Document:

Document

Exhibit 4.2

DESCRIPTION OF SECURITIES
REGISTERED UNDER SECTION 12 OF THE
SECURITIES EXCHANGE ACT OF 1934
As of December 31, 2021, Royalty Pharma plc (“Royalty Pharma” or the “Company”) had one class of securities registered under Section 12 of the Securities Exchange Act of 1934: our Class A ordinary shares, par value $0.0001 per share, which are listed on the Nasdaq Global Select Market (“Nasdaq”) under the symbol “RPRX.” 
The following description is a summary of our share capital as specified in our Articles of Association. This summary does not purport to be complete and the statements in this summary are qualified in their entirety by reference to, and are subject to, the detailed provisions of our Articles of Association and the U.K. Companies Act. 
Capital Structure 
Issued Share Capital 
We have two classes of voting shares: Class A and Class B, each of which has one vote per share. The Class A ordinary shares and Class B shares vote together as a single class on all matters submitted to a vote of shareholders, except as otherwise required by applicable law. We also have in issue 50,000 Class R redeemable shares, which do not entitle the holder to voting or dividend rights, and deferred shares, which do not entitle the holder to voting or dividend rights. The purpose of the Class R redeemable shares was to ensure we had sufficient sterling denominated share capital at the time we re-registered as a public limited company, as required by the U.K. Companies Act. The Class R redeemable shares may be redeemed at some future point in order to leave the Company with only U.S. dollar denominated share capital. Any such redemption would be at nominal value. 
The board of directors has been granted authority from our shareholders to allot and issue new Class A ordinary shares and other shares, and to grant rights to subscribe for or to convert any security into new Class A ordinary shares or other shares, up to a maximum aggregate nominal amount (i.e., par value) of $300,000, for a period expiring (unless previously renewed, varied or revoked by the Company in general meeting) on May 31, 2025. Renewal of such authorization is expected to be sought at least once every five years, and possibly more frequently. This authority is in addition to authorities to allot and issue new Class A ordinary shares in exchange for Royalty Pharma Holdings Ltd Class B ordinary shares or the depositary receipts that represent them. The rights and restrictions to which the Class A ordinary shares are subject are prescribed by our Articles of Association. 
Class A Ordinary Shares 
Voting rights. The holders of Class A ordinary shares are entitled to one vote per share on all matters to be voted upon by the shareholders other than with respect to matters that require a separate class vote in accordance with applicable law. 
Dividend rights. Subject to preferences that may be applicable, the holders of Class A ordinary shares are entitled to receive ratably such dividends, if any, as may be approved from time to time by the board of directors out of funds legally available therefor. 
Rights upon liquidation. In the event of liquidation, dissolution or winding up of Royalty Pharma the holders of Class A ordinary shares are entitled to share ratably in all assets remaining after payment of liabilities. 
Class B Shares 
Voting rights. The holders of Class B shares are entitled to one vote per share on all matters to be voted upon by the shareholders other than with respect to matters that require a separate class vote in accordance with applicable law. 
 
Dividend rights. The holders of Class B shares do not have any rights to receive dividends. 

Rights upon liquidation. The holders of Class B shares only have limited rights to receive a distribution equal to their nominal value upon a liquidation, dissolution or winding up of Royalty Pharma, following the prior payment of the nominal capital paid up or credited as paid up on each Class A ordinary share as well as an amount of $10,000,000 on each Class A ordinary share upon such liquidation, dissolution or winding up. 
Dividends 
Under English law, the Company may only pay dividends out of profits available for that purpose. The Company’s profits available for distribution are its accumulated, realized profits, to the extent that they have not been previously utilized by distribution or capitalization, less its accumulated, realized losses, to the extent that they have not been previously written off in a reduction or reorganization of capital duly made. The amount of the Company’s distributable reserves is a cumulative calculation. The Company may be profitable in a single financial year but unable to pay a dividend if our accumulated, realized profits of that year do not offset all previous years’ accumulated, realized losses. 
Additionally, the Company may only make a distribution if the amount of its net assets is not less than the aggregate of its called-up share capital and undistributable reserves, and if, and to the extent that, the distribution does not reduce the amount of those assets to less than that aggregate. 
Our Articles of Association authorize our board of directors to approve interim dividends without shareholder approval to the extent that the approval of such dividends appears justified by profits. Our board of directors may also recommend a final dividend to be approved and declared by the shareholders at an annual general meeting and may direct that the payment be made by distribution of assets, shares or cash. No dividend may exceed the amount recommended by the board of directors. 
Our Articles of Association also permit a scrip dividend scheme under which the board of directors may offer any holders of Class A ordinary shares the right to elect to receive Class A ordinary shares, credited as fully paid, instead of cash in respect of the whole (or some part determined by the board of directors) of all or any dividend subject to certain terms and conditions set out in our Articles of Association. 
The entitlement to a dividend lapses if unclaimed for 12 years. 
Voting Rights 
Under the Articles of Association, each holder of Class A ordinary shares or Class B shares is entitled to one vote for each share that he or she holds as of the record date for the meeting. Neither English law nor any of our constituent documents places limitations on the right of nonresident or foreign owners to vote or hold ordinary shares. The voting at a general meeting must be taken by poll. Subject to any relevant special rights or restrictions attached to any shares, on a poll taken at a general meeting, each qualifying shareholder present in person or by proxy (or, in the case of a corporation, a corporate representative) and entitled to vote on the resolution has one vote for every Class A ordinary share or Class B share held by such shareholder. 
An ordinary resolution must be approved by a simple majority, and a special resolution approved by at least 75%, of shareholders attending and voting, whether in person or by proxy. 
Amendment to our Articles of Association 
Under English law, shareholders may amend the articles of association of a company by special resolution. However, certain provisions of our Articles of Association require a higher threshold of shareholder approval or satisfaction of other procedures before such provision or provisions can be varied. 
The article in our Articles of Association which requires voting at a general meeting to be taken on a poll may only be removed, amended or varied by resolution of the shareholders passed unanimously. 

Winding Up 
In the event of a voluntary winding up of the Company, the liquidator may, with the sanction of a special resolution of the Company and any other sanction required by law, subject to the U.K. Insolvency Act of 1986, after effectively applying the Company’s property to satisfy the Company’s liabilities, divide among the holders of Class A ordinary shares of the Company the whole or any part of the assets of the Company, whether they consist of property of the same kind or not, and vest the whole or any part of the assets in trustees upon such trusts for the benefit of the holders of Class A ordinary shares of the Company as the liquidator, with such sanction, may determine. No shareholder of the Company shall be compelled to accept any assets upon which there is a liability. 
On a return of capital on a liquidation, reduction of capital or otherwise, the surplus assets of the Company available for distribution among the holders of Class A ordinary shares shall be applied pro rata (rounded to the nearest whole number). 
Rights of Pre-Emption on New Issues of Shares 
Under the U.K. Companies Act, the allotment of “equity securities” (except pursuant to an employees’ share scheme and as bonus shares) that are to be paid for wholly in cash must be offered first to the existing holders of ordinary shares in proportion to the respective nominal amounts (i.e., par values) of their holdings on the same or more favorable terms, unless a special resolution to the contrary has been passed or the articles of association otherwise provide disapplication from this requirement (which disapplication can be for a maximum of five years after which shareholders’ approval would be required to renew the disapplication). “Equity securities” means ordinary shares or rights to subscribe for, or convert securities into, ordinary shares where ordinary shares means shares other than shares that, with respect to dividends and capital, carry a right to participate only up to a specified amount in a distribution. In relation to the Company, “equity securities” will therefore include the Class A ordinary shares, and all rights to subscribe for or convert securities into such shares. 
The board of directors has been granted authority from our shareholders to allot and issue new Class A ordinary shares and other shares and to grant rights to subscribe for or to convert any security into new Class A ordinary shares or other shares, up to a maximum aggregate nominal amount (i.e., par value) of $300,000 for a period expiring (unless previously renewed, varied or revoked by the Company in general meeting) on May 31, 2025. Renewal of such authorization is expected to be sought at least once every five years, and possibly more frequently. 
Disclosure of Ownership Interests in Shares 
Section 793 of the U.K. Companies Act gives us the power to require persons whom we know have, or whom we have reasonable cause to believe have, or within the previous three years have had, an interest in any shares of the Company to disclose specified information regarding those shares. Failure to provide the information requested within the prescribed period (or knowingly or recklessly providing false information after the date the notice is sent) can result in criminal or civil sanctions being imposed against the person in default. 
Under our Articles of Association, if any of our shareholders, or any other person appearing to be interested in the shares of the Company held by such shareholder, has been duly served with a notice under section 793 and fails to give us the information required by such notice or has made a statement which is false or inadequate in a material particular, then our board of directors may, in its absolute discretion at any time by notice, withdraw voting rights and place restrictions on the rights to receive dividends and refuse to register a transfer of such shares. 
 
Alteration of Share Capital/Share Repurchases 
Subject to the provisions of the U.K. Companies Act, and without prejudice to any relevant special rights attached to any class of shares, we may, from time to time, among other things: 
•    increase our share capital by allotting and issuing new shares in accordance with our Articles of Association and any relevant shareholder resolution; 

•    consolidate all or any of our share capital into shares of a larger nominal amount (i.e., par value) than the existing shares; 
•    subdivide any of our shares into shares of a smaller nominal amount (i.e., par value) than the existing shares; or 
•    redenominate our share capital or any class of share capital 
The Company may not consolidate, divide, subdivide or redenominate any class of voting shares without consolidating, dividing, subdividing or redenominating (as the case may be) the other classes of voting shares. 
English law prohibits us from purchasing our own shares unless such purchase has been approved by our shareholders. Shareholders may approve two different types of such share purchases: “on-market” share purchases or “off-market” share purchases. “On-market” purchases may only be made on a “recognised investment exchange,” which does not include Nasdaq, which is the only exchange on which the Company’s shares are traded. In order to purchase our own shares, as a Company listed on Nasdaq, we must therefore obtain the approval of our shareholders for an “off-market purchase” (on the basis of a specific purchase agreement with a financial intermediary) to acquire shares that are traded on Nasdaq. This requires our shareholders to pass an ordinary resolution approving an “off-market purchase,” where such approval may be for a maximum period of five years. In relation to an “off-market purchase,” we may not acquire our own shares until the terms of the contract pursuant to which the purchase(s) are to be made have been authorized by our shareholders. 
Transfer and Registration of Shares 
Our Articles of Association allow shareholders to transfer all or any of their shares by instrument of transfer in writing in any usual form or in any other form which our board of directors may approve. 
The instrument of transfer must be executed by or on behalf of the transferor and (in the case of a transfer of a share that is not fully paid) by or on behalf of the transferee. Our Articles of Association also permit transfer of shares in uncertificated form by means of a relevant electronic system. 
We may not charge a fee for registering the transfer of a share. 
Our board of directors may, in its absolute discretion, refuse to register a transfer of shares in certificated form if it is not fully paid (provided that the refusal does not prevent dealings in the shares from taking place on an open and proper basis) or is with respect to a share on which we have a lien and sums in respect of which the lien exists are payable and are not paid within 14 clear days after due notice has been sent. If our board of directors refuses to register a transfer of a share, it shall notify the transferor of the refusal and the reasons for it as soon as practicable and in any event within two months after the date on which the instrument of transfer was lodged with us (in the case of a transfer of a share in certificated form) or the instructions to the relevant system received. Any instrument of transfer which our board of directors refuses to register shall (except in the case of fraud) be returned to the person lodging it when notice of the refusal is sent. 
Computershare Trust Company, N.A. acts as our transfer agent and registrar. The share register reflects only registered owners of our Class A ordinary shares, Class B shares, Class R redeemable shares and deferred shares. Registration in the Company’s share register is determinative of ownership of shares of the Company. A shareholder who holds shares beneficially is not the holder of record of such shares. Instead, the clearance service or depositary (for example, Cede & Co, as nominee for the Depository Trust Company, or DTC, or GTU Ops, Inc., as nominee for Computershare Trust Company, N.A.) or other nominee is the holder of record of those shares. Accordingly, a transfer of shares from a person who holds such shares beneficially to a person who holds such shares beneficially through a clearance service or depositary or other nominee will not be registered in the Company’s official share register, as the depositary or other nominee will remain the record holder of any such shares. 
In the event that the Company notifies one or both of the parties to a share transfer that it believes stamp duty or stamp duty reserve tax is required to be paid in connection with a transfer of shares of the Company, if the parties 

to the transfer have an instrument of transfer duly stamped to the extent required and then provide such instrument of transfer to the Company’s share registrar, the buyer will be registered as the legal owner of the relevant shares on the official share register, subject to our rights with respect to the disclosure of interests in our shares. 

Takeover Provisions 
Regulation of Takeover Bids 
Given that our central management and control is currently not situated within, and our current intention is not to have it in the future situated within the United Kingdom (or the Channel Islands or the Isle of Man), we do not currently envisage that the City Code on Takeovers and Mergers (the “Takeover Code”) will apply to an offer for the Company. It is possible that in the future circumstances could change that may cause the Takeover Code to apply to us. The Takeover Code provides a framework within which takeovers of companies subject to it are conducted. In particular, the Takeover Code contains certain rules in respect of mandatory offers. Under Rule 9 of the Takeover Code, if a person: 
•    acquires an interest in shares that, when taken together with shares in which such person is already interested and in which persons acting in concert with such person are interested, carries 30% or more of the voting rights of shares; or 
•    who, together with persons acting in concert with such person, is interested in shares that in the aggregate carry not less than 30% of the voting rights but is not interested in shares carrying more than 50% of such voting rights and such person, or any person acting in concert with such person, acquires an additional interest in shares that increases the percentage of shares carrying voting rights in which that person is interested, 
the acquirer, and, depending on the circumstances, its concert parties, would be required (except with the consent of the Takeover Panel) to make a cash offer for the outstanding shares at a price not less than the highest price paid for any interests in the shares by the acquirer or its concert parties during the previous 12 months. 
Under English law, an offeror for the Company that has acquired (i) not less than 90% in value of; and (ii) not less than 90% of the voting rights carried by the shares to which the offer relates may exercise statutory squeeze-out rights to compulsorily acquire the shares of the non-assenting minority. However, if an offer for the Company is conducted by way of a scheme of arrangement the threshold for the offeror obtaining 100% of Company shares comprises two components (i) approval by a majority in number of each class of Company shareholders present and voting at the shareholder meeting; and (ii) approval of Company shareholders representing 75% or more in value of each class of Company shareholders present and voting at that meeting. 
Share Issues in the Context of an Acquisition 
Our Articles of Association provide the board of directors with the power to establish a rights plan and to grant rights to subscribe for our shares pursuant to a rights plan where, in the opinion of the board of directors, acting in good faith, in the context of an acquisition or potential acquisition of 15% or more of our issued voting shares, to do so would improve the likelihood that: 
•    an acquisition process is conducted in an orderly manner; 
•    all our shareholders are treated equally and fairly and in a similar manner; 
•    an optimum price is achieved for our Class A ordinary shares; 
•    the board of directors would have time to gather relevant information and pursue appropriate strategies; 
•    the success of Royalty Pharma would be promoted for the benefit of our shareholders as a whole; 
•    the long term interests of Royalty Pharma, our shareholders and business would be safeguarded; and/or 
•    Royalty Pharma would not suffer serious economic harm. 

Our Articles of Association further provide that the board of directors may, in accordance with the terms of a rights plan, determine to (i) allot shares pursuant to the exercise of rights or (ii) exchange rights for our shares, where in the opinion of the board of directors acting in good faith, in the context of an acquisition or potential acquisition of 15% or more of our issued voting shares, to do so is necessary in order to prevent: 
•    the use of abusive tactics by any person in connection with such acquisition; 
•    unequal treatment of shareholders; 
•    an acquisition which would undervalue Royalty Pharma; 
•    harm to the prospects of the success of Royalty Pharma for the benefit of its shareholder as a whole; and/or 
•    serious economic harm to the prospects of Royalty Pharma, 
or where to do so is otherwise necessary to safeguard the long term interests of Royalty Pharma, our shareholders and our business. 
Under the Takeover Code, the board of a public company incorporated under the laws of England and Wales is constrained from implementing such defensive measures. However, as discussed above, these measures are included in our Articles of Association as the Takeover Code is not expected to apply to us and these measures are included commonly in the constitution of U.S. companies. 
These provisions will apply for so long as we are not subject to the Takeover Code.Exhibit 4.1

     

   
   

    

   
  

    
    EXECUTION VERSION

    

    

    Dated as of February 11, 2022

    Series 2022-1 Supplement

    to the

      Base Indenture

    Up to $150,000,000 Series 2022-1 Variable Funding Senior Notes, Class A‐1

      $550,000,000 Series 2022-1 3.445% Fixed Rate Senior Secured Notes, Class A‐2-I

    $550,000,000 Series 2022-1 4.136% Fixed Rate Senior Secured Notes, Class A‐2-II

    

    

    between

    Jack in the Box Funding, LLC,

    as Master Issuer

    and

    Citibank, N.A.,

    as Trustee and Series 2022-1 Securities Intermediary

    
      
        

    

    
    Table of Contents

    

     

    

    	 	 	 Page
	 	 	 
	Article I Definitions 

          	1
	Article II Initial Issuance, Increases and Decreases of Series 2022-1 Class A‐1 Outstanding Principal
              Amount 

          	2 

          
	Section 2.01 

          	Procedures for Issuing and Increasing Initial Issuance and Increases of the Series 2022-1 Class A‐1 Outstanding Principal Amount

          	2 

          
	Section 2.02 

          	Procedures for Decreasing the Series 2022-1 Class A-1 Outstanding Principal Amount

          	3 

          
	Article III Series 2022-1 Allocations; Payments

          	4 

          
	Section 3.01 

          	Allocations with Respect to the Series 2022-1 Notes

          	4
	Section 3.02 

          	Weekly Allocation Date Applications; Quarterly Payment Date Applications

          	4
	Section 3.03 

          	Certain Distributions from the Series 2022-1 Distribution Accounts and the Collection Account

          	4
	Section 3.04 

          	Series 2022-1 Class A-1 Interest and Certain Fees.

          	5
	Section 3.05 

          	Series 2022-1 Class A-2 Notes Interest.

          	6
	Section 3.06 

          	
            
              Payment of Series 2022-1 Note Principal

            

          	7
	Section 3.07 

          	Series 2022-1 Class A‐1 Distribution Account 

          	13
	Section 3.08 

          	Series 2022-1 Class A‐2 Distribution Account 

          	13
	Section 3.09 

          	Trustee as Securities Intermediary 

          	14
	Section 3.10 

          	Manager 

          	16
	Section 3.11 

          	Replacement of Ineligible Accounts 

          	16
	Article IV Form of Series 2022-1 Notes 

          	16
	Section 4.01 

          	Issuance of Series 2022-1 Class A‐1 Notes 

          	16
	Section 4.02 

          	Issuance of Series 2022-1 Class A‐2 Notes 

          	18

    	Section 4.03

          	Transfer Restrictions of Series 2022-1 Class A‐1 Notes	19

          
	Section 4.04

          	Transfer Restrictions of Series 2022-1 Class A‐2 Notes	21

          
	Section 4.05

          	Note Owner Representations and Warranties	26

          
	Section 4.06

          	Limitation on Liability	28

          
	Article V General	28

          
	Section 5.01

          	Information	28

          
	Section 5.02	Exhibits	29

          
	Section 5.03	Ratification of Base Indenture	29

          
	Section 5.04	Certain Notices to the Rating Agency	29

          
	Section 5.05	Prior Notice by Trustee to the Controlling Class Representative and Control Party	29

          
	Section 5.06	Counterparts	29

          
	Section 5.07	Governing Law	29

          
	Section 5.08	Amendments	29

          
	Section 5.09	Termination of Series Supplement	29

          
	Section 5.10	Entire Agreement	29

          
	Section 5.11	Electronic Signatures and Transmission	30

          
	Section 5.12	1934 Act	30

          
	Section 5.13	Notices	30

          

    

    ANNEXES

    
      
        	Annex A	–	Series 2022-1 Supplemental Definitions List

      

    

     

    

    
      (i)

      
        

    

    EXHIBITS
      

      

      	Exhibit A-1-1:	Form of Series 2022-1 Class A-1 Advance
                Note
	Exhibit A-1-2: 

            	Form of Series 2022-1 Class
                A-1 Swingline Note 

            
	Exhibit A-1-3: 

            	Form of Series 2022-1 Class
                A-1 L/C Note 

            
	Exhibit A-2-1: 

            	Form of Rule 144A Global
                Series 2022-1 Class A-2 Notes 

            
	Exhibit A-2-2: 

            	Form of Temporary
                Regulation S Global Series 2022-1 Class A-2 Notes 

            
	Exhibit A-2-3: 

            	Form of Permanent
                Regulation S Global Series 2022-1 Class A-2 Notes 

            
	Exhibit B-1: 

            	Form of Transferee
                Certificate – Series 2022-1 Class A-1 Notes 

            
	Exhibit B-2: 

            	Form of Transferee Certificate – Rule 144A Global Notes to Temporary Regulation S Global Notes 

            
	Exhibit B-3: 

            	Form of Transferee Certificate – Rule 144A Global Notes to Permanent Regulation S Global Notes 

            
	Exhibit B-4: 

            	Form of Transferee Certificate – Regulation S Global Notes to Rule 144A Global Notes 

            
	Exhibit C: 

            	Form of Quarterly
                Noteholders’ Report 

            
	Exhibit D: 

            	Form of Decrease Notice
              

            
	Exhibit E: 

            	Form of Confirmation of
                Registration 

            

    

    

        

      

    
      (ii)

      
        

    

    

    SERIES 2022-1 SUPPLEMENT, dated as of February 11, 2022 (this “Series Supplement”), by and between JACK IN THE BOX FUNDING, LLC, a Delaware limited liability company (the “Master Issuer”) and CITIBANK,
      N.A., a national banking association, as trustee (in such capacity, the “Trustee”) and as Series 2022-1 Securities Intermediary, to the Base Indenture, dated as of July 8, 2019,
      by and between the Master Issuer and CITIBANK, N.A., as trustee and as securities intermediary (as amended by the First Supplement to Base Indenture, dated as of the date hereof, and as further amended, modified or supplemented from time to time,
      exclusive of Series Supplements, the “Base Indenture”).

    PRELIMINARY STATEMENT

    WHEREAS, Sections 2.02, 2.03 and 13.01 of the Base Indenture provide, among other things, that the Master Issuer and
      the Trustee may at any time and from time to time enter into a Series Supplement to the Base Indenture for the purpose of authorizing the issuance of one or more Series of Notes (as defined in Annex A of the Base Indenture) upon satisfaction of the
      conditions set forth therein; and

    WHEREAS, all such conditions have been met for the issuance of the Series of Notes authorized hereunder.

    NOW, THEREFORE, the parties hereto agree as follows:

    DESIGNATION

    There is hereby created a Series of Notes to be issued pursuant to the Base Indenture and this Series Supplement,
      and such Series of Notes shall be designated as Series 2022-1 Notes.  On the Series 2022-1 Closing Date, two Classes of Notes of such Series will be issued:  (a) Series 2022-1 Variable Funding Senior Notes, Class A‐1 (as referred to herein, the “Series 2022-1 Class A‐1 Notes”) and (b) Series 2022-1 Senior Notes, Class A‐2 (as referred to herein, the “Series 2022-1
          Class A‐2 Notes”).  The Series 2022-1 Class A‐1 Notes shall be issued in three Subclasses:  (i) Series 2022-1 Class A‐1 Advance Notes (as referred to herein, the “Series
          2022-1 Class A‐1 Advance Notes”), (ii) Series 2022-1 Class A-1 Swingline Notes (as referred to herein, the “Series 2022-1 Class A-1 Swingline Notes”) and
      (iii) Series 2022-1 Class A‐1 L/C Notes (as referred to herein, the “Series 2022-1 Class A‐1 L/C Notes”). The Series 2022-1 Class A-2 Notes shall be issued in two Tranches: (i)
      Series 2022-1 3.445% Fixed Rate Senior Secured Notes, Class A-2-I (as referred to herein, the “Series 2022-1 Class A‐2-I Notes”) and (ii) Series 2022-1 4.136% Fixed Rate Senior
      Secured Notes, Class A-2-II (as referred to herein, the “Series 2022-1 Class A‐2-II Notes” and, together with the Series 2022-1 Class A‐2-I Notes, the “Series 2022-1 Class A‐2 Notes” and, the Series 2022-1 Class A-2 Notes, together with the Series 2022-1 Class A-1 Notes, the “Series 2022-1
          Notes”). For purposes of the Base Indenture and this Series Supplement, the Series 2022-1 Class A‐1 Notes and the Series 2022-1 Class A‐2 Notes shall be deemed to be separate Classes of “Senior Notes”.

    ARTICLE I

      

      DEFINITIONS

    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 2022-1 Supplemental Definitions List attached hereto as Annex A (the “Series 2022-1 Supplemental Definitions List”) as such Series 2022-1 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 shall have the meanings assigned thereto in the Base Indenture or 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 Base Indenture or this Series Supplement (as indicated herein).  Unless otherwise stated herein, as the context otherwise requires or if such term is otherwise defined in the Base Indenture, each
      capitalized term used or defined herein shall relate only to the Series 2022-1 Notes and not to any other Series of Notes issued by the Master Issuer.  The rules of construction set forth in Section 1.04 of the Base Indenture shall apply for all
      purposes under this Series Supplement.

    
      
        

    

    
    ARTICLE II

      

      INITIAL ISSUANCE, INCREASES AND DECREASES OF

      SERIES 2022-1 CLASS A‐1 OUTSTANDING PRINCIPAL AMOUNT

    Section 2.01             Procedures for Issuing and Increasing Initial Issuance and Increases of the Series 2022-1 Class A‐1 Outstanding Principal Amount.

    (a) Subject to satisfaction of the conditions precedent to the making of
          Series 2022-1 Class A-1 Advances set forth in the Series 2022-1 Class A-1 Note Purchase Agreement, (i) on the Series 2022-1 Closing Date, the Master Issuer may cause the Series
          2022-1 Class A-1 Initial Advance Principal Amount to become outstanding by drawing ratably, at par, the initial principal amounts of the Series 2022-1 Class A-1 Advance Notes corresponding to the aggregate amount of the Series 2022-1 Class A-1
          Advances made on the Series 2022-1 Closing Date (the “Series 2022-1 Class A-1 Initial Advance”) and (ii) on any Business Day during the Series 2022-1 Class A-1 Commitment
          Term that does not occur during a Cash Trapping Period, the Master Issuer may increase the Series 2022-1 Class A-1 Outstanding Principal Amount (such increase referred to as an “Increase”), by drawing ratably (or as otherwise set forth in
          the Series 2022-1 Class A-1 Note Purchase Agreement), at par, additional principal amounts on the Series 2022-1 Class A-1 Advance Notes corresponding to the aggregate amount of the Series 2022-1 Class A-1 Advances made on such Business Day; provided
          that at no time may the Series 2022-1 Class A-1 Outstanding Principal Amount exceed the Series 2022-1 Class A-1 Notes Maximum Principal Amount.  The Series 2022-1 Class A-1 Initial Advance and each Increase shall be made in accordance with the
          provisions of Sections 2.02 and 2.03 of the Series 2022-1 Class A-1 Note Purchase Agreement and shall be ratably (except as otherwise set forth in the Series 2022-1 Class A-1 Note Purchase Agreement) allocated among the Series 2022-1 Class A-1
          Noteholders (other than the Series 2022-1 Class A-1 Subfacility Noteholders in their capacity as such) as provided therein.  Proceeds from the Series 2022-1 Class A-1 Initial Advance and each Increase shall be paid as directed by the
        Master Issuer in the applicable Series 2022-1 Class A-1 Advance Request or as otherwise set forth in the Series 2022-1 Class A-1 Note Purchase Agreement.  Upon receipt of written notice from the Master Issuer or the Administrative Agent of the
        Series 2022-1 Class A-1 Initial Advance and any Increase, the Trustee shall indicate in its books and records the amount of the Series 2022-1 Class A-1 Initial Advance or such Increase, as applicable.

    (b) Subject to satisfaction of the applicable conditions precedent set forth in the Series 2022-1 Class A‐1 Note Purchase Agreement,
        on the Series 2022-1 Closing Date, the Master Issuer may cause (i) the Series 2022-1 Class A-1 Initial Swingline Principal Amount to become outstanding by drawing, at par, the initial
          principal amounts of the Series 2022-1 Class A-1 Swingline Notes corresponding to the aggregate amount of the Series 2022-1 Class A-1 Swingline Loans made on the Series 2022-1 Closing

          Date pursuant to Section 2.06 of the Series 2022-1 Class A-1 Note Purchase Agreement and (ii) the Series 2022-1 Class A‐1 Initial Aggregate Undrawn L/C Face Amount to become outstanding  by drawing, at par, the initial principal amounts of the Series 2022-1 Class A-1 L/C Notes corresponding to the aggregate Undrawn L/C Face Amount of the Letters of Credit issued on the Series 2022-1 Closing Date pursuant to Section 2.07 of the Series 2022-1 Class A-1 Note Purchase Agreement; provided that at no time may the Series 2022-1 Class A-1 Outstanding Principal Amount exceed
          the Series 2022-1 Class A-1 Notes Maximum Principal Amount.  The procedures relating to increases in the Series 2022-1 Class A‐1 Outstanding Subfacility Amount (each such increase, a “Subfacility Increase”) through borrowings of Series 2022-1 Class A-1 Swingline Loans and issuance or incurrence of Series 2022-1 Class A‐1 L/C Obligations are set forth in the Series 2022-1 Class A‐1 Note
        Purchase Agreement.  Upon receipt of written notice from the Master Issuer or the Administrative Agent of the issuance of the Series 2022-1 Class A-1 Initial Swingline Principal Amount and
          the Series 2022-1 Class A-1 Initial Aggregate Undrawn L/C Face Amount and any Subfacility Increase, the Trustee shall indicate in its books and records the amount of each such issuance and Subfacility Increase.

    
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    Section 2.02             Procedures for Decreasing the Series 2022-1 Class A-1 Outstanding Principal Amount.

    (a) Mandatory Decrease.  Whenever a Series 2022-1 Class A-1
        Excess Principal Event shall have occurred, then, on or before 10:00 a.m. (Eastern time) on the fourth Business Day immediately following the date on which the Manager or the Master Issuer obtains knowledge of such Series 2022-1 Class A-1 Excess
        Principal Event, the Master Issuer shall deposit in the Series 2022-1 Class A-1 Distribution Account the amount of funds referred to in the next sentence and shall direct the Trustee in writing to distribute such funds in accordance with the Class
        A-1 Order of Distribution.  Such written direction of the Master Issuer shall include a report that will provide for the distribution of (i) funds sufficient to decrease the Series 2022-1 Class A-1 Outstanding Principal Amount by the lesser of
        (x) the amount necessary, so that after giving effect to such decrease of the Series 2022-1 Class A-1 Outstanding Principal Amount on such date, no such Series 2022-1 Class A-1 Excess Principal Event shall exist and (y) the amount that would
        decrease the Series 2022-1 Class A-1 Outstanding Principal Amount to zero (each decrease of the Series 2022-1 Class A-1 Outstanding Principal Amount pursuant to this Section 2.02(a), or any other required payment of principal in respect of the
        Series 2022-1 Class A-1 Notes pursuant to Section 3.06 of this Series Supplement, a “Mandatory Decrease”),

        plus (ii) any associated Series 2022-1 Class A-1 Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 2022-1 Class A-1 Note Purchase
        Agreement).  Such Mandatory Decrease shall be allocated among the Series 2022-1 Class A-1 Noteholders in accordance with the Class A-1 Order of Distribution.  Upon obtaining knowledge of such a Series 2022-1 Class A-1 Excess Principal Event, the
        Master Issuer promptly, but in any event within two (2) Business Days, shall deliver written notice substantially in the form of Exhibit D hereto (which may be given by e‐mail
        of a .pdf or similar file) of the need for any such Mandatory Decreases to the Trustee and the Administrative Agent.  In connection with any Mandatory Decrease, the Master Issuer shall reimburse the Trustee, the Servicer and the Manager, as
        applicable, for any unreimbursed Advances and Manager Advances (in each case, with interest thereon at the Advance Interest Rate).

    (b) Voluntary Decrease.  Except as provided in Section 2.02(d), on any Business Day, the Master Issuer may decrease the Series 2022-1 Class A-1 Outstanding Principal Amount (each such decrease of the Series 2022-1 Class A-1
        Outstanding Principal Amount pursuant to this Section 2.02(b), a “Voluntary Decrease”) by depositing in the Series 2022-1 Class A-1 Distribution Account not later than
        10:00 a.m. (Eastern time) on the date specified as the decrease date in the prior written notice referred to below and providing a written report to the Trustee directing the Trustee to distribute in accordance with the Class A-1 Order of
        Distribution (i) an amount (subject to the last sentence of this Section 2.02(b)) up to the Series 2022-1 Class A-1 Outstanding Principal Amount equal to the amount of such Voluntary Decrease, plus (ii) any associated Series 2022-1 Class A-1 Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 2022-1 Class A-1 Note Purchase Agreement); provided that to the extent the deposit into the Series 2022-1 Class A-1 Distribution Account described above is made after 3:00 p.m. (Eastern time) on any Business Day, the same
        shall be deemed to be deposited on the following Business Day; provided, further, that (x) in the case
        of Eurodollar Advances or CP Advances, the Master Issuer shall provide written notice no later than 12:00 p.m. (Eastern time) at least three (3) Business Days prior to such Voluntary Decrease and (y) in the case of Base Rate Advances, the Master
        Issuer shall provide written notice no later than 12:00 p.m. (Eastern time) at least one (1) Business Day prior to such Voluntary Decrease, in each case to each Series 2022-1 Class A-1 Investor and the Administrative Agent; provided, further, that the Master Issuer shall provide written notice substantially in the form of Exhibit D hereto to the Trustee of any Voluntary Decrease no later than 12:00 p.m. (Eastern time) at least one (1) Business Day prior to such Voluntary Decrease.  Each such
        Voluntary Decrease shall be in a minimum principal amount as provided in the Series 2022-1 Class A-1 Note Purchase Agreement.  In connection with any Voluntary Decrease, the Master Issuer shall reimburse the Trustee, the Servicer and the Manager,
        as applicable, for any unreimbursed Advances and Manager Advances (in each case, with interest thereon at the Advance Interest Rate).

    
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    (c) The Trustee shall indicate in its books and records any such reduction in the Series 2022-1 Class A‐1 Commitments.

    (d) The Series 2022-1 Class A‐1 Note Purchase Agreement sets forth additional procedures relating to decreases in the Series 2022-1
        Class A‐1 Outstanding Subfacility Amount (each such decrease, together with any Voluntary Decrease or Mandatory Decrease allocated to the Series 2022-1 Class A‐1 Subfacility Noteholders, a “Subfacility

            Decrease”) through (i) borrowings of Series 2022-1 Class A-1 Advances to repay Series 2022-1 Class A-1 Swingline Loans and Series 2022-1 Class A-1 L/C Obligations or (ii) optional prepayments of Series 2022-1 Class A-1 Swingline
        Loans on same day notice.  Upon receipt of written notice from the Master Issuer or the Administrative Agent of any Subfacility Decrease, the Trustee shall indicate in its books and records the amount of such Subfacility Decrease.

    (e) The Series 2022-1 Class A-1 Note Purchase Agreement also sets forth procedures relating to permanent reductions in the Series 2022-1 Class A-1 Notes Maximum
        Principal Amount.

    ARTICLE III

      

      SERIES 2022-1 ALLOCATIONS; PAYMENTS

    With respect to the Series 2022-1 Notes only, the following shall apply:

    Section 3.01          Allocations with Respect to the Series 2022-1 Notes.  On the Series 2022-1 Closing Date, the Master Issuer will arrange for the issuance of
        an Interest Reserve Letter of Credit in an aggregate amount equal to $4,927,930.94.  The remainder of the net proceeds from the sale of the Series 2022-1 Notes shall be paid to, or at the direction of, the Master Issuer.

    Section 3.02          Weekly Allocation Date Applications; Quarterly Payment Date Applications.  On each Weekly Allocation Date, the Master Issuer (or the Manager
        on its behalf) shall instruct the Trustee in writing to allocate from the Collection Account all amounts relating to the Series 2022-1 Notes pursuant to, and to the extent that funds are available therefor in accordance with the provisions of, the
        Priority of Payments.

    Section 3.03           Certain Distributions from the Series 2022-1 Distribution Accounts and the Collection Account.  On each Quarterly
        Payment Date, based solely upon the most recent Quarterly Noteholders’ Report, and in the order of priority of such amounts set forth in the Priority of Payments, the Trustee shall, in accordance with Section 6.01 of the Base Indenture, remit
        (i) to the Series 2022-1 Class A‐1 Noteholders from the Series 2022-1 Class A‐1 Distribution Account, in accordance with the Class A‐1 Order of Distribution, the amounts deposited in the Series 2022-1 Class A‐1 Distribution Account in accordance
        with the Base Indenture for the payment of interest, fees, principal (to the extent applicable) and other amounts in respect of the Series 2022-1 Class A‐1 Notes on such Quarterly Payment Date and (ii) to the Series 2022-1 Class A‐2 Noteholders
        from the Series 2022-1 Class A‐2 Distribution Account, the amounts deposited in the Series 2022-1 Class A‐2 Distribution Account in accordance with the Base Indenture for the payment of interest, principal (to the extent applicable) and other
        amounts in respect of the Series 2022-1 Class A‐2 Notes on such Quarterly Payment Date.  On each Weekly Allocation Date the Trustee shall withdraw from the Collection Account amounts required to be paid to the Administrative Agent pursuant to the
        Priority of Payments and remit such amounts to the Administrative Agent in accordance with the terms of the Indenture.

    
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    Notwithstanding anything to the contrary herein or in the Base Indenture, except as (i) provided under Section 3.06(f) or (ii) explicitly directed by the Master Issuer (or the Manager on its behalf) with respect to payments of Quarterly Scheduled Principal Amounts made under Section 3.06(c)(ii) on Quarterly Payment Dates with respect to which the Series 2022-1 Non-Amortization Test has been satisfied, each payment in respect of the Series 2022-1 Class
      A-2 Notes shall be distributed among the Tranches (A) based upon such amounts due with respect to interest on, principal of or otherwise with respect to such Tranches as provided hereunder; provided
      that, in each case, any shortfall in such payment amount shall be allocated ratably based on the Series 2022-1 Class A-2 Outstanding Principal Amount of each Tranche or (B) if not explicitly provided hereunder, ratably based on the Series 2022-1
      Class A-2 Outstanding Principal Amount of each Tranche; provided that, in each of the cases set forth under clauses
          (A) and (B) above, all distributions to Noteholders of a Tranche shall be ratably allocated among the Noteholders within each applicable Tranche based on their
      respective portion of the Series 2022-1 Class A-2 Outstanding Principal Amount of such Tranche.

    Section 3.04             Series 2022-1 Class A-1 Interest and Certain Fees.

    (a) Series 2022-1 Class A-1 Notes Interest and L/C Fees.  From and
          after the Series 2022-1 Closing Date, the applicable portions of the Series 2022-1 Class A-1 Outstanding Principal Amount shall accrue (i) interest at the Series 2022-1 Class A-1
          Note Rate and (ii) L/C Quarterly Fees at the applicable rates provided therefor in the Series 2022-1 Class A-1 Note Purchase Agreement, as applicable.  Such accrued interest and fees shall be due and payable in arrears on each Quarterly Payment
          Date from amounts that are made available for payment thereof (i) on any related Weekly Allocation Date in accordance with the Priority of Payments and (ii) on such Quarterly Payment Date in accordance with Section 5.13 of the Base Indenture,
          commencing on May 25, 2022; provided that in any event all accrued but unpaid interest and fees shall be paid in full on the Series 2022-1 Class A-1 Legal Final Maturity Date, on any Series 2022-1 Prepayment Date with respect to a
          prepayment in full of the Series 2022-1 Class A-1 Notes, on any day when the Commitments are terminated in full, or on any other day on which all of the Series 2022-1 Class A-1 Outstanding Principal Amount is required to be paid in full, in each
          case pursuant to, and in accordance with, the provisions of the Priority of Payments.  To the extent any such amount is not paid on a Quarterly Payment Date when due, such unpaid amount (net of all Debt Service Advances with respect thereto, a “Class

            A-1 Quarterly Interest Shortfall Amount”) shall accrue interest at the Series 2022-1 Class A-1 Note Rate.

    (b) Undrawn Commitment Fees.  From and after the Series
        2022-1 Closing Date, Undrawn Commitment Fees shall accrue as provided in the Series 2022-1 Class A-1 Note Purchase Agreement.  Such accrued fees shall be due and payable in arrears on each
          Quarterly Payment Date, from amounts that are made available for payment thereof (i) on any related Weekly Allocation Date in accordance with the Priority of Payments and (ii) on such Quarterly Payment Date in accordance with Section 5.13 of the
          Base Indenture, commencing on May 25, 2022.  To the extent any such amount is not paid on a Quarterly Payment Date when due (a “Series 2022-1 Class A-1 Quarterly Commitment Fees Shortfall Amount”), such unpaid amount shall accrue interest
          at the Series 2022-1 Class A-1 Note Rate.

    
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    (c) Series 2022-1 Class A-1 Post-Renewal Date Contingent Interest. 
          Following a Series 2022-1 Class A-1 Notes Amortization Event additional interest shall accrue on the Series 2022-1 Class A-1 Outstanding Principal Amount (excluding any Undrawn L/C Face Amounts included therein) at a rate equal to 5.00% per annum
          (the “Series 2022-1 Class A-1 Post-Renewal Date Contingent Interest Rate”), calculated in accordance with Section 3.01(f) of the Series 2022-1 Class A-1 Note Purchase Agreement, in addition to the regular interest that shall continue to
          accrue at the Series 2022-1 Class A-1 Note Rate.  Any Series 2022-1 Class A-1 Post-Renewal Date Contingent Interest Amount shall be due and payable on any applicable Quarterly Payment Date, as and when amounts are made available for payment
          thereof (i) on any related Weekly Allocation Date in accordance with the Priority of Payments and (ii) on such Quarterly Payment Date in accordance with Section 5.13 of the Base Indenture, in the amount so made available, and failure to pay any
          Series 2022-1 Class A-1 Post-Renewal Date Contingent Interest Amount in excess of available amounts in accordance with the foregoing shall not be an Event of Default and interest will not accrue on any unpaid portion thereof.

    (d) Series 2022-1 Class A-1 Initial Interest Accrual Period.  The
          initial Interest Accrual Period for the Series 2022-1 Class A-1 Notes shall commence on the Series 2022-1 Closing Date and end on (but exclude) May 25, 2022.

    Section 3.05             Series 2022-1 Class A-2 Notes Interest.

    (a) Series 2022-1 Class A‐2 Notes Interest.  From the Series
        2022-1 Closing Date until the Series 2022-1 Legal Final Maturity Date (or, if earlier, the date on which the Series 2022-1 Class A‐2 Outstanding Principal Amount with respect to a Tranche has been paid in full), the Series 2022-1 Class A‐2
        Outstanding Principal Amount with respect to such Tranche (after giving effect to all payments of principal made to Series 2022-1 Class A-2 Noteholders as of the first day of each Interest Accrual Period, or if such day is not a Quarterly Payment
        Date, as of the following Quarterly Payment Date, and also giving effect to repurchases and cancellations of Series 2022-1 Class A‐2 Notes during such Interest Accrual Period) shall accrue interest at the Series 2022-1 Class A‐2 Note Rate for such
        Tranche.  Such accrued interest shall be due and payable in arrears on each Quarterly Payment Date, from amounts that are made available for payment thereof (i) on any related Weekly Allocation Date in accordance with the Priority of Payments and
        (ii) on such Quarterly Payment Date in accordance with Section 5.13 of the Base Indenture, commencing on May 25, 2022; provided that in any event all accrued but unpaid
        interest on the Series 2022-1 Class A-2 Outstanding Principal Amount shall be due and payable in full on the Series 2022-1 Class A-2 Legal Final Maturity Date, on any Series 2022-1 Class A-2 Prepayment Date with respect to a prepayment in full of
        such Tranche or on any other day on which all of the Series 2022-1 Class A‐2 Outstanding Principal Amount of such Tranche is required to be paid in full.  To the extent any interest accruing at the Series 2022-1 Class A‐2 Note Rate for any Tranche
        is not paid on a Quarterly Payment Date when due, such unpaid interest (net of all Debt Service Advances with respect thereto, a “Class A‐2 Quarterly Interest Shortfall Amount”)

        shall accrue interest at the Series 2022-1 Class A‐2 Note Rate for such Tranche.  All computations of interest at the Series 2022-1 Class A‐2 Note Rate shall be made on the basis of a year of 360 days and twelve 30‐day months.

    (b) Series 2022-1 Class A‐2 Quarterly Post‐ARD Contingent Interest.

    (i) Post‐ARD Contingent Interest.  From and after the Series
        2022-1 Anticipated Repayment Date, as applicable to each Tranche, until the Series 2022-1 Legal Final Maturity Date (or, if earlier, the date on which the Series 2022-1 Class A-2 Outstanding Principal Amount with respect to such Tranche has been
        paid in full), additional interest (“Series 2022-1 Class A-2 Quarterly Post-ARD Contingent Interest”) shall accrue on such Tranche at a per annum rate (equal to the rate
        determined by the Servicer to be the greater of (A) 5.00% per annum and (B) a rate equal to the amount, if any, by which (a) the sum of (x) the yield to maturity (adjusted to a quarterly bond-equivalent basis) on the Series 2022-1 Anticipated
        Repayment Date for such Tranche of the United States Treasury Security having a term closest to ten (10) years, plus (y) 5.00%, plus (z) (1) with respect to the Series 2022-1 Class A-2-I Notes, 1.80% and (2) with respect to the Series 2022-1 Class A-2-II Notes, 2.35% exceeds (b) such Tranche’s applicable Series 2022-1 Class A-2 Note
        Rate.  In addition, regular interest shall continue to accrue at the Tranche’s Series 2022-1 Class A-2 Note Rate from and after such Tranche’s Series 2022-1 Anticipated Repayment Date.  All computations of Series 2022-1 Class A-2 Quarterly Post-ARD
        Contingent Interest shall be made on the basis of a 360-day year of twelve 30-day months.

    
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    (ii) Payment of Series 2022-1 Class A‐2 Quarterly Post‐ARD Contingent
            Interest.  Any Series 2022-1 Class A‐2 Quarterly Post‐ARD Contingent Interest shall be due and payable on any applicable Quarterly Payment Date as and when amounts are made available for payment thereof (i) on any related Weekly
        Allocation Date in accordance with the Priority of Payments and (ii) on such Quarterly Payment Date in accordance with Section 5.13 of the Base Indenture, in the amount so available.  For the avoidance of doubt, Series 2022-1 Class A‐2 Quarterly
        Post‐ARD Contingent Interest shall accrue and be payable in addition to the interest accrued on the applicable Tranche at the applicable Series 2022-1 Class A‐2 Note Rate.  The failure to pay any Series 2022-1 Class A‐2 Quarterly Post‐ARD
        Contingent Interest on any Quarterly Payment Date (including on the Series 2022-1 Class A-2 Legal Final Maturity Date) in excess of available amounts in accordance with the foregoing will not be an Event of Default and interest will not accrue on
        any unpaid portion thereof.

    (c) Series 2022-1 Class A‐2 Initial Interest Accrual Period. 
        The initial Interest Accrual Period for the Series 2022-1 Class A‐2 Notes shall commence on the Series 2022-1 Closing Date and end on (but exclude) May 25, 2022.

    Section 3.06            Payment of Series 2022-1 Note Principal.

    (a) Series 2022-1 Notes Principal Payment at Legal Maturity. 
        The Series 2022-1 Outstanding Principal Amount shall be due and payable on the applicable Series 2022-1 Legal Final Maturity Date.  The Series 2022-1 Outstanding Principal Amount is not prepayable, in whole or in part, except as set forth in this Section 3.06 and, in respect of the Series 2022-1 Class A-1 Outstanding Principal Amount, Section 2.02 of
        this Series Supplement.

    (b) Series 2022-1 Class A‐2 Anticipated Repayment Date; Series 2022-1
            Class A-1 Renewal Date.  The “Series 2022-1 Anticipated Repayment Date” means, (i) with respect to the Series 2022-1 Class A-2-I Notes, the Quarterly Payment
        Date occurring in February 2027 and (ii) with respect to the Series 2022-1 Class A-2-II Notes, the Quarterly Payment Date occurring in February 2032.  The initial Series 2022-1 Class A-1 Notes Renewal Date shall be the Quarterly Payment Date
        occurring in February 2027, unless extended as provided below in this Section 3.06(b).

    (i) First Extension Election.  Subject to the conditions set
        forth in Section 3.06(b)(iii) of this Series Supplement, the Manager shall have the option to elect (the “Series
            2022-1 First Extension Election”) to extend the Series 2022-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in February 2028 by delivering
        written notice to the Administrative Agent, the Trustee and the Control Party no later than the Quarterly Payment Date occurring in February 2027 to the effect that the conditions
        precedent to such Series 2022-1 First Extension Election have been satisfied.

    (ii)             Second Extension Election.  Subject to the conditions set forth in Section 3.06(b)(iii) of this Series Supplement, if the Series
          2022-1 First Extension Election has been made and become effective, the Manager shall have the option to elect (the “Series 2022-1 Second Extension Election”) to extend the Series 2022-1 Class A-1 Notes Renewal Date to the Quarterly
          Payment Date occurring in February 2029 by delivering written notice to the Administrative Agent, the Trustee and the Control Party no later than the Quarterly Payment Date occurring in February 2028 to the effect that the conditions precedent to
          such Series 2022-1 Second Extension Election have been satisfied.

    
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    (iii)            Conditions Precedent to Extension Elections.  It shall be a condition to each applicable extension of the Series 2022-1 Class A-1 Notes
          Renewal Date that, in the case of Section 3.06(b)(i), on the Quarterly Payment Date occurring in February 2027, or in the case of Section 3.06(b)(ii), on the Quarterly Payment Date occurring in February 2028 (a) the DSCR is greater than or equal to 2.75x (calculated with respect to the most recently ended Quarterly
          Collection Period); (b) either the rating assigned to the Series 2022-1 Class A-2 Notes by S&P has not been downgraded below “BBB” or withdrawn; and (c) all Class A-1 Extension Fees shall have been paid on or prior to such Quarterly Payment Date.  Any notice given pursuant to Section 3.06(b)(i) or (ii) of this Series
          Supplement shall be irrevocable; provided that if the conditions set forth in this Section 3.06(b)(iii) are not met as of the applicable extension date, the election set forth in such notice shall automatically be deemed ineffective.  For the avoidance of doubt, no consent of the Trustee, the
          Control Party, the Administrative Agent or any Noteholder shall be necessary for the effectiveness of the Series 2022-1 Extension Elections.

    (c) Payment of Class A‐2 Accrued Quarterly Scheduled Principal Amount,
            Quarterly Scheduled Principal Amounts and Quarterly Scheduled Principal Deficiency Amounts with respect to the Series 2022-1 Class A‐2 Notes.

    (i) Class A‐2 Accrued Quarterly Scheduled Principal Amounts will be allocated on each Weekly Allocation Date in accordance with the
        Priority of Payments, in the amount so available, and failure to pay any Class A‐2 Accrued Quarterly Scheduled Principal Amounts in excess of available amounts in accordance with the foregoing shall not be an Event of Default.

    (ii) Quarterly Scheduled Principal Amounts shall be due and payable with respect to each Tranche on each Quarterly Payment Date prior
        to the applicable Series 2022-1 Anticipated Repayment Date, commencing on the Quarterly Payment Date in May 2022, in accordance with Section 5.13 of the Base Indenture, in the amount so available, and failure to pay any Quarterly Scheduled
        Principal Amounts in excess of available amounts in accordance with the foregoing will not be an Event of Default; provided that Quarterly Scheduled Principal Amounts shall
        only be due and payable on a Quarterly Payment Date with respect to a Tranche if the Series 2022-1 Non‐Amortization Test is not satisfied with respect to such Quarterly Payment Date; provided,
        further that if the Series 2022-1 Non‐Amortization Test is satisfied, the Master Issuer may, at its option, prior to the applicable Series 2022-1 Anticipated Repayment Date for
        such Tranche, pay all or any part of such Quarterly Scheduled Principal Amounts with respect to such Tranche on such Quarterly Payment Date.

    (iii) On each Weekly Allocation Date and each Quarterly Payment Date, the Quarterly Scheduled Principal Deficiency Amount, if any, with
        respect to such Weekly Allocation Date or Quarterly Payment Date shall be allocated or due and payable, respectively, as and when amounts are made available for payment thereof (i) on any related Weekly Allocation Date in accordance with the
        Priority of Payments and (ii) on such Quarterly Payment Date in accordance with Section 5.13 of the Base Indenture, in the amount so available, and failure to pay any Quarterly Scheduled Principal Deficiency Amounts in excess of available amounts
        in accordance with the foregoing shall not be an Event of Default.

    (d) Series 2022-1 Mandatory Payments of Principal.

    (i) During any Rapid Amortization Period, principal payments shall be due and payable on each Quarterly Payment Date on the Series
        2022-1 Notes (sequentially, in alphanumerical order of Class A Notes) as and when amounts are made available for payment thereof (x) on any related Weekly Allocation Date in accordance with the Priority of Payments and (y) on such Quarterly Payment
        Date in accordance with Section 5.13 of the Base Indenture, in the amount so available, together with any Series 2022-1 Class A‐2 Make‐Whole Prepayment Premium required to be paid in connection therewith pursuant to Section 3.06(e) of this Series
        Supplement; provided, for avoidance of doubt, that it shall not constitute an Event of Default if any such Series 2022-1 Class A‐2 Make‐Whole Prepayment Premium is not paid
        because insufficient funds are available to pay such Series 2022-1 Class A‐2 Make‐Whole Prepayment Premium, in accordance with the Priority of Payments.  Such payments shall be ratably
          allocated among the Series 2022-1 Noteholders within each applicable Class and Tranche, based on their respective portion of the Series 2022-1 Outstanding Principal Amount of such Class or Tranche (or, in the case of the Series 2022-1
        Class A-1 Noteholders, in accordance with the Class A-1 Order of Distribution).

    
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    (ii) During any Series 2022-1 Class A-1 Notes Amortization Period, principal
          payments shall be due and payable on each Quarterly Payment Date on the applicable Series 2022-1 Class A-1 Notes as and when amounts are made available for payment thereof (i) on any related Weekly Allocation Date in accordance with the Priority
          of Payments and (ii) on such Quarterly Payment Date in accordance with Section 5.13 of the Base Indenture, in the amount so available.  Such payments shall be allocated among the Series 2022-1 Class A-1 Noteholders, in
          accordance with the Class A-1 Order of Distribution. For the avoidance of doubt, no Series 2022-1 Class A-2 Make-Whole Prepayment Premium will be due in connection with any principal payments on the Series 2022-1 Class A-1 Notes.

    (e) Series 2022-1 Class A‐2 Make‐Whole Prepayment Premium Payments. 

        In connection with any (i) mandatory prepayment of any Series 2022-1 Class A‐2 Notes made during a Rapid Amortization Period pursuant to Section 3.06(d), (ii) prepayments
        funded with Asset Disposition Proceeds pursuant to Section 3.06(j) or (iii) any optional prepayment of any Series 2022-1 Class A‐2 Notes or a Tranche made pursuant to Section 3.06(f) (each, a “Series 2022-1 Class A‐2 Prepayment”), in each case prior to (I) with respect to the Series 2022-1 Class A-2-I Notes, the Quarterly Payment Date in the 24th month prior to the Series 2022-1 Anticipated Repayment
        Date for such Tranche and (II) with respect to the Series 2022-1 Class A‐2‐II Notes, the Quarterly Payment Date in the 48th month prior to the Series 2022-1 Anticipated Repayment Date for such Tranche (as applicable, the “Make-Whole End Date”), the Master Issuer shall pay, in the manner described herein, the Series 2022-1 Class A‐2 Make‐Whole Prepayment Premium; provided that no such Series 2022-1 Class A‐2 Make‐Whole Prepayment Premium shall be payable in connection with (A) any prepayment funded by Indemnification Amounts or Insurance/Condemnation Proceeds or
        (B) Quarterly Scheduled Principal Amounts (including those paid, in whole or in part, at the option of the Master Issuer on a Quarterly Payment Date with respect to which the Series 2022-1 Non‐Amortization Test has been satisfied) or Quarterly
        Scheduled Principal Deficiency Amounts.

    (f) Optional Prepayment of Series 2022-1 Class A‐2 Notes.

    (i) Optional Prepayments. In addition to any right to
        optionally prepay any or all of the Notes in accordance with the Base Indenture, including Section 5.13(o) of the Base Indenture, and subject to Section 3.06(e) and (g) of this Series Supplement, the Master Issuer shall have the option to prepay
        the Outstanding Principal Amount of any or all of the Tranches in whole or in part on any Business Day or on any date a mandatory prepayment may be made and that is specified as the Series 2022-1 Class A-2 Prepayment Date in the applicable
        Prepayment Notices; provided that the Master Issuer shall not make any optional prepayment in part of any Tranche pursuant to this Section 3.06(f)(i) in a principal amount for any single prepayment in part of less than $5 million on any Business Day (except that any such prepayment may be in a principal amount less than such amount if effected
        on the same day as any partial mandatory prepayment or repayment pursuant to this Series Supplement); provided, further,
        that no such optional prepayment may be made unless (i) the amount on deposit in the Series 2022-1 Class A‐2 Distribution Account (including amounts to be transferred from the Cash Trap Reserve Account) is sufficient to pay the principal amount of
        the Tranches to be prepaid, and the amount on deposit in the Senior Notes Principal Payment Account that is allocable to the Tranches to be prepaid is sufficient to pay any Series 2022-1 Class A‐2 Make‐Whole Prepayment Premium required pursuant to
        Section 3.06(e), in each case, payable on the relevant Series 2022-1 Class A-2 Prepayment Date; (ii)  (A) the amount on deposit in the Senior Notes Interest Payment Account that is allocable to the Outstanding Principal Amount of the Tranche(s) to
        be prepaid is sufficient to pay the Class A‐2 Quarterly Interest to but excluding the relevant Series 2022-1 Prepayment Date relating to the Outstanding Principal Amount of the Tranche(s) to be prepaid (other than any Post‐ARD Contingent Interest)
        and (B) only if such optional prepayment is a prepayment of the Series 2022-1 Class A‐2 Notes in whole, (x) the amount on deposit in the Senior Notes Post‐ARD Contingent Interest Account that is allocable to the Series 2022-1 Class A‐2 Notes is
        sufficient to pay the Series 2022-1 Class A‐2 Quarterly Post‐ARD Contingent Interest accrued through such Series 2022-1 Prepayment Date and (y) the amounts on deposit in the Collection Account and the Management Accounts are (in the Manager’s
        determination) reasonably expected to be sufficient to pay all Securitization Operating Expenses attributable to the Series 2022-1 Class A‐2 Notes on the next Weekly Allocation Date or, in each case, such amounts have been either paid in the case
        of clause (B)(y) or deposited to the Series 2022-1 Class A‐2 Distribution Account pursuant to Section 3.06(h); and (iii) the Master Issuer shall reimburse the Trustee, the
        Servicer and the Manager, as applicable, for any unreimbursed Advances and Manager Advances (in each case, with interest thereon at the Advance Interest Rate).  The Master Issuer may prepay any or all of the Tranche(s) of Series 2022-1 Class A‐2
        Notes in full on any Business Day regardless of the number of prior optional prepayments or any minimum payment requirement.

    
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    (ii) Acquisition Optional Prepayments. The Master Issuer may
        optionally prepay (such prepayment, an “Acquisition Optional Prepayment”) the Outstanding Principal Amount of any or all of the Tranches of the Series 2022-1 Class A-2 Notes in
        an amount not to exceed $200,000,000 on any Business Day from the Closing Date to but excluding June 12, 2022 (such date, the “Acquisition Optional Prepayment Date”); provided that: (i) no Advances are then outstanding, unless such Advances shall be
        repaid simultaneously with such Acquisition Optional Prepayment, (ii) such Acquisition Optional Prepayment shall not prepay the Series 2022-1 Class A-2 Notes in an amount exceeding $200,000,000 of the Outstanding Principal Amount of the Series
        2022-1 Class A-2 Notes, (iii) such Acquisition Optional Prepayment shall be applied pro rata among each Tranche of the Series 2022-1 Class A-2 Notes, and (iv)
        such Acquisition Optional Prepayment shall be accompanied by (x) a make-whole prepayment premium equal to 1.00% of the Outstanding Principal Amount of the Series 2022-1 Class A-2 Notes prepaid, (y) the payment of accrued and unpaid interest on the
        Outstanding Principal Amount of the Series 2022-1 Class A-2 Notes prepaid to but excluding the Acquisition Optional Prepayment Date and (z) any accrued and unpaid Securitization Operating Expenses and Servicing Fees, in each case, to the extent
        such amounts are past due as of the Acquisition Optional Prepayment Date.

    (g) Notices of Optional Prepayments.  The Master Issuer shall
        give prior written notice (each, a “Prepayment Notice”) at least ten (10) Business Days but not more than twenty (20) Business Days prior to any Series 2022-1 Class A-2
        Prepayment Date with respect to a Tranche pursuant to Section 3.06(f) to each Series 2022-1 Class A‐2 Noteholder of such Tranche, the Rating Agency, the Servicer, the Control Party and the Trustee; provided that at the request of the Master Issuer, such notice to the Series 2022-1 Class A‐2 Noteholders of such Tranche shall be given by the Trustee in the name and at the expense of the Master Issuer.  In
        connection with any such Prepayment Notice, the Master Issuer shall provide a written report to the Trustee directing the Trustee to distribute such prepayment in accordance with the applicable provisions of Section 3.06(k) of this Series
        Supplement.  With respect to each such Series 2022-1 Class A‐2 Prepayment, the related Prepayment Notice shall specify (i) the Series 2022-1 Class A-2 Prepayment Date on which such prepayment will be made, which in all cases shall be a Business
        Day, (ii) the Series 2022-1 Prepayment Amount and the Series 2022-1 Class A-2 Make-Whole Prepayment Premium, if applicable, and (iii) the date on which the applicable Series 2022-1 Class A‐2 Make‐Whole Prepayment Premium, if any, to be paid in
        connection therewith will be calculated, which calculation date shall be no earlier than the fifth (5th) Business Day before such Series 2022-1 Class A-2 Prepayment Date (the “Series

            2022-1 Class A‐2 Make‐Whole Premium Calculation Date”).  The Master Issuer shall have the option, by written notice to the Trustee, the Servicer, the Control Party, the Rating Agency and the Series 2022-1 Class A‐2 Noteholders of the
        applicable Tranche, to withdraw, or amend the Series 2022-1 Class A-2 Prepayment Date set forth in any Prepayment Notice relating to an optional prepayment at any time up to and including the second (2nd) Business Day before the Series
        2022-1 Class A-2 Prepayment Date set forth in such Prepayment Notice.  Any such optional prepayment and Prepayment Notice may, in the Master Issuer’s discretion, be subject to the satisfaction of one or more conditions precedent (including the
        contemporaneous closing of a financing the proceeds of which will be used to fund all or a portion of such prepayment).  If such conditions precedent are not satisfied, the Master Issuer may cancel such optional prepayment in its sole discretion at
        any time prior to the second (2nd) Business Day prior to the prepayment date set forth in the applicable prepayment notice by providing notice to the Trustee (who shall forward such notice to the applicable Noteholders) and the Control Party.  The
        Master Issuer shall have the option to provide in any Prepayment Notice that the payment of the amounts set forth in Section 3.06(f) and the performance of the Master Issuer’s obligations with respect to such optional prepayment may be performed by
        another Person. All Prepayment Notices shall be transmitted by email to (A) each Series 2022-1 Class A-2 Noteholder that will receive a prepayment to the extent such Series 2022-1 Class A-2 Noteholder has provided an email address to the Trustee
        and (B) the Rating Agency, the Servicer and the Trustee. For the avoidance of doubt, a Voluntary Decrease or a Subfacility Decrease in respect of the Series 2022-1 Class A-1 Notes is governed by Section 2.02 of this Series Supplement and not by this Section 3.06(g).  A Prepayment Notice may be revoked or amended by the Master
        Issuer if the Trustee receives written notice of such revocation or amendment no later than 12:00 p.m. (Eastern time) up to and including the second (2nd) Business Day prior to the applicable Series 2022-1 Class A-2 Prepayment Date.  The
        Master Issuer shall give written notice of such revocation or amendment to the Servicer, and at the request of the Master Issuer, the Trustee shall forward the notice of revocation or amendment to each Series 2022-1 Class A-2 Noteholder previously
        sent a Prepayment Notice for such Series 2022-1 Class A-2 Prepayment Date.

    
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    (h) Series 2022-1 Prepayments.  On each Series 2022-1
        Prepayment Date with respect to any Series 2022-1 Prepayment, the Series 2022-1 Prepayment Amount, the Series 2022-1 Class A-2 Make-Whole Prepayment Premium, if any, and any associated Series 2022-1 Class A-1 Breakage Amounts applicable to such
        Series 2022-1 Prepayment shall be due and payable.  The Master Issuer shall pay the Series 2022-1 Prepayment Amount together with the applicable Series 2022-1 Class A-2 Make-Whole Prepayment Premium, if any, and any associated Series 2022-1 Class
        A-1 Breakage Amounts applicable to such Series 2022-1 Prepayment by depositing such amounts in the applicable Indenture Trust Accounts in accordance with the Priority of Payments or the applicable Series 2022-1 Distribution Account pursuant to Section 3.06(f), in each case, on or prior to the related Series 2022-1 Prepayment Date to be distributed in accordance with Section 5.13 of the Base Indenture, Section 3.03, or Section 3.06(k), as applicable.

    (i) Prepayment Premium Not Payable.  For the avoidance of
        doubt, there is no Series 2022-1 Class A‐2 Make‐Whole Prepayment Premium for any Tranche payable as a result of (i) the application of Indemnification Amounts or Insurance/Condemnation Proceeds allocated to the Series 2022-1 Class A‐2 Notes
        pursuant to priority (i) of the Priority of Payments, (ii) the payment of any Quarterly Scheduled Principal Amounts (including those paid, in part or in full, at the election
        of the Master Issuer on a Quarterly Payment Date with respect to which the Series 2022-1 Non‐Amortization Test has been satisfied) or Quarterly Scheduled Principal Deficiency Amounts and (iii) any prepayment on or after the Make‐Whole End Date for
        such Tranche.

    (j) Indemnification Amounts; Insurance/Condemnation Proceeds; Asset
            Disposition Proceeds.  Any Indemnification Amounts, Insurance/Condemnation Proceeds or Asset Disposition Proceeds allocated to the Senior Notes Principal Payment Account in accordance with Section 5.12(i) of the Base Indenture shall
        be withdrawn from the Senior Notes Principal Payment Account in accordance with Section 5.13(d) of the Base Indenture and deposited in the applicable Series 2022-1 Distribution Accounts and used to prepay first, if a Series 2022-1 Class A‐1 Notes Amortization Period is continuing, the Series 2022-1 Class A‐1 Notes (in accordance with the Class A‐1 Order of Distribution), second, the Series 2022-1 Class A‐2 Notes (to be allocated among the Tranches  ratably based on the Series 2022-1 Class A-2 Outstanding Principal Amount of each Tranche) and third, provided that clause first does not apply, the Series
        2022-1 Class A‐1 Notes (in accordance with the Class A‐1 Order of Distribution), on the Quarterly Payment Date immediately succeeding such deposit.  In connection with any prepayment made with Indemnification Amounts or Insurance/Condemnation
        Proceeds pursuant to this Section 3.06(j), the Master Issuer shall not be obligated to pay any prepayment premium.  The Master Issuer shall, however, be obligated to pay any applicable Series 2022-1 Class A‐2 Make‐Whole Prepayment Premium required
        to be paid pursuant to Section 3.06(e) of this Series Supplement in connection with any prepayment made with Asset Disposition Proceeds pursuant to this Section 3.06(j); provided,
        for avoidance of doubt, that it shall not constitute an Event of Default if any such Series 2022-1 Class A‐2 Make‐Whole Prepayment Premium is not paid because insufficient funds are available to pay such Series 2022-1 Class A‐2 Make‐Whole
        Prepayment Premium in accordance with the Priority of Payments.

    
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    (k) Distributions of Series 2022-1 Class A‐2 Optional Prepayment. 

        On the Series 2022-1 Class A-2 Prepayment Date for a Series 2022-1 Class A-2 Prepayment to be made pursuant to Section 3.06(f) for a Tranche, the Trustee shall, in accordance
        with Section 6.01 of the Base Indenture (except that notwithstanding anything to the contrary therein, in the case of a prepayment to be made on a date that is not a Quarterly Payment Date, references to the distributions being made on a Quarterly
        Payment Date shall be deemed to be references to distributions made on such Series 2022-1 Class A-2 Prepayment Date and references to the Record Date shall be deemed to be references to the Prepayment Record Date) and based solely on either a
        written report which shall be provided by the Master Issuer to the Trustee or the applicable Quarterly Noteholders’ Report, as applicable, distribute to the Series 2022-1 Class A-2 Noteholders of record for such Tranche on the preceding Prepayment
        Record Date the amount deposited in the Series 2022-1 Class A-2 Distribution Account pursuant to Section 3.06(h) with respect to such Series 2022-1 Class A-2 Prepayment, in
        order to repay the applicable portion of the Series 2022-1 Class A-2 Outstanding Principal Amount of such Tranche.  All accrued and unpaid interest on the Series 2022-1 Class A-2 Outstanding Principal Amount prepaid and any related Series 2022-1
        Class A-2 Make-Whole Prepayment Premium due to the Series 2022-1 Class A-2 Noteholders shall be payable on the immediately following Quarterly Payment Date in accordance with the Priority of Payments.

    (l) Series 2022-1 Notices of Final Payment.  The Master Issuer
        shall notify the Trustee, the Servicer and the Rating Agency on or before the Prepayment Record Date preceding the Series 2022-1 Prepayment Date that will be the Series 2022-1 Final Payment Date; provided, however, that with respect to any Series 2022-1 Final Payment that is made in connection with any mandatory or optional
        prepayment in full, the Master Issuer shall not be obligated to provide any additional notice to the Trustee or the Rating Agency of such Series 2022-1 Final Payment beyond the notice required to be given in connection with such prepayment pursuant
        to Section 3.06(g) of this Series Supplement.  The Trustee shall provide any written notice required under this Section 3.06(l) to each Person in whose name a Series 2022-1 Note is registered at the close of business on such Prepayment Record Date
        of the Series 2022-1 Prepayment Date that will be the Series 2022-1 Final Payment Date.  Such written notice to be sent to the Series 2022-1 Noteholders shall be made at the expense of the Master Issuer and shall be mailed by the Trustee within
        five (5) Business Days of receipt of notice from the Master Issuer indicating that the Series 2022-1 Final Payment will be made and shall specify that such Series 2022-1 Final Payment will be payable only upon presentation and surrender (or
        de-registration, in the case of Uncertificated Notes) of the Series 2022-1 Notes and shall specify the place where the Series 2022-1 Notes (other than the Uncertificated Notes) may be presented and surrendered for such Series 2022-1 Final Payment.

    (m) Tranche Defeasance.  The Master Issuer, solely in
        connection with an optional prepayment in full, a mandatory prepayment in full or a redemption in full of a particular Tranche (the “Defeased Tranche”) as provided hereunder,
        may terminate all of its Obligations under the Indenture and all Obligations of the Guarantors under the Guarantee and Collateral Agreement in respect of such Defeased Tranche; provided
        that the conditions set forth under Section 12.01(c) (other than the conditions set forth under Section 12.01(c)(ii)) of the Base Indenture with respect to the Defeased Tranche have been satisfied; provided that no amounts in respect of the Class A-1 Notes or the other Tranche shall be required to be paid in accordance with Section 12.01(c)(i)(1) of the Base Indenture.

    
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    Section 3.07            Series 2022-1 Class A‐1 Distribution Account.

    (a) Establishment of Series 2022-1 Class A‐1 Distribution Account. 

        The Master Issuer has established with the Trustee the Series 2022-1 Class A‐1 Distribution Account in the name of the Trustee for the benefit of the Series 2022-1 Class A‐1 Noteholders, bearing a designation clearly indicating that the funds
        deposited therein are held for the benefit of the Series 2022-1 Class A‐1 Noteholders.  The Series 2022-1 Class A‐1 Distribution Account shall be an Eligible Account.  Initially, the Series 2022-1 Class A‐1 Distribution Account will be established
        with the Trustee.

    (b) Series 2022-1 Class A‐1 Distribution Account Constitutes Additional
            Collateral for Series 2022-1 Class A‐1 Notes.  In order to secure and provide for the repayment and payment of the Obligations with respect to the Series 2022-1 Class A‐1 Notes, the Master Issuer hereby grants a security interest in
        and assigns, pledges, grants, transfers and sets over to the Trustee, for the benefit of the Series 2022-1 Class A‐1 Noteholders, all of the Master Issuer’s rights, title and interests in and to the following (whether now or hereafter existing or
        acquired):  (i) the Series 2022-1 Class A‐1 Distribution Account, including any security entitlement with respect thereto; (ii) all funds and other property (including, without limitation, Financial Assets) on deposit therein from time to time;
        (iii) all certificates and instruments, if any, representing or evidencing any or all of the Series 2022-1 Class A‐1 Distribution Account or the funds on deposit therein from time to time; (iv) all interest, dividends, cash, instruments and other
        property from time to time received, receivable or otherwise distributed in respect of or in exchange for the Series 2022-1 Class A‐1 Distribution Account or the funds on deposit therein from time to time; and (v) all proceeds of any and all of the
        foregoing, including, without limitation, cash (the items in the foregoing clauses (i) through (v) are
        referred to, collectively, as the “Series 2022-1 Class A‐1 Distribution Account Collateral”).

    (c) Termination of Series 2022-1 Class A‐1 Distribution Account. 

        On or after the date on which (1) all accrued and unpaid interest on and principal of all Outstanding Series 2022-1 Class A‐1 Notes have been paid, (2) all Undrawn L/C Face Amounts have expired or have been cash collateralized in accordance with
        the terms of the Series 2022-1 Class A-1 Note Purchase Agreement (after giving effect to the provisions of Section 4.04 of the Series 2022-1 Class A-1 Note Purchase Agreement), (3) all fees and expenses and other amounts then due and payable under
        the Series 2022-1 Class A-1 Note Purchase Agreement have been paid and (4) all Series 2022-1 Class A‐1 Commitments have been terminated in full, the Trustee, acting in accordance with the written instructions of the Master Issuer (or the Manager on
        its behalf), shall withdraw from the Series 2022-1 Class A‐1 Distribution Account all amounts on deposit therein for distribution pursuant to the Priority of Payments and all Liens with respect to Series 2022-1 Class A‐1 Distribution Account
        created in favor of the Trustee for the benefit of the Series 2022-1 Class A‐1 Noteholders under this Series Supplement shall be automatically released, and the Trustee, upon written request of the Master Issuer, at the written direction of the
        Control Party, shall execute and deliver to the Master Issuer any and all documentation reasonably requested and prepared by the Master Issuer at the Master Issuer’s expense to effect or evidence the release by the Trustee of the Series 2022-1
        Class A‐1 Noteholders’ security interest in the Series 2022-1 Class A‐1 Distribution Account Collateral.

    Section 3.08            Series 2022-1 Class A‐2 Distribution Account.

    (a) Establishment of Series 2022-1 Class A‐2 Distribution Account. 

        The Master Issuer has established with the Trustee the Series 2022-1 Class A‐2 Distribution Account in the name of the Trustee for the benefit of the Series 2022-1 Class A‐2 Noteholders, bearing a designation clearly indicating that the funds
        deposited therein are held for the benefit of the Series 2022-1 Class A‐2 Noteholders.  The Series 2022-1 Class A‐2 Distribution Account shall be an Eligible Account.  Initially, the Series 2022-1 Class A‐2 Distribution Account will be established
        with the Trustee.

    
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    (b) Series 2022-1 Class A‐2 Distribution Account Constitutes Additional
            Collateral for Series 2022-1 Class A‐2 Notes.  In order to secure and provide for the repayment and payment of the Obligations with respect to the Series 2022-1 Class A‐2 Notes, the Master Issuer hereby grants a security interest in
        and assigns, pledges, grants, transfers and sets over to the Trustee, for the benefit of the Series 2022-1 Class A‐2 Noteholders, all of the Master Issuer’s right, title and interest in and to the following (whether now or hereafter existing or
        acquired):  (i) the Series 2022-1 Class A‐2 Distribution Account, including any security entitlement with respect thereto; (ii) all funds and other property (including, without limitation, Financial Assets) on deposit therein from time to time;
        (iii) all certificates and instruments, if any, representing or evidencing any or all of the Series 2022-1 Class A‐2 Distribution Account or the funds on deposit therein from time to time; (iv) all interest, dividends, cash, instruments and other
        property from time to time received, receivable or otherwise distributed in respect of or in exchange for the Series 2022-1 Class A‐2 Distribution Account or the funds on deposit therein from time to time; and (v) all proceeds of any and all of the
        foregoing, including, without limitation, cash (the items in the foregoing clauses (i) through (v) are
        referred to, collectively, as the “Series 2022-1 Class A‐2 Distribution Account Collateral”).

    (c) Termination of Series 2022-1 Class A‐2 Distribution Account. 

        On or after the date on which all accrued and unpaid interest on and principal of all Outstanding Series 2022-1 Class A‐2 Notes have been paid, the Trustee, acting in accordance with the written instructions of the Master Issuer (or the Manager on
        its behalf), shall withdraw from the Series 2022-1 Class A‐2 Distribution Account all amounts on deposit therein for distribution pursuant to the Priority of Payments and all Liens with respect to Series 2022-1 Class A‐2 Distribution Account
        created in favor of the Trustee for the benefit of the Series 2022-1 Class A‐2 Noteholders under this Series Supplement shall be automatically released, and the Trustee, upon written request of the Master Issuer, at the written direction of the
        Control Party, shall execute and deliver to the Master Issuer any and all documentation reasonably requested and prepared by the Master Issuer at the Master Issuer’s expense to effect or evidence the release by the Trustee of the Series 2022-1
        Class A‐2 Noteholders’ security interest in the Series 2022-1 Class A‐2 Distribution Account Collateral.

    Section 3.09         Trustee as Securities Intermediary.  (a)  The Trustee or other Person holding the Series 2022-1 Distribution Accounts shall be the “Series 2022-1 Securities Intermediary”.  If the Series 2022-1 Securities Intermediary in respect of any Series 2022-1 Distribution Account is not the Trustee, the Master Issuer
        shall obtain the express agreement of such other Person to the obligations of the Series 2022-1 Securities Intermediary set forth in this Section 3.09.

    (b) The Series 2022-1 Securities Intermediary agrees that:

    (i) The Series 2022-1 Distribution Accounts are accounts to which Financial Assets will or may be credited;

    (ii)             The Series 2022-1 Distribution Accounts are “securities accounts” within the meaning of Section 8‐501 of the New York UCC and the Series 2022-1 Securities Intermediary qualifies as a “securities
        intermediary” under Section 8‐102(a) of the New York UCC;

    (iii)            All securities or other property (other than cash) underlying any Financial Assets credited to any Series 2022-1 Distribution Account shall be registered in the name of the Series 2022-1 Securities
        Intermediary, indorsed to the Series 2022-1 Securities Intermediary or in blank or credited to another securities account maintained in the name of the Series 2022-1 Securities Intermediary, and in no case will any Financial Asset credited to any
        Series 2022-1 Distribution Account be registered in the name of the Master Issuer, payable to the order of the Master Issuer or specially indorsed to the Master Issuer;

    
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    (iv)             All property delivered to the Series 2022-1 Securities Intermediary pursuant to this Series Supplement will be promptly credited to the appropriate Series 2022-1 Distribution Account;

    (v)              Each item of property (whether investment property, security, instrument or cash) credited to any Series 2022-1 Distribution Account shall be treated as a Financial Asset;

    (vi)            If at any time the Series 2022-1 Securities Intermediary shall
        receive any entitlement order from the Trustee (including those directing transfer or redemption of any Financial Asset) relating to the Series 2022-1 Distribution Accounts, the Series 2022-1 Securities Intermediary shall comply with such
        entitlement order without further consent by the Master Issuer, any other Securitization Entity or any other Person;

    (vii)           The Series 2022-1 Distribution Accounts shall be governed by the laws of the State of New York, regardless of any provision of any other agreement.  For purposes of all applicable UCCs, the State of New
        York shall be deemed to the Series 2022-1 Securities Intermediary’s jurisdiction and the Series 2022-1 Distribution Accounts (as well as the “security entitlements” (as defined in Section 8‐102(a)(17) of the New York UCC) related thereto) shall be
        governed by the laws of the State of New York. The parties further agree that with respect to the Series 2022-1 Distribution Accounts the law applicable to all the issues in Article 2(1) of The Hague Convention on the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary shall be the law of the State of New York;

    (viii)          The Series 2022-1 Securities Intermediary has not entered into, and until termination of this Series Supplement will not enter into, any agreement with any other Person relating to the Series 2022-1
        Distribution Accounts and/or any Financial Assets credited thereto pursuant to which it has agreed to comply with “entitlement orders” (as defined in Section 8‐102(a)(8) of the New York UCC) of such other Person, and the Series 2022-1 Securities
        Intermediary has not entered into, and until the termination of this Series Supplement will not enter into, any agreement with the Master Issuer purporting to limit or condition the obligation of the Series 2022-1 Securities Intermediary to comply
        with entitlement orders as set forth in Section 3.09(b)(vi) of this Series Supplement; and

    (ix)            Except for the claims and interest of the Trustee, the Secured Parties and the Securitization Entities in the Series 2022-1 Distribution Accounts, neither the Series 2022-1 Securities Intermediary nor, in
        the case of the Trustee, any Trust Officer knows of any claim to, or interest in, any Series 2022-1 Distribution Account or any Financial Asset credited thereto.  If the Series 2022-1 Securities Intermediary or, in the case of the Trustee, a Trust
        Officer has Actual Knowledge of the assertion by any other person of any Lien, encumbrance or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against any Series 2022-1 Distribution
        Account or any Financial Asset carried therein, the Series 2022-1 Securities Intermediary will promptly notify the Trustee, the Manager, the Servicer and the Master Issuer thereof.

    (c) At any time after the occurrence and during the continuation of an Event of Default, the Trustee shall possess all right, title
        and interest in all funds on deposit from time to time in the Series 2022-1 Distribution Accounts and in all proceeds thereof, and shall (acting at the direction of the Control Party (at the direction of the Controlling Class Representative)) be
        the only Person authorized to originate entitlement orders in respect of the Series 2022-1 Distribution Accounts; provided, however, that at all other times the Master Issuer shall be authorized to instruct the Trustee to originate entitlement orders in respect of the Series 2022-1 Distribution Accounts.

    
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    Section 3.10          Manager.  Pursuant to the Management Agreement, the Manager has agreed to provide certain reports, notices, instructions and other services
        on behalf of the Master Issuer.  The Series 2022-1 Noteholders by their acceptance of the Series 2022-1 Notes consent to the provision of such reports and notices to the Trustee by the
          Manager in lieu of the Master Issuer.  Any such reports and notices that are required to be delivered to the Series 2022-1 Noteholders hereunder will be made available on the Trustee’s website in the manner set forth in Section 4.03 of the
        Base Indenture.

    Section 3.11          Replacement of Ineligible Accounts.  If, at any time, either of the Series 2022-1 Class A‐1 Distribution Account or the Series 2022-1 Class
        A‐2 Distribution Account shall cease to be an Eligible Account (each, a “Series 2022-1 Ineligible Account”), the Master Issuer shall (i) within five (5) Business Days of
        obtaining Actual Knowledge thereof, notify the Control Party thereof and (ii) within sixty (60) days of obtaining Actual Knowledge thereof, (A) establish, or cause to be established, a new account that is an Eligible Account in substitution for
        such Series 2022-1 Ineligible Account, (B) following the establishment of such new Eligible Account, transfer or, with respect to the Series 2022-1 Distribution Accounts maintained at the Trustee, instruct the Trustee in writing to transfer all
        cash and investments from such Series 2022-1 Ineligible Account into such new Eligible Account and (C) pledge, or cause to be pledged, such new Eligible Account to the Trustee for the benefit of the Series 2022-1 Class A-1 Noteholders or the Series
        2022-1 Class A-2 Noteholders, as applicable, and, if such new Eligible Account is not established with the Trustee, cause such new Eligible Account to be subject to an Account Control Agreement in form and substance reasonably acceptable to the
        Control Party and the Trustee.

    ARTICLE IV

    FORM OF SERIES 2022-1 NOTES

    Section 4.01           Issuance of Series 2022-1 Class A‐1 Notes.  (a) The Series 2022-1 Class A‐1 Advance Notes (other than any
        Uncertificated Notes) will be issued in the form of definitive notes in fully registered form without interest coupons, substantially in the form set forth in Exhibit A‐1-1
        hereto, and will be issued to the Series 2022-1 Class A‐1 Noteholders (other than the Series 2022-1 Class A‐1 Subfacility Noteholders) pursuant to and in accordance with this Series Supplement and the Series 2022-1 Class A-1 Note Purchase Agreement
        and shall be duly executed by the Master Issuer and authenticated by the Trustee in the manner set forth in Section 2.04 of the Base Indenture.  Other than in accordance with this Series Supplement and the Series 2022-1 Class A-1 Note Purchase
        Agreement, the Series 2022-1 Class A‐1 Advance Notes will not be permitted to be transferred, assigned, exchanged or otherwise pledged or conveyed by such Series 2022-1 Class A‐1 Noteholders.  The Series 2022-1 Class A‐1 Advance Notes shall bear a
        face amount equal in the aggregate to up to the Series 2022-1 Class A‐1 Notes Maximum Principal Amount as of the Series 2022-1 Closing Date, and shall be initially issued in an aggregate outstanding principal amount equal to the Series 2022-1 Class
        A‐1 Initial Advance Principal Amount pursuant to Section 2.01(a) of this Series Supplement.  The Trustee shall record any Increases or Decreases with respect to the Series
        2022-1 Class A‐1 Outstanding Principal Amount such that, subject to Section 4.01(d) of this Series Supplement, the principal amount of the Series 2022-1 Class A‐1 Advance
        Notes that are Outstanding accurately reflects all such Increases and Decreases.  The Series 2022-1 Class A-1 Swingline Notes (other than any Uncertificated Notes) will be issued in the form of definitive notes in fully registered form without interest coupons, substantially in the form set forth in Exhibit A-1-2 hereto, and will be issued to the
          Swingline Lender pursuant to and in accordance with this Series Supplement and the Series 2022-1 Class A-1 Note Purchase Agreement and shall be duly executed by the Master Issuer and authenticated by the Trustee in the manner set forth in Section
          2.04 of the Base Indenture.  Other than in accordance with this Series Supplement and the Series 2022-1 Class A-1 Note Purchase Agreement, the Series 2022-1 Class A-1 Swingline Notes will not be permitted to be transferred, assigned, exchanged or
          otherwise pledged or conveyed by the Swingline Lender.  The Series 2022-1 Class A-1 Swingline Note shall bear a face amount equal in the aggregate to up to the Swingline Commitment as of the Series 2022-1 Closing Date, and shall be initially issued in an aggregate outstanding principal amount equal to the Series 2022-1 Class A-1 Initial Swingline Principal Amount pursuant to Section 2.01(b)(i) of this Series
          Supplement.  The Trustee shall record any Subfacility Increases or Subfacility Decreases with respect to the Swingline Loans such that, subject to Section 4.01(d) of this Series Supplement, the aggregate principal amount of the Series
          2022-1 Class A-1 Swingline Notes that is Outstanding accurately reflects all such Subfacility Increases and Subfacility Decreases.

    
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    (b) The Series 2022-1 Class A‐1 L/C Notes (other than any Uncertificated Notes) will be issued in the form of definitive notes in
        fully registered form without interest coupons, substantially in the form set forth in Exhibit A-1-3 hereto, and will be issued to the L/C Provider pursuant to and in
        accordance with this Series Supplement and the Series 2022-1 Class A-1 Note Purchase Agreement and shall be duly executed by the Master Issuer and authenticated by the Trustee in the manner set forth in Section 2.04 of the Base Indenture.  Other
        than in accordance with this Series Supplement and the Series 2022-1 Class A-1 Note Purchase Agreement, the Series 2022-1 Class A‐1 L/C Notes will not be permitted to be transferred, assigned, exchanged or otherwise pledged or conveyed by the L/C
        Provider.  The Series 2022-1 Class A-1 L/C Notes shall bear a face amount equal in the aggregate to up to the L/C Commitment as of the Series 2022-1 Closing Date, and shall be initially issued in an aggregate amount equal to the Series 2022-1 Class
        A-1 Initial Aggregate Undrawn L/C Face Amount pursuant to Section 2.01(b)(ii) of this Series Supplement.  The Trustee shall record any Subfacility Increases or Subfacility
        Decreases with respect to the Undrawn L/C Face Amounts of Unreimbursed L/C Drawings, as applicable, such that, subject to Section 4.01(d) of this Series Supplement, the
        aggregate amount of the Series 2022-1 Class A-1 L/C Notes that is Outstanding accurately reflects all such Subfacility Increases and Subfacility Decreases.  All Undrawn L/C Face Amounts shall be deemed to be “principal” outstanding under the Series
        2022-1 Class A-1 L/C Note for all purposes of the Indenture and the other Related Documents other than for purposes of accrual of interest.

    (c) For the avoidance of doubt, notwithstanding that the aggregate face amount of the Series 2022-1 Class A‐1 Notes will exceed the
        Series 2022-1 Class A‐1 Notes Maximum Principal Amount, at no time will the principal amount actually outstanding of the Series 2022-1 Class A‐1 Advance Notes, the Series 2022-1 Class A-1 Swingline Notes and the Series 2022-1 Class A-1 L/C Notes in
        the aggregate exceed the Series 2022-1 Class A‐1 Notes Maximum Principal Amount.

    (d) The Series 2022-1 Class A‐1 Notes may have such letters, numbers or other marks of identification and such legends or endorsements
        placed thereon as may be required to comply with the rules of any securities exchange or as may, consistently herewith, be determined by the Authorized Officers executing such Series 2022-1 Class A‐1 Notes, as evidenced by their execution of the
        Series 2022-1 Class A‐1 Notes.  The Series 2022-1 Class A‐1 Notes may be produced in any manner, all as determined by the Authorized Officers executing such Series 2022-1 Class A‐1 Notes, as evidenced by their execution of such Series 2022-1 Class
        A‐1 Notes.  The initial sale of the Series 2022-1 Class A‐1 Notes is limited to Persons who have executed the Series 2022-1 Class A-1 Note Purchase Agreement.  The Series 2022-1 Class A‐1 Notes may be resold only to the Master Issuer and its
        Affiliates and Persons who are not Competitors (except that Series 2022-1 Class A-1 Notes may be resold to Persons who are Competitors with the written consent of the Master Issuer) in compliance with the terms of the Series 2022-1 Class A-1 Note
        Purchase Agreement.

    (e) Uncertificated Notes. At the request of a Holder or
        transferee of Series 2022-1 Class A-1 Notes, the Series 2022-1 Class A-1 Notes may be issued in the form of Uncertificated Notes. With respect to any Uncertificated Note, the Trustee shall provide to the beneficial owner promptly after registration
        of the Uncertificated Note in the Note Register by the Registrar a Confirmation of Registration substantially in the form of Exhibit E hereto.

    (i) Except as otherwise expressly provided herein:

    
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        (A) Uncertificated Notes registered in the name of a Person shall be considered “held” by such Person for all purposes of this Series Supplement;

      

    

    
      
        (B) with respect to any Uncertificated Note, (a) references herein to authentication and delivery of a Note shall be deemed to refer to creation of an entry for such Note in the Note Register and registration of
          such Note in the name of the owner, (b) references herein to cancellation of a Note shall be deemed to refer to deregistration of such Note and (c) references herein to the date of authentication of a Note shall refer to the date of registration
          of such Note in the Note Register in the name of the owner thereof;

      

    

    (ii)            references to execution of Notes by the Issuer, to surrender of the Notes and to presentment of the Notes shall be deemed not to refer to Uncertificated Notes; provided that the provisions of Section 4.04 relating to surrender of the Notes shall apply equally to deregistration of Uncertificated
        Notes;

    (iii)            for the avoidance of doubt, no Confirmation of Registration shall
        be required to be surrendered (x) in connection with a transfer of the related Uncertificated Note or (y) in connection with the final payment of the related Uncertificated Note;

    (iv)            the Note Register shall be conclusive evidence of the ownership of
        an Uncertificated Note;

    (v)             each of the Series 2022-1 Class A-1 Notes in the form of a
        definitive note may also be exchanged in its entirety for an Uncertificated Note and, upon complete exchange thereof, such Series 2022-1 Class A-1 Notes shall be cancelled and deregistered by the Registrar; and

    (vi)            each of the Uncertificated Notes may be exchanged in its entirety for a Series 2022-1 Class A-1 Note in the form of a definitive note and, upon complete exchange thereof, such Uncertificated Note shall
        be deregistered by the Registrar and the Series 2022-1 Class A-1 Note (in the form of a definitive note) received in such exchange shall be registered in the Note Register by the Registrar.

    Section 4.02           Issuance of Series 2022-1 Class A‐2 Notes.  The Series 2022-1 Class A-2 Notes in the aggregate may be offered and
        sold in the Series 2022-1 Class A-2 Initial Principal Amount on the Series 2022-1 Closing Date by the Master Issuer pursuant to the Series 2022-1 Class A-2 Note Purchase Agreement.  The Series 2022-1 Class A-2 Notes will be resold initially only to
        (A) the Master Issuer or an Affiliate of the Master Issuer, (B) in the United States, to Persons who are QIBs in reliance on Rule 144A and who are not Competitors and (C) outside the United States, to Persons who are not a U.S. person (as defined
        in Regulation S, a “U.S. Person”) in reliance on Regulation S and who are not Competitors.  The Series 2022-1 Class A-2 Notes may thereafter be transferred in reliance on
        Rule 144A and/or Regulation S and in accordance with the procedure described herein.  The Series 2022-1 Class A-2 Notes will be Book-Entry Notes and DTC will be the Depository for the Series 2022-1 Class A-2 Notes.  The Applicable Procedures shall
        apply to transfers of beneficial interests in the Series 2022-1 Class A-2 Notes.  The Series 2022-1 Class A-2 Notes shall be issued in minimum denominations of $50,000 and integral multiples of $1,000 in excess thereof.

    (a) Rule 144A Global Notes.  The Series 2022-1 Class A-2 Notes
        offered and sold in their initial resale in reliance upon Rule 144A will be issued in the form of one or more global notes in fully registered form, without coupons, substantially in the form set forth in Exhibit A-2-1, Exhibit A-2-2 and Exhibit A-2-3, as applicable,
        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 4.02 and Section 4.04, the “Rule 144A
            Global Notes”).  The aggregate initial principal amount of the Rule 144A Global Notes may from time to time be increased or decreased by adjustments made on the records of the Trustee, as custodian for DTC, in connection with a
        corresponding decrease or increase in the aggregate initial principal amount of the corresponding class of Temporary Regulation S Global Notes or Permanent Regulation S Global Notes, as hereinafter provided.

    
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    (b) Temporary Regulation S Global Notes and Permanent Regulation S Global
            Notes.  Any Series 2022-1 Class A-2 Notes offered and sold on the Series 2022-1 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-2-4, Exhibit A-2-5 and Exhibit A-2-6, as applicable, 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 2022-1 Class A-2 Note, such Series 2022-1 Class A-2 Notes shall be referred to herein
        collectively, for purposes of this Section 4.02 and Section 4.04, as the “Temporary Regulation S Global Notes”.  After such time as the Restricted Period shall have terminated, the Temporary Regulation S Global Notes shall be exchangeable, in whole or in part, for interests
        in one or more permanent global notes in registered form without interest coupons, substantially in the form set forth in Exhibit A-2-7, Exhibit A-2-8 and Exhibit A-2-9, as applicable, hereto, as hereinafter provided (collectively, for purposes of this Section 4.02 and Section 4.04, 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 2022-1 Global Notes shall be
        exchangeable in their entirety for one or more definitive notes in registered form, without interest coupons (collectively, for purposes of this Section 4.012 and Section 4.04 of this Series Supplement, the “Definitive Notes”) pursuant to Section 2.13 of the Base
        Indenture and this Section 4.02(c) in accordance with their terms and, upon complete exchange thereof, such Series 2022-1 Global Notes shall be surrendered for cancellation at the applicable Corporate Trust Office.

    Section 4.03           Transfer Restrictions of Series 2022-1 Class A‐1 Notes.  (a)  Subject to the terms of the Indenture and the
        Series 2022-1 Class A-1 Note Purchase Agreement, the holder of any Series 2022-1 Class A‐1 Advance Note may transfer the same in whole or in part, in an amount equivalent to an authorized denomination, by surrendering  such Series 2022-1 Class A‐1
        Advance Note (other than any Uncertificated Note) at the applicable Corporate Trust Office, with the form of transfer endorsed on it duly completed and executed by, or accompanied by a written instrument of transfer in form satisfactory to the
        Trustee, the Master Issuer and the Registrar by, the holder thereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements
        include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar
        in addition to, or in substitution for, STAMP, and accompanied by a certificate substantially in the form of Exhibit B‐1 hereto; provided that if the holder of any Series 2022-1 Class A‐1 Advance Note transfers, in whole or in part, its interest in any Series 2022-1 Class A‐1 Advance Note pursuant to (i) an Assignment and Assumption
        Agreement substantially in the form of Exhibit B to the Series 2022-1 Class A-1 Note Purchase Agreement or (ii) an Investor Group Supplement substantially in the form of Exhibit C to the Series 2022-1 Class A-1 Note Purchase Agreement, then such
        Series 2022-1 Class A‐1 Noteholder will not be required to submit a certificate substantially in the form of Exhibit B‐1 hereto upon transfer of its interest in such Series
        2022-1 Class A‐1 Advance Note.  In exchange for any Series 2022-1 Class A‐1 Advance Note properly presented for transfer, the Master Issuer shall execute and the Trustee shall promptly authenticate and deliver or cause to be authenticated and
        delivered in compliance with applicable law, to the transferee at such office, or send by mail (at the risk of the transferee) to such address as the transferee may request, Series 2022-1 Class A‐1 Advance Notes for the same aggregate principal
        amount as was transferred.  In the case of the transfer of any Series 2022-1 Class A‐1 Advance Note in part, the Master Issuer shall execute and the Trustee shall promptly authenticate and deliver or cause to be authenticated and delivered to the
        transferor at such office, or send by mail (at the risk of the transferor) to such address as the transferor may request, Series 2022-1 Class A‐1 Notes for the aggregate principal amount that was not transferred.  No transfer of any Series 2022-1
        Class A‐1 Advance Note shall be made unless the request for such transfer is made by the Series 2022-1 Class A‐1 Noteholder at such office.  In the case of a transfer to a Holder electing to take such Note in the form of an Uncertificated Note, the
        Trustee shall deliver a Confirmation of Registration to the transferee.  Neither the Master Issuer nor the Trustee shall be liable for any delay in delivery of transfer instructions and each may conclusively rely on, and shall be protected in
        relying on, such instructions.  Upon the issuance of transferred Series 2022-1 Class A‐1 Advance Notes, the Trustee shall recognize the holders of such Series 2022-1 Class A‐1 Advance Note as Series 2022-1 Class A‐1 Noteholders.

    
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    (b) Subject to the terms of the Indenture and the Series 2022-1 Class A-1
          Note Purchase Agreement, the Swingline Lender may transfer the Series 2022-1 Class A-1 Swingline Notes in whole but not in part by surrendering  such Series 2022-1 Class A-1
          Swingline Notes (other than any Uncertificated Note) at the applicable Corporate Trust Office, with the form of transfer endorsed on it duly completed and executed by, or accompanied by a written instrument of transfer in form satisfactory to the
          Master Issuer and the Registrar by, the holder thereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include
          membership or participation in the STAMP or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, and accompanied by an assignment agreement pursuant to Section 9.17(d) of
          the Series 2022-1 Class A-1 Note Purchase Agreement.  In exchange for any Series 2022-1 Class A-1 Swingline Note properly presented for transfer, the Master Issuer shall execute and the Trustee shall promptly authenticate and deliver or cause to
          be authenticated and delivered in compliance with applicable law, to the transferee at such office, or send by mail (at the risk of the transferee) to such address as the transferee may request, a Series 2022-1 Class A-1 Swingline Note for the
          same aggregate principal amount as was transferred.  In the case of a transfer to a Holder electing to take such Note in the form of an Uncertificated Note, the Trustee shall deliver a Confirmation of Registration to the transferee.  No transfer of any Series 2022-1 Class A-1 Swingline Note shall be made unless the request for such transfer is made by the Swingline Lender at such office.  Neither the Master Issuer nor the
          Trustee shall be liable for any delay in delivery of transfer instructions and each may conclusively rely on, and shall be protected in relying on, such instructions.  Upon the issuance of any transferred Series 2022-1 Class A-1 Swingline Note,
          the Trustee shall recognize the holder of such Series 2022-1 Class A-1 Swingline Note as a Series 2022-1 Class A-1 Noteholder.

    (c) Subject to the terms of the Indenture and the Series 2022-1 Class A-1 Note Purchase Agreement, the L/C Provider may transfer any
        Series 2022-1 Class A‐1 L/C Note in whole or in part, in an amount equivalent to an authorized denomination, by surrendering  such Series 2022-1 Class A‐1 L/C Note (other than any Uncertificated Note) at the applicable Corporate Trust Office, with
        the form of transfer endorsed on it duly completed and executed by, or accompanied by a written instrument of transfer in form satisfactory to the Master Issuer and the Registrar by, the holder thereof or his attorney duly authorized in writing,
        with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the STAMP or such other “signature guarantee program” as may be determined by
        the Registrar in addition to, or in substitution for, STAMP, and accompanied by an assignment agreement pursuant to Section 9.17(a) of the Series 2022-1 Class A-1 Note Purchase Agreement.  In exchange for any Series 2022-1 Class A‐1 L/C Note
        properly presented for transfer, the Master Issuer shall execute and the Trustee shall promptly authenticate and deliver or cause to be authenticated and delivered in compliance with applicable law, to the transferee at such office, or send by mail
        (at the risk of the transferee) to such address as the transferee may request, Series 2022-1 Class A‐1 L/C Notes for the same aggregate principal amount as was transferred.  In the case of a transfer to a Holder electing to take such Note in the
        form of an Uncertificated Note, the Trustee shall deliver a Confirmation of Registration to the transferee.  In the case of the transfer of any Series 2022-1 Class A‐1 L/C Note in part, the Master Issuer shall execute and the Trustee shall promptly
        authenticate and deliver or cause to be authenticated and delivered to the transferor at such office, or send by mail (at the risk of transferor) to such address as the transferor may request, Series 2022-1 Class A‐1 L/C Notes for the aggregate
        principal amount that was not transferred.  No transfer of any Series 2022-1 Class A‐1 L/C Note shall be made unless the request for such transfer is made by the L/C Provider at such office.  Neither the Master Issuer nor the Trustee shall be
        liable for any delay in delivery of transfer instructions and each may conclusively rely on, and shall be protected in relying on, such instructions.  Upon the issuance of any transferred Series 2022-1 Class A‐1 L/C Note, the Trustee shall
        recognize the holder of such Series 2022-1 Class A‐1 L/C Note as a Series 2022-1 Class A‐1 Noteholder.

    
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    (d) Each Series 2022-1 Class A‐1 Note (other than any Uncertificated Notes) shall bear the following legend:

    THE ISSUANCE AND SALE OF THIS SERIES 2022-1 CLASS A-1 NOTE (THIS “NOTE”) HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”),

      OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT JURISDICTION, AND JACK IN THE BOX FUNDING, LLC (THE “MASTER ISSUER”) HAS NOT BEEN
      REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”).  THIS NOTE AND ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE
      TRANSFERRED ONLY TO PERSONS WHO ARE NOT COMPETITORS (AS DEFINED IN THE INDENTURE) (UNLESS THE MASTER ISSUER GIVES WRITTEN CONSENT TO SUCH OFFER, SALE, PLEDGE, OR OTHER TRANSFER), AND IN ACCORDANCE WITH THE PROVISIONS OF THE CLASS A-1 NOTE PURCHASE
      AGREEMENT, DATED AS OF FEBRUARY 11, 2022 BY AND AMONG THE MASTER ISSUER, JACK IN THE BOX INC., AS THE MANAGER, THE GUARANTORS, THE CONDUIT INVESTORS, THE COMMITTED NOTE PURCHASERS, THE FUNDING AGENTS AND COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, AS L/C PROVIDER, SWINGLINE LENDER AND ADMINISTRATIVE AGENT.

    The required legend set forth above shall not be removed from the Series 2022-1 Class A‐1 Notes except as provided
      herein.

    Section 4.04          Transfer Restrictions of Series 2022-1 Class A‐2 Notes.  (a) 
        A Series 2022-1 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 4.04(a) shall not prohibit any transfer of a
        Series 2022-1 Class A‐2 Note that is issued in exchange for a Series 2022-1 Global Note in accordance with Section 2.08 of the Base Indenture and shall not prohibit any transfer of a beneficial interest in a Series 2022-1 Global Note effected in
        accordance with the other provisions of this Section 4.04.

    (b) The transfer by a Series 2022-1 Note Owner holding a beneficial interest in a Series 2022-1 Class A‐2 Note in the form of a
        Rule 144A Global Note to a Person who wishes to take delivery thereof in the form of a beneficial interest in the Rule 144A Global Note shall be made upon the deemed representation of the transferee that it is purchasing for its own account or an
        account with respect to which it exercises sole investment discretion and that it and any such account is a QIB and not a Competitor, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such
        information regarding the Master Issuer as such transferee has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon its foregoing representations in order to
        claim the exemption from registration provided by Rule 144A.

    
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    (c) If a Series 2022-1 Note Owner holding a beneficial interest in a Series 2022-1 Class A‐2 Note in the form of a Rule 144A Global
        Note wishes at any time to exchange its interest in such Rule 144A Global Note for an interest in the Temporary Regulation S Global Note, or to transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial
        interest in the Temporary Regulation S Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this Section 4.04(c).  Upon receipt by the Registrar, at the applicable
        Corporate Trust Office, of (i) written instructions given in accordance with the Applicable Procedures from a Clearing Agency Participant directing the Registrar to credit or cause to be credited to a specified Clearing Agency Participant’s account
        a beneficial interest in the Temporary Regulation S Global Note, in a principal amount equal to that of the beneficial interest in such Rule 144A Global Note to be so exchanged or transferred, (ii) a written order given in accordance with the
        Applicable Procedures containing information regarding the account of the Clearing Agency Participant (and the Euroclear or Clearstream account, as the case may be) to be credited with, and the account of the Clearing Agency Participant to be
        debited for, such beneficial interest and (iii) a certificate in substantially the form set forth in Exhibit B‐2 hereto given by the Series 2022-1 Note Owner holding such
        beneficial interest in such Rule 144A Global Note, the Registrar shall instruct the Trustee, as custodian of DTC, to reduce the principal amount of the Rule 144A Global Note, and to increase the principal amount of the Temporary Regulation S Global
        Note, by the principal amount of the beneficial interest in such Rule 144A Global Note to be so exchanged or transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (which shall be the Clearing
        Agency Participant for Euroclear or Clearstream or both, as the case may be) a beneficial interest in the Temporary Regulation S Global Note having a principal amount equal to the amount by which the principal amount of such Rule 144A Global Note
        was reduced upon such exchange or transfer.

    (d) If a Series 2022-1 Note Owner holding a beneficial interest in a Rule 144A Global Note wishes at any time to exchange its interest
        in such Rule 144A Global Note for an interest in the Permanent Regulation S Global Note, or to transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in the Permanent Regulation S Global Note,
        such exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this Section 4.04(d).  Upon receipt by the Registrar, at the applicable Corporate Trust Office, of (i) written instructions
        given in accordance with the Applicable Procedures from a Clearing Agency Participant directing the Registrar to credit or cause to be credited to a specified Clearing Agency Participant’s account a beneficial interest in the Permanent Regulation S
        Global Note in a principal amount equal to that of the beneficial interest in such Rule 144A Global Note to be so exchanged or transferred, (ii) a written order given in accordance with the Applicable Procedures containing information regarding the
        account of the Clearing Agency Participant (and the Euroclear or Clearstream account, as the case may be) to be credited with, and the account of the Clearing Agency Participant to be debited for, such beneficial interest and (iii) a certificate in
        substantially the form of Exhibit B‐3 hereto given by the Series 2022-1 Note Owner holding such beneficial interest in such Rule 144A Global Note, the Registrar shall instruct
        the Trustee, as custodian of DTC, to reduce the principal amount of such Rule 144A Global Note, and to increase the principal amount of the Permanent Regulation S Global Note, by the principal amount of the beneficial interest in such Rule 144A
        Global Note to be so exchanged or transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (which shall be the Clearing Agency Participant for Euroclear or Clearstream or both, as the case may
        be) a beneficial interest in the Permanent Regulation S Global Note having a principal amount equal to the amount by which the principal amount of such Rule 144A Global Note was reduced upon such exchange or transfer.

    
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    (e) If a Series 2022-1 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 4.04(e).  Upon receipt by
        the Registrar, at the applicable Corporate Trust Office, of (i) written instructions given in accordance with the Applicable Procedures from a Clearing Agency Participant directing the Registrar to credit or cause to be credited to a specified
        Clearing Agency Participant’s account a beneficial interest in the Rule 144A Global Note in a principal amount equal to that of the beneficial interest in such Temporary Regulation S Global Note or such Permanent Regulation S Global Note, as the
        case may be, to be so exchanged or transferred, (ii) a written order given in accordance with the Applicable Procedures containing information regarding the account of the Clearing Agency Participant (and the Euroclear or Clearstream account, as
        the case may be) to be credited with, and the account of the Clearing Agency Participant to be debited for, such beneficial interest and (iii) with respect to a transfer of a beneficial interest in such Temporary Regulation S Global Note or such
        Permanent Regulation S Global Note, a certificate in substantially the form set forth in Exhibit B‐4 hereto given by such Series 2022-1 Note Owner holding such beneficial
        interest in such Temporary Regulation S Global Note or such Permanent Regulation S Global Note, the Registrar shall instruct the Trustee, as custodian of DTC, to reduce the principal amount of such Temporary Regulation S Global Note or such
        Permanent Regulation S Global Note, as the case may be, and to increase the principal amount of the Rule 144A Global Note, by the principal amount of the beneficial interest in such Temporary Regulation S Global Note or such Permanent Regulation S
        Global Note to be so exchanged or transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (which shall be the Clearing Agency Participant for DTC) a beneficial interest in the Rule 144A Global
        Note having a principal amount equal to the amount by which the principal amount of such Temporary Regulation S Global Note or such Permanent Regulation S Global Note, as the case may be, was reduced upon such exchange or transfer.

    (f) In the event that a Series 2022-1 Global Note or any portion thereof is exchanged for Series 2022-1 Class A‐2 Notes other than
        Series 2022-1 Global Notes, such other Series 2022-1 Class A‐2 Notes may in turn be exchanged (upon transfer or otherwise) for Series 2022-1 Class A‐2 Notes that are not Series 2022-1 Global Notes or for a beneficial interest in a Series 2022-1
        Global Note (if any is then outstanding) only in accordance with such procedures as may be adopted from time to time by the Master Issuer and the Registrar, which shall be substantially consistent with the provisions of Section 4.04(a) through
        Section 4.04(e) and Section 4.04(g) of this Series Supplement (including the certification requirement intended to ensure that transfers and exchanges of beneficial interests in a Series 2022-1 Global Note comply with Rule 144A or Regulation S, as
        the case may be) and any Applicable Procedures.

    (g) Until the termination of the Restricted Period with respect to any Series 2022-1 Class A‐2 Note, interests in the Regulation S
        Global Notes representing such Series 2022-1 Class A‐2 Note may be held only through Clearing Agency Participants acting for and on behalf of Euroclear and Clearstream; provided
        that this Section 4.04(g) shall not prohibit any transfer in accordance with Section 4.04(d) of this Series Supplement.  After the expiration of the applicable Restricted Period, interests in the Permanent Regulation S Global Notes may be
        transferred without requiring any certifications other than those set forth in this Section 4.04.

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

    THE ISSUANCE AND SALE OF THIS SERIES 2022-1 CLASS A-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 JACK IN THE
      BOX FUNDING, LLC (THE “MASTER ISSUER”) HAS NOT BEEN REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”).  THIS NOTE OR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE MASTER ISSUER OR AN AFFILIATE THEREOF, (B) IN THE UNITED STATES, TO A PERSON WHO IS
      NOT A COMPETITOR AND WHO 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.

    BY ITS ACQUISITION OR ACCEPTANCE HEREOF, THE HOLDER (IF NOT THE MASTER ISSUER OR AN AFFILIATE OF THE MASTER ISSUER)
      REPRESENTS THAT IT IS NOT A COMPETITOR AND (A) IT IS EITHER (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 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 MASTER 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 MASTER ISSUER OR AN AFFILIATE OF THE MASTER ISSUER) TAKING DELIVERY OF THIS NOTE OR AN
      INTEREST IN THIS NOTE WILL BE DEEMED TO HAVE MADE THE APPLICABLE REPRESENTATIONS AND AGREEMENTS REFERRED TO IN THE INDENTURE.  EACH PERSON TAKING DELIVERY OF THIS NOTE OR AN INTEREST IN THIS NOTE IN THE FORM OF AN INTEREST IN A GLOBAL NOTE WILL BE
      REQUIRED TO DELIVER THE APPLICABLE 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.

    
      24

      
        

    

    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 MASTER ISSUER, THE TRUSTEE OR ANY INTERMEDIARY.

    [IF THE HOLDER OF THIS NOTE IS DETERMINED TO BE A COMPETITOR OR NOT TO HAVE BEEN A QUALIFIED INSTITUTIONAL BUYER AT
      THE TIME OF ACQUISITION OF THIS NOTE, THE MASTER ISSUER HAS THE RIGHT TO REQUIRE SUCH HOLDER TO SELL THIS NOTE TO A PURCHASER WHO IS A QUALIFIED INSTITUTIONAL BUYER AND NOT A COMPETITOR.  THE MASTER 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.]1

    [IF THE HOLDER OF THIS NOTE IS DETERMINED TO BE A COMPETITOR OR HAVE BEEN A “U.S. PERSON” AT THE TIME OF ACQUISITION
      OF THIS NOTE, THE MASTER ISSUER HAS THE RIGHT TO REQUIRE SUCH HOLDER TO SELL THIS NOTE TO A PURCHASER WHO IS NOT A “U.S. PERSON” AND WHO IS NOT A COMPETITOR.  THE MASTER 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.]2

    BY ACCEPTING THIS NOTE, EACH PURCHASER 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.

    (i) The Series 2022-1 Class A‐2 Notes 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 MASTER ISSUER OR AN AFFILIATE OF THE MASTER ISSUER, AND THAT THIS NOTE HAS NOT BEEN REGISTERED UNDER
      THE 1933 ACT AND AGREES FOR THE BENEFIT OF THE MASTER ISSUER THAT THIS NOTE MAY BE TRANSFERRED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY TO THE MASTER ISSUER OR AN AFFILIATE OF THE MASTER ISSUER AND IN COMPLIANCE WITH THE 1933 ACT AND OTHER
      APPLICABLE LAWS OF THE STATES, TERRITORIES AND POSSESSIONS OF THE UNITED STATES GOVERNING THE OFFER AND SALE OF SECURITIES, AND PRIOR TO THE EXPIRATION OF THE RESTRICTED PERIOD, ONLY (I) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S
      UNDER THE 1933 ACT OR (II) PURSUANT TO AND IN ACCORDANCE WITH RULE 144A UNDER THE 1933 ACT.

    

      
      

      1 Applicable to 144A Notes only.

      2 Applicable to Reg S Notes only.

      
        25

        
          

      

    

    (j) The Series 2022-1 Global Notes issued in connection with the Series 2022-1 Class A‐2 Notes shall bear the following legend:

    THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME
      OF THE DEPOSITORY TRUST COMPANY (“DTC”), A NEW YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK 10004, OR A NOMINEE THEREOF.  THIS NOTE MAY NOT BE EXCHANGED IN
      WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.  UNLESS
      THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE MASTER ISSUER OR THE NOTE REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC,
      AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER,
      CEDE & CO., HAS AN INTEREST HEREIN.

    (k) The required legends set forth above shall not be removed from the applicable Series 2022-1 Class A‐2 Notes except as provided
        herein.  The legend required for a Rule 144A Global Note may be removed from such Rule 144A Global Note if there is delivered to the Master Issuer and the Registrar such satisfactory evidence, which may include an Opinion of Counsel, as may be
        reasonably required by the Master Issuer that neither such legend nor the restrictions on transfer set forth therein are required to ensure that transfers of such Rule 144A Global Note will not violate the registration requirements of the 1933
        Act.  Upon provision of such satisfactory evidence, the Trustee at the direction of the Master Issuer (or the Manager on its behalf), shall authenticate and deliver in exchange for such Rule 144A Global Note a Series 2022-1 Class A‐2 Note or Series
        2022-1 Class A‐2 Notes having an equal aggregate principal amount that does not bear such legend.  If such a legend required for a Rule 144A Global Note has been removed from a Series 2022-1 Class A‐2 Note as provided above, no other Series 2022-1
        Class A‐2 Note issued in exchange for all or any part of such Series 2022-1 Class A‐2 Note shall bear such legend, unless the Master Issuer has reasonable cause to believe that such other Series 2022-1 Class A‐2 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 4.05           Note Owner Representations and Warranties.  Each Person who becomes a Note Owner of a beneficial interest in a
        Series 2022-1 Note pursuant to the Offering Memorandum will be deemed to represent, warrant and agree on the date such Person acquires any interest in any Series 2022-1 Note as follows: With respect to any sale of Series 2022-1 Notes pursuant to Rule 144A, it is a QIB pursuant to Rule 144A, and is aware that any sale of Series 2022-1 Notes to it will be made in reliance on Rule 144A.  Its acquisition of
          Series 2022-1 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 2022-1 Notes pursuant to Regulation S, at the time the buy order for such Series 2022-1 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 2022-1
        Notes.

    
      26

      
        

    

    (d) It understands that the Master Issuer, the Manager and the Servicer may receive a list of participants holding positions in the
        Series 2022-1 Notes from one or more book‐entry depositories.

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

    (f) It will provide to each person to whom it transfers Series 2022-1 Notes notices of any restrictions on transfer of such Series
        2022-1 Notes.

    (g) It understands that (i) the Series 2022-1 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 2022-1 Notes have not been registered under the 1933 Act, (iii) such Series 2022-1 Notes may be offered, resold, pledged or otherwise transferred only (A) to the Master Issuer or an
        Affiliate of the Master Issuer, (B) in the United States to a Person who the seller reasonably believes is a QIB in a transaction meeting the requirements of Rule 144A and who is not a Competitor, (C) outside the United States to a Person who is
        not a U.S. Person in a transaction meeting the requirements of Regulation S and who is not a Competitor and (iv) the purchaser will, and each subsequent holder of a Series 2022-1 Note is required to, notify any subsequent purchaser of a Series
        2022-1 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 4.04(h) of this Series Supplement.

    (i) It understands that the certificates evidencing the Temporary Regulation S Global Notes will bear legends substantially similar to
        those set forth in Section 4.04(i) of this Series Supplement.

    (j) It understands that the certificates evidencing the Permanent Regulation S Global Notes will bear legends substantially similar to
        those set forth in Section 4.04(j) of this Series Supplement.

    (k) Either (i) the purchaser or transferee is neither a Plan (including, without limitation, any entity whose underlying assets
        include “plan assets” by reason of a Plan’s investment in the entity or otherwise), nor a governmental, church, non-U.S. or other plan which is subject to any  federal, state, local or non-U.S. law that is similar to the provisions of Section 406
        of ERISA or Section 4975 of the Code or (ii) the purchaser’s or transferee’s acquisition, holding and disposition of the Series 2022-1 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) If such purchaser or transferee is a Plan, it understands that it shall be deemed to represent, warrant and agree that (i) none of
        the Master Issuer, Guarantor, the Initial Purchasers or other party to the securitization transaction, nor any of their affiliates, has provided, and none of them will provide, any advice within the meaning of Section 3(21) of ERISA to it or to any
        fiduciary or other person investing the assets of the Plan (“Plan Fiduciary”) in connection with its decision to invest in the Series 2022-1 Notes, and they are not otherwise
        acting as a fiduciary, as defined in Section 3(21) of ERISA or Section 4975(e)(3) of the Code, to the Plan or the Plan Fiduciary in connection with the Plan’s acquisition of the Series 2022-1 Notes; and (ii) the Plan Fiduciary is exercising its own
        independent judgment in evaluating the investment in the Series 2022-1 Notes.

    
      27

      
        

    

    
    (m) It understands that any subsequent transfer of the Series 2022-1 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 2022-1 Notes or any interest therein except in compliance with, such restrictions and conditions and the 1933 Act.

    (n) It is not a Competitor.

    Section 4.06            Limitation on Liability.  None of the Master Issuer, Jack in the Box Inc., the Trustee, the Servicer, the Initial
        Purchasers, any Paying Agent, or any of their respective Affiliates shall have any responsibility or liability for any aspects of the records maintained by DTC or its nominee or any of the Agent Members relating to or for payments made thereby on
        account of beneficial interests in a Rule l44A Global Note or a Regulation S Global Note.  None of the Master Issuer, Jack in the Box Inc., the Trustee, the Servicer, the Initial Purchasers, any Paying Agent or their respective Affiliates shall
        have any responsibility or liability with respect to any records maintained by the Noteholder with respect to the beneficial holders thereof or payments made thereby on account of beneficial interests held therein.

    ARTICLE V

      

      GENERAL

    Section 5.01           Information.  On or before each Quarterly Payment Date, the Master Issuer shall furnish, or cause to be furnished,
        a Quarterly Noteholders’ Report with respect to the Series 2022-1 Notes to the Trustee, substantially in the form of Exhibit C hereto, setting forth, inter alia, the following
        information with respect to such Quarterly Payment Date:

    
      
        (a)              the total amount available to be distributed to Series 2022-1 Noteholders on such Quarterly Payment Date and payment instructions with respect thereto;

      

    

    
      
        (b)              the amount of such distribution allocable to the payment of interest on each Class and Tranche of the Series 2022-1 Notes;

      

    

    
      
        (c)               the amount of such distribution allocable to the payment of principal of each Class and Tranche of the Series 2022-1 Notes;

      

    

    
      
        (d)              the amount of such distribution allocable to the payment of any Series 2022-1 Class A‐2 Make‐Whole Prepayment Premium, if any, on each Tranche;

      

    

    
      
        (e)               the amount of such distribution allocable to the payment of any fees or other amounts due to the Series 2022-1 Class A‐1 Noteholders;

      

    

    
      
        (f)             whether, to the Actual Knowledge of the Master Issuer, any Potential Rapid Amortization Event, Rapid Amortization Event, Default, Event of Default, Potential Manager Termination Event,
          Manager Termination Event or Servicer Termination Event has occurred as of the related Quarterly Calculation Date or any Cash Trapping Period is in effect, as of such Quarterly Calculation Date;

      

    

    
      
        (g)              the DSCR for such Quarterly Payment Date and the three Quarterly Payment Dates immediately preceding such Quarterly Payment Date;

      

    

    
      
        (h)              the number of Securitized Franchised Restaurants and Securitized Company Restaurants that are open for business as of the last day of the preceding Quarterly Collection Period;

      

    

    
      
        (i)               the amount of Systemwide Sales as of the related Quarterly Calculation Date; and

        
          28

          
            

        

      

    

    
      
        (j)               the amount on deposit in the Senior Notes Interest Reserve Account (and the availability under any Interest Reserve Letter of Credit relating to the Senior Notes) and the amount on
          deposit in the Cash Trap Reserve Account, if any, in each case as of the close of business on the last Business Day of the preceding Quarterly Collection Period;

      

    

    Any Series 2022-1 Noteholder may obtain copies of each Quarterly Noteholders’ Report in accordance with the
      procedures set forth in Section 4.04 of the Base Indenture.

    Section 5.02            Exhibits.  The annexes, exhibits and schedules attached hereto and listed on the table of contents hereto supplement the annexes, exhibits and schedules included in the Base Indenture.

    Section 5.03           Ratification of Base Indenture.  As supplemented by this Series Supplement, the Base Indenture is in all respects ratified and confirmed and the Base Indenture as so supplemented by this Series Supplement shall be
        read, taken and construed as one and the same instrument.

    Section 5.04            Certain Notices to the Rating Agency.  The Master Issuer shall provide to the Rating Agency a copy of each Opinion of Counsel and Officer’s Certificate delivered to the Trustee pursuant to this Series Supplement or
        any other Related Document.

    Section 5.05           Prior Notice by Trustee to the Controlling Class Representative and Control Party.  Subject to Section 10.01 of the Base Indenture, the Trustee agrees that it shall not exercise any rights or remedies available to
        it as a result of the occurrence of a Rapid Amortization Event or an Event of Default until after the Trustee has given prior written notice thereof to the Controlling Class Representative and the Control Party and obtained the direction of the
        Control Party (subject to Section 11.04(e) of the Base Indenture, at the direction of the Controlling Class Representative).

    Section 5.06            Counterparts.  This Series Supplement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and
        the same instrument.

    Section 5.07          Governing Law.  THIS SERIES 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.

    Section 5.08            Amendments.  This Series Supplement may not be modified or amended except (i) with the written consent of the parties hereto and (ii) in accordance with the additional requirements set forth in Article XIII of the
        Base Indenture.

    Section 5.09           Termination of Series Supplement.  This Series Supplement shall cease to be of further effect when (i) all Outstanding Series 2022-1 Notes theretofore authenticated and issued have been delivered (other than
        destroyed, lost, or stolen Series 2022-1 Notes that have been replaced or paid) to the Trustee for cancellation (or deregistering, in the case of the Uncertificated Notes) and all Letters of Credit have expired, have been cash collateralized in
        full pursuant to the terms of the Series 2022-1 Class A‐1 Note Purchase Agreement or are deemed to no longer be outstanding in accordance with Section 4.04 of the Series 2022-1 Class A‐1 Note Purchase Agreement, (ii) all fees and expenses and other
        amounts under the Series 2022-1 Class A‐1 Note Purchase Agreement have been paid in full and all Series 2022-1 Class A‐1 Commitments have been terminated, (iii) the Master Issuer has paid all sums payable hereunder and, without duplication (iv) the
        conditions set forth in Section 12.01(c) of the Base Indenture have been satisfied with respect to the Series 2022-1 Notes; provided that any provisions of this Series
        Supplement required for the Series 2022-1 Final Payment to be made shall survive until the Series 2022-1 Final Payment is paid to the Series 2022-1 Noteholders.

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

    
      29

      
        

    

    Section 5.11            Electronic Signatures and Transmission.

    (a) For purposes of this Series Supplement, any reference to “written” or “in writing” means any form of written communication,
        including, without limitation, electronic signatures, and any such written communication may be transmitted by Electronic Transmission.  “Electronic Transmission” means any
        form of communication not directly involving the physical transmission of paper, including the use of, or participation in, one or more electronic networks or databases (including one or more distributed electronic networks or databases), that
        creates a record that may be retained, retrieved and reviewed by a recipient thereof and that may be directly reproduced in paper form by such a recipient through an automated process.  The Trustee is authorized to accept written instructions,
        directions, reports, notices or other communications delivered by Electronic Transmission and shall not have any duty or obligation to verify or confirm that the Person sending instructions, directions, reports, notices or other communications or
        information by Electronic Transmission is, in fact, a Person authorized to give such instructions, directions, reports, notices or other communications or information on behalf of the party purporting to send such Electronic Transmission, and the
        Trustee shall not have any liability for any losses, liabilities, costs or expenses incurred or sustained by any party as a result of such reliance upon or compliance with such instructions, directions, reports, notices or other communications or
        information to the Trustee, including, without limitation, the risk of the Trustee acting on unauthorized instructions, notices, reports or other communications or information, and the risk of interception and misuse by third parties.

    (b) Any requirement in the Indenture that a document, is to be signed or authenticated by “manual signature” or similar language shall
        not be deemed to prohibit signature to be by facsimile or electronic signature and shall not be deemed to prohibit delivery thereof by Electronic Transmission.

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

    Section 5.12           1934 Act.  The Master Issuer hereby represents and warrants, for the benefit of the Trustee and the Noteholders,
        that payments on the Notes will not depend primarily on cash flow from self-liquidating financial assets within the meaning of Section 3(a)(79) of the 1934 Act.

    Section 5.13           Notices.  All notices, requests or other communications desired or required to be given under this Agreement shall be in writing and shall be sent according to Section 14.01 of the Base Indenture.  In addition,
        any notice or communication to the Rating Agency shall be sent to the following addresses:

    If to S&P:

    S&P Global Ratings

    55 Water Street

    42nd Floor

    New York, NY 10041-0003

    Attention: ABS Surveillance Group – New Assets

    E-mail: Servicer_Reports@standardandpoors.com

    
      30

      
        

    

    If to KBRA:

    Kroll Bond Rating Agency, LLC

    805 Third Ave., 29th Floor

    New York, NY 10022

    Attention: ABS Surveillance Group

    E-mail: abssurveillance@kbra.com

    

    

    [Signature Pages Follow]

    
      31

      
        

    

    

    IN WITNESS WHEREOF, each of the Master Issuer, the Trustee and the Series 2022-1 Securities Intermediary has caused
      this Series Supplement to be duly executed by its respective duly authorized officer as of the day and year first written above.

    	 	JACK IN THE BOX FUNDING, LLC,  

          
	 	a Delaware limited liability company, as Master Issuer 

          
	 	 	 
	 	 	 
	 	By: 

          	/s/ Michael J.
              Snider 
	 	Name:  

          	Michael J. Snider 

          
	 	Title: 

          	Assistant Secretary 

          
	 	 	 
	 	 	 
	 	
            CITIBANK, N.A., not in its individual capacity but

            solely as Trustee and as Series 2022-1 Securities Intermediary  

            

          
	 	 	 
	 	 	 
	 	By: 

          	/s/ Jacqueline
              Suarez 
	 	Name:  

          	Jacqueline Suarez 

          
	 	Title: 

          	Senior Trust Officer 

          

    

    

    

    

    
      Signature Page to Series 2022-1 Supplement

      
        
          

      

      

    

    ANNEX A

    SERIES 2022-1

    SUPPLEMENTAL DEFINITIONS LIST

      

      

    “Acquisition Optional Prepayment”
        has the meaning set forth in Section 3.06(f)(ii) of the Series 2022-1 Supplement.

    “Acquisition Optional Prepayment Date”
        has the meaning set forth in Section 3.06(f)(ii) of the Series 2022-1 Supplement.

    “Administrative Agent” has the
        meaning set forth in the preamble to the Series 2022-1 Class A-1 Note Purchase Agreement.  For purposes of the Base Indenture, the Administrative Agent shall be deemed to be a “Class A-1 Administrative Agent”.

    “Administrative Agent Fees” has
        the meaning set forth in the Series 2022-1 Class A-1 VFN Fee Letter.

    “Advance Request” has the meaning
        set forth in Section 7.03(d) of the Series 2022-1 Class A-1 Note Purchase Agreement.

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

    “Application” means an application, in such
      form as the applicable L/C Issuing Bank may specify from time to time, requesting such L/C Issuing Bank to issue a Letter of Credit.

    “Assignment and Assumption Agreement” has
      the meaning set forth in Section 9.17(a) of the Series 2022-1 Class A-1 Note Purchase Agreement.

    “Base Rate” has the meaning set forth in
      Section 1.02 of the Series 2022-1 Class A-1 Note Purchase Agreement.

    “Base Rate Advance” has the
        meaning set forth in Section 1.02 of the Series 2022-1 Class A-1 Note Purchase Agreement.

    “Breakage Amount” has the meaning
        set forth in Section 3.06(c) of the Series 2022-1 Class A-1 Note Purchase Agreement.

    “Cede” has the meaning set forth in Section 4.02(a) of the Series 2022-1 Supplement.

    “Class A-1 Accrued Quarterly
          Commitment Fee Shortfall” means (a) for the first Weekly Allocation Date with respect to any Quarterly Collection Period, zero, and (b) for any other Weekly Allocation Date with respect to such Quarterly Collection Period the amount, if any,
        by which (i) the aggregate amount allocated to the Class A‐1 Notes Commitment Fees Account with respect to the Series 2022-1 Class A-1 Notes on each preceding Weekly Allocation Date with respect to such Quarterly Collection Period was less than
        (ii) the aggregate Class A-1 Notes Accrued Quarterly Commitment Fee Amounts for all such preceding Weekly Allocation Dates.

    “Class A-1 Amendment Expenses”
        means “Amendment Expenses” as defined in, and payable pursuant to, Section 9.05(a)(ii) of the Series 2022-1 Class A-1 Note Purchase Agreement.

    
      A-1

      
        

    

    “Class A-1 Daily Interest Amount”
        means, for any day during any Interest Accrual Period, the sum of the following amounts:

    (a) with respect to any Eurodollar Advance outstanding on such day, the
          result of (i) the product of (x) the Eurodollar Rate in effect for such Interest Accrual Period and (y) the principal amount of such Series 2022-1 Class A-1 Advance outstanding as of the close of business on such day divided by (ii) 360; plus

    (b) with respect to any Base Rate Advance outstanding on such day, the
          result of (i) the product of (x) the Base Rate in effect for such day and (y) the principal amount of such Series 2022-1 Class A-1 Advance outstanding as of the close of business on such day divided by (ii) 365 (or 366, as applicable); plus

    (c) with respect to any CP Advance outstanding on such day, the result of
          (i) the product of (x) the CP Rate in effect for such Interest Accrual Period and (y) the principal amount of such Series 2022-1 Class A-1 Advance outstanding as of the close of business on such day divided by (ii) 360; plus

    (d) with respect to any Swingline Loans or Unreimbursed L/C Drawings
          outstanding on such day, the result of (i) the product of (x) the Base Rate in effect for such day and (y) the principal amount of such Series 2022-1 Class A-1 Swingline Loans and Unreimbursed L/C Drawings outstanding as of the close of business
          on such day divided by (ii) 365 (or 366, as applicable); plus

    (e) with respect to any Undrawn L/C Face Amounts outstanding on such day, the L/C Quarterly Fees that accrue thereon for such day.

    “Class A-1 Estimated Quarterly
          Commitment Fee” means, with respect to any Interest Accrual Period, an amount equal to the sum of (a) the product of (i) the Estimated Daily Commitment Fees Amount for such Interest Accrual Period and (ii) the number of days in such
        Interest Accrual Period, and (b) the amount of any Series 2022-1 Class A-1 Quarterly Commitment Fees Shortfall Amount for the immediately preceding Interest Accrual Period together with additional interest thereon as set forth in Section
          3.04(a).

    “Class A-1 Estimated Quarterly
          Interest” means, with respect to each Interest Accrual Period, an amount equal to the sum of (a) the product of (i) the Estimated Class A-1 Daily Interest Amount for such Interest Accrual Period and (ii) the number of days in such
        Interest Accrual Period, and (b) the amount of any Class A-1 Quarterly Interest Shortfall Amount for the immediately preceding Interest Accrual Period, together with additional interest thereon as set forth in Section 3.04(a).

    “Class A-1 Extension Fees” means
        the fees payable pursuant to the Series 2022-1 Class A-1 VFN Fee Letter in connection with the extension of a Commitment Termination Date.

    “Class A-1 Final Interest
          Adjustment Amount” means, for any Interest Accrual Period, the result (whether a positive or negative number) of (a) the aggregate of the Class A-1 Daily Interest Amounts for each day in such Interest Accrual Period minus (b) the
        aggregate amount allocated pursuant to clauses (i) - (iii) of the defined term “Senior Notes Accrued Quarterly Interest Amount (Class A-1)” in respect of such Interest Accrual Period.  For purposes of the Base Indenture, the
        Class A-1 Final Interest Adjustment Amount for any Interest Accrual Period shall be deemed to be a “Class A‐1 Interest Adjustment Amount” for such Interest Accrual Period.

    
      A-2

      
        

    

    “Class A-1 Notes Accrued Quarterly
          Commitment Fee Amount” means, for each Weekly Allocation Date with respect to a Quarterly Collection Period and the Interest Accrual Period beginning during such Quarterly Collection Period (or to the extent necessary to cover any Commitment
        Fee Final Adjustment Amount with respect to the Interest Accrual Period ending in such Quarterly Collection Period, as provided for in clause (c) below) an amount equal to the sum of:

    
      
        (a) the sum of (A) the product of (1) the Weekly Allocation Percentage and (2) the Class A-1 Estimated Quarterly Commitment Fee for such Interest Accrual Period and (B) the Class A-1 Accrued Quarterly
          Commitment Fee Shortfall for such Weekly Allocation Date, until such Class A-1 Estimated Quarterly Commitment Fee, net of any allocated but unpaid negative Commitment Fee Final Adjustment Amount with respect to a prior Interest Accrual Period,
          shall have been allocated in full;

      

    

    
      
        (b) if such Weekly Allocation Date is on or prior to the second to last Weekly Allocation Date in such Quarterly
            Collection Period, the Commitment Fee Weekly Adjustment Amount, if positive, with respect to such Interest Accrual Period (without duplication of clause (a)); and

      

    

    
      
        (c) if such Weekly Allocation Date is the last Weekly Allocation Date in the Interest Accrual Period ending in such Quarterly Collection Period, the Commitment Fee Final Adjustment Amount, if positive,
          with respect to such Interest Accrual Period.

      

    

    For purposes of the Base Indenture, the Class A-1 Notes Accrued Quarterly Commitment Fee Amount shall be deemed to
      be the “Class A-1 Notes Accrued Quarterly Commitment Fee Amount”.

    “Class A-1 Order of Distribution” means the
      priorities of distribution set forth in in Section 4.02(a) and (b) of the Series 2022-1 Class A-1 Note Purchase Agreement.

    “Class A-1 Weekly Interest Adjustment Amount”
      means, with respect to any Interest Accrual Period, as of any date of determination prior to the ending of such Interest Accrual Period, the result (if positive) of (a) the expected aggregate of the Class A-1 Daily Interest Amounts for each day in
      such Interest Accrual Period as of such date of determination, as determined by the Manager in accordance with the Managing Standard minus (b) the aggregate amount allocated
      pursuant to clauses (i) - (iii) of the defined term “Senior Notes Accrued Quarterly Interest Amount
      (Class A-1)” in respect of such Interest Accrual Period.

    “Class A-2 Accrued Quarterly Scheduled Principal
          Amount” means, for each Weekly Allocation Date during any Quarterly Collection Period, an amount equal to the sum of (i) the product of (1) the applicable Weekly Allocation Percentage and (2) the Quarterly Scheduled Principal Amount
      for the Quarterly Payment Date in the next succeeding Quarterly Collection Period and (ii) the Class A-2 Accrued Quarterly Scheduled Principal Shortfall Amount for such Weekly
      Allocation Date, until such Quarterly Scheduled Principal Amount shall have been allocated (or prefunded with respect to the first Quarterly Collection Period) in full.  For purposes of the Base Indenture, the Class A-2 Accrued Quarterly Scheduled
      Principal Amount shall be deemed to be a “Senior Notes Accrued Quarterly Scheduled Principal Amount”.

    “Class A-2 Accrued Quarterly Scheduled Principal
          Shortfall Amount” means, (a) for the first Weekly Allocation Date with respect to any Quarterly Collection Period, zero, and (b) for any other Weekly Allocation Date with respect to such Quarterly Collection Period the amount, if any,
      by which (i) the amount allocated to the Senior Notes Principal Payment Account with respect to Class A-2 Accrued Quarterly Scheduled Principal Amounts on the immediately preceding Weekly Allocation Date with respect to such Quarterly Collection
      Period was less than (ii) the Class A-2 Accrued Quarterly Scheduled Principal Amount for such immediately preceding Weekly Allocation Date.

    
      A-3

      
        

    

    “Class A-2 Quarterly Interest” means, with
      respect to any Interest Accrual Period, an amount equal to the sum of (i) the accrued interest at the Series 2022-1 Class A-2 Note Rate on the Series 2022-1 Class A-2 Outstanding Principal Amount (excluding, for the avoidance of doubt, Senior Notes
      Accrued Quarterly Post-ARD Contingent Interest Amount), calculated based on a 360-day year of twelve 30-day months and (ii) the amount of any Class A-2 Quarterly Interest Shortfall Amount  for the immediately preceding Interest Accrual Period
      together with additional interest thereon as set forth in Section 3.05(a).

    “Commitments” has the meaning set
        forth in Section 1.02 of the Series 2022-1 Class A-1 Note Purchase Agreement.

    “Commitment Fee Final Adjustment
          Amount” means, for any Interest Accrual Period, the result (whether a positive or negative number) of (a) the aggregate of the Daily Commitment Fees Amounts for each day in such Interest Accrual Period minus (b) the aggregate amount
        allocated pursuant to clauses (a) - (c) of the defined term “Class A-1 Notes Accrued Quarterly Commitment Fee Amount” in respect of such Interest Accrual Period.  For purposes of the Base Indenture, the Commitment Fee Final
        Adjustment Amount shall be deemed to be the “Class A-1 Commitment Fee Adjustment Amount”.

    “Commitment Fee Weekly Adjustment
          Amount” means, with respect to any Interest Accrual Period, as of any date of determination prior to the ending of such Interest Accrual Period, the result (if positive) of (a) the expected aggregate of the Daily Commitment Fees Amounts for
        each day in such Interest Accrual Period as of such date of determination, as determined by the Manager in accordance with the Managing Standard minus (b) the aggregate amount allocated pursuant to clauses (a) - (c) of the
        defined term “Class A-1 Notes Accrued Quarterly Commitment Fee Amount” in respect of such Interest Accrual Period.

    “Commitment Termination Date” has
        the meaning set forth in Section 1.02 of the Series 2022-1 Class A-1 Note Purchase Agreement.

    “Committed Note Purchaser” has the meaning
      set forth in the preamble to the Series 2022-1 Class A-1 Note Purchase Agreement.

    “Confirmation of Registration” means, with
      respect to an Uncertificated Note, a confirmation of registration, substantially in the form of Exhibit E attached hereto, provided to the owner thereof promptly after the
      registration of the Uncertificated Note in the Note Register by the Note Registrar.

    “Conduit Investors” has the meaning set
      forth in the preamble to the Series 2022-1 Class A-1 Note Purchase Agreement.

    “CP Advance” has the meaning set forth in
      Section 1.02 of the Series 2022-1 Class A-1 Note Purchase Agreement.

    “CP Rate” has the meaning set
        forth in Section 1.02 of the Series 2022-1 Class A-1 Note Purchase Agreement.

    “Daily Commitment Fees Amount”
        means, for any day during any Interest Accrual Period, the Undrawn Commitment Fees that accrue for such day.

    
      A-4

      
        

    

    “Daily Post-Renewal Date Contingent
          Interest Amount” means, for any day during any Interest Accrual Period commencing on or after the Series 2022-1 Class A-1 Notes Renewal Date, the sum of (a) the result of (i) the product of (x) the Series 2022-1 Class A-1 Post-Renewal Date
        Contingent Interest Rate and (y) the Series 2022-1 Class A-1 Outstanding Principal Amount (excluding any Base Rate Advances and Undrawn L/C Face Amounts included therein) as of the close of business on such day divided by (ii) 360 and (b) the
        result of (i) the product of (x) the Series 2022-1 Class A-1 Post-Renewal Date Contingent Interest Rate and (y) any Base Rate Advances included in the Series 2022-1 Class A-1 Outstanding Principal Amount as of the close of business on such day
        divided by (ii) 365 or 366, as applicable.

    “Decrease” means a Mandatory Decrease or a
      Voluntary Decrease, as applicable.

    “Definitive Notes” has the meaning set
      forth in Section 4.02(c) of the Series 2022-1 Supplement.

    “Depository” means the depository or the
      custodian specified herein to whom the Notes of a Class of a Series, upon original issuance, may be issued and delivered.

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

    “Electronic Transmission” has the meaning
      set forth in Section 15.11(a) of the Series 2022-1 Supplement.

    “ERISA” means the United States Employee
      Retirement Income Security Act of 1974, as amended.

    “ERISA Plan” means an employee benefit plan
      (as defined in Section 3(3) of ERISA) which are subject to Title I of ERISA, including entities such as collective investment funds and separate accounts whose underlying assets are deemed to include the assets of such plans.

    “Estimated Class A-1 Daily Interest
          Amount” means (a) for the first Interest Accrual Period, the Class A-1 Daily Interest Amount as of the Series 2022-1 Closing Date and (b) for any
          other Interest Accrual Period, the Class A-1 Daily Interest Amount for the first day of the Quarterly Collection Period during which such Interest Accrual Period commenced.

    “Estimated Daily Commitment Fees
          Amount” means (a) for the first Interest Accrual Period, the Daily Commitment Fees Amount as of the Series 2022-1 Closing Date and (b) for any
          other Interest Accrual Period, the Daily Commitment Fees Amount for the first day of the Quarterly Collection Period during which such Interest Accrual Period commenced.

    “Eurodollar Advance” has the
        meaning set forth in Section 1.02 of the Series 2022-1 Class A-1 Note Purchase Agreement.

    “Eurodollar Rate” has the meaning
        set forth in Section 1.02 of the Series 2022-1 Class A-1 Note Purchase Agreement.

    “Fitch” means Fitch, Inc., doing business as
      Fitch Ratings, or any successor or successors thereto.

    “Funding Agent” has the meaning set forth
      in the preamble to the Series 2022-1 Class A‐1 Note Purchase Agreement.

    “Increase” has the meaning set
        forth in Section 2.01(a) of the Series 2022-1 Supplement.

    
      A-5

      
        

    

    “Initial Purchasers” means,
        collectively, Guggenheim Securities, LLC, BofA Securities, Inc. and Rabo Securities USA, Inc.

    “Investor” has the meaning set
        forth in Section 1.02 of the Series 2022-1 Class A‐1 Note Purchase Agreement.

    “Investor Group Supplement” has the
          meaning set forth in Section 9.17(c) of the Series 2022-1 Class A-1 Note Purchase Agreement.

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

    “L/C Commitment” has the meaning
        set forth in Section 1.02 of the Series 2022-1 Class A-1 Note Purchase Agreement.

    “L/C Issuing Bank” has the
        meaning set forth in Section 2.07(g) of the Series 2022-1 Class A-1 Note Purchase Agreement.

    “L/C Quarterly Fees” has the
        meaning set forth in Section 2.07(d) of the Series 2022-1 Class A-1 Note Purchase Agreement.

    “L/C Obligations” has the
        meaning set forth in Section 1.02 of the Series 2022-1 Class A-1 Note Purchase Agreement.

    “L/C Provider” has the meaning
        set forth in Section 1.02 of the Series 2022-1 Class A-1 Note Purchase Agreement.

    “Letter of Credit” has the
        meaning set forth in Section 2.07(a) of the Series 2022-1 Class A-1 Note Purchase Agreement.

    “Make-Whole End Date” has the meaning set
      forth in Section 3.06(e) of the Series 2022-1 Supplement.

    “Mandatory Decrease” has the meaning set
      forth in the Series 2022-1 Class A-1 Note Purchase Agreement.

    “Offering Memorandum” means the offering
      memorandum for the offering of the Series 2022-1 Class A-2 Notes, dated February 2, 2022, prepared by the Master Issuer.

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

    “Permanent Regulation S Global Notes” has
      the meaning set forth in Section 4.02(b) of the Series 2022-1 Supplement.

    “Plan” means either an ERISA Plan or plans
      that are not subject to ERISA, but which are subject to Section 4975 of the Code, such as individual retirement accounts.

    “Plan Fiduciary” has the meaning set forth
      in Section 4.05(l) of the Series 2022-1 Supplement.

    “Prepayment Notice” has the meaning set
      forth in Section 3.06(g) of the Series 2022-1 Supplement.

    “Prepayment Record Date” means, with
      respect to the date of any Series 2022-1 Prepayment, the last day of the calendar month immediately preceding the date of such Series 2022-1 Prepayment unless such last day is less than ten (10) Business Days prior to the date of such Series 2022-1
      Prepayment, in which case the “Prepayment Record Date” will be the last day of the second calendar month immediately preceding the date of such Series 2022-1 Prepayment.

    
      A-6

      
        

    

    “Quarterly Scheduled Principal Amount”
      means, with respect to any Quarterly Payment Date, (i) with respect to the Series 2022-1 Class A-2-I Notes, $2,750,000 and (ii) with respect to the Series 2022-1 Class A-2-II Notes, $2,750,000; provided that amounts paid to the Series 2022-1 Class A-2 Noteholders in respect of the Series 2022-1 Class A-2 Outstanding Principal Amount (x) in respect of amounts allocated pursuant to priority (i)(D) of the Priority of Payments shall reduce the respective Quarterly Scheduled Principal Amounts ratably and (y) as optional prepayments pursuant to Section 3.06(f) shall reduce all remaining Quarterly Scheduled Principal Amounts with respect to the applicable Tranche ratably.  Series 2022-1 Class A-2 Notes that are cancelled
      pursuant to Section 2.14 of the Base Indenture shall reduce the applicable Quarterly Scheduled Principal Amounts prior to the applicable Series 2022-1 Anticipated Repayment Date ratably based on the Outstanding Principal Amount of such Series 2022-1
      Class A-2 Notes.  For purposes of the Base Indenture, Quarterly Scheduled Principal Amounts shall be deemed to be “Scheduled Principal Payments”.

    “Quarterly Scheduled Principal Deficiency Amount”
      means, as of any date of determination, the amount, if any, of due and unpaid Quarterly Scheduled Principal Amount with respect to each Quarterly Payment Date prior to such date of determination.  For purposes of the Base Indenture, the Quarterly
      Scheduled Principal Deficiency Amount shall be deemed to be a “Senior Notes Quarterly Scheduled Principal Deficiency Amount”.

    “QIB” means a “Qualified Institutional
      Buyer” as defined in Rule 144A.

    “Rabobank” means Coöperatieve Rabobank
      U.A., New York Branch.

    “Rating Agency” means S&P, KBRA and any
      respective successor or successors thereto.  Solely with respect to the Series 2022-1 Class A-2 Notes, in the event that at any time the rating agency rating the Series 2022-1 Class A-2 Notes does not include S&P and/or KBRA, references to rating
      categories of S&P and/or KBRA in this Series Supplement shall be deemed instead to be references to the equivalent categories of such other rating agency as then is rating the Notes as of the most recent S&P and/or KBRA date on which such
      other rating agency and S&P and/or KBRA published ratings for the type of security in respect of which such alternative rating agency is used.

    “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.

    “Required Balance” means, with respect to
      any Weekly Collection Period, the product of (1) the percentage set forth in the table below for each Weekly Collection Period for the specific length of the Fiscal Quarter and (2) with respect to (a) the Senior Notes Interest Payment Account, the
      sum, for each Interest Accrual Period, of (x) the Class A-1 Quarterly Commitment Fee Amounts and (y) the Senior Notes Quarterly Interest Amount, (b) the Senior Subordinated Notes
      Interest Payment Account, the Senior Subordinated Notes Accrued Quarterly Interest Amount, (c) the Subordinated Notes Interest Payment Account, the Subordinated Notes Accrued Quarterly Interest Amount, (d) the Senior Notes Principal Payment Account,
      the Senior Notes Quarterly Scheduled Principal Amounts, (e) the Senior Subordinated Notes Principal Payment Account, the Senior Subordinated Notes Accrued Quarterly Scheduled Principal Amounts, (f) the Subordinated Notes Principal Payment Account,
      the Subordinated Notes Accrued Quarterly Scheduled Principal Amounts and (g) the Senior Notes Post-ARD Contingent Interest Account, the Senior Notes Accrued Quarterly Post-ARD Contingent Interest Amount.

    
      A-7

      
        

    

    
    	 	
            Length of Fiscal Quarter

          
	
            Week

          	
            12-week quarter

          	
            13-week quarter

          	
            16-week quarter

          
	
            1

          	
            –

          	
            –

          	
            –

          
	
            2

          	
            –

          	
            –

          	
            –

          
	
            3

          	
            –

          	
            –

          	
            –

          
	
            4

          	
            45%

          	
            45%

          	
            –

          
	
            5

          	
            45%

          	
            45%

          	
            –

          
	
            6

          	
            45%

          	
            45%

          	
            45%

          
	
            7

          	
            80%

          	
            80%

          	
            45%

          
	
            8

          	
            80%

          	
            80%

          	
            45%

          
	
            9

          	
            100%

          	
            100%

          	
            45%

          
	
            10

          	
            100%

          	
            100%

          	
            80%

          
	
            11

          	
            100%

          	
            100%

          	
            80%

          
	
            12

          	
            100%

          	
            100%

          	
            80%

          
	
            13

          	
            N/A

          	
            100%

          	
            100%

          
	
            14

          	
            N/A

          	
            N/A

          	
            100%

          
	
            15

          	
            N/A

          	
            N/A

          	
            100%

          
	
            16

          	
            N/A

          	
            N/A

          	
            100%

          

    

    

    “Restricted Period” means, with respect to
      any Series 2022-1 Class A-2 Notes sold pursuant to Regulation S, the period commencing on the Series 2022-1 Closing Date and ending on the 40th day after the Series 2022-1 Closing Date.

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

    “Rule 144A Global Notes” has the meaning
      set forth in Section 4.02(a) of the Series 2022-1 Supplement.

    “S&P” means S&P Global Ratings (and
      any successor or successors thereto).

    “Senior Notes Accrued Quarterly
          Interest Amount” means, for each Weekly Allocation Date with respect to a Quarterly Collection Period and the Interest Accrual Period
          beginning during such Quarterly Collection Period (or to the extent necessary to cover any Class A-1 Final Interest Adjustment Amount with respect to the Interest Accrual Period ending in such Quarterly Collection Period, as provided for in clause

            (iii) of “Senior Notes Accrued Quarterly Interest Amount (Class A-1)”), an amount equal to the sum of Senior Notes Accrued Quarterly Interest Amount (Class A-1) and Senior Notes Accrued Quarterly Interest Amount (Class A-2) for such Weekly
          Allocation Date.  For purposes of the Base Indenture, the Senior Notes Accrued Quarterly Interest Amount shall be deemed to be a “Senior Notes Accrued Quarterly Interest Amount”.

    “Senior Notes Accrued Quarterly Interest
            Amount (Class A-1)” means, for each Weekly Allocation Date with respect to a Quarterly Collection Period and the Interest Accrual Period beginning during such
          Quarterly Collection Period (or to the extent necessary to cover any Class A-1 Final Interest Adjustment Amount with respect to the Interest Accrual Period ending in such Quarterly Collection Period, as provided for in clause (iii)
          below), an amount equal to the sum of:

    (i) the sum of (A) the product of (1) the applicable Weekly Allocation Percentage and (2) the Class A-1 Estimated Quarterly Interest
        for such Interest Accrual Period and (B) the Senior Notes Accrued Quarterly Interest Shortfall (Class A-1) for such Weekly Allocation Date, until such Class A-1 Estimated Quarterly Interest, net of any allocated but unpaid negative Class A-1 Final
        Interest Adjustment Amount with respect to a prior Interest Accrual Period, shall have been allocated in full;

    
      A-8

      
        

    

    (ii) if such Weekly Allocation Date is on or prior to the second to last
          Weekly Allocation Date in such Quarterly Collection Period, the Class A-1 Weekly Interest Adjustment Amount, if positive, with respect to such Interest Accrual Period (without duplication of clause (i)); and

    (iii) if such Weekly Allocation Date is the last Weekly Allocation Date in the Interest Accrual Period ending in such Quarterly
        Collection Period, the Class A-1 Final Interest Adjustment Amount, if positive, with respect to such Interest Accrual Period.

    “Senior Notes Accrued Quarterly
          Interest Amount (Class A-2)” means, for each Weekly Allocation Date with respect to a Quarterly Collection Period and the Interest
          Accrual Period beginning during such Quarterly Collection Period, an amount equal to the sum of: (i) the product of (1) the Weekly Allocation Percentage and (2) the expected Class A-2 Quarterly Interest for such Interest Accrual Period and
          (ii) the Senior Notes Accrued Quarterly Interest Shortfall (Class A-2) for such Weekly Allocation Date, until such expected Class A-2 Quarterly Interest shall have been allocated in full.

    “Senior Notes Accrued Quarterly Interest Shortfall
          (Class A-1)” means (a) for the first Weekly Allocation Date with respect to any Quarterly Collection Period, zero, and (b) for any other Weekly Allocation Date with respect to
        such Quarterly Collection Period the amount, if any, by which (i) the aggregate amount allocated to the Senior Notes Interest Payment Account with respect to Senior Notes Accrued Quarterly Interest Amount (Class A-1) on each preceding Weekly
        Allocation Date with respect to such Quarterly Collection Period was less than (ii) the aggregate Senior Notes Accrued Quarterly Interest Amount (Class A-1) for all such preceding Weekly Allocation Dates.

    “Senior Notes Accrued Quarterly Interest Shortfall
          (Class A-2)” means (a) for the first Weekly Allocation Date with respect to any Quarterly Collection Period, zero, and (b) for any other Weekly Allocation Date with respect to such Quarterly Collection Period the amount, if any, by
      which (i) the aggregate amount allocated to the Senior Notes Interest Payment Account with respect to the Senior Notes Accrued Quarterly Interest Amount (Class A-2) on each preceding
      Weekly Allocation Date with respect to such Quarterly Collection Period was less than (ii) the aggregate Senior Notes Accrued Quarterly Interest Amount (Class A-2) for all such preceding Weekly Allocation Dates.

    “Senior Notes Accrued Quarterly Post-ARD Contingent
          Interest Amount” means, for each Weekly Allocation Date with respect to a Quarterly Collection Period, an amount equal to the sum of (i) the product of (1) the applicable Weekly Allocation Percentage and (2) the aggregate of each
      interest amount designated hereunder as a “Senior Notes Quarterly Post-ARD Contingent Interest Amount” for purposes of the Base Indenture (collectively, the “Designated SNQPCIA”)
      due on the Quarterly Payment Date in the next succeeding Quarterly Collection Period and (ii) the Senior Notes Accrued Quarterly Post-ARD Contingent Interest Shortfall for such Weekly
      Allocation Date, until such Designated SNQPCIA shall have been allocated in full.  For purposes of the Base Indenture, the Senior Notes Accrued Quarterly Post-ARD Contingent Interest Amount
        shall be deemed to be a “Senior Notes Accrued Quarterly Post-ARD Contingent Interest Amount”.

    “Senior Notes Accrued Quarterly Post-ARD Contingent
          Interest Shortfall” means (a) for the first Weekly Allocation Date with respect to any Quarterly Collection Period, zero, and (b) for any other Weekly Allocation Date with respect to such Quarterly Collection Period the amount, if any,
      by which (i) the aggregate amount allocated to the Senior Notes Post-ARD Contingent Interest Account with respect to the Series 2022-1 Notes on each preceding Weekly Allocation Date with respect to such Quarterly Collection Period was less than
      (ii) the Senior Notes Accrued Quarterly Post-ARD Contingent Interest Amount for all such preceding Weekly Allocation Dates.

    
      A-9

      
        

    

    “Series 2022-1 Anticipated Repayment Date”
      has the meaning set forth in Section 3.06(b) of the Series 2022-1 Supplement.  For purposes of the Base Indenture, the Series 2022-1 Anticipated Repayment Date shall be deemed
      to be a “Series Anticipated Repayment Date”.

    “Series 2022-1 Class A-1
          Administrative Expenses” means, for any Weekly Allocation Date, the aggregate amount of any Administrative Agent Fees and Class A-1 Amendment Expenses then due and payable and not previously paid and, if the following Quarterly Payment Date
        is a Series 2022-1 Class A-1 Notes Renewal Date, the amount of any Class A-1 Extension Fees due and payable on such Quarterly Payment Date.  For purposes of the Base Indenture, the Series 2022-1 Class A-1 Administrative Expenses shall be deemed to
        be “Class A-1 Notes Administrative Expenses”.

    “Series 2022-1 Class A-1 Advance”
        has the meaning set forth in the recitals to the Series 2022-1 Class A-1 Note Purchase Agreement.

    “Series 2022-1 Class A-1 Advance Notes” has
      the meaning set forth in “Designation” in the Series 2022-1 Supplement.

    “Series 2022-1 Class A-1 Advance Request”
      has the meaning set forth under “Advance Request” in this Annex A.

    “Series 2022-1 Class A-1 Breakage Amount”
      has the meaning set forth under the “Breakage Amount” in this Annex A.

    “Series 2022-1 Class A-1 Commitments” has
      the meaning set forth under “Commitments” in this Annex A.

    “Series 2022-1 Class A-1 Commitment Term”
      has the meaning set forth in under “Commitment Term” in Section 1.02 of the Series 2022-1 Class A-1 Note Purchase Agreement.

    “Series 2022-1 Class A-1 Distribution Account”
      means account no. 13145100 entitled “Citibank, N.A. f/b/o Jack in the Box Funding, LLC, Series 2022-1 – Series 2022-1 Distribution Account” maintained by the Trustee pursuant to Section 3.07(a)
      of the Series 2022-1 Supplement or any successor securities account maintained pursuant to Section 3.07(a) of the Series 2022-1 Supplement.

    “Series 2022-1 Class A-1 Distribution Account
          Collateral” has the meaning set forth in Section 3.07(b) of the Series 2022-1 Supplement.

    “Series 2022-1 Class A-1 Excess Principal Event”
      shall be deemed to have occurred if, on any date, the Series 2022-1 Class A-1 Outstanding Principal Amount exceeds the Series 2022-1 Class A-1 Notes Maximum Principal Amount.

    “Series 2022-1 Class A-1 Initial Advance”
      has the meaning set forth in Section 2.01(a) of the Series 2022-1 Supplement.

    “Series 2022-1 Class A-1 Initial Advance Principal
          Amount” means the aggregate initial outstanding principal amount of the Series 2022-1 Class A-1 Advance Notes corresponding to the aggregate amount of the Series 2022-1 Class A-1 Initial Advances made on the Series 2022-1 Closing Date pursuant to Section 2.01(a) of the Series 2022-1 Supplement, which is $0.

    “Series 2022-1 Class A-1 Initial Aggregate Undrawn L/C
          Face Amount” means the aggregate initial outstanding principal amount of the Series 2022-1 Class A-1 L/C Note of the L/C Provider corresponding to the aggregate Undrawn L/C Face Amounts of the Letters of Credit issued on the Series
      2022-1 Closing Date pursuant to Section 2.07 of the Series 2022-1 Class A-1 Note Purchase Agreement, which is $41,991,151.25.

    
      A-10

      
        

    

    “Series 2022-1 Class A-1 Initial
          Swingline Principal Amount” means the aggregate initial outstanding principal amount of the Series 2022-1 Class A-1 Swingline Notes corresponding to the aggregate amount of the Swingline Loans made on the Series 2022-1 Closing Date pursuant to Section 2.06 of the Series 2022-1 Class A-1 Note Purchase Agreement, which is $0.

    “Series 2022-1 Class A-1 Investor” has the
      meaning set forth under “Investor” in this Annex A.

    “Series 2022-1 Class A-1 L/C Notes” has the
      meaning set forth in “Designation” in the Series 2022-1 Supplement.

    “Series 2022-1 Class A-1 L/C Obligations”
      has the meaning set forth under “L/C Obligations” in this Annex A.

     “Series 2022-1 Class A-1 Legal Final Maturity Date” is the Quarterly Payment Date occurring in February 2052.

    “Series 2022-1 Class A-1 Note Purchase Agreement”
      means the Class A-1 Note Purchase Agreement, dated as of February 11, 2022, by and among the Master Issuer, the Guarantors, the Manager, the Series 2022-1 Class A-1 Investors, the Series 2022-1 Class A-1 Noteholders and Coöperatieve Rabobank U.A.,
      New York Branch, as administrative agent thereunder, pursuant to which the Series 2022-1 Class A-1 Noteholders have agreed to purchase the Series 2022-1 Class A-1 Notes from the Master Issuer, subject to the terms and conditions set forth therein, as
      amended, supplemented or otherwise modified from time to time.  For purposes of the Base Indenture, the Series 2022-1 Class A-1 Note Purchase Agreement shall be deemed to be a “Variable Funding Note Purchase Agreement”.

    “Series 2022-1 Class A-1 Note Rate”
        means, for any day, (a) with respect to any portion of the Series 2022-1 Class A-1 Outstanding Principal Amount as of such day, the CP Rate, the Eurodollar Rate or the Base Rate, as applicable thereto pursuant to the Series 2022-1 Class A-1 Note
        Purchase Agreement for such day, and (b) with respect to any other amounts that any Related Document provides is to bear interest by reference to the Series 2022-1 Class A-1 Note Rate, the Base Rate in effect for such day.

    “Series 2022-1 Class A-1 Noteholder” means
      the Person in whose name a Series 2022-1 Class A-1 Note is registered in the Note Register.

    “Series 2022-1 Class A-1 Notes” has the
      meaning set forth in “Designation” in the Series 2022-1 Supplement.

    “Series 2022-1 Class A-1 Notes Amortization Event”
      means that the Outstanding Principal Amount of the Series 2022-1 Class A-1 Notes is not paid in full or otherwise refinanced in full (which refinancing may also include an extension thereof)
        on or prior to the Series 2022-1 Class A-1 Notes Renewal Date.  For purposes of the Base Indenture, a Series 2022-1 Class A-1 Notes Amortization Event shall be deemed to be a “Class A-1 Notes Amortization Event”.

    “Series 2022-1 Class A-1 Notes
          Amortization Period” means the period commencing on the date on which a Series 2022-1 Class A-1 Notes Amortization Event occurs and ending on the date on which there are no Series 2022-1 Class A-1 Notes Outstanding.  For purposes of the Base
        Indenture, a Series 2022-1 Class A-1 Notes Amortization Period shall be deemed to be a “Class A-1 Notes Amortization Period”.

    
      A-11

      
        

    

    “Series 2022-1 Class A-1 Notes Maximum Principal
          Amount” means $150,000,000, as such amount may be reduced pursuant to Section 2.05 of the Series 2022-1 Class A-1 Note Purchase Agreement.

    “Series 2022-1 Class A-1 Notes
          Renewal Date” means (i) the Quarterly Payment Date in February 2027, (ii) if the date in clause (i) is extended at such time to the Quarterly Payment Date in February 2028, the Quarterly Payment Date in February 2028, and (iii) if the
        date in clause (ii) is extended at such time to the Quarterly Payment Date in February 2029, the Quarterly Payment Date in February 2029, in each case pursuant to Section 3.06(b) of this Series Supplement.  For purposes of the Base
        Indenture, the Series 2022-1 Class A-1 Notes Renewal Date shall be deemed to be a “Class A-1 Notes Renewal Date”.

    “Series 2022-1 Class A-1 Outstanding
          Principal Amount” means, when used with respect to any date, an amount equal to (a) the Series 2022-1 Class A-1 Initial Advance Principal Amount, if any, minus (b) the amount of principal payments (whether pursuant to a Decrease, a
        prepayment, a redemption or otherwise) made on the Series 2022-1 Class A-1 Advance Notes on or prior to such date plus (c) any Increases in the Series 2022-1 Class A-1 Outstanding Principal Amount pursuant to Section 2.01 of the
        Series 2022-1 Supplement resulting from Series 2022-1 Class A-1 Advances made on or prior to such date and after the Series 2022-1 Closing Date plus
          (d) any Series 2022-1 Class A-1 Outstanding Subfacility Amount on such date; provided that at no time may the Series 2022-1 Class A-1 Outstanding Principal Amount exceed the Series 2022-1 Class A-1 Notes Maximum Principal Amount.  For
          purposes of the Base Indenture, the Series 2022-1 Class A-1 Outstanding Principal Amount shall be deemed to be an “Outstanding Principal Amount”.

    “Series 2022-1 Class A-1 Outstanding Subfacility
          Amount” means, when used with respect to any date, the aggregate principal amount of any Series 2022-1 Class A-1 Swingline Notes and Series 2022-1 Class A-1 L/C Notes outstanding on such date (after giving effect to Subfacility
      Increases or Subfacility Decreases therein to occur on such date pursuant to the terms of the Series 2022-1 Class A-1 Note Purchase Agreement or the Series 2022-1 Supplement).

    “Series 2022-1 Class A-1 Post-Renewal
          Date Contingent Interest Amount” means, for any Interest Accrual Period commencing on or after the Series 2022-1 Class A-1 Notes Renewal Date, an amount equal to the sum of the aggregate of the Daily Post-Renewal Date Contingent Interest
        Amounts for each day in such Interest Accrual Period.  For purposes of the Base Indenture, the Series 2022-1 Class A-1 Post-Renewal Date Contingent Interest Amount shall be deemed to be a “Senior Notes Quarterly Post-ARD Contingent Interest
        Amount”.

    “Series 2022-1 Class A-1 Post-Renewal
          Date Contingent Interest Rate” has the meaning set forth in Section 3.04(c) of the Series 2022-1 Supplement.

    “Series 2022-1 Class A-1 Subfacility Noteholder”
      means the Person in whose name a Series 2022-1 Class A-1 Swingline Note or Series 2022-1 Class A-1 L/C Note is registered in the Note Register.

    “Series 2022-1 Class A-1 Swingline
          Loan” has the meaning set forth under “Swingline Loan” in this Annex A.

    “Series 2022-1 Class A-1 Swingline
          Notes” has the meaning set forth in “Designation” of the Series 2022-1 Supplement.

    “Series 2022-1 Class A-1 VFN Fee
          Letter” means the Fee Letter, dated as of the Series 2022-1 Closing Date, by and among the Master Issuer, the Guarantors, the Manager, the
          Conduit Investors, the Committed Note Purchasers, the Funding Agents, the L/C Provider, the Swingline Lender, and the Administrative Agent, as the same may be amended, supplemented or otherwise modified from time to time pursuant to the terms
          thereof.

    
      A-12

      
        

    

    “Series 2022-1 Class A-2 Distribution Account”
      means account no. 131452000 entitled “Citibank, N.A. f/b/o Jack in the Box Funding, LLC, Series 2022-1 – Series 2022-1 Distribution Account” maintained by the Trustee pursuant to Section 3.08(a)
      of the Series 2022-1 Supplement or any successor securities account maintained pursuant to Section 3.08(a) of the Series 2022-1 Supplement.

    “Series 2022-1 Class A-2 Distribution Account
          Collateral” has the meaning set forth in Section 3.08(b) of the Series 2022-1 Supplement.

    “Series 2022-1 Class A-2 Initial Principal Amount”
      means the aggregate initial outstanding principal amount of the Series 2022-1 Class A-2 Notes, which is $1,100,000,000.

    “Series 2022-1 Class A-2 Legal Final Maturity Date”
      means the Quarterly Payment Date occurring in February 2052.

    “Series 2022-1 Class A-2 Make-Whole Premium
          Calculation Date” has the meaning set forth in Section 3.06(g) of the Series 2022-1 Supplement.

    “Series 2022-1 Class A-2 Make-Whole Prepayment Premium”
      means, with respect to a Series 2022-1 Class A-2 Prepayment, an amount (not less than zero) calculated by the Manager on behalf of the Master Issuer equal to (A) if such Series 2022-1 Class A-2 Prepayment occurs prior to the relevant Make-Whole End
      Date with respect to the applicable Tranche (i) the discounted present value as of the relevant Series 2022-1 Class A-2 Make-Whole Premium Calculation Date of all future installments of interest (excluding any interest required to be paid on the
      applicable Series 2022-1 Prepayment Date) on and principal of such Tranche (or portion thereof) being prepaid that the Master Issuer would otherwise be required to pay on such Tranche (or such portion thereof to be prepaid) from the applicable Series
      2022-1 Prepayment Date to and including the Make-Whole End Date with respect to such Tranche, assuming that (x) principal payments of Quarterly Scheduled Principal Amounts are made pursuant to the then-applicable schedule of payments (giving effect
      to any ratable reductions in the Quarterly Scheduled Principal Amounts due to optional and mandatory prepayments, including prepayments in connection with a Rapid Amortization Event and cancellations of repurchased Notes prior to the date of such
      repayment), (y) Quarterly Scheduled Principal Amounts (or ratable amounts thereof based on the principal of such Tranche (or portion thereof) being prepaid) are to be made with respect to such Tranche (or portion thereof to be prepaid) on each
      Quarterly Payment Date prior to such Make-Whole End Date and (z) the entire remaining unpaid principal amount of such Tranche (or portion thereof) is paid on such Make-Whole End Date minus
      (ii) the Outstanding Principal Amount of such Tranche (or portion thereof) being prepaid or (B) if such Series 2022-1 Class A-2 Prepayment occurs on or after the Make-Whole End Date with respect to the applicable Tranche, zero.  For the purposes of
      the calculation of the discounted present value in clause (A)(i) above, such present value shall be determined by the Manager, on behalf of the Master Issuer, using a discount
      rate equal to the sum of:  (x) the yield to maturity (adjusted to a quarterly bond-equivalent basis), on the Series 2022-1 Class A-2 Make-Whole Premium Calculation Date, of the United States Treasury Security having a maturity closest to the relevant
      Make-Whole End Date plus (y) 0.50%.  For purposes of the Base Indenture, Series 2022-1 Class A-2 Make-Whole Prepayment Premium shall be deemed to be “unpaid premiums and
      make-whole prepayment premiums” for purposes of the Priority of Payments.

    “Series 2022-1 Class A-2 Note Purchase Agreement”
      means the Purchase Agreement, dated as of February 2, 2022, by and among Guggenheim Securities, LLC, on behalf of itself and as representative of the Initial Purchasers, the Master Issuer, the Guarantors and the Manager, as amended, supplemented or
      otherwise modified from time to time.

    
      A-13

      
        

    

    “Series 2022-1 Class A-2 Note Rate” means
      (i) with respect to the Series 2022-1 Class A-2-I Notes, the Series 2022-1 Class A-2-I Note Rate and (ii) with respect to the Series 2022-1 Class A-2-II Notes, the Series 2022-1 Class A-2-II Note Rate.

    “Series 2022-1 Class A-2 Noteholder” means
      the Person in whose name a Series 2022-1 Class A-2 Note is registered in the Note Register.

    “Series 2022-1 Class A-2-I Note Rate” means
      3.445% per annum.

    “Series 2022-1 Class A-2-II Note Rate”
      means 4.136% per annum.

    “Series 2022-1 Class A-2 Notes” has the
      meaning set forth in “Designation” of the Series 2022-1 Supplement.

    “Series 2022-1 Class A-2 Outstanding Principal Amount”
      means, when used with respect to any date, an amount equal to (a) the Series 2022-1 Class A-2 Initial Principal Amount, minus (b) the aggregate amount of principal payments
      (whether a Quarterly Scheduled Principal Amount, a prepayment, a purchase and cancellation, a redemption or otherwise) made to Series 2022-1 Class A-2 Noteholders with respect to Series 2022-1 Class A-2 Notes on or prior to such date.  For purposes
      of the Base Indenture, the Series 2022-1 Class A-2 Outstanding Principal Amount shall be deemed to be an “Outstanding Principal Amount”.

    “Series 2022-1 Class A-2 Prepayment” has
      the meaning set forth in Section 3.06(e) of the Series 2022-1 Supplement.

    “Series 2022-1 Class A-2 Prepayment Date”
      means the date on which any prepayment on the Series 2022-1 Class A-2 Notes is made pursuant to Section 3.06(d), Section

          3.06(f) or Section 3.06(j) of this Series Supplement, which shall be, with respect to any Series 2022-1 Class A-2 Prepayment pursuant to Section 3.6(f) of this Series Supplement, the date specified as such in the applicable Prepayment Notice and, with respect to any Series 2022-1 Class A-2 Prepayment in connection
      with a Rapid Amortization Period or Asset Disposition Proceeds, the immediately succeeding Quarterly Payment Date.

     “Series 2022-1 Class A-2 Quarterly
          Post-ARD Contingent Interest” has the meaning set forth in Section 3.05(b)(i).  For purposes of the Base Indenture, the Series 2022-1 Class A-2 Quarterly Post-ARD
      Contingent Interest shall be deemed to be a “Senior Notes Quarterly Post-ARD Contingent Interest Amount”.

    “Series 2022-1 Closing Date” means February
      11, 2022.  For purposes of the Base Indenture, the Series 2022-1 Closing Date shall be deemed the “Series Closing Date” with respect to the Series 2022-1 Notes.

    “Series 2022-1 Distribution Accounts”
      means, collectively, the Series 2022-1 Class A-1 Distribution Account and the Series 2022-1 Class A-2 Distribution Account.  For purposes of the Base Indenture, the Series 2022-1 Distribution Accounts shall be deemed to be “Series Distribution
      Accounts”.

    “Series 2022-1 Extension Elections” means,
      collectively, the Series 2022-1 First Extension Election and the Series 2022-1 Second Extension Election.

    
      A-14

      
        

    

    “Series 2022-1 Final Payment” means the
      payment of all accrued and unpaid interest on and principal of all Outstanding Series 2022-1 Notes, the expiration or cash collateralization in accordance with the terms of the Series 2022-1 Class A-1 Note Purchase Agreement of all Undrawn L/C Face
      Amounts (after giving effect to the provisions of Section 4.04 of the Series 2022-1 Class A-1 Note Purchase Agreement), the payment of all fees and expenses and other amounts then due and payable under the Series 2022-1 Class A-1 Note Purchase
      Agreement and the termination in full of all Series 2022-1 Class A-1 Commitments.

    “Series 2022-1 Final Payment Date” means
      the date on which the Series 2022-1 Final Payment is made.

    “Series 2022-1 First Extension Election”
      has the meaning set forth in Section 3.06(b)(i) of the Series 2022-1 Supplement.

    “Series 2022-1 Global Notes” means,
      collectively, the Regulation S Global Notes and the Rule 144A Global Notes.

    “Series 2022-1 Ineligible Account” has the
      meaning set forth in Section 3.11 of the Series 2022-1 Supplement.

    “Series 2022-1 Legal Final Maturity Date”
      means, (i) with respect to the Series 2022-1 Class A-1 Notes, the Series 2022-1 Class A-1 Legal Final Maturity Date and (ii) with respect to the Series 2022-1 Class A-2 Notes, the Series 2022-1 Class A-2 Legal Final Maturity Date.  For purposes of
      the Base Indenture, the Series 2022-1 Legal Final Maturity Date shall be deemed to be a “Series Legal Final Maturity Date”.

    “Series 2022-1 Non-Amortization Test” means
      a test that will be satisfied on any Quarterly Payment Date only if both (i) the Holdco Leverage Ratio is less than or equal to 5.00x as calculated on the Quarterly Calculation Date immediately preceding such Quarterly Payment Date and (ii) no Rapid
      Amortization Event has occurred and is continuing.  For purposes of the Base Indenture, the Series 2022-1 Non-Amortization Test shall be deemed to be a “Series Non-Amortization Test”.

    “Series 2022-1 Note Owner” means, with
      respect to a Series 2022-1 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 2022-1 Noteholders” means,
      collectively, the Series 2022-1 Class A-1 Noteholders and the Series 2022-1 Class A-2 Noteholders.

    “Series 2022-1 Notes” has the meaning set
      forth in “Designation” in the Series 2022-1 Supplement.

    “Series 2022-1 Outstanding Principal Amount”
      means, with respect to any date, the sum of the Series 2022-1 Class A-1 Outstanding Principal Amount, plus the Series 2022-1 Class A-2 Outstanding Principal Amount.

    “Series 2022-1 Prepayment” means a Series
      2022-1 Class A-2 Prepayment, a prepayment in respect of the Series 2022-1 Class A-1 Notes or any other prepayment in respect of the Series 2022-1 Notes pursuant to Section 3.06(e),
      (f) and (k).

    
      A-15

      
        

    

    “Series 2022-1 Prepayment Amount” means the
      aggregate principal amount of the applicable Class(es) or Tranche(s) of Notes to be prepaid on any Series 2022-1 Prepayment Date, together with all accrued and unpaid interest thereon to such date.

    “Series 2022-1 Prepayment Date” means the
      date on which any prepayment on the Series 2022-1 Class A-1 Notes or the Series 2022-1 Class A-2 Notes is made pursuant to Section 3.06(d)(i), Section 3.06(d)(ii), Section 3.06(f) or Section 3.06(j) of this
      Series Supplement, which shall be, with respect to any Series 2022-1 Prepayment pursuant to Section 3.06(f) of this Series Supplement, the date specified as such in the
      applicable Prepayment Notice and, with respect to any Series 2022-1 Prepayment in connection with a Rapid Amortization Period or Asset Disposition Proceeds, the immediately succeeding Quarterly Payment Date.

    “Series 2022-1 Second Extension Election”
      has the meaning set forth in Section 3.06(b)(ii) of the Series 2022-1 Supplement.

    “Series 2022-1 Securities Intermediary” has
      the meaning set forth in Section 3.09(a) of the Series 2022-1 Supplement.

    “Series 2022-1 Senior Notes” means,
      collectively, the Series 2022-1 Class A-1 Notes and the Series 2022-1 Class A-2 Notes.

    “Series 2022-1 Senior Notes Quarterly
          Interest Amount” means, with respect to each Quarterly Payment Date, the aggregate amount of Senior Notes Accrued Quarterly Interest Amounts with respect to the related Quarterly Collection Period (assuming that each of the Senior Notes
        Accrued Quarterly Interest Shortfall (Class A-1), the Class A-1 Weekly Interest Adjustment Amount and the Senior Notes Accrued Quarterly Interest Shortfall (Class A-2) for each applicable Weekly Allocation Date were equal to zero) net of any
        allocated but unpaid negative Class A-1 Final Interest Adjustment Amount with respect to the related Interest Accrual Period.  While not otherwise used herein, for purposes of the Base Indenture, the Series 2022-1 Senior Notes Quarterly Interest
        Amount shall be deemed to be a “Senior Notes Quarterly Interest Amount”.

    “Series 2022-1 Supplement” means the Series
      2022-1 Supplement, dated as of the Series 2022-1 Closing Date by and among the Master Issuer, the Trustee and the Series 2022-1 Securities Intermediary, as amended, supplemented or otherwise modified from time to time.

    “Series 2022-1 Supplemental Definitions List”
      has the meaning set forth in Article I of the Series 2022-1 Supplement.

    “STAMP” has the meaning set forth in Section 4.03(a) of the Series 2022-1 Supplement.

    “Subfacility Decrease” has the meaning set
      forth in Section 2.02(d) of the Series 2022-1 Supplement.

    “Subfacility Increase” has the meaning set
      forth in Section 2.01(b) of the Series 2022-1 Supplement.

    “Swingline Commitment” has the
        meaning set forth in Section 1.02 of the Series 2022-1 Class A-1 Note Purchase Agreement.

    “Swingline Lender” has the
        meaning set forth in Section 1.02 of the Series 2022-1 Class A-1 Note Purchase Agreement.

    
      A-16

      
        

    

    “Swingline Loans” has the meaning
        set forth in Section 2.06(a) of the Series 2022-1 Class A-1 Note Purchase Agreement.

    “Temporary Regulation S Global Notes” has
      the meaning set forth in Section 4.02(b) of the Series 2022-1 Supplement.

    “Tranche” means (i) the Series 2022-1 Class
      A-2-I Notes and (ii) the Series 2022-1 Class A-2-II Notes, each of which is hereby designated as a “Tranche” of the Series 2022-1 Class A-2 Notes for purposes of the Base Indenture.

    “Undrawn Commitment Fees” has the
        meaning set forth in Section 3.02 of the Series 2022-1 Class A-1 Note Purchase Agreement.

    “Undrawn L/C Face Amounts” has the meaning
      set forth in Section 1.02 of the Series 2022-1 Class A-1 Note Purchase Agreement.

    “Unreimbursed L/C Drawings” has
        the meaning set forth in Section 1.02 of the Series 2022-1 Class A-1 Note Purchase Agreement.

    “U.S. Person” has the meaning set forth in
      Section 4.02 of the Series 2022-1 Supplement.

     “Voluntary Decrease” has the meaning set forth in Section 2.02(b) of the Series 2022-1 Supplement.

     “Weekly Allocation Percentage” means with respect to any Weekly Collection Period, the percentages designated by the Master Issuer in the relevant Weekly Manager’s Certificate for such Weekly Collection Period
        within a Quarterly Fiscal Period, each such percentage to be not less than the percentage required to cause the Required Balance to be on deposit in the Senior Notes Interest Payment Account, the Senior Subordinated Notes Interest Payment Account,
        the Subordinated Notes Interest Payment Account, the Senior Notes Principal Payment Account, the Senior Subordinated Notes Principal Payment Account, the Subordinated Notes Principal Payment Account or the Senior Notes Post-ARD Contingent Interest
        Account, as applicable, for such Weekly Collection Period.

      

     

    A-17

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