which the Trustee shall have been notified pursuant thereto;

 

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

 

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

 

8.11
Additional Guarantor. Each Additional Guarantor that is designated to be an Additional Guarantor pursuant to Section 8.34 of the
Base Indenture shall become a Guarantor for all purposes of this Agreement upon execution and delivery by such Additional Guarantor of
an Assumption Agreement in substantially the form of Exhibit A hereto. Upon the execution and delivery by any Additional Guarantor of
such an Assumption Agreement, the supplemental schedules attached to such Assumption Agreement shall be incorporated into and become
a part of and supplement the Schedules to this Agreement and each reference to such Schedules shall mean and be a reference to such Schedules
as supplemented pursuant to each Assumption Agreement.

 

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

 

    	22

    	 

    

 

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

 

8.14
Termination; Partial Release.

 

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

 

(b)
Any partial release of Collateral hereunder requested by the Issuer in connection with any Permitted Asset Disposition shall be governed
by Section 14.17 of the Base Indenture.

 

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

 

8.16
KY Guarantor. Notwithstanding any other provision of this Agreement, the maximum aggregate liability of the Fazoli’s Joint
Venture, Ltd., a Kentucky limited partnership (the “KY Guarantor”) under this Agreement shall be $5,000,000,000.00. This
Agreement shall terminate on July 25, 2051 in respect of the KY Guarantor, provided that such termination shall not affect the liability
of the KY Guarantor with respect to guaranteed obligations created or incurred prior to such termination date, or extensions or renewals
of, interest accruing on, or fees, costs or expenses incurred with respect to, such Obligations on or after such date of termination.

 

8.17
Entire Agreement.

 

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

 

[Signature
pages follow]

 

    	23

    	 

    

 

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

 

	 	GUARANTORS:
	 	 
	 	FAZOLI’S
    HOLDINGS, LLC
	 	FAZOLI’S
    GROUP, INC.
	 	FAZOLI’S
    RESTAURANT GROUP, INC.
	 	FAZOLI’S
    FRANCHISING SYSTEMS, LLC
	 	FAZOLI’S
    PROMOTIONS, INC.
	 	FAZOLI’S
    SYSTEM MANAGEMENT, LLC
	 	FAZOLI’S
    JOINT VENTURE, LTD.
	 	NATIVE
    GRILL AND WINGS FRANCHISING, LLC
	 	 	 
	 	By:	/s/
    Andrew A. Wiederhorn
	 	Name:
    	Andrew
    A. Wiederhorn
	 	Title:
    	President
    and CEO

 

Signature
Page to Guarantee and Collateral Agreement

 

    	 

    	 

    

 

	AGREED
    AND ACCEPTED	 
	 	 
	UMB
    BANK, NATIONAL ASSOCIATION, in its capacity as Trustee	 
	 	 
	By:
    	/s/
    Michele Voon	 
	Name:
    	Michele
    Voon	 
	Title:
    	Vice
    President	 

 

Signature Page to Guarantee and Collateral Agreement

 

    	 

    	 

    

 

Schedule
4.5

 

GUARANTOR
OWNERSHIP RELATIONSHIPS

 

	PLEDGED ENTITY	 	OWNED BY	 	PERCENTAGE
 OWNERSHIP	 
	Fazoli’s Holdings, LLC	 	FAT Brands Fazoli’s Native I, LLC	 	 	100	%
	Native Grill and Wings Franchising, LLC	 	FAT Brands Fazoli’s Native I, LLC	 	 	100	%
	Fazoli’s Group, Inc.	 	Fazoli’s Holdings, LLC	 	 	100	%
	Fazoli’s Restaurant Group, Inc.	 	Fazoli’s Group, Inc.	 	 	100	%
	Fazoli’s Joint Venture, Ltd.	 	Fazoli’s Restaurant Group, Inc.	 	 	99	%
	Fazoli’s Joint Venture, Ltd.	 	Fazoli’s System Management, LLC	 	 	1	%
	Fazoli’s System Management, LLC	 	Fazoli’s Restaurant Group, Inc.	 	 	100	%
	Fazoli’s Franchising Systems, LLC	 	Fazoli’s Restaurant Group, Inc.	 	 	100	%
	Fazoli’s Promotions, Inc.	 	Fazoli’s Restaurant Group, Inc.	 	 	100	%

 

    	 

    	 

    

 

Exhibit
A to

Guarantee
and Collateral Agreement

 

ASSUMPTION
AGREEMENT, dated as of ___________________, 20___ (this “Assumption Agreement”), made by ___________ a __________
(the “Additional Guarantor”), in favor of UMB BANK, NATIONAL ASSOCIATION, as Trustee and securities intermediary under
the Indenture referred to below (in such capacity, together with its successors, the “Trustee”). All capitalized terms
not defined herein shall have the meaning ascribed to them in the Base Indenture Definitions List attached to the Base Indenture (as
defined below) as Annex A thereto.

 

W I T N E S S E T H:

 

WHEREAS,
FAT Brands Fazoli’s Native I, LLC, a Delaware limited liability company (the “Issuer”) and the Trustee have
entered into that certain Base Indenture dated as of December 15, 2021 (the “Base Indenture” and, together with all
Series Supplements, the “Indenture”), providing for the issuance from time to time of one or more Series of Notes
thereunder; and

 

WHEREAS,
in connection with the Base Indenture, the Guarantors and the Trustee entered into that certain Guarantee and Collateral Agreement, dated
as of December 15 (as the same may be amended, amended and restated, supplemented or otherwise modified from time to time) (the “Guarantee
and Collateral Agreement”) in favor of the Trustee for the benefit of the Secured Parties;

 

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

 

WHEREAS,
the Additional Guarantor has agreed to execute and deliver this Assumption Agreement in order to become a party to the Guarantee and
Collateral Agreement;

 

NOW,
THEREFORE, IT IS AGREED:

 

1.
Guarantee and Collateral Agreement. By executing and delivering this Assumption Agreement, the Additional Guarantor, as provided
in Section 8.11 of the Guarantee and Collateral Agreement, hereby becomes a party to the Guarantee and Collateral Agreement as
a Guarantor thereunder with the same force and effect as if originally named therein as a Guarantor and, without limiting the generality
of the foregoing, hereby expressly assumes all obligations and liabilities of a Guarantor thereunder. In furtherance of the foregoing,
the Additional Guarantor, as security for the payment and performance in full of the Issuer Obligations, does (x) hereby create and grant
to the Trustee for the benefit of the Secured Parties a security interest in all of the Additional Guarantor’s right, title and
interest in and to the Collateral of the Additional Guarantor in accordance with the terms of the Guarantee and Collateral Agreement
and subject to the exceptions set forth therein and (y) jointly and severally with the other Guarantors, unconditionally and irrevocably
hereby guarantee the prompt and complete payment and performance by the Issuer when due (whether at the stated maturity, by acceleration
or otherwise, but after giving effect to all applicable grace periods) of the Issuer Obligations. Each reference to a “Guarantor”
in the Guarantee and Collateral Agreement shall be deemed to include the Additional Guarantor. The Guarantee and Collateral Agreement
is hereby incorporated herein by reference. The information set forth in Annex 1-A hereto (A) is true and correct as of the date hereof
in all material respects and (B) is hereby added to the information set forth in Schedule 4.5 to the Guarantee and Collateral
Agreement and such Schedule shall be deemed so amended. The Additional Guarantor hereby represents and warrants that each of the representations
and warranties contained in Section 4 of the Guarantee and Collateral Agreement applicable to it is true and correct on and as
the date hereof (after giving effect to this Assumption Agreement) as if made on and as of such date. [The Additional Guarantor is designated
as a [Fazoli’s] [Native] [Franchise Entity] [IP Guarantor] [Company Restaurant Guarantor].]

 

    	A-1

    	 

    

 

2.
Representations of Additional Guarantor. The Additional Guarantor represents and warrants to the Trustee for the benefit of the
Secured Parties that this Assumption Agreement has been duly authorized, executed and delivered by it and constitutes its legal, valid
and binding obligation, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization,
moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether
considered in a proceeding in equity or at law.

 

3.
Counterparts; Binding Effect. This Assumption Agreement may be executed in counterparts (and by different parties hereto on different
counterparts), each of which shall constitute an original, but all of which taken together shall constitute a single contract. This Assumption
Agreement shall become effective when (a) the Trustee shall have received a counterpart of this Assumption Agreement that bears the signature
of the Additional Guarantor and (b) the Trustee has executed a counterpart hereof. Delivery of an executed counterpart of a signature
page of this Assumption Agreement by .pdf file in an email shall be effective as delivery of a manually executed counterpart of this
Assumption Agreement. Facsimile, documents executed, scanned and transmitted electronically and electronic signatures shall be deemed
original signatures for purposes of this Assumption Agreement and any related document, with such facsimile, scanned and electronic signatures
having the same legal effect as original signatures. The parties agree that this Assumption Agreement, any addendum or amendment hereto
or any related document necessary may be accepted, executed or agreed to through the use of an electronic signature in accordance with
the Electronic Signatures in Global and National Commerce Act (“E-Sign Act”), Title 15, United States Code, Sections 7001
et seq., the Uniform Electronic Transaction Act (“UETA”) and any applicable state law. Electronic signature shall mean any
electronic symbol or process attached to, or associated with, a contract or other record and adopted by a person with the intent to sign,
authenticate or accept such contract or record. Any document accepted, executed or agreed to in conformity with such laws will be binding
on all parties hereto to the same extent as if it were physically executed and each party hereby consents to the use of any third party
electronic signature capture service providers as may be reasonably chosen by a signatory hereto.

 

4.
Full Force and Effect. Except as expressly supplemented hereby, the Guarantee and Collateral Agreement shall remain in full force
and effect.

 

5.
Severability. In case any provision in this Agreement or any other Transaction Document shall be invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

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

 

7.
Fees and Expenses. The Additional Guarantor agrees to reimburse the Trustee for its reasonable and documented out-of-pocket expenses
in connection with the execution and delivery of this Assumption Agreement, including the reasonable fees and disbursements of outside
counsel for the Trustee.

 

8.
Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE
OF NEW YORK).

 

    	A-2

    	 

    

 

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

 

	 	 	[ADDITIONAL
    GUARANTOR]
	 	 	 
	 	 	By:	        
	 	 	Name:	 
	 	 	Title:	 
	 	 	Address:	 
	 	 	Attention:	 
	 	 	Email:	 
	 	                 	 	 
	AGREED
    TO AND ACCEPTED	 	 
	 	 	 
	UMB BANK, NATIONAL ASSOCIATION,

                                                                                in its capacity as Trustee
	 	 
	 	 	 
	By:
    	 	 	 
	Name:	 	 	 
	Title:	 	 	 

 

    	A-3

    	 

    

 

Annex
1-A

 

GUARANTOR
OWNERSHIP RELATIONSHIPS

 

	ENTITY	 	OWNED
    BY	 	SUBSIDIARIES
	 	 	 	 	 

 

    	A-4

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